Enl Limited Ra 2018 Spread

ENL Limited
INTEGRATED REPORT
Contents
Dear shareholder,
02 64
We are pleased to present the Integrated Report of ENL Limited for the
year ended 30 June 2018. HIGHLIGHTS GOVERNANCE
02 About this report 66 Leaders
This report was approved by the company’s Board of Directors on 04 Performance highlights 72 Corporate governance report
27 September 2018. 06 Value creation model
Integrated Report 2018

91 Board of Directors’ statements
08 Engagement with stakeholders 97 Company secretary’s certificate
On behalf of the Board of Directors, we invite you to join us at the Annual 10 About ENL
Meeting of the company, 12 Group structure
14 Brands
98
On: 29 November 2018
At: 09:00 hours, ENL House, Vivéa Business Park, Moka
FINANCIAL REVIEW 1
100 Independent auditors’ report
16
Sincerely, BUSINESS REVIEW 108 Statements of financial position
109 Statements of profit or loss and other
ENL Limited
18 CEO’s review
24 Land & investment comprehensive income
27 Agro-industry 110 Statements of changes in equity
30 Real estate 113 Statements of cash flows
34 Commerce & industry 114 Notes to the financial statements
36 Hospitality
38 Logistics
203
Hector Espitalier-Noël Roger Espitalier Noël 40 Fintech ADDITIONAL INFORMATION
Chairman Director 42 Human capital 203 Corporate information
47 Social, relationship and natural capital 204 List of Directors
51 Risk management 210 Notice of meeting
211 Proxy form
about this report iconography guide
We use icons throughout the report to ease access to information, help readability and to simplify cross-referencing
Towards Integrated Reporting External audit and assurance CAPITALS SEGMENTS OUR STAKEHOLDERS
This year, we are presenting a fully integrated report in line Independent audits of the group’s and company’s separate
with the International <IR> Framework established by the financial statements were performed by BDO & Co. They also Financial Land & investment
International Integrated Reporting Council (IIRC). We have reported on the extent of compliance with the National Code We are the owners of Shareholders
• Debt & providers of
also integrated sustainability in our strategy by adopting the of Corporate Governance (2016). The rest of this report has 23,000 arpents of land that we
GRI Standards and the Sustainable Development Goals (SDGs) not been subjected to independent audit or review and is
• Equity
manage for optimal returns capital
• Reinvestment
to determine material topics for selected sectors (Property derived from the group’s internal sources or from information
and Agribusiness). available in the public domain.
Agro-industry
This report provides information relating to our Vision 2020 Manufactured We grow, transform and trade
in farm produce Customers
strategic plan as well as our business model, operating Strategy monitoring & evaluation • Buildings

context, material risks, shareholders’ and other stakeholders’ • Machineries and
interests, performance prospects and governance, for the Tools have been developed to monitor progress towards equipment
financial year ended 30 June 2018. the group’s strategic objective to transform its asset base in Real estate
order to capture growth and to generate cash, sustainably. We build, sell, rent and
Our integrated approach underpins our commitment to Appropriate levers have been identified for each market we manage homes, offices,
Human
sustainable and long-term value creation. serve. Management is responsible for executing the group’s shopping malls Employees
2 • Leadership 3
strategy by managing the use of its capitals in order to achieve • Employees
desired outcomes.
Compliance reporting Commerce & industry
ENL Limited
ENL Limited
The group’s performance is monitored by the Board on a We bring to the Mauritian resident
This report is in compliance with: quarterly basis. Based on progress achieved, the Board Social & a bouquet of international and
relationship home-grown brands Local
• IFRSs; annually evaluates and agrees on the group’s future objectives communities
and related Key performance indicators. • Business partners
• the International <IR> Framework of the IIRC;
• Customer relationship Hospitality
• the Companies Act 2001; We run hotels and sell
premium holiday experiences
• the National Code of Corporate Governance (2016); and Board responsibility and approval statement to the world
• the Financial Reporting Act 2004. Intellectual
Business
The Board is ultimately responsible for overseeing the integrity • Licences, software partners &
of this report. With the assistance of the Board committees, it • Know-how Logistics suppliers
has considered the preparation and presentation of the 2018 • Systems We connect Mauritius to
Integrated Report and annual financial statements. It is of other countries by air, sea
the opinion that this report addresses all material matters, and land
offers a balanced view of its strategy, and how it relates to the Natural
group’s ability to create value sustainably and is in accordance Government
• Land Fintech authorities
with the International <IR> Framework. • Energy We deliver sophisticated
services in the fintech
This report is also available online on www.enl.mu industry
performance highlights ENL brings to the
market more than
We deliver competitive returns to shareholders by investing in

carefully selected and efficiently managed operations
We grow our human capital by closely
monitoring their level of engagement
and by investing in training
120 brands
Yielding assets Gearing
2018: Rs 13.4bn 2018: 34.5% Employee engagement Investment in training

(2017: Rs 11.9bn) (2017: 32.2%)
2018: 60% 2018: Rs 45m
Cash flow from operations Dividend paid (2017: Rs 44m)
2018: Rs 1.4bn 2018: Rs 150m created or distributed

(2017: Rs 1.6bn) (2017: Rs 148m) by about
100
We act as a responsible citizen
Contribution to ENL Foundation

and Rogers Foundation subsidiaries
We invest into building our capacity
to deliver enhanced customer experience
2018: Rs 21m
(2017: Rs 20m)
Capital expenditure incurred Investment in intangibles Our stewardship towards the

2018: Rs 1.1bn 2018: Rs 53m natural environment and currently employs
(2017: Rs 0.9bn) (2017: Rs 72m) more than
4,700m2
Property developed using
sustainability benchmarks
and guidelines
1,185 tonnes
Foodcrop produced
using sustainable
agricultural practices
730 kwh
Renewable energy
production capacity
4,050m2
Building area managed
in an energy efficient
7,100
manner women and men
value creation model
Our ambition is to transform the group’s asset base by engaging in carefully selected and efficiently managed investments and operations in
order to capture growth and generate cash, sustainably
CAPITALS BUSINESS ACTIVITIES ENABLERS LEVERS RISK CATEGORY * VALUE WE CREATE KEY PERFORMANCE INDICATORS STAKEHOLDERS COVERED IN
AFFECTED ** SECTIONS
Client centricity • Competitive returns for our

shareholders • Profit from continuing operations (Rs’bn)
• Engage in carefully selected and −− Enhanced profitability
We are actively engaged Operational efficiency • Cash flow from operations (Rs’bn)
efficiently managed operations
in most sectors of the −− Sustainable cash generation • Yielding assets (Rs’bn) • CEO’s review
• Develop land assets into offices and
Financial national economy Innovation −− Growth in assets • Gearing (%)
shopping malls
−− Contained debt • Dividend paid (Rs’m)
Management commitment −− Sustained dividends
• Engage in key activities on


Innovation promising markets in and outside • Quality products and services • Capex (Rs’bn)
Land &
Mauritius tailored to the needs of our • Investments (Rs’m) • CEO’s review
investment
Manufactured Management commitment • Put operational efficiency at the customers • Efficiency measures
heart of our preoccupations
• Actively promote the ENL culture
6 Agro-industry and values 7
Client centricity • Invest in continuous improvement
• Employee engagement (%)
of competencies and promotion of • Skilled and engaged employees • Human capital
ENL Limited
ENL Limited
• Investment in training (Rs’m)
Real estate Management commitment personal growth
Human • Align employees’ goals with those
of the business
• Build our brands • Brand Health Trackers
ommerce &
C • Strong brand image
• Nurture the relationship with • Online engagement metrics
industry • Nurtured stakeholders’ relationship • CEO’s review
stakeholders • Net Promoter Scores
Client centricity • Integrated and empowered • Social, relationship &
• Be at the forefront of community • Number of individuals who received support from ENL
Social & communities natural capital
development
relationship • Arts, culture and sports
• Spending in community development, promotion of arts,
Hospitality • Promote arts, culture and sports culture and sports (Rs’m)
• Strong systems supporting our
• Embark into a digital transformation • Investment in intangibles (Rs’m)
operations • CEO’s review
Innovation journey • Level of digitalisation of business models
• Culture of innovation and • About this report
• Embrace integrated thinking • Status of integrated reporting
Intellectual Logistics continuous improvement
• Tonnage of foodcrop produced using sustainable agricultural
• Sustainable agricultural practices
practices
• Give priority to options that will • Land developed in an eco-friendly
• % property developed using sustainability benchmarks and • Social, relationship &
Management commitment generate value in the long term manner
Fintech guidelines to minimise natural resources use natural capital
• Protect the environment • Production of renewable energy
Natural • Renewable energy production capacity
• Energy efficient managed assets
• Building area managed in an energy efficient manner
* Our top risks are discussed in more details in our Risk Management section on pages 51 to 63
** Our engagement with our stakeholders are outlined in our Engagement with stakeholders section on pages 8 to 9
engagement with stakeholders
We create sustainable value by making every effort to engage with our stakeholders and to serve their needs and aspirations with commitment
and innovation
Shareholders & providers of capital Local communities
MATERIAL MATTERS OUR RESPONSE MATERIAL MATTERS OUR RESPONSE

• Sustainable return on investment • Provide sustainable return on investment – More details in Performance highlights (page 4), • Employment opportunities in ENL Group • Strategy to promote integrated neighbourhoods, to nurture future generations and to enable
• Good governance Value creation model (page 6) and CEO’s review (page 18) • Responsible citizenship vulnerable communities to live with dignity
• Open, transparent, accurate and timely information • Adopted The National Code of Corporate Governance (2016) • Support through financing and other resources • Sponsorship of arts, culture and sports
• Maintain relationship with shareholders through regular communication – More details in to become more autonomous • Win-win relationships built and nurtured with local communities based on solidarity and social
Corporate governance report on pages 86 to 89 partnership
• Improved online presence with a dedicated investor section on ENL’s website and with regular • Pursuit of the ‘Energy drives sustainability’ strategy
reports on performance in social media and on Enlighten.mu; we also promote performance Learn more on our initiatives under Social, relationship and natural capital on pages 47 to 50.

related information to shareholders through e-newsletters and investor alerts.
Business partners & suppliers

Customers
MATERIAL MATTERS OUR RESPONSE
8 MATERIAL MATTERS OUR RESPONSE 9
• Equal access to supplier and partnership • Conducting our business in a professional, transparent, ethical and responsible manner
• Consistently deliver our brand promise in terms of • Customer is at the centre of our Vision 2020 strategy through the Client Centricity enabler opportunities • Commercial partners are provided with a copy of ENL’s Code of Ethics
products, services and experience • Customer insights and upcoming market trends gathered through formal research
ENL Limited
• Be treated in a professional, fair, transparent,
ENL Limited
• Networking with the private sector through numerous forums
• Anticipate customer needs, aspiration and • ENL Marketing Excellence initiative launched to strengthen our marketing capabilities ethical and responsible manner
expectations
• Communication campaign launched on how ENL brands enhance customers’ lives
• Fair commercial practises, sound ethics and good
• Customer experience monitored through satisfaction surveys and mystery shopper campaigns
governance Government authorities
in several businesses, internally as well as with our competitors
• Measure customer experience and benchmark with industry leaders
• Operations conducted in a safe and lawful • Adhering to laws and regulations
Employees
manner • Proactively developing and sustaining the national economy through entrepreneurship
• Responsible citizenship • Cooperating and networking with the public sector
• Be an actor in the implementation of the • Member of various industry organisations
• Feel empowered, valued, respected • ENL’s mission, values and strategic objectives as well as employee engagement promoted government’s economic agenda
through the #myENL initiative • Enhancing capacity to create jobs and wealth through partnerships
• Personal and professional growth • Transparency, collaboration and networking
• Employee engagement monitored through surveys once every 2 years Other initiatives are covered under Social, relationship and natural capital on pages 47 to 50.
• Access to learning and development opportunities
• Safe and healthy working environment • Remuneration benchmarked with the rest of Mauritius through participation in dedicated
survey
• Feel proud of working at ENL
• Strengthening ENL’s employer brand presence on social media
• Know what is going on at ENL
Learn more about how we engage with our employees in the Human capital section, on pages 42 to 46
• Regular discussions on own performance
• Market related employment conditions
• Understand employment advantages and benefits
about OUR BRAND PURPOSE
ENL Limited The relentless pursuit of value creation, sustainably
ENL is a broad-based enterprise, controlled by

the Espitalier-Noël family and listed on the
Stock Exchange of Mauritius.
OUR VALUES

The group develops and manages a diverse portfolio
1.connect 2.innovate
of more than 120 international and home-grown brands
in agro-industry, real estate, hospitality, logistics,
fintech, commerce and industry.
We listen and we are close to our We lead change and constantly embrace
ENL creates value for the end consumer through flagship
10 stakeholders. We are relevant to new ideas. We inspire. 11
companies like Ascencia, Axess, ENL Agri, ENL Property,
Rogers Capital, Velogic and VLH as well as through New their needs.
Mauritius Hotels and Eclosia, which are associated
ENL Limited
ENL Limited
3.commit
groups of companies.
Learn more on ENL Limited, we invite you to visit

our website: www.enl.mu
We are passionate about success.
We perform to the highest standards.
WE ENABLE POSSIBILITIES
The products and services we choose to bring to the market are conduits for possibilities to
shape up.
The ethics and commitment with which we engage in business are catalysts that make those
possibilities happen – possibilities for customers to experience the lifestyle they aspire for and for
talents to grow to their full potential.
group structure
SEGMENTS
Land & investment Agro-industry Real estate Commerce & industry Hospitality Logistics Fintech
Moka smart city

Residential
Land owner Sugar cane Automotive Hotels Freight forwarding Corporate services
Business parks
SECTORS
Venture capital Farming Industry & manufacturing Travel Courier services Technology services
Shopping malls
Business incubator Food crop Trading & services Leisure Warehousing Financial services

Property funds
Services
12 13
ENL Property
Moka City Axess
COMPANIES / ACTIVITIES
ENL Limited
ENL Limited
ENL Agri
Ascencia Grewals Veranda Leisure &
ENL Land Agrex
Enatt Plastinax Hospitality Velogic
Compass ESP landscapers Rogers Capital
Les Villas de Bel Ombre Nabridas Rogers Aviation Rennel
Turbine CSBO
DCME Box Manufacturing Island Living
Sygeco
EnVolt I&O Living
CIPF
KEY INVESTMENTS
F.R.C.I
Eclosia Superdist New Mauritius Hotels Swan
We SimplyFile
more than 120 brands
E
OFFICE PARK
Pantone 1585c
Pantone 295c
C 0 M 0 Y 0 K 40
PANTONE SOLID COATED PANTONE 1807 C PANTONE 438 C

02. Business review
connect...
We listen and we are close to our stakeholders. We are relevant to their needs.
ceo’s review
BUSINESS REVIEW | CEO’S REVIEW

Dear shareholder,
The financial year has been eventful in that we started a new Financial capital
three-year cycle with an updated business plan and we took
a fresh look at the ENL brand world. We set out to simplify our Our operating results have been achieved on the back
group’s structure and to align our teams behind common, of a diversified portfolio of activities, where the average
clearly spelt values and objectives. We ultimately seek to performance in one business segment is offset by the
create the most enabling conditions for high performance and buoyancy in others:
business sustainability. The process we started then naturally
• Our turnover increased by 10% to reach Rs 14.6 billion.
led us to seek alignment of our shareholders’ interests too,
hence the proposed merger of ENL Limited and ENL’s other • At Rs 1.3 billion, our profit after tax from continuing
holding companies with and into La Sablonnière, which is at operations was at par with that of last year, owing mainly to
the apex of our group’s structure. increased contributions by associated companies.
• Cash generated from operations stood at Rs 1.4 billion,
Amidst it all, our teams maintained focus on our operational slightly below that of last year. Most of this resource was

objective which is to transform our group’s asset base ploughed back to sustain and expand our businesses.
by engaging in carefully selected, efficiently managed • Operating profit, on the other hand, decreased by about 4%
investments and operations in order to grow and to generate to settle at Rs 959 million, mainly as a result of difficulties
cash, sustainably. I am happy to report that despite persistent faced by our sugar operations.
challenges faced in a couple of our business segments, we have
18 done well overall. We recorded profits of Rs 1.3 billion from 19
continuing operations, generated cash from our operations
of Rs 1.4 billion and paid dividends of Rs 150 million. And all
ENL Limited
ENL Limited
the while, we contained our gearing at 34.5% whereas we
increased the value of our yielding assets from Rs 11.9 billion
to Rs 13.4 billion.
turnover operating profit profit from continuing operations
Rs 14.6 bn Rs 959 m Rs 1.3 bn

The upcoming financial year holds the promise of (2017: Rs 13.2 bn) (2017*: Rs 1 bn) (2017*: Rs 1.3 bn)
new growth opportunities as ENL prepares to merge *Restated
its main holding companies into a single, robust entity.
Hector Espitalier-Noël
CEO, ENL Group

From Rs 1,293m to Rs 1,299m profit from This year’s most significant investments were made in We financed these investments mainly through debt. As a
continuing operations the Hospitality, Real estate and Fintech segments of our result, net indebtedness increased by Rs 2 billion to reach
254 (81)
businesses. Rs 19 billion. Nevertheless, we have been able to keep our Intellectual capital
96 (55) • Hospitality: We strengthened our industry leadership gearing at a reasonable level of 34.5% (2017: 32.2%). Finance
1,293 (43) (165) 1,299
position through improvements in our portfolio of hotels and costs have been kept under control as well following the
renegotiation of loans and the September 2017 drop in the Our take on innovation is to embrace change in order to lead it,
an increase in our shareholding in associate New Mauritius
repo rate by 50 basis points. to constantly challenge the status quo and to find ways to stay
Hotels (NMH). We upgraded three of our hotels, namely the
at the top of our art. Our teams are continuously innovating
Heritage Resorts hotels in Bel Ombre and Veranda Paul et
their processes in order to be relevant to the present
Virginie in the North, and started renovation works on our Net asset value times. This year, the ENL Group appointed international
latest acquisition, Veranda Tamarin. The latter is scheduled per share Gearing consultants to guide it into further exploring the potentialities
Rs 79.87 34.5%
for reopening in November 2018. We also converted our
of digitalisation as a driver of innovation. The initiative
NMH preference shares into ordinary shares, thus bringing
should result in a strategy and an action plan for the digital
our total shareholding in this flagship of the Mauritian hotel (2017*: Rs 80.61) (2017: 32.2%) transformation of the group’s operations.
industry to 38.1%. We rebranded ENL Lifestyle into Island *Restated
Living, in line with our strategy to grow the leisure cluster of Businesses have little choice but to be innovative in the
our operations.

Operational profit
land and investments

Fair value gains
Acquisitions and
disposal related
profits of associates
Finance and taxation
2018
Our performance year by year also rests on the strength of our current context of disruptive business models supported
2017
Profit on sale of
Share of
• Real estate: Ascencia completed the construction of So’flo, softer assets. We remain committed to continuously improve by technologies and applications redefining customer
a boutique mall which opened in November 2017, and in our human, intellectual, social, relationship and natural experience, and of stringent regulatory requirements with
October 2018, ENL Property is opening The Pod, its new, capitals. We are fully aware that more than ever before, these regards to the treatment of data. The Fintech cluster of our
fully pre-let office property in Vivéa Business Park. We also are important differentiators in success. operations more specifically explores and transforms business
created an office fund, bringing together all of our office opportunities along those dynamics. Its consumer finance
20 buildings for a more focused approach to the management business is now all set to progress on its digitalisation road 21
of these assets. map with a view to grow its customer base and to accelerate
Enhancing shareholder value remained a key area of focus Human capital the speed at which its products hit the market.
ENL Limited
ENL Limited
during the year and as a result, We amalgamated Cogir with Building and Civil Engineering
(BCE), a reputable construction company in which we The Travel sector is at the forefront of digital innovation, and
• Profit from continuing operations attributable to shareholders One of the key areas of focus in our three-year business plan is
now hold a 30% stake. We are confident that BCE, the technology trends suggest that further change lies ahead.
reached Rs 495 million. to improve the quality of our work force by, inter alia, creating
surviving company, now has the means to take advantage Rogers Aviation is actively adjusting its game plan in order to
• Earnings per share from continuing activities reached of opportunities on the once-again-buoyant market for an environment conducive to its growth and by undertaking successfully surf the digitalisation wave. Initiatives it launched
Rs 2.31, yielding a price-earnings ratio of 10.59 based on construction services. We are disclosing Cogir’s activities as a general overhaul in the quality and level of leadership in recently include a CRM platform, a chatbot and an online
share price at year end. ‘discontinuing operations’. the group. The underlying objective we pursue is to improve booking tool for our leisure products and services. It is also
• Dividend paid settled at Rs 0.70 per share, thus accounting employee engagement which will in turn positively impact partnering up with well-known online travel players to stay
• Fintech: Rogers Capital purchased Globefin Management
for a yield of 2.9% based on the year-end share price. our teams’ capacity to connect with our stakeholders, ahead of the game.
Services and invested into resources to launch new financial
to innovate and to generally commit to creating value,
• Total group assets grew by 6% to reach Rs 63.6 billion, a services.
sustainably. We are tracking progress by closely monitoring
result of investments made and fair value gains on our
employee engagement scores and I must say that this focused
investment properties. At Rs 79.87, net asset value per share
approach is paying interesting dividend. Engagement levels
is at par with that of last year.
in all subsidiaries increased significantly, contributing to an
average of 60 % for ENL Limited as a whole.
Read further on how we are harnessing our human capital to

Earnings per share from Dividend Dividend
deliver sustainable value on pages 42 to 46.
continuing operations per share yield
Rs 2.31 Rs 0.70 2.9%

(2017*: Rs 2.24) (2017: Rs 0.69) (2017: 2.5%)
*Restated

Social, relationship and natural capital Outlook
We stay on course for the coming year, continuing to transform our group’s asset base by engaging in carefully selected and efficiently
We are committed to finding ways and means to better • Community outreach: Our commitment in favour of managed investments and operations in order to capture growth and generate cash sustainably. We expect our agility to pursue this
connect with our stakeholders and to listen to their needs and inclusive growth sees us invest continuously to enable strategic objective to be buoyed by our announced merger with ENL Land, ENL Commercial, ENL Finance and La Sablonnière. This latter
aspirations in order to be relevant to them. We express this disadvantaged communities to live with dignity, to build enterprise will be the surviving company and will be renamed prior to being listed on the official market of the Stock Exchange of Mauritius.
commitment in several impactful ways: integrated neighbourhoods and to nurture present and
• Customer centricity: We represent, own and operate more future generations through arts, culture, training and sports. We expect the amalgamated company to be one of the top listed entities, reckoning a sizeable free float and presenting definite
than 120 well-known consumer brands. This makes for an • Sustainability: We are making headway in integrating advantages for our shareholders. The more obvious positive impact should be on the marketability of ENL shares. Shareholders
important customer base with whom we seek to connect in sustainability in strategic business planning. We have thus of ordinary shares will be offered shares in a company listed on the stock exchange. We are expecting a reduction in the current
order to understand and anticipate its needs. We thus aim adopted a hybrid framework that integrates elements of discount to fair value of the preference shares (2018: 69.3%) which, I am confident, will be a welcome change for all. As it is, we have
to improve customer experience and to foster engagement, the GRI Standards within the <IR>. Our innovative approach already benefitted from a significant 90% increase in our preference share price between 18 July 2018 when we announced our
customer loyalty being the ultimate reward we seek. During has allowed us to respond to the ‘apply-and-explain’ amalgamation plans, and 27 September 2018.
the year, we introduced customer satisfaction indices to requirements of the National Code of Corporate Governance
monitor how we are faring and to strengthen our marketing 2016. It has also been an opportunity for our group to The proposed restructuring and amalgamation is obviously subject to regulatory and shareholders’ approval. Should these

strategies and plans. We are also committed to build our enhance our human and organisational capacity in the field conditions be met, and we have no reason to think that they would not, the ENL Group’s capacity to create sustainable value
group’s internal capacity to harness the potential of data- at the level of the agro-industry and real estate segments of will increase. Its legal structure will be simplified and its shareholders’ interests will be aligned. More specifically, we expect the
based marketing. As such, we were active participants in the our businesses, to begin with. These initiatives complement amalgamated company to,
ENL Marketing Excellence Awards. actions taken by the Rogers team in line with its ‘Energy • have greater capacity to optimise the group’s diversified portfolio of products and services, and to tap into new business
• Employee engagement: We participated actively in the drives sustainability’ strategy. Rogers is publishing its first opportunities;
#myENL initiative which leverages the organisation culture report on its environmental, social and cultural activities • benefit from greater prominence and better visibility owing to a much stronger ENL brand;
22 23
to connect with employees and to drive engagement. this year as part of its Integrated annual report.
• have greater muscle power to unlock capacity for value creation;
The end objective is to grow a high-performing workforce
Read further on how we engage with our stakeholders to • have a more stable structure and be better equipped to raise finance, including for an eventual opening up of equity;
ENL Limited
ENL Limited
which is committed to connect and to innovate in order
to create value, sustainably. Technical and leadership create sustainable value on pages 8 to 9. • generate improved operational cash flows for shareholders; and to
capacity building through training as well as recognition • present scope for improvements in governance, fostering more transparency and accountability about value creation.
programmes such as employee excellence and leadership
awards, are additional levers we used to connect with and With such obvious and lasting benefits, we cannot but strongly recommend the amalgamation. Together, let us grow our company
to motivate our teams to excel. to yet unscaled heights.
On the operational front, we are working with the relevant authorities and our industry partners to find lasting solutions that would
see the sugar industry through the difficulties it presently faces. Sugar prices will likely remain depressed in the year ahead, heralding
another challenging year for our sugar operations. On the other hand, we expect all the other segments of our businesses to do well
during the upcoming year. Hospitality and Real estate should remain the key drivers of our performance.
Dear shareholder, allow me to end by thanking you for your continuous support during the year. I extend my sincere thanks to my
fellow directors and to the entire ENL Land team for its commitment to connect and innovate for sustainable value creation. I now
invite you to read more on the performance of our six business segments.
Yours faithfully
Hector Espitalier-Noël
CEO, ENL Group
BUSINESS REVIEW | LAND & INVESTMENT
We are the owners of 23,000 arpents of land
that we manage for optimal returns
The Land & investment segment of our businesses is We are currently seeking new avenues of growth based
the custodian of 23,000 arpents of land in Moka (centre), on innovation, a key to sustainability, and have set up
Savannah (south) and in Bel Ombre – Case Noyale two key instruments to chart out the way: Turbine, our
(south-west). We grow sugar cane on most of this land start-up incubator and accelerator, and Compass, our
and have earmarked about 5% of this area for real estate corporate venture fund. Both Compass and Turbine
development over the coming 10 to 15 years. are working towards creating a vibrant, sustainable
innovation ecosystem in Mauritius and the region.

Land is a strategic resource that we use to grow ENL’s
capacity to create value sustainably and as such, the land Compass invests in initiatives with scalable business
& investment segment of our businesses is the backbone models and strong growth potential. It is positioned
BUSINESS REVIEW to co-fund the most innovative initiatives in Moka,
of our group. This segment derives income from the
land &
sale of investments and non-strategic land assets and contributing to the emergence of a smarter city. In
bears the corporate and finance costs incurred by the addition to funding, it provides operational and strategic
24 support, access to a regional network of resources and 25
company.
investment
test environments for innovative solutions within the
Segment revenue amounted to Rs 84 milllion this year ENL Group.
ENL Limited
ENL Limited
and we incurred a loss after tax of Rs 301 million. Last
year, loss after tax amounted to Rs 177 million, having
been positively impacted by a profit of Rs 124 million
recorded following our acquisition of NMH shares.
turnover turnover
Rs 84 m Rs 301 m
(2017: Rs 83 m) (2017*: Rs 177 m loss after tax)
*Restated
BUSINESS REVIEW | LAND & INVESTMENT
Compass’ achievements in 2018
114 2 Rs 60m
of committed capital investments
projects screened investments sealed
During the year, the team expanded its geographical focus to include Kenya and South Africa, two of the most dynamic entrepreneurial
ecosystems in the region. Through regular roadshows and interactions with partners, Compass is steadily building a solid regional

network and a reputation as strategic investor. Two investments were sealed during the year, namely in Hub2, a universal payment
and communication Application Programming Interface (API), and Luminar Ventures, a new seed-stage venture capital fund.
BUSINESS REVIEW
Turbine’s achievements in 2018
26
agro-industry 27
ENL Limited
ENL Limited
2 Inspire program:
50+ 5
start-ups graduated 5
projects incubated
entrepreneurs key entrepreneur
co-working at Turbine events hosted
Launched in October 2016 in collaboration with STING, a renowned Swedish incubator with more than 15 years of field experience,
Turbine is a government-accredited incubator and start-up accelerator that helps aspiring entrepreneurs turn ideas into reality
and early-stage businesses into thriving successful companies. It is today the leading start-up incubator in Mauritius. During the
year, Turbine has incubated 84% of the start-ups registered at the National SME Incubation Scheme. Its main challenge remains to
attract A-list teams, and as such, Turbine has upgraded its offer and support services to meet the current demand trends.
BUSINESS REVIEW |AGRO-INDUSTRY
BUSINESS REVIEW | AGRO-INDUSTRY

Outlook
We grow, The agro-industry segment of our operations will continue to be impacted by the exceptionally low sugar prices prevailing on the
transform and trade in farm produce world market. Government has announced financial support to growers to the tune of Rs 2,500 per tonne of sugar. This should
contribute to bring the final price to around Rs 12,500 per tonne. This price falls short of the Rs 17,000 acknowledged as the required
threshold for a sustainable sugar industry. The industry will therefore have to find further solutions to ensure its long-term viability.
We have initiated cost containment measures like decreasing fertilisation rate per hectare, and reviewing land preparation and
We are engaged in farming on some 15,000 arpents of These unfavourable results were partly mitigated by replantation cycles, among others. We are also pursuing our strategy of leveraging technology to reduce production cost. Today,
land in Moka, Savannah and Bel Ombre, growing sugar Eclosia’s increased contribution to profits which stood 72% of cane harvesting is done mechanically, representing an 8% increase from last year. The mechanisation of our field operations
cane and food crop. We are also a key player in the at Rs 271 million compared to Rs 199 million last is due to be completed by 2020.
agro-industrial sector through our various agricultural year. Better performances posted by our landscaping
activities and our 39% shareholding in the Eclosia group. services, poultry production, agro-supplies and syndic Additional value creation in the agro-industry cluster will come from non-cane operations. In the Bel Ombre area, we are phasing
management services had further positive impact on out the cultivation of sugar cane over the next four years while looking at a number of alternative agricultural activities. There is a
Our activities were severely impacted by the prevailing final results. growing interest for sustainable agriculture as consumers become increasingly health-conscious. We intend to capture any growth

difficult market conditions in the sugar sector. Turnover opportunities in these related markets.
decreased from Rs 924 million in 2017 to Rs 814 million Diversification of our production mix away from sugar
this year resulting in profit after tax of Rs 88 million cane remains a keystone of our strategy to generate
compared to Rs 152 million last year. Operational sustainable and resilient revenues and to mitigate the
performance was unfavourably impacted by a lower impact of global sugar market downturns. This year,
volume of sugar accruing to us and a fall in sugar prices: non- sugar products and services accounted for 42% of
28 29
• Unfavourable climatic conditions adversely impacted turnover. Field Good’s achievements in 2018
cane yield and extraction rate for the 2017 crop. Sugar • ESP Landscapers is pursuing its growth strategy on
ENL Limited
ENL Limited
accruing to ENL Agri amounted to 23,055 tonnes, the real estate and hotel sectors in view of establishing
representing a 14% fall compared to last year’s itself as a benchmark in the landscaping market.
26,696 tonnes. • The food crop business unit continues to expanding its
• Sugar prices were also inferior to last year’s, dropping product range, while also focusing on product quality.
from Rs 15,572 per tonne to Rs 13,420 this year, as Its lettuce, marketed under the Field Good brand,
a result of the liberalisation of the European sugar obtained HACCP and MauriGap certifications for
market and the excess supply on the world sugar healthy food and acquired the “Made in Moris” label HACCP and MauriGap Affiliation with
market. for products and services that are native to Mauritius.
• Agrex is experiencing a steady growth in its agro
level 1 “Made in Moris”
supplies lines of product. certification obtained for lettuce
• Sygeco is developing its services in the high end
market, supplying professional syndic services to
estates created under the Property Development
turnover profit after tax
Scheme.
Rs 814 m Rs 88 m
(2017: Rs 924 m) (2017: Rs 152 m)
BUSINESS REVIEW | REAL ESTATE
We build, sell, rent and manage homes,
offices, shopping malls
We build and manage homes, offices, and shopping malls, Moka. Moka is a smart city which we are currently
leading the real estate market with an integrated offer. We developing across 1,600 arpents right at the heart of the
are passionate about creating sustainable neighbourhoods island. It is fast growing into a place of choice to live, work
that are enabling and open to all. We have built a reputable and play. It aims to position Mauritius as an international
brand on the real estate market which comforts us in our platform for business and investment.
ability to differentiate our offer in a market that is becoming
increasingly competitive. We are confident that our infrastructure works and land

sales program will enable us to generate significant cash
This year, segment revenue went up by 17%, from and grow our yielding assets portfolio. We have taken
Rs 2.2 billion to Rs 2.6 billion thanks to the improved numerous initiatives to control the quality of the city’s
performance of the retail segment and increased land sales. development and to optimise its long-term value. At the
BUSINESS REVIEW end of 2017, Moka obtained its Smart City Certificate for
real estate
Segment profit reached Rs 1.2 billion in 2018, at par with the first phase of its development that stretches over some
30 that of last year. The key contributor to profit remains the 500 arpents. Since, it has started infrastructure works for the
31
retail market thanks to better lease renewal rates and a 10% development of Les Promenades d’Helvétia, a residential
increase in footfall. Fair value gains of Rs 1.1 billion have outfit targeting high-end buyers.
ENL Limited
ENL Limited
been recorded:
• The retail and office property portfolio has been In parallel, Moka is taking numerous other initiatives geared at,
valued by international and independent commercial • integrating the city with its existing neighbourhoods,
property valuer Jones Lang Lasalle (JLL), resulting into spearheaded by Kolektif Moka’mwad, a citizens’ platform
Rs 545 million of fair value gains it has kick-started;
• The land assets classified as investment properties have • giving shape to its commitment to sustainable
been valued by independent valuers, resulting into development, having initiated the process leading to its
Rs 545 million of fair value gains LEED-ND certification; and at
• creating a vibrant city culture in the region through
activities such as the Moka Art Festival, Moka Trail and the
Moka Plant Festival.
Rs 2.6 bn Rs 1.2 bn
(2017: Rs 2.2 bn) (2017*: Rs 1.2 bn)
*Restated

Offices. Our portfolio of office properties comprises 20,000 m2 • Land parcelling Retail. ENL’s retail portfolio is now valued at Rs 12 billion, Assets under management (Rs’m)
of prime space which is nearly fully let out. This year, office −− After the successful launch of the second phase of Rive including its latest addition, So’flo, which opened in November
space rental generated Rs 126 million in terms of revenue, Sud at Courchamps, a residential land development 2017. This portfolio is owned through Ascencia and managed
compared to Rs 110 million in 2017. The office market is through Enatt. 11,992
comprising 40 plots which were sold out shortly after being
Retail
currently on a growth trend, especially in the centre part of the launched, the next phase, Les versants de Courchamps, 10,698
island, where demand for plots of land and built offices in our comprising 55 plots will be proposed to the market in Ascencia delivered strong financial and operational performances, 10,082
various business parks is on the increase. More than 25 plots September 2018. with net operational income growing by 14% to reach
have been reserved in our business parks this year. Given the Rs 843 million. These performances were driven by an increase in 1,375 2018
Oﬀices
−− The 44 plots residential land development at Les
current trend, we are increasing our offer as follows: gross rental income coupled with higher exhibition and advertising 1,232 2017
Promenades d’Helvétia is sold out and infrastructure
• At Vivea Business Park revenues. Furthermore, the 10% increase in footfall and higher
works are expected to be completed by September 2018. 1,127 2016
trading densities across Ascencia’s portfolio ultimately improved
−− The Pod, a new 4,800 m2 building, which is fully rented out −− We are currently busy finalising the next phases of its tenants’ performances, keeping the ratio of gross rental to
in view of its opening in October 2018, and development at Helvétia and Courchamps. tenant turnover healthy at 7.9% in 2018 compared to 7.5% last
−− A building of some 1,000 m2 acquired from Commercial −− Les Vergers de Gros Bois. Capitalising on the success of year. The refinancing of Ascencia’s debt, the sale of non-core assets
Investment Property Fund Limited (“CIPF”). Income from assets under management (Rs’m)
existing residential phases of Les Vergers de Gros Bois, we and cost containment measures taken during the year have also
We have obtained the ISO 50001 certification for ENL House, have decided to come forward with a more ambitious contributed to release additional cash flow, allowing the company

the first office building to obtain this recognition in Mauritius. and comprehensive plan to develop our land bank in the to fund future projects and to improve its dividend pay-out. 1,284
Retail
This reflects our commitment to reduce the carbon footprint South, with new phases expected to be launched in the 1,096
of our developments and to develop our expertise in the field financial year 2019. Going forward, Ascencia has plans to increase its portfolio
1,044
of energy efficiency management. • Built-up units and consolidate its position in Mauritius. Currently under
construction, the Beau Vallon Mall is expected to be fully 126
• At Telfair, Moka City’s central business district, the −− Les Promenades d’Helvétia, our very first built-up 2018
Oﬀices
operational by the end of 2019, with a Gross Lettable Area
32 construction of a 4,700 m2 building to house PwC’s residential project of 86 apartments and duplexes under
(GLA) of 10,000 m2. Bagatelle Mall will be extended by another
110 2017 33
headquarters in Mauritius is expected to be completed by the Smart City Scheme, was launched in April 2017 and 94 2016
10,000 m2 by the end of year 2019.
October 2018. Construction works on an additional building is already sold out. Despite some delays in obtaining
ENL Limited
ENL Limited
of some 1,500 m2 adjacent to PwC’s have started and should the required permits, implementation of the project
In a bid to be more eco-friendly and self-sufficient, Ascencia
end in June 2019. has already begun and construction is expected to be
has undertaken to switch to solar energy powered electricity
completed by March 2020. The marketing of the next
In July 2018, we set up an office fund to which we transferred during day time in all its malls. After the successful installation
phases is about to be launched.
the ownership of our portfolio of office properties. This and operation of a solar farm on the rooftop of Phoenix Mall,
initiative should enable us to improve our capacity to further Ascencia is continuing its partnership with sister company
Residential resort. Heritage Villas Valriche has been
develop our portfolio. We expect to maintain our development EnVolt to equip Bagatelle Mall as well as its other commercial
operating in an increasingly competitive environment whereby
pace in the coming years on the back of strong demand and centres.
many projects hit the market under the Property Development
Moka City’s goodwill. New office buildings are planned at
Scheme. Further, non-Mauritians are now allowed to purchase
Telfair, Bagatelle and Vivéa business parks.
residences in Smart Cities and ground +2 apartments. As a Outlook
result, our USP in the residential resort market is under intense
Local residential. The market continues to be driven by a
pressure. In this context, we have reviewed our business plan
strong demand for plots of land and our built-up units in the Our ambition is to maintain leadership of the real estate market
and enriched our product offering with new architectural
Moka region have been well received. This year, we took the in Mauritius in an increasingly competitive environment by
concepts that should enable the development to achieve its
following developments to the market: continuing to upgrade our product and services offerings.
sales targets.
The coming year will see us pursuing our strategic business
objective which is to convert ENL’s existing land bank into
sustainable yielding assets.
BUSINESS REVIEW |COMMERCE & INDUSTRY
We bring to the Mauritian resident a bouquet
of international and home-grown brands
The Commerce & industry segment of our businesses Plastinax’s operations are now profitable and its
regroups a number of activities: car dealership (Axess), management team will now focus on increasing its portfolio
eyewear manufacturing (Plastinax), fibre glass and plastic of customers in Europe and USA to reach its target of selling
wares manufacturing, including swimming pools and one million frames annually. As such, next year, the focus
storage tanks (Nabridas), and the supply of building materials will be on growing the customer base through the use of
(Grewals). Our associates are IT solutions specialist FRCI, new technologies, improving capabilities and containing
IT hardware wholesaler Superdist and aluminium profiles costs.
dealer JMD.
Box Manufacturing aims to penetrate new market
Our continuous efforts to bring all our operations to perform segments through the development of its product range. It
to their full potential, coupled with an improved operating will thus be focusing on finding alternative products in the

environment, have yielded positive results this year. This is corporate gifts market to complete its product offering to
evidenced by the significant increase in profit after taxation customers.
from Rs 10 million last year to Rs 62 million this year.
The buoyancy of the construction market after years of
BUSINESS REVIEW Axess, the main performance driver of the segment, contraction enabled Grewals to reduce its losses while
registered a 36% increase in sales of new vehicles during JMD on the other hand, incurred a loss this year compared
commerce &
the year. As such, Axess realised higher profits and its to a profit last year when it secured a number of large
34 market share went up from 14.4% to 17.9%. Its after sales contracts on specific projects. Our associates operating in 35
services department also remained firmly on its continuous the IT industry, namely Superdist and FRCI remained key
improvement pathway. The tyres department, though also contributors to our performance.
industry
ENL Limited
ENL Limited
improving, had yet to reach its full potential; hence the
business model for this product has been reviewed to focus The continuing losses by L’Epongerie and Maison & Co
on the Michelin brand and sub-brands. resulted in Indoor & Outdoor Living disengaging from
these activities. In the coming financial year the business
Going forward, Axess is accelerating initiatives to improve will focus on the Charabia range.
customer experience by leveraging on employee
engagement, modern customer relationship management Outlook
tools, increased digital touchpoints and comprehensive
brand reviews, in line with its three year plan that focuses More initiatives are being pursued to unlock the full
on developing a customer-centric culture and on deriving potential of each of our operations in order for them to yield
operational efficiency gains. returns commensurate with the resources we have invested.
We will keep the focus on enhancing customer experience
Nabridas was able to meet its strategic objective of and improving operational efficiency.
consolidating its leadership in sales of fibreglass swimming
pools both on the Mauritian and Reunion markets. Next
year, it will relocate its roto-moulding plant in new premises
and will invest to improve its roto-moulding capacity in turnover profit after tax
order to be in a better position to increase its market share.
Rs 3 bn Rs 62 m
(2017*: Rs 3 bn) (2017*: Rs 10 m)
*Restated
BUSINESS REVIEW | HOSPITALITY
We run hotels and sell
premium holiday experiences to the world
We remain one of the main stakeholders in the hospitality During the year, we also increased our shareholding in New
industry, delivering an integrated holiday experience with key Mauritius Hotels to 38.1% following the conversion of our
brands like Veranda Leisure and Hospitality (VLH) through NMH preference shares into ordinary shares.
which we operate the Veranda Resorts and Heritage Resorts
brands, Rogers Aviation and Island Living. We are also the main Leisure. Island Living, previously ENL Lifestyle, is a multi-
shareholder in associated company New Mauritius Hotels brand outfit delivering leisure and lifestyle experiences.
which runs the Beachcomber brand. Our service offer includes Its product and services offering includes nature parks,
hotels, travel and leisure. We address both the inbound and restaurants and business hotels. It currently manages Le
outbound traveller’s needs from start to finish, right from the Chamarel Panoramic Restaurant, Chamarel 7 Coloured Earth,
booking of airplane tickets to choosing a hotel and collecting Heritage Nature Reserve, Case Noyale Events, Voilà Hotels,
experiences that make for memorable holidays. Ocean Basket restaurants, Savinia Bistrot and Moka’Z coffee
shop. Island Living is positioned to deliver excellence in value

The segment’s revenue increased from Rs 3 billion to experience to customers with evolving tastes and spending
Rs 3.5 billion and profit after tax reached Rs 161 million habits. This strategy yielded good results during the year.
compared to a loss of Rs 28 million last year. A number of
factors contributed to this performance, namely, Travel. Rogers Aviation more than doubled its profit after tax
• better performance by VLH hotels as a result of an increase during the year. This good performance is attributable to the
BUSINESS REVIEW in room occupancy and in revenue per room; improved results of our Ground Handling services following the
renegotiation of customer agreements in Mozambique and full-
hospitality
• improved results of the leisure segment which benefitted
36 from our acquisition of ENL Lifestyle, since rebranded and year benefits derived from the acquisition in May 2017 of a major 37
repositioned into Island Living; and client for cargo handling in Madagascar. Islandian, a brand we
launched last year to drive the digitalisation of our services, saw
• a significant reduction in losses, from Rs 228 million last its revenue grow and is expected to break-even in 2020.
ENL Limited
ENL Limited
year to Rs 51 million this year, incurred by our associate
NMH.
Outlook
Hotels. The hotel industry in Mauritius fared well for the
financial year 2018, with a 4% increase in tourist arrivals and We are confident that for the next financial year, the
a 5% increase in total aircraft seat capacity. The industry also Hospitality segment will continue on its strong momentum,
benefitted from better Euro (EUR) and Great Britain Pound strengthening existing performing activities and reaping the
Sterling (GBP) exchange rates. Our hotel operations were full benefits of initiatives taken this year. The various projects
favourably impacted, with VLH performing extremely well in the pipeline such as the growth in the rooms inventory as
compared to last year, despite the closure of four hotels for well as the opening of new restaurants in the leisure segment
renovation during the first quarter. should contribute to the increase in profitability.
This performance was driven mainly by our rate optimisation
strategy as reflected in the renovation and upgrade of several
facilities: Veranda Paul et Virginie reopened as a 4-star, adult-
only hotel; Heritage Le Telfair repositioned as a luxury hotel turnover profit after tax
while Heritage Awali and Heritage Le Chateau were beautifully
redecorated and landscaped in order to strengthen the link
with Heritage Le Telfair. This resulted in an 18% improvement Rs 3.5 bn Rs 161 m
in guest night spending and better occupancy rates across all (2017: Rs 3 bn) (2017*: Rs 28 m loss after tax)
VLH hotels. In fact, occupancy rates stood at 82% as compared *Restated
to 80% in the previous year.
BUSINESS REVIEW | LOGISTICS
We connect Mauritius
to other countries by air, sea and land
We operate an integrated logistics platform through Velogic, In Mauritius, results were affected by the general
offering freight forwarding, customs clearing, domestic contraction in the export-oriented manufacturing sector
transport, warehousing, shipping, container handling, which caused downward pressures on volumes and
sugar packaging and courier services. At Rs 3.5 billion, this margins. The continuously weak GBP impacted adversely
year’s segment revenue was slightly below that of last year on the results of the sugar packaging activities following
which stood at Rs 3.6 billion. Nevertheless, profit after tax the continued uncertainties surrounding the Brexit. The
progressed from Rs 88 million to Rs 95 million. shipping services on the other hand yielded slightly better

results in a flat market for agency work.
The good results in the overseas freight forwarding activities
were mitigated by lower volumes and reduced rates on
our container operations, and a decrease in sugar-related Outlook
BUSINESS REVIEW transportation activities.
logistics
38 The logistics segment is expected to improve its 39
The port and haulage services in Mauritius posted performance next year; the regional courier business
reduced profits due to lower contribution from the should do better and our container handling activity
container depot as a result of downward pressures on
ENL Limited
ENL Limited
is expected to experience an increase in rates. Freight
margins from shipping lines, lower sugar volumes handled forwarding and transport in Mauritius should benefit from
and a fall in the United States Dollar (USD) during the the implementation of new commercial and operational
year. Furthermore, a drop in reefer containers was noted initiatives. Moreover, global economic growth should
as customers opted for other cold storage options. The benefit our overseas operations.
haulage business was affected by the lower project cargo
activity, whilst the transport activity in Kenya was affected
by the new railway container transport service and the
introduction of a minimum wage.
Our freight forwarding activities, on the other hand, turnover profit after tax
posted better results owing to:
• the continued business growth in Madagascar, India and Rs 3.5 bn Rs 95 m
Reunion, and (2017*: Rs 3.6 bn) (2017*: Rs 88 m)
*Restated
• the overall performance in Kenya which kept in line with
last year despite the difficult business environment.
BUSINESS REVIEW | FINTECH
We deliver
sophisticated services in the Fintech industry
Our Fintech platform operating under the Rogers Capital segment achieved a better performance than the previous
brand provides corporate, technology and financial services year owing to the sale of higher value added and complex
to an international clientele. It delivers our ambition to systems integration services in cloud computing and
combine world class financial expertise with leading-edge managed services.

technology to provide sophisticated solutions to corporates
and individuals. The Swan group, leader on the insurance market in Mauritius,
kept up with its good performance trend. It contributed
The segment recorded a revenue growth of 14% to reach Rs 95 million to the results, a 6% increase as compared to
BUSINESS REVIEW Rs 760 million on the back of increased activities in terms last year.
of Corporate services and the acquisition of Globefin
fintech
40 Management services. However, profit after tax decreased 41
from Rs 84 million last year to Rs 24 million this year. This Outlook
drop was due to significant investments made mainly to set
ENL Limited
ENL Limited
up our consumer finance business as from November 2017, The Rogers Capital new leadership team will focus on the
which is yet to deliver returns. commercial development and marketing of the company’s
service offerings. The coming years should see Rogers
This year, our Corporate services segment offered new Capital further grow its Financial services activities through
value-added services such as tax advisory, and invested its consumer finance business.
to increase our visibility in South Africa, France and India
while opening a desk in China. Our Technology services
Rs 760 m Rs 24 m
(2017: Rs 665 m) (2017: Rs 84 m)
BUSINESS REVIEW | HUMAN CAPITAL
Employee engagement as a driver of high We kicked-started by communicating our three-year business plan to
performance ranks high on ENL’s agenda. all employees and thereafter ensuring goal alignment for each team
member. The aim is to make sure each employee fully understands
As such, ENL Limited has been diligently his or her personal contribution to the company’s end-game. Goal-
pursuing the continuous improvement of alignment levels are being monitored throughout the duration of
its employee engagement score for the past the current strategic plan.
years. The outgoing year has seen us begin
the implementation of a carefully crafted During the second half of the year, we launched the #myENL
programme to leverage the ENL corporate culture in order to build
action plan to further build and maintain high

and strengthen employee engagement across the group. ENL’s
engagement levels among our teams as part of culture is underpinned by its strong values which enjoin each team
a group-wide initiative. member to Commit, to be passionate about success; to Connect
with our stakeholders in order to be relevant, and to constantly
BUSINESS REVIEW Innovate our means, methods and processes in order to thrive in a
human
constantly evolving business environment.
42
7,081 Out of which 43
60%
#myENL inspires and educates our teams to deliver the ENL brand
employees purpose, which is to relentlessly pursue sustainable value creation,
capital
ENL Limited
ENL Limited
engaged by actively owning our corporate values. Past initiatives to promote
employee engagement have yielded encouraging results as
evidenced by the outcome of the 2018 edition of our independent
Employee Engagement Survey. ENL Limited’s global engagement
score reached 60%.
In addition to building and improving employee engagement,

management of our human capital pursues the following strategic
objectives:
• attract and retain the right talents to support and fuel business
growth, and
• maintain a performing workplace for our employees.

Attract and retain the right talents Health, safety &
Team
synergies welfare
We aspire to be an employer of choice by retaining and motivating key talents and by attracting future talents to join us. As such,
• we have recruited a Talent Acquisition specialist to ensure that we have the appropriate framework to recruit talents for the group; ICT & 3%
9%
equipment
• we are setting up a Talent Management Framework to attract and retain talents;
7%
• we regularly review our Employee Value Proposition to ensure we strike the right balance between tangible rewards, such as
compensation and benefits, and intangible rewards, such as challenging work, opportunities for career advancement, work life
71,107 hours
balance, company culture and work environment; Leadership
29% & talent
• we benchmark our compensation package with the Mauritian job market by participating in nationwide remuneration surveys.
People
Training development
We thus ensure that we remain competitive as an employer;
• we promote our Employer Brand, both on and offline; and focus
19% areas of focus invested in training (+ 29%)
• we monitor engagement levels at regular intervals and make the necessary adjustments to our action plan to promote
performance-driving attitudes and behaviours among our teams.

We promote a well-balanced and diverse workforce
33%
Technical competencies
Baby boomers 11% 3%
44 Generation X 29% 19% 45
Generation Y 18% 10% Learning and Development
ENL Limited
ENL Limited
Generation Z 6% 4%
We are committed to ensuring that all of our employees have access to
learning and development opportunities. A training plan is devised,
tailored to the employee’s needs and linked to an action plan to measure Training expenditure
Maintain a performing workplace for our employees the training impact. During the year, we have invested Rs 45 million and
We aim at fostering an organisational culture focused on developing, supporting and empowering team members through
mentoring, learning and development programmes. The ultimate objective is to ensure that we have a dynamic pool of highly
71,107 hours to reinforce the technical and soft skills of our employees.
We focused on developing leadership capabilities as well as technical
competencies.
3%
of basic salary
skilled talents working together to create value, sustainably.
115,000 6,100
candidates registered their
visits on ENL Job’Fair (+ 2%) profile on ENL Job’Fair
Performance management
It is important that ENL’s strategy and goals are translated into our employees’
objectives. This is done through our Performance Management system
whereby we ensure that each employee understands what is expected of him
or her at the start of the year. The performance is then monitored all along the
year against agreed objectives, ENL’s competencies and alignment with ENL’s
values.
Health and Safety
The health and safety of our employees is important for the smooth running
and cost-effectiveness of the business and we remain strongly committed to
provide a safe and healthy work environment to our teams. The company and
its subsidiaries:
• comply with The Occupational Safety and Health Act No 28 of 2005 and other

related legislative and regulatory frameworks;
• provide employees with sufficient information, instruction, training, and
supervision to enable them to carry out their functions and responsibilities in BUSINESS REVIEW
social,
a safe and efficient manner;
46
• encourage employees to enter into open dialogues with management
relating to any issue of concern on matters of safety and health; 309 47
relationship &
• consult Safety and Health representatives during Safety and Health First aiders trained
committees and audits; and
ENL Limited
ENL Limited
• wherever applicable, subsidiaries have employed Health and Safety officers
natural capital
and/or established Health and Safety Committees to ensure that the legal
framework is complied with and contribute to the well-being of their
employees.
During the coming year, we intend to pursue our strategy to:

• build and maintain an engaged workforce through the #myENL programme,
• develop a pool of trained and versatile talents capable of driving and
nurturing growth, and
• provide workplaces that foster happy and high-performance teams.
To this end, we continue to strengthen our human capital management

capacity. We expect to dedicate specialised resources to talent development
and engagement.
BUSINESS REVIEW | SOCIAL, RELATIONSHIP & NATURAL CAPITAL

The group’s strategy to build its social and relationship performance, increasing employment opportunities and
making training more accessible.
ENL Foundation and Rogers are founding partners of
Zenerasion Nu Kapav, a citizens’ platform led by the residents
Sports, arts and culture
capital is driven by the ENL and Rogers Foundations
of Cité Sainte Catherine and co-sponsored by Eclosia group.
to which ENL Limited contributed Rs 21 million this We initiated the Baz’Art Kreasion project a few years Launched in September this year, its mission is to implement Philanthropy and sponsorship are additional instruments we
year. We invest our time, expertise and financial back to promote the economic empowerment of the community development plan for Sainte Catherine use to support our positioning as a responsible and enabling
resources to support the growth of vibrant and underprivileged women from the Moka region through micro- which features initiatives to promote education and training, citizen. This year our support went mainly to the following
sustainable local communities. In addition to entrepreneurship. Some twenty aspiring entrepreneurs health and nutrition, employability and entrepreneurship as areas:
economic and social resilience, we support the arts, have been trained in craftsmanship and have received seed well as a clean and healthy natural and social environment.
finance to start production as well as assistance in bringing Sports. ENL is a keen promoter of sports as a means to
sports and culture as means of personal and social their products to the market. Over time, the centre has grown ENL Foundation is currently working on the creation of new achieve good health and well-being. The group is a staunch
elevation. We are also actively engaged in protecting into a social enterprise which is set to grow further in scope citizens’ platforms, namely in Telfair, Moka and in Alma. This supporter of the Moka Rangers Sports Club which is an
the marine coastal environment and in raising public following a Rs 4m grant awarded this year by the European year, it initiated a consultative process which brought together important marketing and branding lever for the smart city of
awareness about environmental threats. Union’s Decentralised Cooperation Programme. We expect stakeholders from Moka/Saint Pierre, Telfair and Alma to Moka. The club promotes the development of an elite in the
Baz’Art Kreasion to become self-sustainable and to extend its analyse social needs and to design action plans. At Telfair, the fields of cycling, swimming, trail, football, archery and more
We are making headway in integrating sustainability in reach to 50 beneficiaries as a result. initiative has already led to the creation of Telfair en Marche, a recently, fencing. This investment has yielded good results in
strategic business planning. We have thus adopted a hybrid community platform comprising 31 community leaders. that the club’s prominent sportspersons are earning Moka and

framework that integrates elements of the GRI Standards ENL attention locally and internationally.
within the <IR>. Promoting integrated neighbourhoods In parallel, ENL Foundation is working alongside the ENL
Property team to carve a social integration plan for the smart Porlwi. ENL supported the Porlwi initiative from the very
city of Moka. The objective here is to build lasting bridges outset. This year again, the annual cultural event putting Port
As the promoter of integrated real estates, including a smart
Community outreach city, the ENL Group is particularly alive to the need to build to connect the existing Moka community with Moka Smart Louis in the spotlight has been our main sponsorship initiative
City. The citizens’ platform created here has been named outside sports. We took the opportunity to further our
48 bridges that link new settlements to existing neighbourhoods. 49
Moka’mwad. It mission is to bring together the inhabitants strategic objective to nurture future generations and enabled
Our commitment in favour of inclusive growth sees us It has entrusted ENL Foundation with the responsibility to act
of Moka and lead them to participate actively in building a some 250 children hailing from the regions benefitting from
investing continuously to enable disadvantaged communities as a conduit for integration. Over the years, the foundation has
vibrant, dynamic and culturally rich city. our CSR focus to visit the festival and to participate in its
ENL Limited
ENL Limited
to live with dignity, to build integrated neighbourhoods and to perfected an approach based on field studies and the active
many educative and creative workshops. Among others, they
nurture present and future generations through arts, culture, participation of relevant stakeholders.
participated in the Solar Jars Workshop at La Citadelle where
training and sports. they learned about the principles of photovoltaic electricity
The model consists of working directly with the Nurturing the next generation and assembled their own solar jars.
beneficiaries to set up a community development plan and
an implementation structure. Thereafter, it uses its influence ENL Foundation and Rogers Foundation run comprehensive
Living with dignity and network to attract additional sources of finance and programmes designed to empower the Mauritian youth to Integrating sustainability in strategic
expertise, and empowers the main beneficiaries to own the achieve its full potential. These include life skills education,
ENL participates fully in the national initiative to eradicate
absolute poverty and to restore human dignity among the
implementation process. social leadership training, leisure, artistic and sports activities planning
as well as education support plans. The objective is to groom
underprivileged. We seek to empower communities through
our youth, especially those from the socially vulnerable We are making headway in integrating sustainability in
education, training and support to micro-entrepreneurship. We
neighbourhoods, into leaders and role models for their peers. strategic business planning. We have applied Principles 6 and
are active mainly in Moka/Saint Pierre and its neighbourhoods,
working on our own or together with other key agents of 8 of the National Code of Corporate Governance 2016, which
Underprivileged young persons living in communities hosting relate to “Reporting with integrity” and to “Shareholders and
development in the region to deliver on this objective. ENL businesses, such as Pailles, Moka/Saint Pierre, L’Escalier other key stakeholders” respectively, by adopting the <IR>
and Bel Ombre receive our special attention. Not-for-profit
We have thus joined forces with the HSBC and the District
Council of Moka to plan for the reduction of extreme poverty Rs 4 m 158 organisations like Junior Achievement Mascareignes, Safire
and Lovebridge are among our partners in this endeavour.
guidelines and specific GRI standards for the Agro-industry
and Real estate segments of our businesses. Our innovative
in the region. Actions taken in this context will include Baz’Art Kreasion’s vulnerable children approach has allowed us to respond to the ‘apply-and-explain’
providing decent living conditions, improving kids’ academic grant from Decentralised attended remedial classes requirements of the Code and has also been an opportunity
Cooperation Programme
for our group to enhance our human and organisational These initiatives complement actions taken by the Rogers
capacity in the field at the level of the concerned segments, team in line with its ‘Energy drives sustainability’ strategy. It
to begin with. includes the pursuit of investments in the sustainable and
integrated development of Bel Ombre through:
We used the GRI standards and the technique of value • a renewed commitment towards the ‘Respect our coast’
chain mapping to identify and prioritise stakeholders. We programme,
conducted a materiality exercise during which we engaged
• the creation of a Voluntary Marine Conservation area to
123 stakeholder representatives (53 for Agro-industry and
protect the lagoon, and
70 for Real estate) in focus group discussions to assess
their concerns and expectations. Our broad and inclusive • the restoration of the coastline together with other hotels of
stakeholder engagement process provided us with an the region between May and October 2017
opportunity to capture and to respond to the main concerns
of our stakeholders. The Rogers team also pursues ongoing waste reduction
initiatives in all operations in an attempt to clean up Mauritius.
Material economic, social and environmental areas were Some of these initiatives include the “Hip, Hip, Hip, No waste”
identified from the list of sustainability topics of the GRI, the campaign, the “We swing for our Coast” campaign, the

Sustainable Development Goals (SDGs) and global megatrends 50 Eco-moves campaign and an e-waste recycling programme.
for the two sectors along two dimensions, namely:
(1)
the organisation’s significant economic, social and Looking ahead
environmental impacts, and BUSINESS REVIEW
risk management
Following the 2018 amendment to the Income Tax Act, both
50 (2)
the substantive influence on the assessments and ENL Foundation and Rogers Foundation, will remit 75% of 51
decisions of stakeholders. our contributions by way of CSR levy to the National CSR
Foundation as from January 2019. While this change forces
ENL Limited
ENL Limited
The material topics were then classified under the six us to readjust our action plans, our commitment to deliver
different capitals of the <IR>. For each material topic, we have our strategic objectives in terms of citizenship remains intact.
defined the strategic approach to managing organisational For several years now, we commit funds over and above the
performance. In the future, we will be using indicators to track mandatory CSR Levy to upkeep our commitments. We expect
sustainability performance, with baseline values and targets to continue supporting the causes we have committed to,
to be established. The first sustainability report published by looking for alternative sources of supplementary funding
ENL Property is accessible on ENL’s website: www.enl.mu/ when applicable.
property-sustainability-report-2018
250 82 123
stakeholder
children crafted their own children participated
solar jars at Porlwi by nature to Zenfans sourire representatives consulted
BUSINESS REVIEW | RISK MANAGEMENT

Our risk radar
Managing risk The main risks of ENL, as at 30 June 2018, are highlighted in the risk radar per below. The risk radar provides a bird’s eye view of the principal
in delivering our strategy residual risks faced by ENL Limited as further detailed in our risk profile, refer to section 4 of the risk management section. The risk radar is
divided in four quadrants, i.e., risk categories: (i) Strategic, (ii) Financial, (iii) Operational and (iv) People and Systems. It shows the likelihood
of occurrence of risks, perceived impact as well as how risks evolved as compared to the last financial year. As such, risks closer to the centre
of the radar are risks that posed the greatest challenge during the year ended 2017-18 and risks positioned further from the centre are those
showing lower likelihood and impact but are monitored by Senior Management.
Introduction The radar is the outcome of the risk assessment process, facilitated by the Governance, Risk and Compliance (GRC) function, which
involved discussions with Senior Management and validation with ARMC members. As such, the principal residual risks identified, at
the Group level, is the outcome of a blend of a:
The success of any business rests on effective strategic Effective and sustainable risk management rests on a well-
• bottom-up approach: principal residual risks of each served market of ENL, as identified through its main subsidiaries, are
planning and execution as well as proper management entrenched risk culture. A strong risk culture together
escalated to Senior Management; and
of risks and uncertainties. As ENL (the ‘group’) cruises on with the right tone at the top of ENL’s Senior Management
7 served markets ranging from the traditional sugar-based contribute in ensuring that business units perform effectively • top-down approach: key risks at group level are taken on-board.

activity to more innovative services such as Fintech, it spreads and sustainably thus, preserving and creating value
its business risks in different industries thereby providing for stakeholders. The group’s philosophy is to view risk Risk radar of ENL Limited
cushion against sectorial downside risks. The key risks faced management as an important management tool; it helps in
by ENL are outlined in the risk radar and risk profile sections identifying and managing risks that can affect the group as
of this report. well as in considering opportunities that can generate value. Strategic Financial
52 1 Market conditions and 4 Financial performance 53
Manage risks to preserve value Create value economic factors sustainability
2 Competitive threats 3 5 Liquidity risk
ENL Limited
ENL Limited
Keep us out of trouble Make our business better
3 Customer experience 4
and satisfaction 2 5
1
“Risk management gives us insights of key
risks that may impact on delivering sustainable Balanced approach to risk and performance Perceived impact
Source: adapted from Ernst & Young - ‘Building an enterprise approach
and long-term value for our shareholders and to risk and performance’ 9 6
investors.”
Enhancing risk management is a journey; initiatives taken 10 7
GROUP CEO, ENL LIMITED to embed risk management as an integral part of strategy People & systems Operational
HECTOR ESPITALIER-NOËL and business operations coupled with regular review of risks
9 Competition for talents 8
by entities of the group help in escalation of risk information 6 Compliance risks - data privacy
and employee engagement regulations, legal and regulatory
to Line Managers, Senior Management and the Board of
10 IT risks and cyber-threats 7 Brand performance and retention
Directors for effective decision-making.
8 Performance of investments
in associates, JCE
Likelihood
The radar depicts the existing risks (denoted by a circle), emergent risks (denoted by a square) and the risk trend compared to the
last financial year (as denoted by the symbol x). The risk trend is based on the current understanding of the risk environment which
may change over time given the exogenous and endogenous factors as well as evolving risks. Further information is detailed in the
risk profile section.

Risk governance mechanism Integrated enterprise risk management (ERM) framework at a glance
The ERM framework at ENL is designed to identify, communicate, prioritise and mitigate risks associated with business operations
The tone at the top from the leadership of ENL is the backbone of a well-entrenched risk culture. The risk governance structure in to minimise their potential impact on the group and ensure the achievement of ENL’s long-term goals. It provides an overarching
place namely through the Board of Directors and Audit and Risk Management Committees (ARMCs) of the holding’s subsidiaries approach which looks at the spectrum of risks faced by the group and more importantly, it provides useful insights for Senior
(ENL Land Ltd and ENL Commercial Limited) stress on the responsibilities of the three Lines of defence with regards to identifying, Management and Management on existing risks, emerging risks and key risk dependencies. The integrated framework, as shown
evaluating, responding and monitoring of risks that may impact business objectives, operations and performance. below, rests on 3 fundamental pillars namely: Risk governance, Risk culture and People. The integrated framework facilitates a
harmonised approach to management of risks across the group thus resulting in entities of the group aligning their risk management
In line with the strategic objectives set for Vision 2020, the Board determines the nature and extent of the principal risks it is willing practices with ENL Group’s methodology.
to take. Further information on the key residual risks of the group are detailed in our risk profile. In accordance with the Principle 5
‘Risk Governance and Internal Control’ of the National Code of Corporate Governance (2016), the Board has an oversight over risk
management and maintenance of a sound internal control system through the ARMCs of the holding’s subsidiaries. The governance
structure is detailed in the Corporate Governance section of this annual report. Integrated ERM Framework
During the year, the Board derives assurance over effectiveness of risk management through the following:

• At entity level: Senior Management of subsidiaries of the group report to their respective Board of Directors on their principal
Risk culture Risk governance People
residual risks thus highlighting their risk priorities and mitigating strategies adopted; and
• At group level: every quarter, the GRC function of ENL reports on the risk dashboards of entities to the ARMCs of the holding’s Risk infrastructure and approach:
subsidiaries, in accordance with the annual GRC plan.
Strategic risks
The GRC function at ENL Group level coordinates the risk management process and interactions within and across the subsidiaries
People & systems risks

54 of the group through various forums including risk management discussion meetings, risk rating sessions, risk reporting sessions 55
Financial risks
at Senior Management level. Along with the above-mentioned mechanism, entities of the group periodically review their risk
dashboards and risk management registers (RMR) to assess evolution of their risks, effectiveness of controls and hence, set priorities Establish the context Assess and prioritise Mitigate risks Risk monitoring
ENL Limited
ENL Limited
on existing and emergent risks that require Senior Management attention. and risks (reinforce controls, action (risk dashboards reviewed
risk identification (existing and emergent) plans to reduce exposure) to capture trends and controls)
As such, the Board and Senior Management are apprised of principal risks and uncertainties that may affect the group.
Operational risks
ENL Group and entities’ applicable policies, procedures, internal controls, code of ethics amongst others
and external legislations and regulations
Source: Adapted from Ernst & Young - ‘an integrated approach towards effective and sustainable risk management’
Our risk profile in a snapshot

RISK CATEGORY
strategic The table provides a bird’s eye view of ENL’s principal residual risks, mitigating strategies taken, risk trend compared to the last financial
year and outlook of risks. It also shows how risks are linked to the strategic enablers set by Vision 2020. Accordingly, stakeholders and
investors are encouraged to consider these risks and take cognisance of mitigating strategies in place to manage same.
PRINCIPAL RISKS DESCRIPTION SEGMENTS STRATEGIC MITIGATING STRATEGIES RISK TREND RISK OUTLOOK CAPITAL(S)
IMPACTED ENABLERS (Δ FROM LAST FY) IMPACTED
Given the spread of the group’s operations, the main risk exposures
• Sustain organic and acquisition strategies of our served markets
relate to:
to spread our business risks. Maintain the diversification on
• Dire situation for the cane activities accentuated by the prolonged non-sugar activities (e.g. ‘Moka Smart City’) whilst adopting cost • Changes in government
Agro-industry Client
fall in sugar prices resulting in lower sugar proceeds and value of containment measures for the short-term for cane operations. policies and decisions e.g.
standing cane. centricity fiscal regime, measures for the
• Capitalise on the buoyant local market performance (e.g. Axess Mauritian sugar sector.
• Country risks such as fall in purchasing power, factors affecting Hospitality – automotive market) and take advantage of government policy
Market conditions the attractiveness of Mauritius for business & property

decisions (e.g. airline connectivity, opening of Mauritius to • FX volatility, geo-political
and economic investment, slow market growth in localised sectors accentuated foreigners) to improve product visibility and sales momentum. factors and changes in global
Operational
factors by competition. Real estate business environment (i.e., Financial
efficiency • Collective strategy with local stakeholders and authorities to
• Volatility in FX such as a weak Euro and strong USD may entail in further position Mauritius as a key international platform for Eurozone, Brexit, America)
rising costs and lower product price competitiveness. business and investment. are dynamic and are likely
• Geo-political risks for operations based outside Mauritius such Fintech • Treasury management. to impact the Mauritian
56 as changes in political environment and/or global economy, Management economy. 57
• Close monitoring of impact of changes in legislation and amended
uncertainties over the global business sector having adverse spill- commitment treaties to identify potential opportunities.
over effects for served markets. Logistics
ENL Limited
ENL Limited
Real estate
• Refining our product offerings & pricing strategy and capitalising
on digital marketing and social media to give thrust in the Threat of growing presence of
Exposure to growing competition and hence, increased supply in
positioning of our brands. smaller-size players resulting
the range of product offerings ultimately impacting on our ability to Logistics
Competitive in fiercer competition as well Manufactured
leverage on prices and maintain margins. • Leveraging on innovation and offering superior brand experience
environment Client as increasing use of technology
e.g. increased competition in the real estate (IRS and offices to customers e.g. launch of Rogers Capital, founding partner of
centricity and digitalisation impacting
segments), hospitality, commerce and logistics markets. Hospitality Mauritius Blockchain centre of Excellence.
customer experience.
• Benchmarking against other players and action plans taken. Financial
Commerce &
industry
• Embedding ‘Customer centricity’ internally to enhance client
Customer experience and renewal of their trust to us is pivotal for experience and sales potential. This goes through investment
in training and upskilling of teams, monitoring of customer Competitors likely to improve
sustainability of our operations.
Customer satisfaction indices (CSI). their customer service, offerings,
experience and The group product pricing to erode
In event of failure to deliver up to set expectations (in terms of our Client • Leveraging on our wide distribution channels and digital platforms
satisfaction potential customers and hence, Manufactured
offerings–price and value-added), the group’s risk exposure would centricity to increase product/service visibility.
market share.
be in terms of reputational loss and missed sales opportunities. • Broadening of our product base (e.g. partnership with ‘Domino’s
Pizza’ brand) and customer portfolio locally and in the region.

RISK CATEGORY
financial
Real estate
The main risk exposures, per below, may impact on the group’s • Capitalise on products and services generating mid to high-end
ability to sustain its profitability and dividend pay-out: margins in different served markets and refine product offerings
to increase revenue mix, cash flows and profit margins. Sustainability of performance
• increasing cost of developments (i.e., construction costs) as a
Financial • Combined effect of several measures supports the group in Financial

result of boost of the construction sector. and operations is likely
Agro-industry
performance managing its cost base. to remain a key risk given
• sub-par performance of certain of our businesses. Operational
sustainability risks • Review of loss-making activities through implementation of challenging conditions and
• adverse climatic conditions resulting in a poor sugar crop, lower efficiency fierce competition.
turnaround plans.
yield, lower proceeds.
Logistics • Close monitoring of the performance by Executives of ENL via Natural
• decrease in volume of sugar and cane transported (Logistics). board meetings and strategic reviews.
58 59
Hospitality
ENL Limited
ENL Limited
• Risk that the group may encounter difficulty in meeting the
obligations associated with its financial commitments that are • Maintain flexibility in funding through available credit lines.
Liquidity risk is likely to remain
honoured by delivery of cash. • Cash flow forecasts and ongoing monitoring of liquidity reserve.
Liquidity risk The group a key risk for the group given the
Operational • Improving recoveries and reduction in arrears with respect to nature of its activities.
• Risk is heightened for certain served markets such as agro-industry efficiency debtors’ management. Financial
due to lower sugar proceeds.

RISK CATEGORY
operational
• Workshops organised for Directors and Management with respect

Risk of
to the new Code of Corporate Governance.
• non-adherence to existing or new or changes to legislation and
Compliance risks Operational • Awareness done to sensitise Senior Management of ENL on DPA Ensuring compliance is an
regulations e.g. new Code of Corporate Governance, requirements
– data privacy efficiency and EU-GDPR requirements and ramifications. ongoing matter and measures Manufactured
of the Data Protection Act (DPA) 2017 and EU-GDPR that may cause
regulations, legal financial and reputational prejudice. The group • External consultant already appointed to assess gaps, conduct taken are likely to entail in
and regulatory training and reinforce procedures regarding data collection and (emergent risk) the risk being lowered going
matters • changes not being communicated, and training not provided. forward.

management.
• failure to apply systematic and proper due diligence with respect Client • Recruitment of key staff to reinforce the compliance function Human
to high risk clients (Fintech). centricity (Fintech).
• ENL Marketing Excellence initiative to strengthen our brands and

60 Given the extensive range of reputed brands represented by the teams. 61
Challenging economic conditions
group, it may be exposed to risks of brand image being tarnished
• Enriching our brand portfolio with the aim of broadening our faced by brand owners/suppliers Manufactured
Brand performance and/or loss or non-renewal of exclusivities of flagship brands.
The group customer base and hence, performance. locally and internationally, may
ENL Limited
and retention
ENL Limited
Client
• Monitoring of brand performance through brand health trackers. be felt by brand representatives
Impact being loss of business opportunities and reputational centricity
Nurturing good and lasting relationship with brand owners/ in the local market.
damage.
suppliers. Social &
relationship
• While benefitting from the strong performance of our key

Investments • Risk that the group’s interests within investees may not be investments, the group maintains its position of exercising
in associates adequately safeguarded thereby exposing to potential impairment. influence at the Boards of associates and JCE with respect to the Risk level with respect to
and jointly- The group strategic direction and affairs. investments is likely to remain
controlled entities/ • Risk of sub-par returns (capital and income) of the investment Operational unchanged.
efficiency • Investments held are kept for strategic and sustainable long-term Financial
operations (JCE) portfolio.
objectives and are spread in different industries.

RISK CATEGORY
people & systems

• Sustaining investment in our People and securing new talents

Our risk exposures are in terms of: through performance & reward schemes, ongoing training to help
• Competition with respect to attracting the right skills and talents them achieve higher productivity.
Competition for as well as retention and growth of our talents.
talents & employee • Monitoring and improvement of employee engagement level The risk level is likely to remain Human
• High employee engagement not being attained to deliver higher The group
engagement and Management through surveys done every 2 years. Launch of ‘#myENL’ unchanged going forward.
performance business performance. programme to uplift engagement level.
commitment
• Scarcity of experienced resources in new and disruptive

technologies e.g. blockchain. • Implementation of employer value proposition with emphasis on
Financial
talent management and human capital development (Fintech).
• Appointment of an external consultant to assess the cyber

Given dependency on IT systems, digital and social media platforms security risks and vulnerabilities of systems.
62 and CRMs, our risk exposure relate to: • Rigour maintained improved of IT security e.g. access controls, Cyber risk remains one of the 63
• loss of critical and confidential data in the event of IT system failure back-ups, fire-walls, deployment of end-user security policy, DR top risks for which businesses
IT risks and drills effectively tested across the group. Human
or piracy of e-devices. The group may not be prepared and thus,
ENL Limited
ENL Limited
cyber-threats Operational
• cyber threats and/or ransomware attacks that may cause paralysis • Regular awareness by the group IT teams regarding impact of remains on the group’s risk
efficiency radar.
and loss of confidential data. cyber threats.
• inability to adapt to disruptive technology. • Focus on digital transformation at various levels of the group e.g. Manufactured
for Rogers, done through the technological arm.
03. Corporate governance
commit...
We are passionate about success. We perform to the highest standards.
ENL Limited Integrated Report 2018 LEADERS | BOARD OF DIRECTORS
66
3.
1.
board of
directors
5.
6.
4.
2.
8.
7.
10.
9.
ENL Limited Integrated Report 2018

67
LEADERS | BOARD OF DIRECTORS


Hector Espitalier-Noël André Espitalier-Noël Gilbert Espitalier-Noël Roger Espitalier Noël
(Born in 1958) (Born in 1961) (Born in 1964) (Born in 1954)
1. Chairman, Executive Director 2. Independent Non-Executive Director 7. Non- Executive Director 8. Non-Executive Director
First appointed to the Board: March 1984 First appointed to the Board: December 2011 First appointed to the Board: September 1999 First appointed to the Board: June 2005
Qualifications: Member of the Institute of Chartered Accountants in England Qualifications: DEUG in Biology & Chemistry, Diploma in Chemical and Qualifications: BSc University of Cape Town, BSc (Hons) Louisiana State Qualifications: Certificate in Textile and Knitwear Technology
and Wales Food Technology Engineering University and MBA INSEAD. Professional Journey:
Professional Journey: Professional Journey: Professional Journey: • Retired from Floreal Knitwear after more than 36 years
• CEO of ENL Limited, ENL Land Ltd and the ENL Group • Managing Director of Moroil Group • CEO of New Mauritius Hotels Limited • Presently Chairperson of CIEL Corporate Sustainability Committee
• Worked for Coopers and Lybrand in London • Council Member of the MCCI • Past Executive Director of ENL Group and CEO of ENL Property Limited Skills:
• Worked for De Chazal du Mée in Mauritius • Worked for Maurifoods Ltd, Fapcom, Mauvillac, Plastic Industry (Mtius) • Past Operations Director of Eclosia Group Extensive experience in the textile industry and in sustainability
• Chairman of New Mauritius Hotels Limited and Bel Ombre Sugar Estate Ltd Ltd and Penlac in Seychelles • Past President of the Mauritius Chamber of Commerce and Industry, the Joint management
• Past Chairman of the Board of Rogers and Company Limited, the Mauritius Skills: Economic Council and the Mauritius Sugar Producers Association
Chamber of Agriculture, the Mauritius Sugar Producers Association and the • Significant experience in restructuring Skills:
Mauritius Sugar Syndicate • Good knowledge of the manufacturing industry • Extensive experience in the agro industrial, property and hospitality sectors
Skills: • Good leadership skills
• CEO experience across diversified sectors • Good negotiation skills with Trade Unions
• Significant experience in alliances, ventures and partnerships
• Strong financial skills and strategic understanding
Edouard Espitalier-Noël Patrice de Robillard
Thierry Koenig

(Born in 1959) (Born in 1951)
10.
Christian Espitalier-Noël 4. Independent Non-Executive Director 9.
(Born in 1958)
Non-Executive Director
Non-Executive Director
(Born in 1955) First appointed to the Board: April 1987 First appointed to the Board: November 2006
3. Independent Non-Executive Director First appointed to the Board: October 2016
Qualifications: BSc (Hons) Electrical & Electronic Engineering Qualifications: MBA with specialisation in Strategic Marketing and
Professional Journey: Qualifications: Qualified as Attorney-at-Law from University of Reunion International Branding
First appointed to the Board: December 2011
• Retired after 30 years of service Professional Journey: Professional Journey:
68 Qualifications: Bachelor degree in Accountability, Articles for the Accountants
• Past Chief Retail Executive of Cim Group • Senior Attorney since June 2010 and listed by Chambers and Partners as a • Retired from Panagora Marketing Co Ltd in April 2014
69
& Auditors Board of SA • Worked for JM Goupille and Galaxy band 1 lawyer in Corporate Law and Litigation • Former Managing Director of Panagora Marketing Co Ltd
Professional Journey: Skills: • Recognised as a leading lawyer by IFLR1000 – Banking and Finance and • Past Director of several Companies of the Food and Allied Group
ENL Limited
ENL Limited
• Director of Finance and Administration at Deloitte Good experience in the trade and retail market of Mauritius Mergers and Acquisitions (Mauritius) (now Eclosia Group)
• Worked as Financial Manager in commercial, contracting and air • Director at ENSafrica (Mauritius), Country Head of the Mauritius Office
Skills:
transportation industries in South Africa • Standing legal adviser to numerous large Mauritian conglomerates
• Past Group Chief Finance Officer of Robert Le Maire Group and Group Finance
Director of Evaco Ltd
Gérard Espitalier Noël • Led numerous M&A transactions and cross-border transactions in Mauritius
and in the Indian Ocean region.
Extensive experience in the field of Corporate and Strategic Marketing
Skills:
• Development and implementation of integrated financial system
6. C.S.K., C.O.N.M. • Former President of the LCIA-MIAC Users’ Council and Chaired the Takeover
Rules Committee
• Project management skills
(Born in 1946) • Sits on the Supreme Court Rules Committee and the Council for Vocational
Non-Executive Director Legal Education
Skills:
Eric Espitalier-Noël First appointed to the Board: September 2016 - up for re-appointment
at next annual meeting
• Significant experience in corporate mergers and acquisitions, capital markets,
project financing
(Born in 1959) Qualifications: Diplôme de Perfectionnement en Administration des • Significant experience in commercial litigation and arbitration and insolvency
5. Executive Director Entreprises (IAE, AIX-MARSEILLE) matters
Professional Journey:
First appointed to the Board: September 1987 - up for re-election at next • Long career as the Head of Air Mauritius in Europe
annual meeting • Appointed in April 2007 as technical adviser to the “Conseil National
Qualifications: Bachelor of Social Science, MBA du Tourisme (CNT)” in France
Professional Journey: • Worked as Hotels & Leisure Director of Indigo Hotels & Resorts Ltd in
• CEO of ENL Commercial Limited Mauritius
• Executive Director of ENL Limited Skills:
• Worked for De Chazal Du Mée & Co, Chartered Accountants • Distinctive competences: communicating, decision-making, problem-
Skills: solving, teamworking, exercising leadership, delegating, co-ordinating,
Extensive experience in the commercial and hospitality sectors meeting deadlines, managing time, planning, organizing and
controlling work, dealing with crises ;
• Primary personality factors: Outgoing, Assertive, Enthusiastic,
Conscientious , Venturesome, Though-minded, Trusting, Practical,
Confident, Experimenting.
Directorship list Directorship list
For full directorship list of the Directors, please refer to the company’s website: www.enl.mu/en/investors/information/policies For full directorship list of the Directors, please refer to the company’s website: www.enl.mu/en/investors/information/policies
LEADERS | SENIOR MANAGERS
LEADERS | SENIOR MANAGERS

senior managers

70
Hector Espitalier-Noël (1) Philippe Espitalier-Noël (2) Johan Pilot (2) Virginie Corneillet (2) 71
Chief Executive Officer of ENL Group Chief Executive Officer of Rogers and Chief Executive Officer of Head of ENL Corporate Services
Company Limited ENL Property Limited Limited
ENL Limited
ENL Limited
Eric Espitalier-Noël (1) Jean Raymond Hardy (2) Paul Tsang (2) Frédéric Tyack (2)
Chief Executive Officer of Chief Financial Officer of Chief Executive Officer of Ascencia
Chief Executive Officer of
ENL Agri Limited ENL Group Limited
ENL Commercial Limited
Notes: Notes:
(1) Refer to profile on page 68 (2) Refer to profile on ENL Group’s website: www.enl.mu/en/group/leadership/group-leadership
(2) Refer to profile on ENL Group’s website: www.enl.mu/en/group/leadership/group-leadership
CORPORATE GOVERNANCE REPORT

corporate governance report
No Audit and Risk Management Committee and Corporate Governance Committee have been implemented at the level of ENL
ENL Limited (‘ENL’) qualifies as a public interest entity under the provisions of the Financial Reporting Act. since the company’s core business consists in investment and management of two subsidiaries all of which are equipped with fully
fledged systems of corporate governance as explained above.
Year 2017 has marked an important change in the Corporate Governance regime of Mauritius. The New Code of Corporate Governance
(the ‘Code’) is effective since 1 July 2017 and is applicable for reporting by ENL in respect of its financial year ended 30 June 2018. 1.1. Organisational and governance structure
The Code comprises of 8 principles and is on an ‘Apply and Explain’ basis, thus departing from the previous code which was on The organisational and governance structure of ENL is illustrated as follows:
a ‘Comply or Explain’ basis. The Corporate Governance report of ENL describes the main corporate governance framework and
application of the principles of the New Code by the company.
Shareholders
This report, along with the Annual Report, is published in its entirety on ENL Group’s website: www.enl.mu/en/investors/listed-
companies/enl-limited
1. Governance structure

Board of Directors External auditor
ENL Limited (‘ENL’) was incorporated in 1944 as a holding company to bring together the interests held by the Espitalier-Noël family.
ENL remains at the outset a family-owned business whose control is exercised by the Espitalier-Noël family. This is reflected in the
composition of the Board of Directors and the executive management of ENL. The family values are thus upheld and infused in
every action undertaken by the group.
72 Company Secretary Chief Executive Officer 73
The ultimate holding company of ENL is L’Accord Limited, a limited-liability public company while the ultimate control of the
company remains with Société Caredas, a société civile.
ENL Limited
ENL Limited
ENL is the holding company of the ENL group of companies, with two main subsidiaries, namely ENL Land Ltd and ENL Commercial
Limited, which together contributed most of the group’s turnover and profit after tax for the year under review. Effective 1 October
2012, Rogers & Company Limited became a subsidiary company of ENL and effective 1 February 2016, ENL Investment Limited has Senior management
been amalgamated with and into ENL Land Ltd.
Both ENL Land Ltd and ENL Commercial Limited are listed on the Official List of the Stock Exchange of Mauritius Limited and have 1.2. Board Charter and Position Statements
implemented the recommendations of the New Code, as reported under their respective report on corporate governance, notably:
The Board of Directors’ Charter sets out the objectives, roles and responsibilities and composition of the Board of Directors of ENL.
>> Independent Directors on the Board;
The Board Charter as well as the Position Statements, which have been approved by the Board, provides for a clear definition of
>> An Audit and Risk Management Committee composed entirely of Non-Executive Directors;
the roles and responsibilities of the Chairperson, Executive and Non-Executive Directors, the CEO of ENL as well as the Company
>> A Corporate Governance Committee composed in majority of Non-Executive Directors. Secretary.
The Board of ENL is collectively accountable and responsible for the long-term success of the company, its reputation and The Board Charter is available for consultation on ENL Group’s website: www.enl.mu/en/investors/information/policies
governance. The Board also assumes the responsibility for leading and controlling the company and meeting all legal and regulatory
requirements.
The group operates within a clearly defined governance framework which provides for delegation of authority and clear lines of
responsibility while enabling the Board to retain effective control. As such, the Board is ultimately accountable and responsible for
the performance and affairs of the group.

1.3. Code of ethics The ENL Code of ethics has been adopted by the Board of
ENL and is regularly monitored by the latter. The said code is
2. The Board
ENL Code of ethics is underpinned by ENL’s Values and puts forward 10 Principles which reflect ethical behaviours and attitudes disseminated amongst all the employees and the respective
expected from ENL employees and governing bodies of ENL. The principles and rules formulated in the Code do not replace local governing bodies. New joiners are remitted a copy of the 2.1. Board profile
legislation in the countries where ENL operates. ENL Code of ethics and are required to adhere formally to its
content upon their induction. The names and profiles of ENL’s Directors are disclosed on
pages 68 to 69 of the Annual Report. All the Directors of ENL
our principles The ENL Code of ethics also outlines that ENL Directors and ordinarily reside in Mauritius.
employees shall be required to acknowledge on a yearly basis
✓✓ We embody respect and fair treatment that they have read, understood and agreed to comply with 2.2. Board composition
the principles of the aforesaid code. During the year ended 30
✓✓ We care for our people >> The Board of Directors is the company’s supreme governing
June 2018, the HR functions of ENL facilitated the renewal of
adherence to the ENL Code of ethics. body and has full power over the affairs of the company.
✓✓ We behave with integrity
>> As per the Board Charter, the Board has a unitary structure

✓✓ We care for our island and our planet ENL Code of ethics sets out an ‘ethics enabling mechanism’ comprising of Executive, Non-Executive and Independent
that provides guidelines in determining how and whom to Directors.
✓✓ We protect and use company information and contact for reporting of ethical issues or breaches. An ethics
IT assets properly hotline and email address have been set-up to that effect. >> In accordance with ENL’s Memorandum & Articles of
The Ethics Officer of ENL acts as a point of contact to capture Association, the Board consists of 10 members.
✓✓ We deliver to our shareholders
concerns or grievances on potential ethical breaches. >> The members of the Board are elected at the meeting of
74 ✓✓ We avoid conflict of interests shareholders. 75
The ENL Code of ethics is available for consultation on ENL
✓✓ We protect our assets Group’s website: www.enl.mu/en/investors/information/policies >> The Board uses its best efforts to ensure that:
ENL Limited
ENL Limited
o its members can act critically and independently of
✓✓ We put our heart in serving our customers
1.4. Memorandum & Articles of Association one another;
✓✓ We build sustainable partnerships of ENL Limited o each Board member can assess the broad outline of
the company’s overall policy;
The material clauses of the ENL’s Memorandum & Articles of
Association (“M&A”) are as follows: o each Board member has sufficient expertise to perform
ENL is committed to the highest standards of integrity and ethical conduct in dealing with all its stakeholders.
his role as a Board member;
>> Preference shares are freely transferable both within and
outside the shareholders of the company. o at least one Board member is a financial expert,
meaning he has expertise in financial administration
>> On the other hand, Ordinary shares are freely transferable and accounting for companies similar to the company
We believe in commercial success and growth but not at any cost. We wish to succeed while always upholding only to other holders of such ordinary shares. in size and sophistication; and
our values. The ENL Code of ethics, therefore, aims to reiterate our values and to outline the behaviours and
>> Ordinary shareholders wishing to transfer their ordinary o no less than 2 of the Board members are independent.
conduct which all of us are expected to follow to uphold the group’s objectives.
shares to persons, who are not already ordinary
CEO of ENL Group shareholders of the company, shall do so via the Board of >> Mr Hector Espitalier-Noël is the CEO and Chairman of
Hector Espitalier-Noël Directors as provided under the provisions of the articles ENL. During the performance of his duties, Mr Hector
of association of the company. Espitalier-Noël ensures that information pertaining to the
subsidiaries is communicated to the Board of Directors of
The M&A of ENL is available for consultation on ENL Group’s ENL regularly so that the latter can exercise its supervisory
website: www.enl.mu/en/investors/information/policies

function and ensures upholding of the family values and The Board of ENL has its own definition of independence >> The Board composition for the year under review is as follows:
principles. and when considering independence, the Board takes into
account the following:
One of the primary roles of ENL is to provide corporate and
o Directors of ENL, who are also Directors of any holding
management services to its main subsidiaries as per the
companies of ENL, are deemed not to be independent.
management contracts with those companies. As such, Mr Independent
Executive 20% 30%
Hector Espitalier-Noël also leads the CEOs of the clusters of o The criteria set out in the Board Charter; Non-Executive
the group.
o The criteria set out in the Code, with the exception of
ENL’s Board focuses on strategic matters and policy decision
(i) a Director who has been nominated by a substantial Balance >60 years 40% Average age 60% 50-60 years
shareholder, and (ii) a Director who has served the Board
making at group level, while decisions of an operational
for more than nine continuous years from the date of his
nature are taken independently at the level of the Board
first election.
of Directors of ENL’s subsidiaries. Proper governance
principles are exercised at the level of all subsidiaries. The
In line with the above, the categorisation of Independent

Board of Directors of ENL’s main subsidiaries is composed 50%
Directors of ENL has been reviewed following which Messrs.
of a number of Non-Executive and Independent Non-
Gérard Espitalier-Noël, Roger Espitalier-Noël, Patrice de Non-Executive
Executive Directors.
Robillard and Thierry Koenig have been re-categorised as
Non Executive Directors, while Messrs. André Espitalier-Noël,
Given the organisational structure of ENL Group, the Board
Christian Espitalier-Noël and Edouard Espitalier-Noël will
of Directors of ENL believes that the role of the Chairman
continue to be categorised as Independent Non-Executive
76 and CEO is thus efficiently carried out by the same person.
Directors of ENL.
77
>> During the year under review, the Board of ENL comprised of 2.3. Attendance at Board meetings
male directors only. As mentioned previously, ENL remains Mr Edouard Espitalier-Noël has served on the Board of
ENL Limited
ENL Limited
at the outset a family business whose control is exercised by ENL as Independent Director for more than 9 years. The The attendance of the Directors at the Board and Committee meetings of the company was as follows:
the Espitalier-Noël family and Directors sit on the Board of Board considers that a Director’s independence should
ENL as representatives of the Espitalier-Noël family. be objectively assessed on the contributions made by No. of Board meetings held 4
the latter in terms of independence of mind, judgement,
>> Independent Directors are first and foremost independently Category Directors Attendance
professionalism and impartiality during deliberations at
minded and free from any business or other relationship
board meetings and not solely on the length of his tenure in Executive Eric Espitalier-Noël 4
which could materially interfere with the exercise of their
office. Hence, notwithstanding his length of tenure in office,
independent judgement. The Board reviews independence Hector Espitalier-Noël 4
the Board of ENL has resolved that Mr Edouard Espitalier-
of Directors on an annual basis.
Noël will continue to be categorised as an Independent Patrice de Robillard 3
Non-Executive Director of ENL.
Gérard Espitalier Noël 3
>> As at 30 June 2018, the Board comprised of 10 members.
Board members have a diverse mix of skills and experience Non-Executive Gilbert Espitalier-Noël 2
and are distinguished by their professional ability, integrity Roger Espitalier Noël 4
and independence of opinion.
Thierry Koenig 2
André Espitalier-Noël 4
Independent Non-Executive Christian Espitalier-Noël 4
Edouard Espitalier-Noël 4

2.4. Board deliberations 2.5. Directors Appointment Procedures o The re-election of Mr Marie André Eric Espitalier-Noël o the development needs of the Board as a whole to
as Director of the company in accordance with the promote its effectiveness as a team.
During the year under review, the deliberations by the Board of 2.5.1. Appointment and re-election company’s M&A.
>> During the year under review, the Directors have been invited
Directors included the following: >> The members of the Board are elected at the meeting of o The re-election of Mr Joseph Edouard Gérard Espitalier to seminars/workshops organised by ENL Group, on namely,
>> Approval of Annual Report for the year ended 30 June 2017; shareholders. Noël as Director of the company in compliance with the New Code of Corporate Governance, Awareness session
>> The Board prepares a profile of its size and composition (the Section 138 (6) of the Companies Act 2001. on Competition Act and Fraud and Corruption Awareness.
>> Preparation of the Annual Meeting of the company held in
December 2017; ‘Board Profile’), considering the nature of the company’s >> The Chairman confirms that, following a formal performance 2.5.4. Succession planning
business and its subsidiaries, and the desired expertise and evaluation, Messrs. Marie André Eric Espitalier-Noël and
>> Approval of financial results: background of the Board members. The Board profile will be >> The Board regularly reviews its composition, structure and
Joseph Edouard Gérard Espitalier Noël continue to be
o Abridged audited financial statements for the year ended such that the common purpose, involvement, participation, performing and remain committed to their role as Directors succession plans.
30 June 2017 for publication purposes; harmony and sense of responsibility of the Directors are of the company.
sustained. 2.6. Directors’ duties, remuneration and
o The unaudited quarterly consolidated results of the 2.5.2. Board induction
company for publication purposes. >> The recommendation or nomination for appointment or performance

reappointment of Director(s) states the reasons for the >> On their first appointment, Non-Executive Directors benefit
>> Preparation of Annual Meeting held in December 2017; 2.6.1. Directors’ interests, dealings in securities and
nomination or recommendation and in case of re-appointment from an induction programme aimed at deepening their
Related Party Transactions
>> Declaration and payment of interim and final dividends for the the Board carefully considers the past performance of the understanding of the company and its subsidiaries and the
year ended 30 June 2018; candidate on the Board. business, the environment and markets in which the group >> The Board adheres to the principles of the rules for
operates. Development & Enterprise Market companies issued by the
>> Review of the group’s operations; >> Once the candidate has been approved by the Board, the
Stock Exchange of Mauritius Limited and The Companies Act
78 candidate is required to sign a letter of appointment, which >> As part of the induction programme, all newly appointed 79
>> Reviewing the performance of the group against budgets and 2001 in respect of share dealings.
states that the candidate shall owe a duty to the Board and to Directors receive a folder of essential board and company
assessing the group structure regularly; the company as Director, that he will act in good faith and that information relevant to his/her role, legal duties and >> The Company Secretary keeps the Directors apprised of
ENL Limited
ENL Limited
>> Approval of transfers of shares; he is willing to allocate sufficient time to the company. responsibilities. closed periods and of their responsibilities in respect of the
above rules.
>> Approval of various banking facilities; >> A nomination or recommendation to the meeting of >> During the year under review, no new Directors have been
shareholders for a candidate for the Board includes a brief appointed on the Board of ENL. >> ENL’s Board Charter also contains policies on conflicts of
>> The implementation of the principles of the new Code of interests and related party transactions.
of biographical details (namely age, profession, academic
Corporate Governance for ENL, which included amongst 2.5.3. Professional development and training
qualifications and any other information relevant to assess the >> Directors, after becoming aware of the fact that they are
others the adoption of a Board Charter, an Equal Opportunity
suitability as a member of the Board) of the proposed Director. >> The Directors are aware of their legal duties. interested in a transaction or proposed transaction with the
Policy and a stakeholder map, the establishment of the Senior
Governance Positions, the review of the company’s Board >> In accordance with the company’s Memorandum & Articles of >> The Board encourages its members to keep themselves company, disclose same to the Board and cause same to be
composition and categorisation of Directors; Association (“M&A”), at each Annual Meeting of the company, abreast of changes and trends in the business and in the entered in the Interests Register.
one Director, who has held office during a period of three company’s environment and markets and of changes and >> The Company Secretary keeps the Interests Register and
>> Reviewed the request for proposal for external audit services
years, retires by rotation and is eligible for re-appointment. trends in the economic, political, social and legal climate ensures that the latter is updated regularly. The register
in view of the eventual change of external auditor of ENL
generally. is available for consultation to shareholders upon written
Group. >> Re-election of Directors over the age of 70 years is made in
compliance with section 138(6) of the Companies Act 2001. >> The Board regularly assesses: request to the Company Secretary.
>> Approval of an ENL Gift Guidelines policy.
>> The following will be proposed to the shareholders for o the development needs of its Directors and facilitates >> All new Directors are required to notify in writing to the
approval at the forthcoming Annual Meeting of ENL scheduled attendance to appropriate training to continuously update Company Secretary their direct and indirect interests in ENL.
on 29 November 2018: the skills and knowledge of the Directors so that they fulfil >> During the year under review, none of the Directors have
their role on the Board; traded in the shares of ENL.

>> The following table shows the interests of the Directors in the shares of the company as at 30 June 2018: 2.6.2. Information, Information Technology and The above list would not be complete without a dedicated
Information Security Governance policy on End User Security and Awareness. Uninformed users
Interests in ENL Limited as ORDINARY SHARES PREFERENCE SHARES may be a real threat to the organisation’s IT Security and can
at 30 June 2018 Data and Information are at the center of ENL’s business be a channel for attacks to ENL’s IT environment. The End
DIRECT INDIRECT DIRECT INDIRECT strategy and with the rapid advancements in technology, User IT security Policy gives users the necessary guidelines,
the group and its subsidiaries are increasingly relying on complete with a list of Do’s and Don’ts pertaining to the usage
No. of % No. of % No. of % No. of %
their IT systems to deliver customer satisfaction and gain of IT facilities that are made available to them. It also raises
shares shares shares shares
market shares. Data is considered as an invaluable asset awareness among them with regards to existing security
André Espitalier-Noël - - 544,912 0.499 384,900 0.368 11,510 0.011 and safeguarding its integrity, ensuring its accessibility and threats within the company.
guaranteeing its confidentiality are key priorities addressed
Christian Espitalier-Noël 27,626 0.025 172,537 0.158 126,144 0.121 5,232 0.005 by the group’s IT strategy. The ICT Governance Framework also includes a set of policies
Edouard Espitalier-Noël 2,619 0.002 372,375 0.341 227,954 0.218 - - and procedures that support an efficient management of IT
The creation and management of information systems within and associated risks. These include,
Eric Espitalier-Noël 1 0.000 9,790,940 8.966 6,979 0.007 5,739,462 5.478 the group are guided by ENL’s ICT Governance Framework.
>> a Procurement and Vendor Policy which,

Gérard Espitalier Noël 25,072 0.023 895,446 0.820 556,702 0.532 1,046 0.001 Introduced in 2015, this multi-facetted structure aims to,
o promotes a standardised approach to procurement of
>> ensure alignment of IT Strategy with Business Strategy,
Gilbert Espitalier-Noël 1 0.000 9,654,439 8.841 - - 6,033,499 5.766 IT hardware and software within the group,
>> introduce an Information Security Policy that provides
Hector Espitalier-Noël 319,130 0.292 10,130,554 9.277 13,503 0.013 5,746,787 5.479 o supports procurement decision based on requirement
a set of guiding principles and processes to strengthen
fit and value for money, and
Roger Espitalier Noël - - 1,307,133 1.197 259,960 0.248 517,964 0.495 internal controls and to provide the necessary assurance
80 for the effective management of the group’s data assets, o ensures that products and services purchased are 81
Patrice de Robillard 34,400 0.032 756,761 0.693 - - 460,413 0.440 and secured by appropriate Service Level Agreements and
Thierry Koenig - - 214,033 0.196 - - 148,588 0.142 Warranties.
>> ensure that IT systems at operational level are efficient
ENL Limited
ENL Limited
and reliable, positively contributing to the value creation >> a Change Management Policy which
>> Note 38 of the financial statements for the year ended 30 June 2018, set out on pages 194 to 195 of the Annual Report 2018
process.
details all the related party transactions between the company or any of its subsidiaries or associates and a Director, Chief o ensures that requests for changes in information
Executive, controlling shareholder or companies owned or controlled by a Director, Chief Executive or controlling shareholder. systems are supported by valid business and/or
The ICT Governance Framework lays great emphasis on
technical requirements,
>> Shareholders are apprised of related party transactions through the issue of circulars and press releases by the company in Information Security and no less than 6 sets of policies and
compliance with the Development & Enterprise Market Rules of the Stock Exchange of Mauritius Limited. procedures have been introduced to ensure that the group’s o evaluates the cost-effectiveness of the requested
Information Asset is available as and when needed to those change(s), and
authorized to access it. The Framework ensures that the
o implements changes with low or zero disruptions to
necessary safeguards are in place to ensure that data is not
Production IT Systems.
compromised. The relevant policies and procedures are:
>> an IT Incident and Problem Management Policy that
>> Backup & restore
manages incidents and identifies the root causes thereof
>> Malicious software protection where applicable in order to deal with them effectively and
on time while proactively preventing re-occurrence. The
>> Logical access
objectives of this policy are to:
>> Physical access and environment
o intervene on incidents as quickly as possible, thus
>> Internet & intranet security lowering the disruption of users to a minimum, and to
>> Bring Your Own Device (BYOD) o ensure that all incidents are documented and followed
on accordingly.

Given ICT’s high importance and criticality, ENL’s ICT 2.6.4. Remuneration >> For the year under review, the actual remuneration and benefits perceived by the Directors are as per below:
Governance Framework also provides for Business Continuity
>> The underlying philosophy is to set remuneration at
Policy and Procedures. This policy ensures business continuity Directors Remuneration from the Remuneration from Remuneration from companies
appropriate level to attract, retain and motivate high calibre
in case of disruptions in IT systems and guides subsidiaries company subsidiaries on which Director serves as
personnel and reward in alignment with their individual as
into building their Business Continuity solutions based on representative of the company
well as joint contribution towards the achievement of the
their operations and risks associated to their IT system.
company’s objective and performance, whilst taking into (Rs) (Rs) (Rs)
account the current market conditions and company’s
Board monitoring & reporting André Espitalier-Noël 85,000 - -
financial position. The Directors are remunerated for their
knowledge, experience and insight given to the Board.
The effectiveness of the ICT Governance Framework is Christian Espitalier-Noël 85,000 - -
monitored by the Audit and Risk Management Committee >> Non-Executive Directors are paid a basic fee and
which examines progress reports pertaining to the Edouard Espitalier-Noël 85,000 197,500 -
attendance fees.
implementation of the Framework within the group twice Eric Espitalier-Noël 85,000 13,271,334 -
>> The Board ensures that, forthwith after authorising any
yearly. Feedback and comments from Committee members
such payment, particulars of such payment are entered in Gérard Espitalier Noël 75,000 75,000 -

are noted and translated into actions.
the Interests Register.
Gilbert Espitalier-Noël 65,000 545,000 -
The ICT Governance framework is available for consultation >> Any Director who is in full time employment of ENL does
on the ENL Group’s website: www.enl.mu not receive any additional remuneration for sitting on the Hector Espitalier-Noël 16,935,000 999,002 -
Board of Directors.
2.6.3. Access to information Roger Espitalier Noël 85,000 392,500 -
>> Any remuneration perceived by an employee of ENL Group
82 >> The Chairman, the Company Secretary and the CEO in respect of his sitting on the Board of Directors of any
Patrice de Robillard 75,000 - - 83
ensure that the Management provides the Board in a company is deducted from his yearly remuneration. Thierry Koenig 65,000 - -
timely manner, with the information they need to properly
ENL Limited
ENL Limited
function. >> None of the Non-Executive Directors are entitled to
2.6.5. Board appraisal
remuneration in the form of share options or bonuses
>> Directors of the company are entitled to have access, at all associated with the company’s performance. >> Every two years the Board critically evaluates the performance of the Board and its respective processes and procedures to
reasonable times, to all relevant company information and ensure that they are designed to assist the Board in effectively fulfilling its role.
to the Management, if useful, to perform their duties.
>> The performance of each Director is individually evaluated by a process involving self-evaluation, peer review as well as a
>> During the discharge of their duties, the Directors are discussion with the Chairman.
entitled to seek independent professional advice at the
company’s expense and have access to the records of the >> During the year under review, a Board appraisal was carried out, by means of a questionnaire sent to all the Directors, and aimed
company. at focussing on specific areas of improvement, namely:
>> A Directors’ and Officers’ Liability Insurance policy has o Conduct of Board meetings;
been subscribed to by ENL. The said policy provides cover o Risk management;
for the risks arising out of acts or omissions of the Directors
and Officers of the company. The cover does not provide o The leadership of the Board: The Chairman; and
insurance against fraudulent, malicious or willful acts or o Self-evaluation.
omissions.
>> Effort was laid on the collection of qualitative data from the Directors.
>> The findings of the aforesaid Board appraisal have been considered by the Board.

3. Risk governance 5. Internal Audit Areas covered by the internal audit function in the financial year were:
Entity Area of review

The activities of the risk management processes of ENL are 5.1. Internal Audit
explained on pages 51 to 63 of the Annual Report. ENL Limited Contracts of significance
The ENL Group’s Internal Audit function, which operates under Axess Debtors management (every quarter)
a co-sourcing agreement with PricewaterhouseCoopers Ltd Axess Stock management (every quarter)
4. Internal control (PwC), reports directly to the Audit and Risk Committees of Axess Inventory process
ENL Commercial Limited and ENL Land Ltd (the “Audit and Nabridas Production process
The Board is responsible for the system of internal control Risk Committees”), which review and approve the internal Grewals Stock management (timber)
and risk management of ENL Limited and its subsidiaries. audit plan for each year. JMD International Purchasing to payment
The Board is committed to continuously maintain adequate JMD International Stock management
control procedures with a view to safeguard the assets and One of the responsibilities of the Internal Audit function is
to confirm to the Audit and Risk Committees the effective Indoor and Outdoor Living Purchasing to payment
reputation of ENL Limited. Areas with high residual risks are
Indoor and Outdoor Living Stock management

continuously assessed and reviewed with the assistance of operation of our internal control system. For this purpose,
the Internal Audit department. the Head of Internal Audit makes quarterly presentations Box Manufacturing Production process
to the Audit and Risk Committees and meets regularly with Box Manufacturing Stock management
Management is accountable to the Board for the design, the Chairmen of the Audit and Risk Committees without the ENL Agri Key controls at the Nursery
implementation and enforcement of internal controls, ensuring presence of management. ENL Agri Payroll at the Cane business unit
that the associated processes and systems are operating Agrex Key controls at Agrex
84 satisfactorily. The Board derives assurance that the internal The Internal Audit function focuses its work on the areas of ESP Landscapers Procurement of machinery for maintenance projects 85
control systems are effective through the lines of defence: greatest risk to the ENL Group, as determined by a risk-based
Cogir Tendering, performance review and payment of subcontractors
(i) The management of performance of each subsidiary, (ii) the approach to audit planning and close collaboration with the
ENL Property Fair value process of land and investment properties
ENL Limited
ENL Limited
processes and framework for risk management and (iii) the group’s risk management function. As part of the group’s
internal audit function in accordance with their risk-based commitment to maintaining and strengthening best practice
in corporate governance matters, we also consistently 5.2. Internal auditor effectiveness and independence
internal audit plan.
seek to enhance our internal control environment and risk
The Audit and Risk Committees review the effectiveness of the Internal Audit function on an ongoing basis. This is achieved, in part,
In the design of the internal control system, entities are management capability.
by reviewing and discussing the reports presented to it at each meeting and setting out the function’s work and findings.
encouraged to have the right level of internal controls whereby
the costs and time involved in operating these controls is The Internal Audit function prepares audit reports and
The Audit and Risk Committees assess the independence of the Internal Audit function and are satisfied of its independence.
balanced against the nature and significance of the risks they recommendations following each audit and appropriate
mitigate. measures are then taken to ensure that all recommendations
There have been no restrictions placed over the right of access by Internal Audit to relevant records, management or employees.
are implemented. Status reports on management’s
The Board also recognises that any system of internal control implementation of internal audit recommendations are
All members of the Internal Audit team are qualif ied accountants and are, or in the process of becoming, Certified Internal Auditors.
is designed to understand and manage rather than eliminate provided to the Audit and Risk Committees on a quarterly
the risk and can only provide reasonable and not absolute basis. Significant issues, if any, are however raised at once.
assurance against material misstatement or loss.

6. Shareholders and other key stakeholders Distribution of shareholders at 30 June 2018
Range of shareholding ORDINARY SHARES PREFERENCE SHARES

6.1. Holding structure
>> The company’s holding structure as at 30 June 2018 was as follows:
Shareholder Number of % of shares Shareholder Number of % of shares
count* shares held held count* shares held held
Société Caredas 1 - 500 19 5,124 0.00 166 31,843 0.03
59.6%
501 - 1,000 17 13,871 0.01 53 44,126 0.04
L’Accord Limited 1,001 - 5,000 61 158,125 0.14 197 527,170 0.50
77.9%
5,001 - 10,000 11 94,090 0.09 120 838,820 0.80
La Sablonnière Limited
10,001 - 50,000 81 2,083,897 1.91 256 6,217,089 5.94
71.8%

50,001 - 100,000 38 2,756,939 2.52 72 4,932,180 4.71
ENL Limited
100,001 - 250,000 32 4,813,043 4.41 56 8,219,768 7.86
250,001 - 500,000 4 1,589,830 1.46 47 16,378,284 15.65
(The % disclosed relates to voting rights)
Over 500,000 15 97,685,838 89.46 33 67,449,963 64.46
86 87
Total 278 109,200,757 100 1,000 104,639,243 100
Note: The above number of shareholders is indicative, due to consolidation of multi portfolios for reporting purposes. The total number of active Ordinary and
6.2. Shareholding profile
ENL Limited
ENL Limited
Preference shareholders as at 30 June 2018 was 280 and 1,034, respectively.
ENL Limited’s Preference shares are listed on the Development & Enterprise Market (“DEM”), the second market of the Stock
Exchange of Mauritius Limited (“SEM”) and accordingly, the company is governed by the rules for DEM companies.
The stated capital of the company amounts to:
Number of Ordinary shares of Rs 10 each 109,200,757

Number of Preference shares of Rs 10 each 104,639,243
Stated capital Rs 2,138,400,000
As at 30 June 2018, the sole shareholder holding more than 5% of the Ordinary shares of the company and qualifying as substantial
shareholder was as follows:
%
La Sablonnière Limited 71.8

Spread of shareholders 6.3. Contract between the company and its 6.4.2. Shareholders’ calendar
substantial shareholder
To the best knowledge of the Directors, the spread of Publication of abridged audited financial statements for the year ended 30 June
shareholders at 30 June 2018 was as follows: September 2018
The Directors confirm that, to the best of their knowledge, 2018
they are not aware of the existence of contracts of significance Issue of Annual Report 2018
Spread of Ordinary shareholders between the company and its substantial shareholder during Eventual declaration of interim dividend
the year under review. November 2018
Publication of 1st Quarter results to 30 September 2018
Individuals Annual Meeting of Shareholders
20%
6.4. Engagement with shareholders
December 2018 Payment of interim dividend
6.4.1. Shareholders’ relations and communication February 2019 Publication of half-year results to 31 December 2018
Investment & >> The Board of Directors places great importance on open Publication of 3rd Quarter results to 31 March 2019
4% May 2019
trust companies and transparent communication with its shareholders. Eventual declaration of final dividend

>> The company communicates to its shareholders through July 2019 Payment of final dividend
its Annual Report, circulars issued in compliance with
the DEM Rules of the Stock of Exchange of Mauritius 6.4.3. Shareholders’ agreement affecting the governance of the company by the Board
Limited, press announcements, publication of unaudited
The Directors confirm that, to the best of their knowledge, they are not aware of the existence of any such agreement during the
quarterly and audited abridged financial statements of the
76% year under review.
company, dividend declaration and the Annual Meeting of
88 shareholders. 6.4.4. Dividend
89
Other corporate
bodies >> The website (www.enl.mu/investors/enl-limited), which
The company has no formal dividend policy. Payment of dividends is subject to the profitability of the company, cash flow, working
ENL Limited
ENL Limited
includes an investors’ corner, provides timely information
to stakeholders. Interim, audited financial statements, capital and capital-expenditure requirements.
Spread of Preference shareholders press releases and so forth are readily accessible there
from. Dividend per share (Rs) Total dividend value (Rs)
>> Analysts meetings are also organised after the publication
of audited abridged financial statements and analysts are
invited to interact with management.
>> In compliance with the Companies Act 2001, shareholders
Other 31% 45% Individuals are invited to the Annual Meeting of ENL at which the
0.78
0.78
0.74
corporate Board of Directors is also present. The company’s Annual
0.69
0.70
bodies Meeting provides an opportunity to shareholders to raise
and discuss matters relating to the company with the
Board.
158,241,600
166,795,200
166,795,200
147,549,600
149,688,000
>> The company’s share price movement from 1 July 2017
18% to 1 July 2018 is available on our website: www.enl.mu/
0.74
0.78
0.78
0.69
0.70
Investment & 3% 3% investors/enl-limited
trust companies Pension & Insurance & 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
provident assurance Ordinary shares Preference shares
funds companies
board of directors’ statements
BOARD OF DIRECTORS’ STATEMENTS

7. Third party management agreements 8. Company Secretary Other statutory disclosures
(Pursuant to Section 221 of The Companies Act 2001 and Section 88 of The Securities Act 2005)
>> All Directors, particularly the Chairman, have access to 30 June 2018
The Group has the following management agreements with
the advice and services of the Company Secretary for the
third parties:
purposes of the Board’s affairs and the business. Activities
>> ENL Commercial has a management contract with Superdist
>> The Company Secretary is responsible for ensuring that Board
Limited for the provision of management services and is The activities of ENL Group are disclosed on pages 24 to 41 of the Annual Report 2018.
procedures are followed, that the applicable rules and regulations
remunerated at a fixed monthly fee of Rs 90,000 (exclusive
for the conduct of the affairs of the Board are complied with and
of Value Added Tax).
for all matters associated with the maintenance of the Board or Directors
>> A development management agreement with Dolphin Coast otherwise required for its efficient operation.
Marina Estate Ltd for managing the development of an IRS A list of the Directors of the company and its subsidiaries is given on pages 204 to 209 of the Annual Report 2018.
at La Balise. The contract is remunerated at 3.8% of the total
development costs and is discharged by ENL Property. 9. External audit Directors’ Service Contracts

>> A contract with FRCI group for the provision of secretarial
services remunerated at an annual fixed fee. The Financial Reporting Act 2004 provides that where an audit firm None of the Directors of the company and of the subsidiaries have service contracts that need to be disclosed under Section 221 of
has audited the accounts of a listed company for a continuous the Companies Act 2001.
>> A contract with New Mauritius Hotels Limited for the provision period of 7 years or more and is, as at 7 September 2016, auditing
of secretarial services remunerated at an annual fixed fee. the accounts of that company, it may continue to audit the Contracts of Significance
>> A contract with New Mauritius Hotels Limited for the accounts of that company subject to such conditions and for such
90 provision of insurance consultancy services remunerated at time as may be prescribed. Further to a Government Notice No. 64 During the year under review, there was no contract of significance to which ENL Limited, or one of its subsidiaries, was a party and 91
a monthly fixed fee. of 2017, a listed company may allow an audit firm, appointed by in which a Director of ENL Limited was materially interested either directly or indirectly.
it, after the audit firm has served a continuous period of 7 years or
ENL Limited
ENL Limited
>> A contract with Joinery and Metal Distribution International more, to carry out its audit for a further period of 3 years. Directors’ remuneration and benefits
Limited for the provision of secretarial services remunerated
at a quarterly fixed fee. BDO & Co., the current auditors of ENL, have served the Total remuneration and benefits received, or due and receivable, by the Directors from the company and its subsidiaries were as
>> Management Agreement entered into by ENL Agri Limited company for more than 7 years. The Board of Directors of ENL follows:
with Circonstance Estate Ltd for the management of has resolved to retain the services of BDO & Co. for an additional
the agricultural operations, buildings and land assets of year and has thus recommended to the shareholders the Directors of ENL Limited From the company From the subsidiaries
Circonstance Estate Ltd. re-appointment of BDO & Co. as auditors of ENL for the year 2018 2017 2018 2017
ending 30 June 2019.
Rs’000 Rs’000 Rs’000 Rs’000
Executive
A tender exercise has also been launched in view of the change of
Full-time 15,126 15,109 999 1,122
the external auditor of ENL Group for the year ending 30 June 2020.
Part-time 85 108 11,247 9,962
Non-executive 620 660 1,210 1,342
Post-employment benefits – Executive Directors 1,809 2,303 2,024 1,765
17,640 18,180 15,480 14,191
Preety Gopaul, ACIS

Company Secretary
27 September 2018

2018 2017 Direct and indirect interests of senior officers (excluding Directors) in the equity of ENL Limited or any
Directors of subsidiary companies who are not Directors of the company
Rs’000 Rs’000 subsidiaries
Executive (2018: 62; 2017: 57)
Full-time 315,793 266,965 (i) As at 30 June 2018, none of the senior officers (excluding Directors), except for those detailed below, held any direct or indirect
Part-time - - interests in the equity of the company:
Non-Executive (2018: 103; 2017: 95) 7,944 5,570
Post-employment benefits – Executive Directors 6,098 7,875 ORDINARY SHARES PREFERENCE SHARES
329,835 280,410
DIRECT INDIRECT DIRECT INDIRECT
Directors’ interests in shares No. of % No. of % No. of % No. of %
shares shares shares shares
(i) The interests of the Directors in the shares of ENL Limited as at 30 June 2018 are found on page 80 of the Annual Report.
Philippe Espitalier-Noël - - 10,079,230 9.230 289,333 0.277 6,066,983 5.798
(ii) As at 30 June 2018, none of the Directors, except for those detailed below, held any direct interests in the equity of the subsidiaries

of the company: (ii) As at 30 June 2018, the following senior officers (excluding Directors) held direct interest in the equity of the subsidiaries of the
company as detailed below:
Ascencia Ltd Ascencia Ltd ENL Commercial ENL Land Ltd ENL Land Ltd Rogers and
(Class A Shares) (Preference Limited (Ordinary (Preference Company
Shares) Shares) Shares) Limited Ascencia Ltd ENL Land Ltd Rogers and Company
(Class A shares) (Ordinary Shares) Limited
No. of % No. of % No. of % No. of % No. of % No. of %
92 shares shares shares shares shares shares No. of % No. of % No. of % 93
André Espitalier-Noël - - - - 16,528 0.0567 189,411 0.0640 - - - - shares shares shares
ENL Limited
ENL Limited
Christian Espitalier-Noël - - - - - - - - 5,000 0.1487 - - Virginie Corneillet - - 1,500 0.001 1,900 0.0008
Edouard Espitalier-Noël 30,591 0.0063 3,436 0.0466 6,387 0.0219 59,871 0.0202 13,975 0.4156 40,000 0.0159 Jean-Raymond Hardy - - 11,610 0.004 17,000 0.0067
Eric Espitalier-Noël - - - - 259,728 0.8903 105,700 0.0357 - - - - Johan Pilot 15,900 0.0033 14,700 0.005 3,000 0.0012
Gérard Espitalier Noël 3,400 0.0007 - - 11,104 0.0381 162,014 0.0548 - - 3,000 0.0012
Gilbert Espitalier-Noël - - - - - - - - - - 18,320 0.0073
Hector Espitalier-Noël - - - - 427,351 1.4649 37,029 0.0125 - - - -
Roger Espitalier Noël - - - - 91 0.0003 2,316 0.0008 - - - -


Donations Statement of Directors’ responsibilities
Group Company In respect of financial statements
Donations made during the year: 2018 2017 2018 2017
Company law requires the Directors to prepare financial The Directors are responsible for keeping proper accounting
statements for each financial year, which present fairly the records, which disclose with reasonable accuracy the financial
Political (Rs’000) 2,700 3,200 - -
financial position, financial performance and cash flow of position of the company at any time and enable them to ensure
Corporate Social Responsibility (Rs’000) the company. In preparing those financial statements, the that the financial statements comply with The Companies Act
Statutory 9,618 517 Directors are required to: 2001. They are also responsible for safeguarding the assets of
9,397 -
Voluntary 10,582 583 the company and hence for taking reasonable steps to prevent
11,803 949 >> select suitable accounting policies and then apply them
Number of recipients (no.) 760 102 and detect fraud and other irregularities.
1,530 85 consistently;
>> make judgments and estimates that are reasonable and The Board is responsible for the system of internal control and
prudent; risk management for the company and its subsidiaries. The

Board is committed to continuously maintain a sound system
>> state whether international financial reporting standards
Auditors’ remuneration have been followed and complied with;
of risk management and adequate control procedures with a
view to safeguarding the assets of the group. The Board affirms
Group Company >> prepare the financial statements on a going-concern basis that it has monitored the key strategic, financial, operational,
unless it is inappropriate to presume that the company will people, systems risks and control in line with the current
2018 2017 2018 2017
continue in business; and business environment.
Audit fees paid to: Rs’000 Rs’000 Rs’000 Rs’000
94 >> ensure that the Code of Corporate Governance (the “Code”)
95
BDO & Co 21,587 20,391 1,010 950 The Board believes that the group’s systems of Internal control
Other firms 7,800 7,600 - - has been adhered to and where any material deviation from
and risk management provide reasonable assurance that
any guidance contained within the Code has occurred,
ENL Limited
ENL Limited
control and risk issues are identified, reported on and dealt
Fees paid for the other services provided by: explanations have been provided accordingly.
with appropriately.
BDO & Co - 3,100 - -
The Directors confirm that they have complied with the above
Other firms 11,800 7,000 - - Nothing has come to the Board’s attention, to indicate any
requirements in preparing the company’s financial statements.
material breakdown in the functioning of the internal controls
and systems during the period under review, which could have
The external auditors are responsible for reporting on whether
a material impact on the business. The financial statements
the financial statements are fairly presented.
are prepared from the accounting records on the basis of
consistent use of appropriate accounting policies supported
by reasonable and prudent judgments and estimates that
fairly present the state of affairs of the group and the company.

Statement of compliance to code Company Secretary’s Certificate
(Section 75 (3) of the Financial Reporting Act) (Pursuant to Section 166(d) of The Companies Act 2001)
Name of Public Interest Entity (‘PIE’): ENL Limited
We certify that, to the best of our knowledge and belief, the company has filed with the Registrar of Companies all such returns as
Reporting Period: 1 July 2017 to 30 June 2018 are required of the company under The Companies Act 2001.
We, the Directors of ENL Limited, confirm to the best of our knowledge that the PIE has not fully complied with the principles of the
Code of Corporate Governance for the reasons stated below:
Principles Areas of non-application of the Code Explanation for non-application
Principle 2 Board composition: Board Diversity Please refer to Paragraph 2.2 (Board Composition) of

the Corporate Governance Report Preety Gopaul, ACIS
Company Secretary
Principle 2 Board composition - Board Committees Please refer to Paragraph 1 (Governance Structure)
of the Corporate Governance Report 27 September 2018
96 Principle 2 Board composition: Chairman and CEO Please refer to Paragraph 2.2 (Board Composition) of 97
the Corporate Governance Report
ENL Limited
ENL Limited

Hector Espitalier-Noël Roger Espitalier Noël

Chairman Director
27 September 2018
04. Financial review
innovate...
We lead change and constantly embrace new ideas. We inspire.
Independent auditor’s report Independent auditor’s report
FINANCIAL REVIEW
FINANCIAL REVIEW
to the shareholders of ENL Limited to the shareholders of ENL Limited
Report on the audit of the financial statements 1 The company - Valuation/Impairment of investments in subsidiaries, associates and others
Opinion Key audit matter

We have audited the consolidated financial statements of ENL Limited and its subsidiaries (the group), and the company’s separate financial statements The company carries its investments in subsidiaries, associates and others at fair value. At June 30, 2018, total investments amounted to Rs.15.5bn. The
on pages 108 to 202 which comprise the statements of financial position as at June 30, 2018, and the statements of profit or loss and other comprehensive amount is significant to the financial statements.
income, statements of changes in equity and statements of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies. Moreover, the fair value exercise involves the use of estimates and judgements. The identification of impairment events and the determination of an
impairment charge also require the application of significant judgement by management, in particular with respect to the timing, quantity and estimation
In our opinion, the financial statements on pages 108 to 202 give a true and fair view of the financial position of the group and of the company as at June 30, of future cash flows.
2018, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards and
In view of the significance of the investments and the above, we consider investment valuation/impairment to be a significant key audit matter.
comply with the Companies Act 2001.

Related disclosures
Basis for opinion
Refer to notes 9, 10 and 12 of the accompanying financial statements.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described
in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and of the company in
accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical Audit response
requirements that are relevant to our audit of the financial statements in Mauritius, and we have fulfilled our other ethical responsibilities in accordance with In our audit approach, we reviewed the valuation methods used and discussed with Independent Valuer regarding the reasonableness of the basis and
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. assumptions used.
100 101
Our audit response also consisted of analysing the possible indications of impairment and discussed them with management. We discussed the
Key audit matters forecasted results of the subsidiaries with independent valuer, and also reviewed the substantiation of the forecasts based on historical information.
ENL Limited
ENL Limited
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current
period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not 2 The group - Valuation of property, plant and equipment and investment properties
provide a separate opinion on these matters.
Key audit matter

As at June 30, 2018, the group had property, plant and equipment which included land and buildings amounting to Rs.21.6bn and investment properties
amounting to Rs.21.2bn. The significance of the land and buildings and investment properties on the statement of financial position resulted in them
being identified as a key audit matter.
Land and buildings are stated at their fair value based on periodic valuations by directors of the group subsequent to valuation carried out by external
valuers, less subsequent depreciation for buildings. The fair value of land and buildings is arrived by using the market value approach.
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are carried at
fair value as determined annually by the directors subsequent to the valuation carried out by external valuers which is based on the discounted cash flow
model, residual value approach and open-market basis as appropriate.
FINANCIAL REVIEW
FINANCIAL REVIEW
2 The group - Valuation of property, plant and equipment and investment properties (cont’d) 4 The group - Trade receivables recoverability
Related disclosures Key audit matter

Refer to notes 5 and 6 of the accompanying financial statements. The recoverability of trade receivables and the level of provisions for impairment of receivables are considered to be a significant risk due to the pervasive
nature of these balances to the financial statements, and the importance of cash collection with reference to the working capital management of the
Audit response business. At June 30, 2018, trade receivables amounted to Rs.2.2bn, net of provision of Rs.200m.
Our audit procedures included testing of design, existence and operating effectiveness of internal control procedures implemented as well as test of
Audit response
detail to ensure completeness and accuracy of the land and buildings and investment properties through the following:
We have:
–– Ensured the estimated remaining useful lives and residual values of land and buildings are reasonable, by comparing the directors’ estimates to the
useful lives of assets with similar characteristics. –– assessed the design and implementation of key controls around the monitoring of recoverability;

–– Reviewed the group’s depreciation policy for land and building and verified the inputs to the calculation. –– challenged management regarding the level and ageing of trade receivables, along with the consistency and appropriateness of receivables
provisioning by assessing recoverability with reference to cash received in respect of debtors. In addition we have considered the group’s previous
–– Performed predictive tests on depreciation charge.
experience of bad debt exposure and the individual counter-party credit risk;
We tested the key inputs to the valuation of the group’s land and buildings and investment properties as follows:
–– critically assessed the recoverability of overdue unprovided debt with reference to the historical levels of bad debt expense and credit profile of the
–– Assessment and discussion of management’s process for the valuation exercise and appointment of the external valuers. We also assessed the counter-parties;
competence, independence and integrity of the external valuers.
102 –– tested these balances on a sample basis through agreement to post period end invoicing and cash receipt; and 103
–– Obtained the external valuation reports and discussed with the external valuers about the results of their work on a sample of properties. We discussed
–– considered the consistency of judgements regarding the recoverability of trade receivables made year on year to consider whether there is evidence of
and challenged the valuation process, performance of the portfolio, significant judgements and assumptions applied to the valuation model, including
management bias through discussion with management on their rationale and obtaining evidence to support judgement areas.”
yields, occupancy rates, capitalisation rates and lease incentives.
ENL Limited
ENL Limited
–– Testing the integrity of a sample of the data provided to the external valuers. This included verifying a sample of information provided to the external Related disclosures
valuers to underlying lease agreements.
Refer to note 18 of the accompanying financial statements.
–– Testing land values by comparing the values used by the valuers to land values of similar characteristics.”
5 The group - Assessment of impairment of goodwill

3 The group - Assessment of net realisable value of inventories
Key audit matter

Key audit matter
Goodwill arising on acquisition of subsidiaries amounted to Rs.1.2bn at June 30, 2018. Goodwill is tested annually for impairment. These calculations
Inventories are carried in the financial statements at the lower of cost and net realisable value. The net carrying value of inventory at June 30, 2018 require the use of estimates. We considered testing the impairment of goodwill to be a significant key audit matter as it involves judgement and
was Rs.1.7bn. The exercise for the assessment of the net realisable value involves the use of judgement and assumptions and is therefore considered a assumptions.
significant key audit matter.
Related disclosures
Related disclosures
Audit response
Our audit procedures were designed to challenge the basis used for assessing the net realisable value of inventory and included:
–– Examining the subsidiaries’ historical trading patterns of inventory sold at full price and inventory sold below full price, together with the related
margins achieved for each product lines in order to gain comfort that stock has not been sold below cost; and
–– Assessing the appropriateness of the percentages applied to arrive at the net realisable value by challenging the assumptions made by the Directors
on the extent to which older inventory can be sold.
FINANCIAL REVIEW
FINANCIAL REVIEW
5 The group - Assessment of impairment of goodwill (cont’d) 6 The group - Revenue recognition (cont’d)
Audit response Other information (cont’d)

The assessment of impairment of goodwill was based on the fair value of the related investment determined at June 30, 2018 as well as on the discounted In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the
cash flows of the cash generating unit to which the goodwill is related. other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
We discussed with management and independent valuer the assumptions used in the forecasted results. We performed procedures relating to the
report that fact. We have nothing to report in this regard.
disclosures on impairment testing included in the financial statements and reviewed the latest management decision with regards to the business model
to assess whether the assumptions are in line with the valuation assumptions made.
Responsibilities of Directors and those charged with Governance for the financial statements
6 The group - Revenue recognition The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting
Standards and in compliance with the requirements of the Companies Act 2001, and for such internal control as the Directors determine is necessary to

enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
Key audit matter
In preparing the financial statements, the Directors are responsible for assessing the group and the company’s ability to continue as a going concern,
Revenue is measured at the fair value of the consideration received or receivable after eliminating sales within the group. We focussed on this area due disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate
to the significance value of revenue for the group and the risk attached to the timing of recognition of revenue. the group and the company or to cease operations, or have no realistic alternative but to do so.
Related disclosures Those charged with governance are responsible for overseeing the group and the company’s financial reporting process.
104 Refer to note 27 of the accompanying financial statements. 105
Auditor’s responsibilities for the audit of the financial statements
Audit response Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
ENL Limited
ENL Limited
Our audit procedures to address the risk of material misstatement relating to revenue recognition included: to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
–– An understanding of key controls management has in place to ensure that revenue is recognised in the appropriate period and in line with the considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
respective terms and conditions.
these financial statements.
–– Testing the operating effectiveness of the key controls, the information used and management’s review and approval of revenue recognised.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
–– Ensuring completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
–– Obtained explanation from management on major variations noted. responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
–– Obtained confirmation from component auditors on the revenues accounted at group level and any major unadjusted items and weaknesses were material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
reported. misrepresentations, or the override of internal control.
–– Ensure all intergroup revenue are eliminated. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the group and of the company’s internal control.
Other information • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Directors.
The Directors are responsible for the other information. The other information comprises the information included in the annual report (but does not
include the Corporate Governance Report, the financial statements and our auditor’s report thereon).
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
FINANCIAL REVIEW
FINANCIAL REVIEW
Auditor’s responsibilities for the audit of the financial statements (cont’d) Report on other legal and regulatory requirements (cont’d)
• Conclude on the appropriateness of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the group and the company’s ability to continue as a going concern. If Financial reporting Act 2004
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements The Directors are responsible for preparing the corporate governance report. Our responsibility is to report the extent of compliance with the Code of Corporate
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s Governance as disclosed in the annual report and on whether the disclosure is consistent with the requirements of the Code.
report. However, future events or conditions may cause the group and the company to cease to continue as a going concern.
In our opinion, the disclosure in the annual report is consistent with the requirements of the Code.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Other matter
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion
on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible This report is made solely to the members of ENL Limited (the “company”), as a body, in accordance with Section 205 of the Companies Act 2001. Our audit
for our audit opinion. work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for

no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit members as a body, for our audit work, for this report, or for the opinions we have formed.
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
106 107
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial
statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
ENL Limited
ENL Limited
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements BDO & Co Rookaya Ghanty, FCCA
Chartered Accountants Licenced by FRC
Companies Act 2001
Port Louis,
We have no relationship with, or interests in, the company or any of its subsidiaries, other than in our capacity as auditors and business advisers of the
Mauritius.
company and dealings in the ordinary course of business.
We have obtained all information and explanations we have required. 27 September 2018
In our opinion, proper accounting records have been kept by the company as far as it appears from our examination of those records.
Statements of financial position Statements of profit or loss
FINANCIAL REVIEW
FINANCIAL REVIEW
JUNE 30, 2018
and other comprehensive income YEAR ENDED JUNE 30, 2018

THE GROUP THE COMPANY THE GROUP THE COMPANY
2018 2017 2016 2018 2017 2016 2018 2017 2018 2017
Notes Restated Restated Notes Restated
ASSETS Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Continuing operations Rs’000 Rs’000 Rs’000 Rs’000
Non-current assets Sales 27 12,829,242 11,558,680 - -
Property, plant and equipment 5 21,593,450 21,402,593 19,620,685 7,304 8,571 6,242 Cost of sales (6,984,201) (6,189,411) - -
Investment properties 6 21,185,687 20,105,315 18,078,168 - - - Gross profit 5,845,041 5,369,269 - -
Deferred expenditure 7 369,432 231,550 171,045 31 - - Sugar and agricultural diversification proceeds 27 661,185 785,882 - -
Intangible assets 8 1,945,178 1,177,376 1,158,069 - 12 25 Investment and other income 27 1,105,255 878,286 265,459 298,486
Investments in subsidiary companies 9 - - - 15,469,008 14,625,784 14,377,982 Management and secretarial fees 27 6,271 10,673 126,966 120,126
Investments in associated companies 10 9,351,461 8,579,116 8,083,922 130 130 130 7,617,752 7,044,110 392,425 418,612
Investments in jointly controlled entities 11 1,069 43,622 15,500 - - - Other operating expenses 28 (1,262,729) (1,628,686) (2,654) (3,110)
Investments in financial assets 12(b) 524,100 1,507,987 1,411,003 2,463 2,453 2,451 Administrative expenses (5,334,110) (4,370,096) (151,522) (154,564)
Deposit on investments 13 - 1,500 1,500 - - - Movement in consumable biological assets 17 (61,838) (43,203) - -
Non-current receivables 14 54,841 81,662 96,659 1,150,640 1,167,801 1,167,418 Operating profit 959,075 1,002,125 238,249 260,938
Net investment in leases and other credit agreements 15 306,300 - - - - - Fair value gain on revaluation of investment properties 6 1,089,170 1,134,101 - -
Deferred tax assets 23 122,320 109,962 72,650 15,429 14,697 12,702 Fair value (loss)/gain on held for trading securities 12(‘c) (2,123) 8,132 - -

55,453,838 53,240,683 48,709,201 16,645,005 15,819,448 15,566,950 Profit on disposal of land, investments and others 135,357 80,811 152,772 -
Current assets Compensation for waiver of rights to lessee on land and buildings 2,470 872 - -
Inventories 16 1,725,908 1,820,697 2,286,024 - - - Excess of fair value of the share of net assets over acquisition price 31,744 124,090 - -
Consumable biological assets 17 290,150 351,748 394,951 - - - Impairment of goodwill, investment and others (38,009) (5,455) - -
Net investment in leases and other credit agreements 15 188,400 - - - - - Share of profits less losses of associated companies and jointly controlled entities, net of tax 366,997 113,019 - -
Trade and other receivables 18 3,446,966 3,474,173 4,160,077 3,181 1,954 10,661 Finance costs 29 (1,022,222) (979,149) (96,483) (102,431)
Receivable from group companies 19 - - - 516,574 408,195 467,162 Profit before taxation 1,522,459 1,478,546 294,538 158,507
Held for trading securities 12(c) 59,701 63,123 54,991 699 699 699 Income tax charge 31(a) (223,426) (185,863) (3,029) (546)
108 Cash and cash equivalents 35(c) 1,975,305 1,199,100 1,434,693 10,915 11,309 10,372
Profit for the year from continuing operations 1,299,033 1,292,683 291,509 157,961 109
7,686,430 6,908,841 8,330,736 531,369 422,157 488,894
Non-current assets classified as held for sale 20 415,849 76,224 50,187 - 127,700 -
Total assets 63,556,117 60,225,748 57,090,124 17,176,374 16,369,305 16,055,844 Discontinued operations
(152,837) -
ENL Limited
ENL Limited
EQUITY AND LIABILITIES Post tax loss from discontinued operations (32,893) -
Capital and reserves Profit for the year 1,146,196 1,259,790 291,509 157,961
Share capital 21 2,138,400 2,138,400 2,138,400 2,138,400 2,138,400 2,138,400
Fair value, revaluation and other reserves 32 7,096,877 7,457,896 6,911,090 11,608,305 10,761,545 10,433,808 Other comprehensive income for the year:
Retained earnings 7,844,244 7,641,263 7,481,898 1,559,468 1,586,981 1,590,964 Items that will not be reclassified to profit or loss:
Equity holders’ interests 17,079,521 17,237,559 16,531,388 15,306,173 14,486,926 14,163,172 Release to income on disposal of investments (53,588) 3,833 (160,455) -
Non-controlling interests 19,327,141 18,862,372 17,454,263 - - - Remeasurement of post employment benefit obligations, net of deferred tax (13,176) (42,291) (8,879) (14,394)
Total equity and reserves 36,406,662 36,099,931 33,985,651 15,306,173 14,486,926 14,163,172 (66,764) (38,458) (169,334) (14,394)
LIABILITIES Items that may be reclassified subsequently to profit or loss:
Non-current liabilities Fair value adjustments on available-for-sale financial assets (55,758) 71,496 846,760 327,737
Borrowings 22 17,381,281 13,689,075 12,790,379 1,560,060 1,567,145 1,575,103 (Loss)/surplus on revaluation of property, plant and equipment, net of deferred tax (46,421) 1,429,220 - -
Deferred tax liabilities 23 722,673 657,705 452,833 - - - Currency translation differences (9,944) (17,932) - -
Retirement benefit obligations 24 845,708 862,091 769,187 91,059 92,316 73,712 Share of other comprehensive income of associated companies and jointly controlled
18,949,662 15,208,871 14,012,399 1,651,119 1,659,461 1,648,815 entities (224,327) (117,819) - -
Current liabilities (336,450) 1,364,965 846,760 327,737
Trade and other payables 25 3,988,944 3,912,879 4,696,456 25,564 32,199 26,442 Other comprehensive income for the year, net of tax (403,214) 1,326,507 677,426 313,343
Payable to group companies 26 - - - 12,590 10,764 12,602 Total comprehensive income for the year 742,982 2,586,297 968,935 471,304
Current tax liabilities 31(b) 76,371 37,474 50,737 1,946 - - Profit attributable to:
Borrowings 22 3,807,576 4,902,441 4,261,483 104,138 115,803 121,415 Owners of the company 389,126 456,564 291,509 157,961
Proposed dividends 33 74,844 64,152 83,398 74,844 64,152 83,398 Non-controlling interests 757,070 803,226 - -
7,947,735 8,916,946 9,092,074 219,082 222,918 243,857 1,146,196 1,259,790 291,509 157,961
Liabilities directly associated with non-current assets 20 252,058 - - - - - Total comprehensive income attributable to:
classified as held for sale
Total liabilities 27,149,455 24,125,817 23,104,473 1,870,201 1,882,379 1,892,672 Owners of the company 229,238 958,331 968,935 471,304
Total equity and liabilities 63,556,117 60,225,748 57,090,124 17,176,374 16,369,305 16,055,844 Non-controlling interests 513,744 1,627,966 - -
742,982 2,586,297 968,935 471,304
These financial statements were approved for issue by the Board of Directors on 27 September 2018
Hector Espitalier-Noël Roger Espitalier Noël Earnings per share from continuing operations 34 Rs. 2.31 2.24 1.36 0.74
Chairman Director Loss per share from discontinued operations 34 Rs. (0.49) (0.10) - -
The notes on pages 114 to 202 form an integral part of these financial statements. The notes on pages 114 to 202 form an integral part of these financial statements.
Independent auditors’ report on pages 100 to 107. Independent auditors’ report on pages 100 to 107.
Statements of changes in equity Statements of changes in equity
FINANCIAL REVIEW
FINANCIAL REVIEW
YEAR ENDED JUNE 30, 2018 YEAR ENDED JUNE 30, 2018
Attributable to owners of the parent Attributable to owners of the parent

Fair value, revaluation Fair value, revaluation
and other reserves Retained earnings and other reserves Retained earnings
Holding Holding Non- Holding Holding Non-
Share company and Associated company and Associated controlling Share company and Associated company and Associated controlling
THE GROUP Note capital subsidiaries companies subsidiaries companies Total interests Total equity THE GROUP Note capital subsidiaries companies subsidiaries companies Total interests Total equity
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Balance at July 1, 2017 Balance at July 1, 2016
- as previously reported 2,138,400 7,097,047 306,367 6,455,101 1,191,034 17,187,949 18,945,636 36,133,585 - as previously reported 2,138,400 6,535,317 317,854 6,229,295 1,251,083 16,471,949 17,528,561 34,000,510
- correction of prior period - 54,482 - (4,872) - 49,610 (83,264) (33,654) - correction of prior period - 57,919 - 1,520 - 59,439 (74,298) (14,859)
- as restated 2,138,400 7,151,529 306,367 6,450,229 1,191,034 17,237,559 18,862,372 36,099,931 - as restated 2,138,400 6,593,236 317,854 6,230,815 1,251,083 16,531,388 17,454,263 33,985,651
Issue of shares to non-controlling - - - - - - 233,027 233,027 Issue of shares to non-controlling - - - - - - 137,200 137,200
shareholders shareholders
Acquisition and deconsolidation - - - - - - 88,268 88,268 Capital reduction made by
of group companies subsidiaries attributable to non- - - - - - - 14,259 14,259
Effect of change in ownership controlling shareholders
interest not resulting in loss of - (289,681) - 14,884 (2,752) (277,549) (53,666) (331,215) Acquisition and deconsolidation - 2,814 - 6,124 (1,076) 7,862 (37,904) (30,042)

control of group companies
Transfers - (17,883) - (9,397) 27,280 - - - Effect of change in ownership
Movement in reserves - - 40,044 (805) 722 39,961 275,556 315,517 interest not resulting in loss of - (27,022) - (77,919) (4,759) (109,700) 60,176 (49,524)
control
Profit for the year - - - 224,637 164,489 389,126 757,070 1,146,196
Transfer on disposal of land and - (27,418) - 27,418 - - - -
Other comprehensive income for - (59,785) (33,714) (7,035) (59,354) (159,888) (243,326) (403,214) buildings
the year
Other transfers - (4,344) - 8,083 (3,739) - (1,674) (1,674)
Dividends 34 - - - (149,688) - (149,688) - (149,688)
Movement in reserves - - (529) - (2,243) (2,772) (3,928) (6,700)
110 Dividends paid by subsidiaries
Profit for the year - - - 446,928 9,636 456,564 803,226 1,259,790
111
and associated companies to non-
controlling shareholders - - - - - - (592,160) (592,160) Other comprehensive income for - 614,263 (10,958) (43,670) (57,868) 501,767 824,740 1,326,507
Balance at June 30, 2018 2,138,400 6,784,180 312,697 6,522,825 1,321,419 17,079,521 19,327,141 36,406,662 the year
ENL Limited
ENL Limited
Dividends 34 - - - (147,550) - (147,550) - (147,550)
The notes on pages 114 to 202 form an integral part of these financial statements. Dividends paid by subsidiaries
and associated companies to non-
Independent auditors’ report on pages 100 to 107. controlling shareholders - - - - - - (387,986) (387,986)
Balance at June 30, 2017 2,138,400 7,151,529 306,367 6,450,229 1,191,034 17,237,559 18,862,372 36,099,931
The notes on pages 114 to 202 form an integral part of these financial statements.
Independent auditors’ report on pages 100 to 107.
Statements of changes in equity Statements of cash flows
FINANCIAL REVIEW
FINANCIAL REVIEW
Fair value, THE GROUP THE COMPANY

Share revaluation and Retained 2018 2017 2018 2017
THE COMPANY Note capital other reserves earnings Total equity
Notes Restated
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Balance at July 1, 2017 2,138,400 10,761,545 1,586,981 14,486,926 Cash flows from operating activities
Profit for the year - - 291,509 291,509 Cash generated from operations from continuing operations 36(a) 1,692,567 1,721,311 207,401 163,513
Other comprehensive income for the year - 846,760 (169,334) 677,426 Cash used in operations from discontinued operations (127,034) (8,271) - -
Dividends 34 - - (149,688) (149,688) Tax (paid)/refunded (131,835) (89,984) - 2,613
Balance at June 30, 2018 2,138,400 11,608,305 1,559,468 15,306,173 Net cash generated from operating activities from continuing operations 1,560,732 1,631,327 207,401 166,126
Net cash used in operating activities from discontinued operations (127,034) (8,271) - -
Balance at July 1, 2016 2,138,400 10,433,808 1,590,964 14,163,172
Cash flows from investing activities
Profit for the year - - 157,961 157,961 Purchase of property, plant and equipment (991,439) (677,388) (98) (1,235)
Other comprehensive income for the year - 327,737 (14,394) 313,343 Purchase of intangible assets (50,523) (72,223) - -
Dividends 34 - - (147,550) (147,550) Additions to investment properties (453,896) (700,501) - -
Balance at June 30, 2017 2,138,400 10,761,545 1,586,981 14,486,926 Purchase of shares in subsidiaries - - - (47,767)
Purchase of investments (179,863) (727,553) (81,175) -

The notes on pages 114 to 202 form an integral part of these financial statements. Acquisition of subsidiaries net of cash 40 (309,567) (7,200) - -
Independent auditors’ report on pages 100 to 107. Proceeds from disposal of investments 71,587 48,880 218,429 -
Proceeds from disposal of property, plant and equipment and investment properties 416,826 133,873 287 1,375
Compensation for waiver to rights to lessee on land and buildings (4,690) 2,125 - -
Voluntary retirement scheme and centralisation costs - (179) - -
Purchase of deferred expenditure (32,345) - (31) -
Loans granted (24,357) (18,189) (416,167) (30,500)
Loans refunded 30,296 150,120 273,140 107,566
112 Interest received 11,730 3,224 54,912 92,153
113
Net cash (used in)/generated from investing activities from continuing operations (1,516,241) (1,865,011) 49,297 121,592
Net cash generated from investing activities from discontinued operations 1,216 13,030 - -
ENL Limited
ENL Limited
Cash flows from financing activities
Issue of shares to non-controlling shareholders 25,000 18,400 - -
Issue of debentures - 560,000 - -
Capital reduction made by subsidiaries attributable to non-controlling shareholders (57,005) (9,178) - -
Proceeds from borrowings 9,742,419 4,121,385 - 5,000
Payments on borrowings (7,385,296) (3,291,822) (18,766) (22,505)
Finance lease principal payments (77,560) (57,049) (1,080) (463)
Interest paid (1,088,053) (1,044,850) (98,250) (102,017)
Dividends paid (138,996) (166,796) (138,996) (166,796)
Dividends paid by subsidiaries to non-controlling shareholders (381,611) (490,072) - -
Net cash generated from/(used in) financing activities from continuing operations 638,898 (359,982) (257,092) (286,781)
Net cash generated from financing activities from discontinued operations 19,799 50,026 - -
Increase/(decrease) in cash and cash equivalents from continuing operations 683,389 (593,666) (394) 937
(Decrease)/increase in cash and cash equivalents from discontinuing operations (106,019) 54,785 - -
Movement in cash and cash equivalents

At July 1, (344,492) 194,985 11,309 10,372
Effects of exchange rate changes (11,458) (596) - -
Increase/(decrease) 577,370 (538,881) (394) 937
At June 30, 36(d) 221,420 (344,492) 10,915 11,309
The notes on pages 114 to 202 form an integral part of these financial statements.
Independent auditors’ report on pages 100 to 107.
Notes to the financial statements Notes to the financial statements
FINANCIAL REVIEW
FINANCIAL REVIEW
1. GENERAL INFORMATION 2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
ENL Limited is a limited liability company incorporated and domiciled in Mauritius. The holding company is L’Accord Limited, incorporated in Mauritius.
Both companies’ registered office is at ENL House, Vivéa Business Park, Moka. The ultimate holding entity is Société Caredas, a ‘société civile’ registered (a) Basis of preparation (cont’d)
in Mauritius.
These financial statements will be submitted for consideration and approval at the forthcoming annual meeting of the shareholders of the company. Annual Improvements to IFRSs 2014-2016 Cycle
IFRS 12 Disclosure of Interests in Other Entities. The amendments clarify that entities are not exempt from all of the disclosure requirements in
2. SIGNIFICANT ACCOUNTING POLICIES IFRS 12 when entities have been classified as held for sale or as discontinued operations. The amendment has no impact on the group’s financial
statements.
The accounting policies adopted in the preparation of these financial statements have been disclosed in their respective notes other than those disclosed
below. These policies have been consistently applied to all the years presented unless otherwise stated.
Standards, Amendments to published Standards and Interpretations issued but not yet effective
(a) Basis of preparation Certain standards, amendments to published standards and interpretations have been issued that are mandatory for accounting periods beginning

on or after January 1, 2018 or later periods, but which the group has not early adopted.
The financial statements of ENL Limited comply with the Companies Act 2001 and have been prepared in accordance with International Financial
Reporting Standards (IFRS). The financial statements include the consolidated financial statements of the holding company and its subsidiary At the reporting date of these financial statements, the following were in issue but not yet effective:
companies (the group) and the separate financial statements of the holding company (the company). The financial statements are presented in IFRS 9 Financial Instruments
Mauritian rupees and all values are rounded to the nearest thousand (Rs’000), except when otherwise indicated. Where necessary, comparative
figures have been amended to conform to changes in presentation in the current year. The financial statements have been prepared under the IFRS 15 Revenue from Contracts with Customers
historical cost convention, except that: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
114 i. certain property, plant and equipment are carried at revalued amounts; IFRS 16 Leases 115
ii. investment properties are carried at fair value;
Clarifications to IFRS 15 Revenue from Contracts with Customers
iii. held for trading and available-for-sale securities are stated at fair value;
ENL Limited
ENL Limited
Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)
iv. consumable biological assets are stated at fair value; and
v. relevant financial assets and financial liabilities are stated at fair value. Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4)
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management Annual Improvements to IFRSs 2014-2016 Cycle
to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity IFRIC 22 Foreign Currency Transactions and Advance Consideration
or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4 and in respective applicable notes.
Transfers of Investment Property (Amendments to IAS 40)
Amendments to published Standards effective in the reporting period IFRS 17 Insurance Contracts
IFRIC 23 Uncertainty over Income Tax Treatments
Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12). The amendments clarify the accounting for deferred tax where an
asset is measured at fair value and that fair value is below the asset’s tax base. The amendment has no impact on the group’s financial statements. Prepayment Features with negative compensation (Amendments to IFRS 9)
Disclosure Initiative (Amendments to IAS 7). The amendments require the entity to explain changes in its liabilities arising from financing activities. Long- term Interests in Associates and Joint Ventures (Amendments to IAS 28)
This includes changes arising from cash flows (eg drawdowns and repayments of borrowings) and non-cash changes such as acquisitions, disposals, Annual Improvements to IFRSs 2015-2017 Cycle
accretion of interest and unrealised exchange differences. A reconciliation of the opening and closing carrying amounts for each item for which cash
flows have been or would be classified as financial activities is presented in note 35(e). Plan Amendment, Curtailment or Settlement (Amendments to IAS 19)
Where relevant, the group is still evaluating the effect of these Standards, Amendments to published Standards and Interpretations issued but not
yet effective, on the presentation of its financial statements.
IFRS 9 Financial Instruments – effective for annual periods beginning on or after January 1, 2018
In July 2014, the IASB issued IFRS 9 ‘Financial Instruments’, which is the comprehensive standard to replace IAS 39 ‘Financial Instruments: Recognition
and Measurement’ and includes requirements for classification and measurement of financial assets and liabilities, impairment of financial assets
and hedge accounting.
FINANCIAL REVIEW
FINANCIAL REVIEW
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(a) Basis of preparation (cont’d) (a) Basis of preparation (cont’d)
IFRS 9 Financial Instruments – effective for annual periods beginning on or after January 1, 2018 (cont’d) IFRS 9 Financial Instruments – effective for annual periods beginning on or after January 1, 2018 (cont’d)
Classification and measurement Hedge accounting (cont’d)
The classification and measurement of financial assets will depend on how these are managed (the entity’s business model) and their contractual cash The new hedge accounting rules will align the accounting for hedging instruments more closely with the group’s/company’s risk management
flow characteristics. These factors determine whether the financial assets are measured at amortised cost, fair value through other comprehensive practices. As a general rule, more hedge relationship might be eligible for hedge accounting as the Standard introduces a more principles-based
income (‘FVOCI’) or fair value through profit or loss (‘FVPL’). In many instances, the classification and measurement outcomes will be similar to IAS 39, approach.
although differences may arise. The combined effect of the application of the business model and the contractual cash flow characteristics tests may
result in some differences in the population of financial assets measured at amortised cost or fair value compared with IAS 39. The classification of

Transitional impact
financial liabilities is essentially unchanged. For certain liabilities measured at fair value, gains or losses relating to changes in the entity’s own credit
risk are to be included in other comprehensive income. The requirements of IFRS 9 ‘Financial Instruments’ will be adopted by the group from July 1, 2018. The classification and measurement and
impairment requirements are applied retrospectively by adjusting the opening balance sheet at the date of initial application, with no requirement
Impairment to restate comparative periods. The group does not intend to restate comparatives.
The group does not expect changes in the classification and measurement of its financial assets as compared to IAS 39.
The impairment requirements apply to financial assets measured at amortised cost, lease receivables and certain loan commitments and financial
116 guarantee contracts. At initial recognition, allowance (or provision in the case of commitments and guarantees) is required for expected credit losses The group is currently assessing the impact of the adoption of IFRS 9 on the net assets at July 1, 2018. 117
(‘ECL’) resulting from default events that are possible within the next 12 months (’12-month ECL’). In the event of a significant increase in credit risk,
allowance (or provision) is required for ECL resulting from all possible default events over the expected life of the financial instrument (‘lifetime These estimates are based on accounting policies, assumptions, judgements and estimation technique that remain subject to change until the group
ECL’). Financial assets where 12-month ECL is recognised are considered to be ‘stage 1’; financial assets which are considered to have experienced finalises its financial statements for the year ending June 30, 2019.
ENL Limited
ENL Limited
a significant increase in credit risk are in ‘stage 2’; and financial assets for which there is objective evidence of impairment are considered to be in
default or otherwise credit impaired are in ‘stage 3’. IFRS 15 Revenue from contracts with customers – effective for annual periods beginning on or after January 1, 2018
The assessment of whether credit risk has increased significantly since initial recognition is performed at the end of each reporting period by IFRS 15 defines principles for recognising revenue and will be applicable to all contracts with customers. However, interest and fee income integral to
considering the change in the risk of default occurring over the remaining life of the financial instrument, rather than by considering an increase in financial instruments and leases will continue to fall outside the scope of IFRS 15 and will be regulated by the other applicable standards (e.g., IFRS
ECL. 9, and IFRS 16 Leases). IFRS 15 provides a single, principle based five-step model to be applied to all contracts with customers and revenue under
At the level of ENL Group, the simplified model is being applied. will need to be recognised as goods and services are transferred, to the extent that the transferor anticipates entitlement to goods and services.
The standard will also specify a comprehensive set of disclosure requirements regarding the nature, extent and timing as well as any uncertainty of
An entity measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result revenue and corresponding cash flows with customers. The group is currently assessing the impact of IFRS 15 on the net assets as at July 1, 2018.
from transactions that are within the scope of IFRS 15 and that do not contain a significant financing component in accordance to IFRS 15. The
measurement of expected credit losses reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible
IFRS 16 Leases – effective for annual periods beginning on or after January 1, 2019
outcomes, time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date
about past events, current conditions and forecasts of future economic conditions. Adoption of IFRS 16 will result in the group recognising right of use assets and lease liabilities for all contracts that are, or contain, a lease. For leases
currently classified as operating leases, under current accounting requirements the group does not recognise related assets or liabilities, and instead
Hedge accounting spreads the lease payments on a straight-line basis over the lease term, disclosing in its annual financial statements the total commitment. Instead
of recognising an operating expense for its operating lease payments, the group will instead recognise interest on its lease liabilities and amortisation
The general hedge accounting requirements aim to simplify hedge accounting, creating a stronger link between it and risk management strategy on its right-of-use assets. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The group is still assessing the impact of the
and permitting the former to be applied to a greater variety of hedging instruments and risks. The standards do not explicitly address macro hedge standard on its financial statements.
accounting strategies, which are being considered in a separate project. To remove the risk of any conflict existing macro hedge accounting practise
and the new general hedge accounting requirement, IFRS 9 includes accounting policy choice to remain with IAS 39 hedge accounting.
FINANCIAL REVIEW
FINANCIAL REVIEW
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3. FINANCIAL RISK MANAGEMENT (CONT’D)
(b) Impairment of non-financial assets 3.1 Financial risk factors (cont’d)

If the recoverable amount of an asset is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to its recoverable
amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount in which case the (a) Market risk
impairment loss is treated as a revaluation decrease to the extent of the corresponding revaluation surplus. Where an impairment loss subsequently
reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, provided that the increased carrying (i) Currency risk
amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.
A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the Several of the group’s subsidiary companies deal in foreign currency transactions and are exposed to foreign exchange risk arising from various currency
reversal of the impairment loss is treated as a revaluation increase. exposures, primarily with respect to the Euro, the US dollar and the GBP. Foreign exchange risk arises from future commercial transactions and recognised
assets and liabilities. Some of the group’s subsidiary companies are also exposed to fluctuations of exchange rate which impacts on the price of sugar.
(c) Foreign currency translation The group

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment At June 30, 2018, if the rupee had weakened/strengthened by 5% against the Euro/US dollar/GBP with all other variables held constant, post-tax profit
in which the entity operates (functional currency). The consolidated financial statements are presented in Mauritian rupees, which is the group’s for the year would have been Rs. 8.4m (2017: Rs.14.9m) higher/lower, mainly as a result of foreign exchange gains/losses on translation of Euro/US dollar/
functional and presentation currency. Foreign currency transactions are translated into Mauritian rupees using exchange rates prevailing at the GBP denominated trade receivables, trade payables and borrowings.
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-
end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Translation differences on The group uses forward contracts, whenever possible, to hedge its exposure to foreign currency risk. Each subsidiary is responsible for hedging the net
non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair position in each currency by using currency borrowings. The risk is also managed through short term swap of currencies.
value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available for sale, are included in other
118 Price risk 119
comprehensive income.
Equity
(d) Derivative financial instruments
ENL Limited
ENL Limited
The group is exposed to equity securities price risk because of investments held by the group and classified on the consolidated statement of financial
Derivative which comprise of foreign exchange forward contracts are initially recognised at fair value on the dates the derivatives contracts are position as investments in financial assets. To manage its price risk arising from investments in equity securities, the group diversifies its portfolio.
entered into and are subsequently re-measured at their fair value. These derivatives do not qualify for hedge accounting. Diversification of the portfolio is done in accordance with the limits set by the group.
Changes in the fair value of derivatives are recognised immediately in the profit or loss. These derivatives are trading derivatives and are classified as Sugar
current asset or liability. Changes in fair values of derivatives are included in the profit or loss within finance costs.
The group is exposed to risk due to fluctuations in the price of sugar. The risk will affect both the crop proceeds and the standing cane valuation.
3. FINANCIAL RISK MANAGEMENT Commercial

The group is exposed to market risk in respect of residential units for sale and commercial units to rental. Management monitors the demand and supply
of the market and decides accordingly to initiate projects.
3.1 Financial risk factors
Sensitivity analysis
The group’s activities expose it to a variety of financial risks, including:
The table below summarises the impact of increase/decrease in the fair value of the investments on the group’s profit and equity. Increase/decrease in
• Market risk (including currency risk, price risk and cash flow interest risk);
the fair value of the company’s investments will not have any material impact on profit/equity. The analysis is based on the assumption that the fair value
• Credit risk; and had increased/decreased by 5%.
• Liquidity risk
Impact on other
The group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects comprehensive
on the group’s financial performance. THE GROUP Impact on profit income
A description of the significant risk factors is given below together with the risk management policies applicable. 2018 2017 2018 2017
Rs'000 Rs'000 Rs'000 Rs'000
Available-for-sale investments in financial assets - - 10,844 56,190
Held for trading securities 2,871 3,042 - -
FINANCIAL REVIEW
FINANCIAL REVIEW
3. FINANCIAL RISK MANAGEMENT (CONT’D) 3. FINANCIAL RISK MANAGEMENT (CONT’D)
3.1 Financial risk factors (cont’d) 3.1 Financial risk factors (cont’d)
(a) Market risk (cont’d) (c) Liquidity risk (cont’d)
(ii) Cash flow interest risk Management monitors rolling forecasts of the group’s liquidity reserve on the basis of expected cash flows and does not foresee any major liquidity risk
over the next two years.
The group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash The table below analyses the group’s and the company’s financial liability and net financial liabilities into relevant maturity groupings based on the
flows. The group’s interest rate risk arises from borrowings at variable rates. remaining period at the end of the reporting period to the contractual maturity date.
At June 30, 2018, if interest rates on borrowings had been 50 basis points higher/lower with all other variables held constant, post-tax profit for the year Less than Between 1 Between 2 Over
would have been lower/higher mainly as a result of higher/lower interest expense on floating rate borrowings as shown below: THE GROUP 1 year and 2 years and 5 years 5 years Total

Rupee-denominated borrowings THE GROUP THE COMPANY Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
2018 2017 2018 2017 At June 30, 2018
Finance lease liabilities 95,936 96,176 96,590 2,279 290,981
Rs'000 Rs'000 Rs'000 Rs'000
Trade and other payables 3,988,944 - - - 3,988,944
Effect higher/lower interest expense on post tax profit 78,436 69,528 4,646 4,723
Bank overdrafts 1,773,445 - - - 1,773,445
Bank and other loans 2,133,391 1,705,716 6,196,001 14,242,841 24,277,949
The risk is managed by maintaining an appropriate mix between fixed and floating interest charges on borrowings.
120 At June 30, 2017 - Restated 121
Finance lease liabilities 102,203 81,350 98,291 4,507 286,351
(b) Credit risk
Trade and other payables 3,912,879 - - - 3,920,779
ENL Limited
ENL Limited
Credit risk arises principally from the group’s trade receivables and is the risk of financial loss to the group if a customer or counterparty to a financial Bank overdrafts 1,543,592 - - - 1,543,592
instrument fails to meet its contractual obligations. The company’s credit risk concentration is spread between interest rate and equity securities. All Bank and other loans 3,550,410 1,230,240 4,530,767 9,539,590 18,851,007
transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal since delivery of
THE COMPANY
securities sold is only made once the broker has received payment. On a purchase, payment is made once the securities have been received by the
broker. If either party fails to meet their obligations, the trade will fail. At June 30, 2018
Finance lease liabilities 1,714 1,690 2,800 11 6,215
The subsidiary companies’ credit risk is primarily attributable to their trade receivables. The amounts presented on the statement of financial position Trade and other payables 25,564 - - - 25,564
are net of allowances for doubtful receivables, estimated by the group’s management based on prior experience and current economic environment. Payable to group companies 12,590 - - -
The subsidiary companies have no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Bank and other loans 181,064 98,441 1,227,875 512,286 2,019,665
The risk with the sales of sugar from the operations in Mauritius is remote as the subsidiary exports its entire production through the Mauritius Sugar
Syndicate.
(c) Liquidity risk

Liquidity risk is the risk that the group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by
delivery of cash or another financial asset.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate
amount of committed credit facilities. The group aims at maintaining flexibility in funding by keeping committed credit lines available.
FINANCIAL REVIEW
FINANCIAL REVIEW
3. FINANCIAL RISK MANAGEMENT (CONT’D) 3. FINANCIAL RISK MANAGEMENT (CONT’D)
3.1 Financial risk factors (cont’d) 3.3 Capital risk management (cont’d)
The group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the
(c) Liquidity risk (cont’d) underlying assets. In order to maintain or adjust the capital structure, the group may vary the amount of dividends paid to shareholders or sell assets to
reduce debt.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total The group monitors capital on the basis of the debt-to-adjusted capital ratio. This ratio is calculated as net debt adjusted capital. Net debt is calculated as
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 total debt (as shown on the statement of financial position) less cash and bank balances. Adjusted capital comprises all components of equity (i.e. share
THE COMPANY capital, share premium, non-controlling interests, retained earnings and revaluation, fair value and other reserves).
At June 30, 2017 The net debt-to-adjusted capital ratios at June 30, 2018 and at June 30, 2017 were as follows:
Finance lease liabilities 1,435 1,435 3,458 13 6,341
THE GROUP AND THE COMPANY THE GROUP THE COMPANY

Trade and other payables 32,199 - - - 32,199
Payable to group companies 10,764 - - - 10,764 2018 2017 2018 2017
Bank and other loans 214,670 124,536 1,386,666 358,071 2,083,943 Restated
Rs’000 Rs’000 Rs’000 Rs’000
The group’s financial liabilities also include convertible preference shares whose repayment and other terms are as disclosed in note 22. Total debts 21,188,857 18,591,516 1,664,198 1,682,948
Loans receivable from group companies - - (1,536,700) (1,398,050)
As at June 30, 2018, the group had net current liabilities of Rs.0.2bn (2017: Rs.2bn). The group has taken advantage of the excess liquidity prevailing on Cash and bank balances (1,975,305) (1,199,100) (10,915) (11,309)
122 the money market to fund their activities through short term funding. These short-term borrowings by the group will be converted into medium to long Net debts 19,213,552 17,392,416 116,583 273,589 123
term loans when the situation so warrants. Total equity 36,489,008 36,099,931 15,306,173 14,486,926
Debt-to-adjusted capital ratio 0.53 0.48 0.008 0.02
ENL Limited
ENL Limited
3.2 Fair value estimation
There were no changes in the group’s approach to capital risk management during the year.
The fair value of financial instruments traded on active markets is based on quoted market prices at the end of the reporting period. A market is regarded
as active if quoted prices are readily and regularly available from an exchange, dealer, broker or regulatory agency and the prices represent actual and
regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1. Instruments included in level 1 comprise 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
primarily quoted equity investments classified as trading securities or available for sale.
Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future
The fair value of financial instruments that are not traded on an active market is determined using valuation techniques. The group uses a variety of events that are believed to be reasonable under the circumstances.
methods namely capitalised earnings, net asset basis and dividend yield where applicable and makes assumptions that are based on market conditions
existing at the end of each reporting period. These instruments are included in level 3. If all significant inputs required to fair value an instrument are
4.1 Critical accounting estimates and assumptions
observable, the instrument is included in level 2.
The carrying amount of the financial assets would be an estimated Rs.15.5m (2017: Rs.19.3m) for the group and Rs. 0.16m (2017: Rs.0.16m) for the The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related
company higher/lower in the event their fair values were increased/decreased by 5%. The fair value of those financial assets and liabilities not presented actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
on the group’s statements of financial position at their fair values are not materially different from their carrying amounts. liabilities within the next financial year are described below and in respective applicable notes to the financial statements.
3.3 Capital risk management Limitation of sensitivity analysis
The group’s objectives when managing capital are: Sensitivity analysis in respect of market risk demonstrates the effect of a change in a key assumption while other assumptions remain unchanged. In
reality, there is a correlation between the assumptions and other factors. It should also be noted that these sensitivities are non-linear and larger or
• to safeguard the entities’ ability to continue as going concern so that they can continue to provide returns for shareholders and benefits for other
smaller impacts should not be interpolated or extrapolated from these results.
stakeholders; and
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Sensitivity analysis does not take into consideration how the group assets and liabilities are managed. Other limitations include the use of hypothetical
market movements to demonstrate potential risk that only represent the group view of possible near term market changes that cannot be predicted
with any certainty.
FINANCIAL REVIEW
FINANCIAL REVIEW
5. PROPERTY, PLANT AND EQUIPMENT 5. PROPERTY, PLANT AND EQUIPMENT (CONT’D)

(a) Accounting policy (b) THE GROUP
All property, plant and equipment are initially recorded at cost, some of which are subsequently shown at revalued amount based on periodic, but at Furniture,
least triennial valuations by external independent valuers, less subsequent depreciation. Any accumulated depreciation at the date of revaluation is Freehold Buildings & Machinery & Motor fittings Assets in
eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. All other property, plant (i) 2018 land yard equipment vehicles & others Bearer plants progress Total
and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the COST AND VALUATION Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
assets. Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset as appropriate only when it is probable that At July 1, 2017 10,655,473 9,960,339 3,301,878 861,662 265,671 410,847 23,363 25,479,233
future economic benefits associated with the asset will flow to the group and the cost can be measured reliably. Acquisition through business
Increases in the carrying amount arising on revaluation are credited to other comprehensive income and shown as revaluation reserves in shareholders’ combination (note 39(a)) - - 4,123 8,182 39 9,612 - 21,956
equity. Decreases that offset previous increases of the same asset are charged against the revaluation surplus directly in equity. All other decreases Additions - 478,512 375,279 145,386 16,310 30,840 19,674 1,066,001
are charged to profit or loss. Disposals (13,473) (162,876) (183,727) (72,795) (8,293) (6,000) - (447,164)
Write offs - (8,588) - (1,968) (6,435) - - (16,991)
Properties in the course of construction for production, or administrative purposes or for purposes not yet determined are carried at cost less any
recognised impairment loss. Cost includes professional fees and for qualifying assets, borrowing costs capitalised. Depreciation of these assets, on the Transfers - 1,410 16,420 - 24 - (17,854) -
same basis as other property assets, commences when the assets are ready for their intended use. Transfer to investment properties (note (6,037) - - - - - - (6,037)
6)

Property, plant and equipment, other than land, are depreciated over their useful lives on a straight line basis. Depreciation is calculated on a straight Transfer to non current assets classified
as held for sale (note 20) (59,547) - (107,999) (34,083) (8,448) - - (210,077)
line method to write off the cost or revalued amounts of the assets, with the exception of land, to their residual values over their estimated useful lives
as follows: Revaluation adjustments 1,355 (50,700) - - - - - (49,345)
Translation difference - - - (1,390) (1,411) - - (2,801)
Years
At June 30, 2018 10,577,771 10,218,097 3,405,974 904,994 257,457 445,299 25,183 25,834,775
Buildings and yard 10 - 50
DEPRECIATION
Machinery and equipment 5 - 10
124 At July 1, 2017 - 630,958 2,446,168 568,914 192,702 237,898 - 4,076,640 125
Motor vehicles 4 - 10 Acquisition through business
combination (note 39(a)) - - 2,461 5,556 19 3,222 - 11,258
Furniture, fittings and others 4 - 20
Charge for the year - 167,585 241,555 110,019 24,994 36,538 - 580,691
ENL Limited
ENL Limited
Bearer plants 14 Disposal adjustments - (63,635) (154,473) (63,943) (8,190) - - (290,241)
Land is not depreciated. Write offs - (2,098) - (1,286) (4,883) - - (8,267)
Transfer to non current assets classified - - (95,274) (24,687) (6,365) - - (126,326)
as held for sale (note 20)
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. Translation difference - - - (1,007) (1,423) - - (2,430)
Bearer biological assets comprise of replantation costs relating to bearer canes and anthurium plants. Cane replantation costs are capitalised and At June 30, 2018 - 732,810 2,440,437 593,566 196,854 277,658 - 4,241,325
amortised over a period of seven years, one year after the expenses have been incurred. Anthurium plants are valued at cost less amortisation.
NET BOOK VALUES
When the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.
At June 30, 2018 10,577,771 9,485,287 965,537 311,428 60,603 167,641 25,183 21,593,450
Gains and losses on disposals of property, plant and equipment are determined by comparing the proceeds with the carrying amounts and are
included in profit or loss. On disposal of revalued assets, amounts in revaluation surplus relating to those assets are transferred to retained earnings.
Borrowing costs
Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised during the period of time that is required
to complete and prepare the asset for its intended use, as part of the cost of the asset. All other borrowing costs are expensed in the year they occur.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
FINANCIAL REVIEW
FINANCIAL REVIEW
5. PROPERTY, PLANT AND EQUIPMENT (CONT’D) 5. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(b) THE GROUP (CONT’D) (b) THE GROUP (CONT’D)
Furniture, (iii) In 2017, the group adopted the amendments made to IAS 16 and IAS 41 in relation to bearer plants. Bearer plants were reclassified to property, plant and
Freehold Buildings & Machinery & Motor fittings Assets in equipment during the year ended June 30, 2017.
(i) 2017 land yard equipment vehicles & others Bearer plants progress Total
(iv) Assets in progress relate to irrigation and other equipment under installation which are not yet operational.
COST AND VALUATION Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
(v) Additions include Rs.104.2m (2017: Rs.158.7m) of assets under finance leases.
At July 1, 2016 10,463,939 8,389,576 3,171,070 843,047 243,504 367,215 2,616 23,480,967
Acquisition through business (vi) Leased assets included in property, plant and equipment comprise of:
combination (note 39(b)) - - 3,300 1,600 - - - 4,900
THE GROUP
Additions - 386,368 304,779 129,477 23,891 45,383 20,747 910,645 2018 2017
Disposals (59,556) (146,668) (170,723) (115,862) (1,713) (1,751) - (496,273) Machinery and equipment Rs’000 Rs’000
Write offs - (18,600) (148) - (11) - - (18,759)
Cost 154,650 171,774
Transfer from investment properties 6,750 239,336 - - - - - 246,086
(note 6) Accumulated depreciation (79,502) (83,083)
Transfer to non current assets Net book values 75,148 88,691
classified as held for sale (note 20) (92,226) - - - - - - (92,226) Motor vehicles

Revaluation surplus 336,566 1,120,127 - - - - - 1,456,693 Cost 432,655 375,763
Translation difference - (9,800) (6,400) 3,400 - - - (12,800) Accumulated depreciation (205,593) (177,131)
At June 30, 2017 10,655,473 9,960,339 3,301,878 861,662 265,671 410,847 23,363 25,479,233 Net book values 227,062 198,632
Furniture, fittings and others
DEPRECIATION Cost 1,665 -
At July 1, 2016 - 561,877 2,385,786 553,683 156,084 202,852 - 3,860,282 Accumulated depreciation (620) -
126 Acquisition through business - - 2,000 1,600 - - - 3,600 Net book values 1,045 - 127
combination (note 39(b)) Total 303,255 287,323
Charge for the year - 147,001 198,714 111,738 37,778 35,910 - 531,141
Disposal adjustments - (2,750) (137,432) (97,907) (1,160) (864) - (240,113) (vii) The group’s land and buildings were revalued in 2017 by qualified independent professional valuers. The valuations were made on the basis of open
ENL Limited
ENL Limited
Write offs - (2,173) - - - - - (2,173) market value and replacement costs as appropriate.
Revaluation adjustment - (72,997) - - - - - (72,997) The revaluation surplus net of deferred income taxes was credited to revaluation reserves in shareholders’ equity.
Translation difference - - (2,900) (200) - - - (3,100)
Details of the group’s freehold land and buildings measured at fair value and information about the fair value hierarchy as at the reporting date are as
At June 30, 2017 - 630,958 2,446,168 568,914 192,702 237,898 - 4,076,640 follows:
NET BOOK VALUES 2018 Level 2 Level 3
At June 30, 2017 10,655,473 9,329,381 855,710 292,748 72,969 172,949 23,363 21,402,593 Rs’000 Rs’000
Freehold land 288,996 10,288,775
Buildings - 9,485,287
Total 288,996 19,774,062
2017 Level 2 Level 3

Rs’000 Rs’000
Freehold land 288,996 10,366,477
Buildings - 9,329,381
Total 288,996 19,695,858
The different levels have been defined as follows:

Level 1 - Unadjusted quoted prices in active market for identical assets.
Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly.
Level 3 - Inputs for the asset that are not based on observable market data.
There were no transfers between level 1 and 2 during the year.
FINANCIAL REVIEW
FINANCIAL REVIEW
5. PROPERTY, PLANT AND EQUIPMENT (CONT’D) 5. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(b) THE GROUP (CONT’D) (c) THE COMPANY
(viii) The table below shows the changes in level 3 instruments for the year ended June 30, 2018 and 2017. Furniture,
Motor fittings & Office
THE GROUP vehicles others equipment Total
2018 2017 (i) 2018 Rs’000 Rs’000 Rs’000 Rs’000
Rs’000 Rs’000 COST
At July 1, 19,695,858 18,085,088
Additions 478,512 386,368 At July 1, 2017 12,290 1,620 6,844 20,754
Disposals (112,714) (203,474) Additions 1,250 - 125 1,375
Write offs (6,490) (16,427) Disposals (930) - - (930)
Transfer (64,173) 153,860 Write offs - - (25) (25)
Revaluation adjustment (49,345) 1,447,244 At June 30, 2018 12,610 1,620 6,844 21,174
Depreciation (167,586) (147,001)
DEPRECIATION
Translation difference - (9,800)
19,774,062 At July 1, 2017 5,361 1,056 5,766 12,183

At June 30, 19,695,858
Charge for the year 1,994 121 527 2,642
(ix) Information about fair value measurements using significant unobservable inputs (level 3) are as follows: Disposal adjustments (930) - - (930)
Range of Range of Write offs - - (25) (25)
unobservable unobservable At June 30, 2018 6,425 1,177 6,268 13,870
Description
inputs per arpent- inputs per arpent-
Moka district Savannah district NET BOOK VALUES
128 Rs’000 Rs’000 At June 30, 2018 6,185 443 576 7,304 129
Agricultural activities 150-12,500 200-650
Public utilities, rivers and dam 150 150 Furniture,
ENL Limited
ENL Limited
Hunting ground 500 500 Motor fittings & Office
Metayer 250-300 250-300 vehicles others equipment Total
Fallow Land 150-2,500 200-650 (ii) 2017 Rs’000 Rs’000 Rs’000 Rs’000
Paddock 500 500 COST
Sugar cane land 500-3,000 500-900 At July 1, 2016 12,514 1,620 6,271 20,405
Additions 5,008 - 624 5,632
(x) The group’s property, plant and equipment are reflected at revalued amounts. If property, plant and equipment were stated at historical cost, the Disposals (5,232) - (51) (5,283)
amounts would be as follows:
At June 30, 2017 12,290 1,620 6,844 20,754
Freehold Buildings &
land yard Total DEPRECIATION
2018 Rs’000 Rs’000 Rs’000 At July 1, 2016 8,493 925 4,745 14,163
Cost 201,522 4,008,278 4,209,800 Charge for the year 1,905 131 1,061 3,097
Accumulated depreciation - (1,201,547) (1,201,547) Disposal adjustments (5,037) - (40) (5,077)
Net book values 201,522 2,806,731 3,008,253 At June 30, 2017 5,361 1,056 5,766 12,183
2017 NET BOOK VALUES

Cost 280,579 3,679,775 3,960,354 At June 30, 2017 6,929 564 1,078 8,571
Accumulated depreciation - (1,005,008) (1,005,008)
Net book values 280,579 2,674,767 2,955,346 (iii) Bank borrowings are secured on some of the company’s property, plant and equipment.
(xi) Depreciation charge of Rs.462.8m and Rs.56.4m (2017: Rs.488.7m and Rs.41.3m) has been charged to other operating expenses and to cost of sales
respectively.
(xii) Bank borrowings are secured on some of the group’s property, plant and equipment.
FINANCIAL REVIEW
FINANCIAL REVIEW
5. PROPERTY, PLANT AND EQUIPMENT (CONT’D) 6. INVESTMENT PROPERTIES (CONT’D)

(c) THE COMPANY (CONT’D) THE GROUP
2018 2017
(iv) Additions of leased assets during the year amounted to Rs.1.2m (2017: Rs.4.3m). Leased assets comprise of motor vehicles as follows:
(b) Fair value model Rs’000 Rs’000
THE COMPANY At July 1,
2018 2017 - as previously reported 19,965,015 17,937,868
Motor vehicles Rs’000 Rs’000 - correction of prior period 140,300 140,300
Cost 8,163 6,913 - as restated 20,105,315 18,078,168
Accumulated depreciation (2,305) (922) Additions 849,542 700,501
Net book values 5,858 5,991 Disposals (241,531) (73,019)
Increase in fair value 1,089,170 1,134,101
(v) Depreciation charge has been included in other operating expenses. Transfer from/(to) property, plant and equipment (note 5) 6,037 (246,086)
Transfer (to)/from inventories (stock of land) (319,919) 526,397
(d) Critical accounting estimates Transfer to non-current assets classified as held for sale (note 20) (35,264) (2,300)
Transfer (to)/from intangible assets (note 8) (269,523) 586
Asset lives and residual values

Translation difference 1,860 (13,033)
Property, plant and equipment are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of At June 30, 21,185,687 20,105,315
the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as
technological innovation, product life cycles and maintenance programmes as well as location, wear and tear and frequency of renovation are (c) The following amounts have been recognised in profit or loss: 2018 2017
taken into account. The residual value of an asset is the estimated net amount that the group would currently obtain from the disposal of the asset, Rs’000 Rs’000
if the asset was already of the age and in the condition expected at the end of its useful life. Residual value assessments consider issues such as Rental income 1,015,124 837,433
future market conditions, the remaining useful life of the asset and projected disposal values. Consideration is also given to the extent of current
Direct operating expenses generating rental income 375,824 323,037
130 profits and losses on the disposal of similar assets. 131
Direct operating expenses that did not generate rental income 34,296 30,100
The directors therefore make estimates based on historical experience and use best judgement to assess the useful lives of assets and to forecast
the expected residual values of the assets at the end of their expected useful lives. (The residual value of an asset is the estimated net amount that (d) Some of the investment properties were valued on June 30, 2018 by independent professional valuers namely Jones Lang Lasalle and Gexim Real
ENL Limited
ENL Limited
the group would currently obtain from disposal of the asset, if the asset were already of the age and in condition expected at the end of its useful Estate Ltd.
life). The external valuations were performed using:
Revaluation of properties (i) a sales comparison approach,
(ii) cost approach,
The group measures land and buildings at revalued amounts with changes in fair value being recognised in other comprehensive income. The
(iii) income capitalization approach and
group appointed independent valuation specialists to determine the fair value of the properties. Valuations were made on the basis of open
market values and replacement costs. (iv) discounted cash flow method
Real estate properties are valued on an open market basis and are classified as level 2.
As part of the revaluation process, the use of judgement to determine the fair value of properties is necessary. Land is valued on the basis of The valuation consideration takes into account the following:
recently transacted properties in that specific region.
- the location of the property;
- that this area forms part of an established IRS development with clearances and permits in hand;
6. INVESTMENT PROPERTIES
- existing new tarred road and utilities;
(a) Accounting policy - the existing facilities; and
Investment properties are properties which are held to earn rentals or for capital appreciation and not occupied by the group and are measured - a stable market.
initially at cost including transaction costs. Subsequent to initial recognition, investment properties are carried at fair value determined annually Some properties were valued at year end by Noor Dilmohamed and Associates as independent valuer. The valuation methodology is the open-market
by external valuers. Changes in fair value are included in profit or loss. basis and the fair value is classified as level 2.
The valuation consideration takes into account the following:
Properties that are being constructed or developed for future use as investment properties are treated as investment properties. Investment
properties are derecognised when they are disposed of or when the investment properties are permanently withdrawn from use and no future - the location of the site;
economic benefit is expected from their use. The difference between the net disposal proceeds and the carrying amount of the asset is recognised - the quality of immediate surroundings;
in profit or loss in the year of derecognition. - the physical conditions of the buildings;
- the extent of wear and tear; and
Borrowing costs - the level of maintenance.
Interest costs on borrowings to finance the construction of investment property are capitalised as part of the cost of the asset during the period of Some of the investment properties which comprise of bare land has been valued using the residual method. The residual method consists of assessing
time that is required to complete and prepare the asset for its intended use. All other borrowing costs are expensed in the period they are incurred. the value of the scheme as completed and deduction of the costs of development (including developer’s profit) to arrive at the underlying land value.
Borrowing costs consist of interest and other costs that the group incurs in connection with the borrowing of funds.
FINANCIAL REVIEW
FINANCIAL REVIEW
6. INVESTMENT PROPERTIES (CONT’D) 6. INVESTMENT PROPERTIES (CONT’D)

(d) Other investment properties were valued based on the sales comparison method and residual value method as appropriate. (g) Critical accounting estimates
The group has pledged its investment properties to secure borrowings. Revaluation of investment properties
Details of the investment properties and information about the fair value hierarchy are as follows: The group measures its investment properties at revalued amounts with changes in fair value being recognised in profit or loss. The group appointed
Information about fair value measurements using significant unobservable inputs (Level 3): independent valuation specialists to determine the fair value of the properties which were carried out on the basis of open market values, yield basis,
Range of Range of discounted cash flow approach and residual value method.
unobservable unobservable As part of the revaluation process, the use of judgement to determine the fair value of properties is necessary. Land is valued on the basis of recently
inputs per arpent inputs per arpent transacted properties in that specific region and residual value method as appropriate.
Moka district Savannah district
Land For developed sites, the income capitalisation method and the depreciated replacement cost basis have been used. The depreciated replacement
Rs’m Rs’m
cost methodology consists of the depreciated replacement cost of the building, plus the market value of the land.
Cane land with conversion permit 5.20-7.25 2.50-3.70
Established built up /vacant residential and industrial plot - land 6.00-40.00 4.50-7.50 For the unimproved sites, the basis of valuation is the market value, which is the value for which such asset could be exchanged between
Building Rs’000 Rs’000 knowledgeable willing parties in an arm’s length transaction.
Established built up /vacant residential and industrial plot - building 300-3200 100-850
7. DEFERRED EXPENDITURE

Direct market comparison approach has been used by the independent professional valuer and are based on recent transactions for similar properties.
Other investment properties were valued using the residual method of valuation which consists of preparing a “pre-feasibility” study and estimating (a) Accounting policy
the total proceeds of the development and deducting therefrom the development costs to be incurred. Land parcelling expenses
Main inputs used in the valuation of commercial properties are as follows:
Costs associated with the parcelling of land are capitalised and subsequently released to profit or loss in the period in which the sale of land is
Capitalisation rate 7.50% - 12.00% realised.
Discount rate 12.50%-16.5%
Premium on leasehold land
132 Market rental growth 0.05 133
Expense growth 5.00% Premium paid on leasehold land is accounted for as deferred expenditure and is included in profit or loss over the number of years remaining on
Net operating income from properties Rs.14.2m-Rs.483m those leases.
ENL Limited
ENL Limited
(e) 2018 THE GROUP Others
Level 2 Level 3 In order to match cost and revenue of providing services over the period of the contract, certain expenditure related thereto is deferred.
Rs’000 Rs’000
Land and buildings 5,845,244 15,340,443 (b) 2018 2017
Land Premium Land
2017 Restated THE GROUP parcelling on leasehold development
expenses land expenses Others Total Total
Level 2 Level 3
THE GROUP Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Rs’000 Rs’000
At July 1, 18,850 18,300 - 194,400 231,550 171,045
Land and buildings 4,921,722 15,183,593
Additions 8,447 - - 114,531 122,978 82,415
(f) The table below shows the changes in level 3 instruments for the year ended June 30, 2018 and 2017. Transfer from inventories - - 38,977 - 38,977 -
2018 2017 Release to profit or loss (6,138) - (5,235) - (11,373) (3,410)
THE GROUP Rs’000 Rs’000 Translation difference - - - 700 700 (5,100)
At July 1, Amortisation charge - (6,300) - (7,100) (13,400) (13,400)
- as previously reported 15,043,293 14,739,471 At June 30, 21,159 12,000 33,742 302,531 369,432 231,550
- correction of prior period 140,300 140,300
- as restated 15,183,593 14,879,771 THE COMPANY 2018 2017
Acquisition through business combination/disposal of subsidiary - 57 Others Total Total
Additions 562,325 933,440 Rs’000 Rs’000 Rs’000
Increase in fair value 818,906 749,811 At July 1, - - -
Transfer (965,964) (1,349,514) Additions 31 31 -
Disposals (223,753) (28,537) At June 30, 31 31 -
Transfer to non-current assets held for sale (35,264) -
Translation difference 600 (1,435) Professional fees are included in other deferred expenditure and will be released over the contract period.
At June 30, 15,340,443 15,183,593
FINANCIAL REVIEW
FINANCIAL REVIEW
8. INTANGIBLE ASSETS 8. INTANGIBLE ASSETS (CONT’D)

(a) Accounting policy (b) THE GROUP
Computer Software (i) 2018 Land
Computer Land conversion Milling
Computer software is capitalised on the basis of costs incurred to acquire and bring to use the specific software and is amortised over its estimated software Goodwill derocking rights Franchise rights Others Total
useful life of 4 years. Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Land derocking COST
Land derocking and preparation costs are amortised over 7 years, one year after the costs have been incurred. At July 1, 2017 319,547 725,744 181,074 25,227 13,448 153,314 205,700 1,624,054
Acquisition through business combination - 306,694 - - - - 4,243 310,937
Land conversion rights (note 39)
Land conversion rights are transferred to investment properties upon conversion of the land. Additions 38,375 - 13,497 - - - 1,100 52,972
Disposals (4,307) - - - - - (700) (5,007)
Franchise Write offs (774) - - - - (5,222) - (5,996)
Franchise is shown at historical cost, has a finite useful life and is carried at cost less accumulated amortisation. Amortisation is calculated using the Impairment - (25,586) - - - - - (25,586)
straight line method over its estimated useful lives of 4 - 10 years. Adjustment of non-controlling interests’ - 218,600 - - - - - 218,600
share of acquired goodwill

Milling rights Translation difference (827) - - - - - 149 (678)
Milling rights relate to the rights in respect of future incremental free cash flows that the group will be benefiting from receiving milling and energy Transfer from investment properties (note 6) - - - 269,523 - - - 269,523
companies in accordance with the closure agreement of Mon Désert Alma Sugar Milling Company Limited. Milling rights are tested annually for At June 30, 2018 352,014 1,225,452 194,571 294,750 13,448 148,092 210,492 2,438,819
impairment.
Goodwill
AMORTISATION
At July 1, 2017 266,347 (10,500) 103,768 - 4,159 68,194 14,710 446,678
134 Goodwill arises on the acquisition of subsidiary companies and represents the excess of the consideration over the group’s interest in the fair value 135
Charge for the year 26,385 - 19,919 - 247 - 5,700 52,251
of the net identifiable assets, liabilities and contingent liabilities of the acquiree. Any net excess of the group’s interests in the net fair value of the
Write offs (774) - - - - - - (774)
acquiree’s net identifiable assets over cost is recognised in profit or loss.
Disposals adjustments (3,762) - - - - - - (3,762)
ENL Limited
ENL Limited
Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. On disposal of a subsidiary company, the Translation difference (856) - - - - - 104 (752)
goodwill is included in the determination of the gains and losses on disposal. At June 30, 2018 287,340 (10,500) 123,687 - 4,406 68,194 20,514 493,641
Goodwill is allocated to cash-generating units for the purpose of impairment testing. Impairment reviews are undertaken annually or more frequently
if events or changes in circumstances indicate a potential impairment. NET BOOK VALUES
Other purchased goodwill consists mainly of premium paid by certain subsidiaries for acquiring agencies. Impairment tests are carried out at the end At June 30, 2018 64,674 1,235,952 70,884 294,750 9,042 79,898 189,978 1,945,178
of the reporting period.
FINANCIAL REVIEW
FINANCIAL REVIEW
8. INTANGIBLE ASSETS (CONT’D) 8. INTANGIBLE ASSETS (CONT’D)

(b) THE GROUP (CONT’D) (b) THE GROUP (CONT’D)
Land (iii) Other intangibles comprise mainly of government lease (‘’pas-geometriques’’) which are amortised over a period of 60 years.
Computer Land conversion Milling
software Goodwill derocking rights Franchise rights Others Total (iv) Amortisation charge has been included in other operating expenses.
(ii) 2017 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 (v) Goodwill of Rs.306.7m arising from the acquisition of subsidiaries is attributable to acquired customer base and synergies expected from combining the
COST operations of the group with those of the subsidiaries acquired. Goodwill acquired through business combination have indefinite lives and have been
allocated to cash generating units for impairment testing.
At July 1, 2016 300,854 727,826 168,929 25,813 13,448 153,314 164,000 1,554,184
Acquisition through business combination The recoverable amounts of the goodwill have been assessed based either on the fair value of the cash-generating units determined by external valuers
(note 39) 1,400 3,300 - - - - 2,900 7,600
at June 30, 2018 or on the basis of expected cash flows. The fair value of some of the cash generating units was determined on the basis of capitalisation
Additions 20,093 - 12,145 - - - 40,200 72,438 of earnings whereby a multiple is applied to the investee’s adjusted pro-forma earnings. The fair value of other cash generating units was determined on
Disposals (800) - - - - - - (800) the basis of expected future cash flows from latest management forecasts which were extrapolated on the basis of long term revenue growth rates and
Impairment (2,200) (5,382) - - - - - (7,582) assumptions with regard to margin development and discounted for the capital costs of business unit. Following this exercise, impairment of Rs.25.6m
Translation difference 200 - - - - - (1,400) (1,200) was recognised during the year (2017: Rs.5.4m) due to decline in performance of some subsidiaries.
Transfer to investment properties (note 6) - - - (586) - - - (586)

At June 30, 2017 319,547 725,744 181,074 25,227 13,448 153,314 205,700 1,624,054 (c) THE COMPANY
2018 2017
AMORTISATION
(i) Computer software Rs’000 Rs’000
At July 1, 2016 243,193 (10,500) 82,804 - 3,314 68,194 9,110 396,115
Acquisition through business combination 500 - - - - - 2,900 3,400 COST
Charge for the year 23,467 - 20,964 - 845 - 2,700 47,976
At July 1 3,872 3,872
Disposals adjustments (800) - - - - - - (800)
136 137
Translation difference (13) - - - - - - (13)
AMORTISATION
At June 30, 2017 266,347 (10,500) 103,768 - 4,159 68,194 14,710 446,678
At July 1, 3,860 3,847
ENL Limited
ENL Limited
NET BOOK VALUES Charge for the year 12 13
At June 30, 2017 53,200 736,244 77,306 25,227 9,289 85,120 190,990 1,177,376 At June 30 3,872 3,860
NET BOOK VALUES

At June 30 - 12
(d) Critical accounting estimates

Estimated impairment of goodwill
The group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in paragraph(a). These
calculations require the use of estimates.
Impairment of milling rights
Milling rights are tested annually for impairment. Future cash flows expected to be received are projected, taking into account market conditions. The
present value of these cash flows, determined using an appropriate discount rate, is compared with the carrying amount of the intangible assets and,
if lower, the assets are impaired to their present values. Assumptions and estimates are used in assessing the cash flows to be received.
FINANCIAL REVIEW
FINANCIAL REVIEW
9. INVESTMENTS IN SUBSIDIARY COMPANIES 9. INVESTMENTS IN SUBSIDIARY COMPANIES (CONT’D)

(a) Accounting policy (b) 2018 2017
Official DEM
Separate financial statements of the investor market listed Unquoted Total Total
Investments in subsidiary companies are carried at fair value. The carrying amount is reduced to recognise any impairment in the value of the Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
individual investments. THE COMPANY
Consolidated financial statements At July 1, 13,768,900 - 856,884 14,625,784 14,377,982
Additions 5,173 - 90,000 95,173 47,767
Subsidiaries are entities (including structured entities) over which the group has control. The group controls an entity when it is exposed, or has Transfer to non-current assets classified as held for sale (note 20) - - - - (127,700)
rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries Disposal - - (98,699) (98,699) -
are consolidated from the date control is transferred to the group and de-consolidated from the date that control ceases.
Fair value adjustments (713,505) - 1,560,255 846,750 327,735
The acquisition method is used to account for business combinations by the group. The consideration for the acquisition of a subsidiary is the fair At June 30, 13,060,568 - 2,408,440 15,469,008 14,625,784
value of the assets transferred, the liabilities incurred and the equity interests issued by the group. The consideration includes the fair value of
any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets The fair value of investments in subsidiary companies was determined at June 30, 2018 by independent valuers. The valuation was based on a combination
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on acquisition date. On of adjusted net assets, discounted cash flow basis, capitalised earnings and recent transactions.
an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree at the non-controlling interest’s proportionate

share of the acquiree’s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests (c) Investments included in level 1 comprise of quoted equity investments valued at their closing market prices. If all significant inputs required to fair value
at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non- an investment are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the
controlling interests even if this results in the non-controlling interests having a deficit balance. investment is included in level 3.
The excess of the consideration over the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous
The company’s investments in subsidiary companies are categorised as follows:
equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the consideration is less than the
fair value of the net assets of the subsidiary acquired, the difference is recognised directly in profit or loss as bargain purchase. 2018 2017
138 Inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated on consolidation. Rs’000 Rs’000 139
The accounting policies of subsidiary companies have been amended where necessary to ensure consistency with the policies adopted by the group. Level 3 15,469,008 14,625,784
Foreign subsidiaries (d) The changes in level 3 instruments for the year ended June 30, 2018 and 2017 were as follows:
ENL Limited
ENL Limited
On consolidation, the assets and liabilities of the group’s overseas entities are translated at exchange rates prevailing at the end of the reporting 2018 2017
period. Income and expense items are translated at the average exchange rates for the period. Exchange differences, if any, are classified as other Rs’000 Rs’000
comprehensive income. Such translation differences are recognised in profit or loss in the period in which the operation is disposed of. Goodwill
At July 1, 14,625,784 14,377,982
and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the
Additions 95,173 47,767
closing rate.
Fair value adjustments 846,750 327,735
Transactions with non-controlling interests Transfer to non-current assets classified as held for sale (note 20) - (127,700)
The group accounts for transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non- Disposal (98,699) -
controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary At June 30, 15,469,008 14,625,784
acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Disposal of subsidiary companies
When the group ceases to have control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount
recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an
associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity
are accounted for as if the group had directly disposed of the related assets or liabilities. Amounts previously recognised in other comprehensive
income are reclassified to profit or loss.
FINANCIAL REVIEW
FINANCIAL REVIEW
9. INVESTMENTS IN SUBSIDIARY COMPANIES (CONT’D)

(e) The list of the group’s subsidiary companies at June 30, 2018 and 2017 were as follows:
2018 2017
Proportion of Proportion of
ownership interest ownership interest
Non- Non-
Stated Holding Subsidiary Effective controlling Holding Subsidiary Effective controlling Debt
Name of company capital company companies holding interests company companies holding interests Securities Main business
Rs’000 % % % % % % % % Rs’ 000
Corporate office:
ENL Portfolio Managers Limited 25 100.00 - 100.00 - 100.00 - 100.00 - - Dormant
ENL Foundation 1 25.00 75.00 74.87 25.13 25.00 75.00 74.87 25.13 - CSR
ENL Corporate Services Limited 5,500 100.00 - 100.00 - 100.00 - 100.00 - - Service provider
Turbine Incubator Limited 1 N/A N/A N/A N/A N/A N/A N/A N/A - Business incubator (non-profit making company)
Land and investments:
ENL Corporate Ventures Limited 53,208 26.32 73.68 77.24 22.76 26.32 73.68 77.36 22.64 - Corporate venture fund

ENL Finance Limited 800,000 100.00 - 100.00 - 100.00 - 100.00 - - Investment holding
ENL Land Ltd 2,051,193 52.92 16.19 69.11 30.89 52.88 16.40 69.28 30.72 - Investment holding
Fleet Investment Supply and Husbandry Ltd - - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Dormant
Rogers Corporate Services Ltd 357,543 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Dormant
Rogers Hospitality Ltd - - 100.00 41.28 58.72 - - - - - Dormant
Rogers & Co Ltd 1,260,200 - 59.73 41.28 58.72 - 59.73 41.38 58.62 - Investment holding
Rogers Consolidated Shareholding Limited 16,860 - 100.00 41.28 58.72 - 100.00 69.28 30.72 - Investment holding
140 Societé Reunion 8,620 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Investment holding 141
Tambourissa Limited 581,152 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Investment holding
FinTech:
Rogers Capital Nominee 2 Ltd - - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
ENL Limited
ENL Limited
Rogers Capital City Executives Ltd 50 - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Outsourcing Ltd 15,000 - 100.00 23.32 76.68 - 100.00 41.38 58.62 - IT services
Rogers Capital Technology Services Ltd 15,977 - 100.00 23.32 76.68 - 100.00 41.38 58.62 - IT services
Enterprise Information Systems Ltd (Kenya) - - 100.00 23.32 76.68 - 100.00 41.38 58.62 - IT services
Rogers Capital Accounting Services Ltd - - 100.00 23.32 76.68 - 100.00 17.38 82.62 - Global business
Rogers Capital Actuarial Services Ltd 1,100 - 100.00 23.32 76.68 - - - - - Actuarial services
Rogers Capital Business Services Ltd - - 100.00 23.32 76.68 - 100.00 17.38 82.62 - Global business
Rogers Capital Corporate Services (Singapore) Pte Ltd 238 - 100.00 23.32 76.68 - 70.00 17.38 82.62 - Global business
Rogers Capital Corporate Services Ltd 782 - 100.00 23.32 76.68 - 70.00 17.63 82.37 - Global business
Rogers Capital Finance Ltd (i) 125,000 - 100.00 23.32 76.68 - - - - - Dormant
Rogers Capital Nominee Ltd - - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Fund Services Ltd 500 - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Nominee 1 Ltd - - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Captive Insurance Management Services Ltd 2,215 - 100.00 23.32 76.68 - 100.00 17.38 82.62 - Global business
Rogers Capital Specialist Services Ltd 100 - 100.00 23.32 76.68 - 70.00 17.38 82.62 - Global business
River Court Nominees Limited 100 - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Payroll Services Ltd 10 - 100.00 23.32 76.68 - - - - - Payroll services
Rogers Capital Trustees Services Ltd 1,400 - 100.00 23.32 76.68 - 100.00 17.63 82.37 - Global business
Rogers Capital Investment Advisors Ltd 10,000 - 100.00 23.32 76.68 - 100.00 24.83 75.17 - Asset management
Rogers Capital Ltd 699,739 22.00 56.50 23.32 76.68 40.00 60.00 64.83 35.17 - Investment holding
Rogers Capital Wealth Management Ltd 601 - 100.00 23.32 76.68 - 100.00 24.83 75.17 - Investment holding
Globefin Corporate Services Ltd (i) - - 100.00 23.32 76.68 - - - - - Global business
Globefin Management Services Ltd (i) 600 - 100.00 23.32 76.68 - - - - - Global business
Globefin Nominee Ltd (i) 10 - 100.00 23.32 76.68 - - - - - Global business
Rogers Capital Management Services Ltd 601 - 100.00 23.32 76.68 - - - - - Investment
Rogers Capital Payment Solutions Ltd (i) - - 100.00 23.32 76.68 - - - - - Payment Solutions
FINANCIAL REVIEW
FINANCIAL REVIEW

(e) The list of the group’s subsidiary companies at June 30, 2018 and 2017 were as follows (cont’d):
2018 2017
Non- Non-
Rs’000 % % % % % % % % Rs’ 000
Commerce and industry:
Axess Limited 277,072 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Sale and servicing of motor vehicles
Box Manufacturing Company Limited 6,543 - 100.00 61.33 38.67 - 100.00 61.32 38.68 - Manufacture of carton boxes
Cogir Limitée (vi) 336,877 - 100.00 69.12 30.88 - 99.97 65.61 34.39 - Construction
ENL Commercial Limited 177,960 51.69 9.63 61.33 38.67 51.69 9.63 61.33 38.67 - Investment holding
Grewals (Mauritius) Limited 165,595 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Saw millers and timber merchants
46,137 - 99.99 61.33 38.67

Indoor & Outdoor Living Ltd - 100.00 61.33 38.67 - Supply of towels and other related products
Nabridas International Ltd 100 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Dealer in swimming pools
Nabridas Ltd 26,750 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Producer and dealer in swimming pools
Packestate Limited 98 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Rental of industrial buildings
Plaine des Papayes Properties Limited 18,001 - N/A N/A N/A - 100.00 61.33 38.67 - Rental of industrial buildings
Plastinax Austral Limitée 189,467 - 99.40 60.96 39.04 - 99.40 60.96 39.04 10,000 Manufacture of sunglasses
Logistics:
142 Associated Container Services Ltd 18,301 - 100.00 27.54 72.46 - 100.00 27.60 72.40 - Port related services
143
Cargo Express Madagascar S.A.R.L 168 - 100.00 27.54 72.46 - 100.00 27.39 72.61 - Freight forwarding
Express Logistics Solutions Ltd 1 - 100.00 27.54 72.46 - - - - - Dormant
ENL Limited
ENL Limited
FOM Warehouse Ltd 100 - 100.00 34.26 65.74 - 100.00 34.34 65.66 - Port related services
Freeport Operations (Mtius)Ltd 133,447 - 100.00 27.96 72.04 - 100.00 27.02 72.98 - Port related services
General Cargo Services Limited 889 - 100.00 13.95 86.05 - 100.00 13.99 86.01 - Port related services
Gencargo (Transport) Limited 1,422 - 80.00 11.15 88.85 - 80.00 11.17 88.83 - Transport services
Logistics Solution Ltd 360,483 - 100.00 27.73 72.27 - 100.00 27.60 72.40 - Investment holding
MTL Logistics & Distributions Ltd 1,688 - 100.00 27.54 72.46 - 100.00 27.39 72.61 - Transport company
P.A.P.O.L.C.S. Ltd 100 - 80.00 13.13 86.87 - 80.00 13.16 86.84 - Stevedoring
Papol Holding Limited 100 - 60.00 16.39 83.61 - 60.00 16.43 83.57 - Investment holding
Rogers International Distribution Services Limitada 63 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Rogers International Distribution Services S.A 18,291 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Rogers International Distribution Services S.A.R.L 8 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Rogers Logistics International Ltd 80,204 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Rogers Logistics Services Company Ltd 100 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Rogers Shipping Ltd 721 - 100.00 18.78 81.22 - 100.00 18.83 81.17 - Freight forwarding
Rogers Shipping Pte Ltd 3 - 51.00 13.95 86.05 - 51.00 13.99 86.01 - Shipping agency
Société du Port 207,223 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Investment holding
Southern Marine & Co Ltd 500 - 100.00 18.78 81.22 - 100.00 18.83 81.17 - Shipping services
Sukpak Ltd 1,200 - 70.00 19.15 80.85 - 70.00 19.20 80.80 - Packing of special sugars
Rennel Limited 9,900 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Courier service
Freight Link Limited 1,001 - 100.00 61.33 38.67 - 100.00 61.33 38.67 - Courier service
FINANCIAL REVIEW
FINANCIAL REVIEW

2018 2017
Non- Non-
Rs’000 % % % % % % % % Rs’ 000
Logistics (cont’d):
Thermoil Company Ltd 100 - 80.00 33.03 66.97 - 80.00 33.10 66.90 - Bitumen agency
Transworld International Ltd 25 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Dormant
Velogic Depot and Warehouse Ltd 300 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Dormant
Velogic Express Reunion 8,341 - 100.00 27.33 72.67 - - - - - Courier
Velogic Garage Services Ltd 50 - 100.00 27.33 72.67 - 100.00 22.10 77.90 - Transport company
975 - 80.00 27.33 72.67

Velogic Haulage Services Ltd - - - - - Transport services
Velogic Holding Company Ltd 1,019,294 - 66.20 27.33 72.67 - 66.20 27.39 72.61 - Investment holding
Velogic India Private Ltd 11,156 - 100.00 27.33 72.67 - 100.00 27.39 72.61 - Freight forwarding
Velogic Ltd 83,985 - 100.00 27.39 72.61 - 100.00 27.39 72.61 - Freight forwarding
Velogic Sea Frigo R’Frigo S.A 4,085 - 100.00 27.39 72.61 - 100.00 27.39 72.61 - Freight forwarding
VK Logistics Ltd 163,814 - 51.00 13.95 86.05 - 51.00 13.99 86.01 - Investment holding
Hospitality:
144 Adnarev Ltd 76,464 - 100.00 32.32 67.68 - 100.00 31.45 68.55 - Hotel 145
Ario (Seychelles) Ltd 47 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
BEAVIA Kenya Limited 36 - 70.00 28.90 71.10 - 70.00 28.96 71.04 - Travel agency
ENL Limited
ENL Limited
Blue Alize Ltd - - 80.00 41.28 58.72 - 60.50 29.17 70.83 - Catamaran sightseeing tours
Blue Sky Madagascar SARLU (i) 1,070 - 100.00 41.28 58.72 - - - - - Travel agency
Blue Sky Réunion SAS 2,813 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Travel agency
BS Travel Management Limitada 216 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
BS Travel Management Ltd 25,000 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Travel agency
BS Travel Mayotte 325 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Travel agency
Croisières Australes Ltée 3,225 - 100.00 41.28 58.72 - 75.70 31.32 68.68 - Catamaran sightseeing tours
GSAfrica Airline Services (pty) Ltd 6,509 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA Of Airlines
DOMC Ltd (i) 8,743 - 51.00 21.05 78.95 - - - - - Leisure
Cap D’Abondance Ltd (i) 100 - 100.00 41.28 58.72 - - - - - Leisure
Heritage Events Company Limited 100 - 100.00 32.32 67.68 - 100.00 31.45 68.55 - Investment holding
Heritage Golf Club Ltd 310,350 - 100.00 26.67 73.33 - 100.00 26.11 73.89 - Golf course
Islandian SARL 461 - 90.50 37.36 62.64 - - - - - Online tour operating
Plaisance Air Transport Services Ltd 1,500 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Warehousing
Resaplanet Ltd 19,094 - 90.50 37.36 62.64 - 80.50 33.31 66.69 - Online tour operating
Rogers Aviation (Mauritius) Ltd 2,525 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Comores S.A.R.L 824 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation France S.A.R.L 20,760 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Holding Company Ltd 115,410 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Investment holding
Rogers Aviation International Ltd 51,390 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Kenya Ltd 396 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Madagascar S.A.R.L 1,910 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Mayotte S.A.R.L 490 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Mozambique Limitada 54 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
FINANCIAL REVIEW
FINANCIAL REVIEW

2018 2017
Non- Non-
Rs’000 % % % % % % % % Rs’ 000
Hospitality:
Case Noyale Ltée 7 - 53.60 15.40 84.60 - 53.60 15.43 84.57 - Agriculture & leisure
Rogers Aviation Reunion 20,001 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Rogers Aviation Senegal S.A.R.L - - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines, travel agency and tour operator
Rogers Aviation South Africa (PTY) Ltd 524 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - GSA of airlines
Seven Colours Spa Ltd 20,025 - 100.00 32.32 67.68 - 100.00 31.45 68.55 - Management services
Sports-Event Management Operation Co Ltd (i) 1 - 100.00 41.28 58.72 - - - - - Leisure

Sweetwater Ltd (i) - 100.00 41.28 58.72 - - - - - Leisure
Transcontinent S.A.R.L 617 - 66.60 27.49 72.51 - 66.60 27.56 72.44 - Travel agency
Travelia S.A.R.L 461 - 90.50 37.36 62.64 - 80.50 33.31 66.69 - Online tour operating
Veranda Tamarin Ltd 160,000 - 51.00 27.49 72.51 - - - - - Hotel
VLH Ltd 278,329 - 81.00 32.32 67.68 - 100.00 31.45 68.55 - Hotel
VLH Training Ltd 1,015 - 100.00 32.32 67.68 - 100.00 31.45 68.55 - Management services
Yatch Management Ltd 10 - 51.00 20.23 79.77 - 51.10 15.97 84.03 - Boat cruises
146 Bagatelle Hotel Operations Company Limited 20,424 - 100.00 41.28 58.72 - 67.74 67.74 32.26 - Provision of hotel and hospitality services 147
CCC LAH Limited 14,500 - 100.00 41.28 58.72 - 78.95 78.95 21.05 - Restaurant operator
Island Living Ltd (formerly known as ENL Lifestyle Limited) 112,381 - 100.00 41.28 58.72 100.00 - 100.00 - - Investment holding
ENL Limited
ENL Limited
Seafood Basket Limited 25,107 - 100.00 41.28 58.72 - 66.67 66.67 33.33 - Restaurant operator
Agro-industry:
Agrex Limited 7,540 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Sale of agro-supply products
Cie. Sucrière de Bel Ombre Ltd 33,300 - 53.50 15.40 84.60 - 53.50 15.43 84.57 - Agriculture & investment
ENL Agri Ltd 479,741 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Agricultural activities
Enquickfix Limited 1,201 - 100.00 69.12 30.88 - 100.00 69.28 30.72 Dormant
ESP Landscapers Ltd 10,000 - 87.45 55.29 44.71 - 87.45 58.50 41.50 - Landscaping services
Exotiflors Limited 700 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Dormant
Mon Desert Alma Sugar Milling Company Limited 83,934 - 80.00 55.29 44.71 - 80.00 55.42 44.58 - Agricultural activities
Sygeco Limited 801 - 100.00 69.12 30.88 - 100.00 69.28 30.72 Provision of syndic services
The Savannah Sugar Milling Company Limited (vii) N/A N/A N/A N/A N/A - 80.00 55.42 44.58 Dormant
Real estate:
Ascencia Limited 4,362,733 - 69.41 40.06 59.94 - 69.96 37.10 62.90 Property Fund
Bagaprop Limited 1,252,101 - 100.00 14.94 85.06 - 85.00 14.23 85.77 Property
Commercial Investment Property Fund Limited 112,300 - 100.00 61.33 38.67 - - - - Owner of properties
Enatt Ltd 74,789 - 58.42 39.27 60.73 - 58.42 34.52 65.48 Property and asset management
ENL House Limited (v) N/A N/A N/A N/A N/A 8.83 91.17 71.99 28.01 Owner of properties
ENL Property Limited (iv) 3,573,999 - 100.00 69.12 30.88 - 100.00 69.28 30.72 Property development services
Enstyle Management Limited (iv) N/A N/A N/A N/A N/A 100.00 - 100.00 - Management of IRS
Envolt Ltd (i) 20,501 - 100.00 69.12 30.88 - - - - Producer of electricity
Espral International Ltd 9,900 - 100.00 69.12 30.88 - 100.00 58.50 41.50 - Real estate marketing
Espral Limited 1,001 - 87.45 69.12 30.88 - 87.45 58.50 41.50 - Land development services
Foresite Property Holding Ltd 1,028,269 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Property
FPHL Infra Ltd 27,531 - 100.00 55.48 44.52 - 100.00 55.61 44.39 - Dormant
FINANCIAL REVIEW
FINANCIAL REVIEW

2018 2017
Non- Non-
Rs’000 % % % % % % % % Rs’ 000
Real estate:
Gardens of Bagatelle Ltd 245,446 - 100.00 69.73 30.27 - 100.00 16.76 83.24 - Property
Le Marche du Moulin Ltd 1,156 - 100.00 9.25 90.75 - 100.00 9.27 90.73 - Retail
Les Villas de Bel Ombre Amenities Ltd (i) - - 100.00 41.28 58.72 - - - - - Construction of sports complex and beach club for IRS
home owners association
Le Floreal Commercial Centre Limited 240,000 - 100.00 50.72 49.28 - 100.00 53.19 46.81 - Property
Le Sunset Commercial Limited 80,000 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Real estate and property developer

Les Villas de Bel Ombre Ltée 291,135 - 60.00 9.25 90.75 - 100.00 36.98 63.02 - Construction and sale of villas
Mall of Mauritius (iii) N/A N/A N/A N/A N/A - 100.00 62.30 37.70 - Land and property developer
Moka City Ltd (iii) 2,748,947 - 100.00 55.08 44.92 - - - - - Land and property developer
MDA Properties Ltd (ii) & (iii) N/A N/A N/A N/A N/A - 50.11 34.71 65.29 - Land and property developer
Tefair Developments Limited (iii) N/A N/A N/A N/A N/A - 84.70 50.24 49.76 - Land and property developer
Motorcity Ltd 151,675 - 100.00 62.62 37.38 - 100.00 62.30 37.70 - Property
148 Motor Traders Ltd 700 - 100.00 41.28 58.72 - 100.00 41.38 58.62 - Property 149
Reliance Facilities Ltd 25,000 - 100.00 55.48 44.52 - 100.00 55.61 44.39 - Dormant
Reliance Security Services Ltd 49,539 - 100.00 55.48 44.52 - 100.00 55.61 44.39 - Dormant
Reliance Systems Ltd - - 100.00 55.48 44.52 - 100.00 55.61 44.39 - Dormant
ENL Limited
ENL Limited
S&W Synergy Ltd 41,911 11.17 73.74 57.16 42.84 11.17 73.74 44.50 55.50 - Management of sports complex
Savannah Properties Ltd 1 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Land and property developer
Societé Du Courlis 7,000 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Rental of bungalows
South West Tourism Development Co. Ltd 4,950 - 70.90 28.44 71.56 - 70.90 28.51 71.49 - Investment holding
The Old Factory Limited (v) 703,913 1.99 100.00 69.73 30.27 - 100.00 69.28 30.72 - Rental of offices
Valetta Locoshed Offices Ltd 10,575 - 100.00 69.12 30.88 - 100.00 69.28 30.72 - Rental of offices
Villas Valriche Resorts Ltd 1 - 100.00 9.25 90.75 - 100.00 9.27 90.73 - Rental pool management company
Courchamps (i) 132,760 - 100.00 69.12 30.88 - - - - - Property
Moka Residentiel (i) 40,000 - 100.00 69.12 30.88 - - - - - Property
MDA Offices (ii) 207,783 - 100.00 36.12 63.88 - - - - - Property
SB Cattle (i) 21,000 - 100.00 69.12 30.88 - - - - - Farming
Beau Vallon Shopping Mall (i) 1 - 100.00 69.12 30.88 - - - - - Property
Telfair Square 1 - 100.00 55.08 44.92 - - - - - Property
(i) These are new subsidiaries which have been incorporated or acquired during the year.
(ii) MDA Properties Ltd has split into MDA Properties Ltd and MDA Offices during the year.
(iii) MDA Properties Ltd, Mall of Mauritius and Telfair Developments Limited have amalgamated with Moka City Ltd, with Moka City Ltd remaining as the
amalgamated company.
(iv) Enstyle Management Limited, has amalgamated with ENL Property Limited, with ENL Property Limited remaining as the amalgamated company.
(v) ENL House Limited, has amalgamated with The Old Factoty Limited, with The Old Factoty Limited remaining as the amalgamated company.
(vi) Cogir Limitée has amalgamated with BCE on July 01, 2018, with BCE remaining as the amalgamated company and Cogir Limitée has been classified as
held for sale as at June 30, 2018.
(vii) The Savannah Sugar Milling Company Limited has been liquidated during the year.
FINANCIAL REVIEW
FINANCIAL REVIEW
9. INVESTMENTS IN SUBSIDIARY COMPANIES (CONT’D) 9. INVESTMENTS IN SUBSIDIARY COMPANIES (CONT’D)

(f) The above subsidiary companies are incorporated and operate in Mauritius, except for: (h) Summarised financial information on subsidiaries with material non-controlling interests
COUNTRY OF INCORPORATION (i) Summarised statement of financial position and statement of profit or loss and other comprehensive income:
Ario (Seychelles) Ltd Republic of Seychelles Other Total Dividend
BS Madagascar SARLU Republic of Malagasy Non- Non- comprehensive comprehensive paid to non-
Current current Current current Profit for income for income for controlling
BS Travel Management Limitada Republic of Mozambique assets assets liabilities liabilities Revenue the year the year the year shareholders
BS Travel Mayotte Mayotte 2018 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
BEAVIA Kenya Limited Republic of Kenya ENL Land Limited 6,373,621 54,793,755 7,181,904 16,242,148 11,208,303 1,208,493 (405,828) 802,665 (333,343)
Blue Sky Réunion SAS Reunion Island
2017 Restated
Cargo Express Madagascar S.A.R.L. Republic of Malagasy ENL Land Limited 5,603,023 52,308,939 8,101,725 12,438,399 10,123,182 1,375,709 1,281,721 2,657,430 (269,550)
Enterprise Information Systems Ltd (Kenya) Republic of Kenya
Gencargo (Transport) Limited Republic of Kenya (ii) Summarised cash flow information:
General Cargo Services Limited Republic of Kenya Net increase/

Islandian S.A.R.L Reunion Island (decrease)
in cash
Roqers Capital Corporate Services (Singapore) Pte Ltd Republic of Singapore Operating Investing Financing and cash
Rogers Aviation Comores S.A.R.L. Republic of Comores activities activities activities equivalents
Rogers Aviation France S.A.R.L. Reunion Island 2018 Rs’000 Rs’000 Rs’000 Rs’000
Rogers Aviation Kenya Ltd Republic of Kenya ENL Land Limited 1,281,198 (1,653,873) 848,219 475,544
Rogers Aviation Madagascar S.A.R.L. Republic of Malagasy
2017 Restated
150 Rogers Aviation Mayotte S.A.R.L. Mayotte ENL Land Limited 1,537,745 (1,780,480) (215,056) (457,791)
151
Rogers Aviation Mozambique Limitada Republic of Mozambique
Rogers Aviation Senegal S.A.R.L. Republic of Senegal The summarised financial information provided above is inclusive of intra-group transactions.
ENL Limited
ENL Limited
Rogers Aviation South Africa (Pty) Ltd Republic of South Africa (i) Critical accounting estimates
Rogers International Distribution Services Limitada Republic of Mozambique
Fair value of securities not quoted on an active market
Rogers International Distribution Services Madagacar S.A.R.L.U Republic of Malagasy
Rogers International Distribution Services S.A. French Republic The fair value of securities not quoted on an active market is determined by the group using valuation methods which involve the use of judgement and
estimates. Changes in assumptions about these factors could affect the reported fair value of investments.
Rogers Shippinq Pte Ltd Republic of Singapore
Transcontinent S.A.R.L. Republic of Malagasy Impairment of investments in subsidiary companies
Velogic Express Reunion Reunion Island The group follows the guidance of IAS 39 in determining when an investment is other-than-temporarily impaired. This determination requires significant
Velogic India Private Ltd Republic of India judgement. In making this judgement, the group evaluates, among other factors, the duration and extent to which the fair value of an investment is less
than its cost and the financial health of and near-term business outlook for the investee, including factors such as industry and sector performance,
Velogic Sea Frigo RTrigo SA Reunion Island changes in technology and operational and financing cash flows.
(g) Subsidiary companies with material non-controlling interests

Details of subsidiary companies that have non-controlling interests that are material to the entity are given below:
Profit Accumulated
allocated non-
to non- controlling
controlling interests
shareholders at June 30,
Rs’000 Rs’000
2018
ENL Land Limited 751,007 19,527,137
2017 Restated
ENL Land Limited 810,651 18,975,710
FINANCIAL REVIEW
FINANCIAL REVIEW
10. INVESTMENTS IN ASSOCIATED COMPANIES 10. INVESTMENTS IN ASSOCIATED COMPANIES (CONT’D)

(a) Accounting policy (c) The group’s interests in its associated companies are as follows:
Separate financial statements of the investor 2018 2017
Investments in associated companies are carried at fair value. The carrying amount is reduced to recognise any impairment in the value of the Proportion of Proportion of
individual investments.
Country of Holding Subsidiary Effective Holding Subsidiary Effective
Consolidated financial statements Year end incorporation company companies holding company companies holding Principal activity
An associated company is an entity over which the group has significant influence but not control or joint control, generally accompanying a % % % % % %
shareholding between 20% and 50% of the voting rights. Investments in associated companies are accounted for under the equity method. Agro-industry:
Poultry farming and
The group’s investments in associated companies include goodwill (net of any accumulated impairment loss) identified on acquisition. Investments Avipro Co Ltd June 30, Mauritius - 39.00 26.96 - 30.71 26.94 food processing
in associated companies are initially recognised at cost as adjusted for post acquisition changes in the group’s share of the net assets of the associated Breeding and export of
companies less any impairment in the value of individual investments. Bioculture (Mauritius) Ltd Dec 31, Mauritius - 25.40 10.49 - 14.38 10.51 primates
Charles Telfair Ltd June 30, Mauritius - 25.00 12.64 - 25.00 12.65 Tertiary education
Any excess of the cost of acquisition over the group’s share of the net fair value of the associated company’s identifiable assets and liabilities recognised Management and
at the date of acquisition is recognised as goodwill and is included in the carrying amount of the investment. Any excess of the group’s share of the Development Company

net fair value of identifiable assets and liabilities over the cost of acquisition is included in profit or loss. Limited June 30, Mauritius - 39.00 26.96 - 39.00 26.94 Investment holding
When the group’s share of losses exceeds its interest in an associated company, the group discontinues recognising further losses unless it has legal Société Amstramdram June 30, Mauritius - 48.98 33.85 - 48.98 33.83 Investment holding
or constructive obligations or made payments on behalf of the associated company. Sun Souvenir Limited (i) June 30, Mauritius 25.00 - 25.00 25.00 - 25.00 Dormant
The results of associated companies acquired or disposed of during the year are included in the consolidated statement of profit or loss and other Commerce and industry:
comprehensive income from the date of their acquisition or up to the date of their disposal. Procurement
Blue Frog Limited (ii) June 30, Mauritius - N/A N/A - 18.18 12.56 management
Unrealised profits are eliminated to the extent of the group’s interests in the associated company. Unrealised losses are also eliminated unless the
152 transaction provides evidence of an impairment of the assets transferred. Where necessary, appropriate adjustments are made to the financial Blue Frog Holding Limited
(ii) June 30, Mauritius - 27.30 11.27 - - - Investment holding
153
statements of associated companies to bring the accounting policies used in line with those adopted by the group.
Construction &
If the ownership in an associated company is reduced but significant influence is retained, only a proportionate share of the amounts previously Development Ltd June 30, Mauritius - 50.00 34.56 - 50.00 34.54 Construction
ENL Limited
ENL Limited
recognised in other comprehensive income are reclassified to profit or loss where appropriate. Document
We SimplyFile Ltd June 30, Mauritius - 35.00 21.46 - 35.00 21.46 management solutions
Dilution gains and losses arising on investments in associated companies are recognised in profit or loss.
Formation Recrutement et
(b) THE GROUP 2018 2017 Conseil en Informatique
Limitee June 30, Mauritius - 48.35 29.65 - 48.35 29.65 Provider of IT services
Rs’000 Rs’000
Hyperdist (I.O) (iii) Dec 31, Mauritius - N/A N/A - 45.00 27.60 Dormant
At July 1, 8,579,116 8,083,922
Interex S.A. June 30, Madagascar - 50.00 30.66 - 50.00 30.66 Courier services
Additions 98,484 558,218
Joinery and Metal
Conversion of preference shares into ordinary 812,369 - Distribution International Distributor of
Disposals (261,265) (19,562) Ltd June 30, Mauritius - 50.00 30.66 - 50.00 30.66 aluminium products
Transfer to investment in other financial assets (note 12(b)(i)) - (19,600) Mauritian Coal and Allied
Share of profits less losses of associated companies from continuing operations 273,575 117,879 Services Company Ltd Sep 30, Mauritius - 25.60 10.57 - 25.62 10.59 Coal supplier
Share of profits of associated companies from discontinued operations 1,031 2,659 Retail Lab Ltd June 30, Mauritius - 50.00 19.64 - 50.00 17.21 Marketing activities
Movement in net assets of associated companies (144,118) (144,400) Sainte Marie Crushing Manufacture and sale of
Plant Ltd June 30, Mauritius - 8.80 3.63 - 8.80 3.64 building materials
Impairment losses (4,716) -
Superdist Ltd Dec 31, Mauritius - 45.00 27.60 - 45.00 27.60 IT hardware wholesaler
Transfer to non-current assets classified as held for sale (3,015) -
Sud Concassage Limitée Production of building
At June 30, 9,351,461 8,579,116 (iii) June 30, Mauritius - N/A N/A - 25.00 17.27 materials
Indian Ocean Network Media and
The group follows the guidance of IAS 39 as described in note 10(i) in determining whether an investment is other-than-temporarily impaired. Following News Ltd Dec 31, Mauritius - 27.00 11.15 - 27.03 11.18 communication
this exercise, an impairment of Rs.4.7m has been made during the year (2017: Rs.nil).
FINANCIAL REVIEW
FINANCIAL REVIEW
10. INVESTMENTS IN ASSOCIATED COMPANIES (CONT’D) 10. INVESTMENTS IN ASSOCIATED COMPANIES (CONT’D)
(c) The group’s interests in its associated companies are as follows (cont’d): 2018 2017
2018 2017 (d) THE COMPANY Unquoted Unquoted
Proportion of Proportion of Rs’000 Rs’000
ownership interest ownership interest At July 1 and June 30, 130 130
Country of Holding Subsidiary Effective Holding Subsidiary Effective
Year end incorporation company companies holding company companies holding Principal activity (i) The value of the securities was determined at June 30, 2018 by independent valuers based on adjusted net assets, capitalised earnings, discounted cash
% % % % % % flow basis and recent transactions.. In assessing the fair value of the securities, assumptions have been made on the basis of market conditions existing
Real estate: at the end of each reporting date.
B.R.E Ltd June 30, Mauritius - 29.79 20.59 - 29.79 20.58 Property Investments included in level 1 comprise of quoted equity investments valued at their closing market prices. If all significant inputs required to fair value
Quantity surveying and an investment are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the
project management
Etwaro and Associates June 30, Mauritius - 30.00 20.72 - 30.00 20.72 services investment is included in level 3.
Footfive Limited June 30, Mauritius - 25.00 17.27 - 25.00 17.27 Rental of gymnasium The company’s investments in associated companies are categorised as follows:
Le Morne Development
Corporation Ltd Sep 30, Mauritius - 20.00 8.26 - 20.00 8.28 Property
2018 2017

Société Bohemia June 30, Mauritius - 50.00 22.46 - - - Property
Molinea Ltd June 30, Mauritius - N/A N/A - 50.00 34.54 Property developer Rs’000 Rs’000
Level 3 130 130
Hospitality:
Air Cargo Service Ground handling (ii) The were no changes in level 3 instruments for the year ended June 30, 2018 and June 30, 2017.
Madagascar Ltd Dec 31, Madagascar - 50.00 20.64 - 50.00 20.69 services
Business process
154 Blue Connect Ltd Sep 30, Mauritius - 30.00 12.38 - 30.00
outsourcing
12.41 outsourcing
155
Lagoona Cruise Ltd June 30, Mauritius - 33.00 13.62 - 33.00 13.65 Boat cruises activities
Mautourco Ltd Sep 30, Mauritius - 49.00 20.28 - 49.00 20.28 Vehicle rental and tours
ENL Limited
ENL Limited
Mozambique Airport Ground handling
Handling Services Limitada Sep 30, Mozambique - 29.00 11.97 - 29.00 12.00 services
New Mauritius Hotels
Limited Sep 30, Mauritius - 35.26 17.97 - 35.30 18.08 Hospitality
Société Grande Castagnole Sep 30, Mauritius - 49.00 20.28 - 49.00 20.28 Investment
Société Pur Blanca Sep 30, Mauritius - 49.00 20.23 - 49.00 20.28 Investment
White Palm Ltd Sep 30, Mauritius - 49.00 20.28 - 49.00 20.28 Vehicle rental and tours
Logistics:
Island Bulk Carriers Pte Ltd Dec 31, Singapore - 35.00 4.92 - 35.00 4.92 Shipping activities
FinTech:
Swan Financial Solutions
Ltd Dec 31, Mauritius - 20.00 8.26 - 20.00 8.28 Insurance
Swan General Ltd Dec 31, Mauritius - 29.40 12.14 - 28.84 11.92 Insurance
The above associates have been accounted for using the equity method.
For companies with non co-terminous year end, accounts to June 30 have been included in the consolidated financial statements.
(i) These companies have ceased operations.
(ii) One of the subsidiaries of the group has exchanged its stake in the associated company, Blue Frog Limited for the same stake in Blue Frog Holding Limited
(iii) Investment in these associates have been derecognised during the year.
(iv) As at June 30, 2018, the fair value of the group’s interests in New Mauritius Hotels Limited and Swan Insurance Company Limited which are listed on the
Stock Exchange of Mauritius were Rs.5,026.4m and Rs.898.7m (2017: Rs.3,809.8m and Rs.745.2m) respectively based on the quoted market price available.
FINANCIAL REVIEW
FINANCIAL REVIEW
10. INVESTMENTS IN ASSOCIATED COMPANIES (CONT’D)

(e) Summarised financial information in respect of the group’s principal associated companies is set out below:
Other Total
comprehensive comprehensive
Current Non-current Current Non-current Profit/(loss) for income for income for
Year end assets assets liabilities liabilities Revenues the year the year the year
2018 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Avipro Co Ltd June 30, 715,790 3,202,527 356,360 650,405 2,288,311 270,368 245,749 516,117
Formation Recrutement & Conseil en Informatique Limitée June 30, 92,308 61,147 43,966 44,473 226,908 23,667 2,991 26,658
Management and Development Company Limited June 30, 2,905,087 6,185,951 2,182,601 1,322,987 9,544,159 417,507 31,358 448,865
New Mauritius Hotels Limited Sep 30, 8,051,205 26,036,755 5,603,011 17,253,002 9,893,036 (125,501) 138,707 13,206
Superdist Limited Dec 31, 200,452 2,650 148,032 2,774 453,424 17,486 - 17,486
Swan General Ltd Dec 31, 45,249,377 2,337,294 371,683 43,708,366 7,076,936 85,786 129,761 215,547

2017
Avipro Co Ltd June 30, 574,685 2,746,585 363,239 500,763 2,206,259 218,549 (15,008) 203,541
Formation Recrutement & Conseil en Informatique Limitée June 30, 70,206 61,801 37,597 49,052 209,731 17,317 (989) 16,328
Management and Development Company Limited June 30, 2,475,643 5,338,574 1,700,220 1,192,307 8,958,044 299,482 (64,357) 235,125
New Mauritius Hotels Limited Sep 30, 8,386,800 27,587,700 8,258,000 15,498,200 9,510,500 (724,991) 206,800 (518,191)
Superdist Limited Dec 31, 222,813 1,593 165,208 1,888 423,988 23,485 (894) 22,591
Swan General Ltd Dec 31, 3,116,800 39,729,200 283,400 39,714,100 6,515,700 252,300 115,000 367,300
156 157
(f) Reconciliation of summarised financial information to the carrying amount recognised in the financial statements in respect of the
material associates is set out below:
ENL Limited
ENL Limited
Other
comprehensive Closing net
Opening net Profit for the income for the Other assets at June Ownership Interest in
2018 assets at July 1 year Dividends year movement 30 interest associates Goodwill Carrying value
Name of company Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 % Rs’000 Rs’000 Rs’000
Avipro Co Ltd 2,386,683 270,368 (51,000) 245,749 - 2,851,800 39.00 1,112,202 - 1,112,202
Formation Recrutement & Conseil en Informatique Limitée 45,358 23,667 (7,000) 2,991 - 65,016 47.14 30,649 965 31,614
Management and Development Company Limited 2,495,426 417,507 (40,000) 31,358 - 2,904,291 39.00 1,132,673 - 1,132,673
New Mauritius Hotels Limited 12,511,695 (125,501) (60,243) 138,707 (655,000) 11,809,658 38.26 4,518,375 - 4,518,375
Superdist Limited 57,310 17,486 (22,500) - - 52,296 45.00 23,533 - 23,533
2017
Name of company
Avipro Co Ltd 2,243,042 218,549 (51,000) (15,008) (8,900) 2,386,683 39.00 930,806 - 930,806
Formation Recrutement & Conseil en Informatique Limitée 39,274 17,317 (13,000) (989) 2,756 45,358 47.14 21,382 965 22,347
Management and Development Company Limited 2,328,069 299,482 (65,000) (64,357) (2,768) 2,495,426 39.00 973,216 - 973,216
New Mauritius Hotels Limited 13,669,803 (724,991) - 206,800 (639,917) 12,511,695 35.30 4,416,628 - 4,416,628
Superdist Limited 42,219 23,485 (7,500) (894) - 57,310 45.00 25,790 - 25,790
FINANCIAL REVIEW
FINANCIAL REVIEW
10. INVESTMENTS IN ASSOCIATED COMPANIES (CONT’D) 11. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES (CONT’D)
(g) Aggregate information of associated companies which are not individually material is as follows: 2018 2017
2018 2017 (b) THE GROUP Rs’000 Rs’000
Rs’000 Rs’000 At July 1, 43,622 15,500
Carrying amount of interests 2,533,064 2,875,279 Additions - 38,600
Share of profit from continuing operations 241,933 153,037 Share of profits less losses for the year (42,253) (10,178)
Share of profit from discontinued operations 1,031 2,659 Movement in net assets of jointly controlled entities (300) (300)
Share of other comprehensive income (386,578) (246,153) At June 30, 1,069 43,622
Share of total comprehensive income (143,614) (90,457)
(h) Change in ownership interest in an associate (c) The group’s interests in its unquoted jointly controlled entities are as follows:
During the year, the group has derecognised of its interest in these companies. 2018 2017
The transaction has resulted in the recognition of a net loss in profit or loss, Proportion of Proportion of
calculated as follows: ownership interest ownership interest
Sales proceeds Country of Holding Subsidiary Effective Holding Subsidiary Effective
Ownership / Deemed Less carrying Gain/(loss) Year end incorporation company companies holding company companies holding Principal activity
interest disposal amount recognised

% Rs’000 Rs’000 Rs’000 % % % % % %
Hyperdist (I.O) 27.60 - (12,122) 12,122 Axa Customer Business process
Services Ltd Dec 31, Mauritius - 50.00 11.68 - 50.00 10.47 outsourcing
Sud Concassage Limitée 17.27 3,175 2,454 721
Jacotet Bay Ltd June 30, Mauritius - 50.00 4.62 - 50.00 4.63 Property
Molinea Ltd 34.56 - 8,240 (8,240)
SB Cattle 34.56 3,665 (2,287) 5,952
Société Usinière Du Sud 13.26 249,511 249,032 479
12. INVESTMENTS IN FINANCIAL ASSETS
158 Mano Holdings 50.00 - 470 (470) 159
256,351 245,787 10,564 (a) Accounting policy
(i) Critical accounting estimates Categories of financial assets
ENL Limited
ENL Limited
Fair value of securities not quoted on an active market The group classifies its financial assets in the following categories: held for trading and available-for-sale financial assets. The classification depends
The fair value of securities not quoted on an active market is determined by the group using valuation methods which involve the use of judgement on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and re-
and estimates. Changes in assumptions about these factors could affect the reported fair value of investments. evaluates this designation at every reporting date.
Impairment of investments in associated companies The group’s accounting policies in respect of the main financial instruments are set out below.
The group follows the guidance of IAS 39 in determining when an investment is other-than-temporarily impaired. This determination requires Initial measurement
significant judgement. In making this judgement, the group evaluates, among other factors, the duration and extent to which the fair value of an
investment is less than its cost and the financial health of and near-term business outlook for the investee, including factors such as industry and Purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Investments
sector performance, changes in technology and operational and financing cash flows. are initially measured at cost inclusive of transaction costs except for held for trading securities whereby transaction costs are expensed.
11. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES Subsequent measurement
(a) Accounting policy Financial assets are subsequently carried at fair value. The fair value of some quoted investments are based on current bid prices. If the market for the
financial asset is not active (and for unlisted securities), the group establishes fair value by using valuation techniques. These include the use of recent
Consolidated financial statements arm’s length transactions, reference to other instruments that are substantially the same, adjusted net asset value, capitalised earnings method,
A jointly controlled entity is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control dividend yield method and market prices refined to reflect the issuer’s specific circumstances. Investments in equity instruments that do not have a
and have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists quoted market price in an active market and whose fair value cannot be reliably measured are reflected at cost.
when decisions about the relevant activities require unanimous consent of the parties.
Investments in jointly controlled entities are accounted for under the equity method of accounting. Equity accounting involves recognising on the
statement of comprehensive income the group’s share of the jointly controlled entities’ profit or loss and other comprehensive income for the year.
The group’s interests in the jointly controlled entities’ are carried on the statement of financial position at an amount that reflects its share of the net
assets of the entity. Goodwill is included within the carrying amount of the jointly controlled entity and tested yearly for impairment.
The results of jointly controlled entities acquired or disposed of during the year are included in the consolidated statement of profit or loss and other
comprehensive income from the date of their acquisition or up to the date of their disposal.
Unrealised profits are eliminated to the extent of the group’s interest in the jointly controlled entities. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the assets transferred. Where necessary, appropriate adjustments are made to the financial
statements of jointly controlled entities to bring the accounting policies used in line with those adopted by the group.
FINANCIAL REVIEW
FINANCIAL REVIEW
12. INVESTMENTS IN FINANCIAL ASSETS (CONT’D) 12. INVESTMENTS IN FINANCIAL ASSETS (CONT’D)
(a) Accounting policy (cont’d) (b) AVAILABLE-FOR-SALE FINANCIAL ASSETS
Categories of financial assets (cont’d) (i) The movement in available-for-sale financial assets may be summarised as follows:
Derecognition
Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has THE GROUP THE COMPANY
transferred substantially all risks and rewards of ownership. 2018 2017 2018 2017
(i) Available-for-sale financial assets Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 1,507,987 1,411,003 2,453 2,451
Available-for-sale financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the other
Conversion of preference shares into ordinary shares (882,852) - - -
categories. They are included in non-current assets unless management intends to dispose of the investment within twelve months of the end of the
Additions 54,789 37,883 - -
reporting period.
Disposals (113,806) (31,995) - -
Unrealised gains and losses arising from changes in the fair value of financial assets classified as available-for-sale are recognised in other Fair value adjustments (55,758) 71,496 10 2
comprehensive income. When financial assets classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are Transfer from investments in associated companies (note 10) 28,000 19,600 - -
included in profit or loss as gains or losses. Impairment losses (14,260) - - -

(ii) Held for trading financial assets At June 30, 524,100 1,507,987 2,463 2,453
A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management. At June 30, 2018
(ii) Level 1 Level 2 Level 3 Total
Assets in this category are classified as current assets.
Rs’000 Rs’000 Rs’000 Rs’000
Realised and unrealised gains and losses arising from changes in the fair value of held for trading financial assets are included in profit or loss. The group 216,882 - 307,218 524,100
(iii) Held-to-maturity financial assets
The company 32 - 2,431 2,463
160 Financial assets that the group intends to hold to maturity are measured at amortised cost, less impairment loss recognised to reflect irrecoverable 161
amounts. (iii) At June 30, 2017 Level 1 Level 2 Level 3 Total
Impairment of financial assets Rs’000 Rs’000 Rs’000 Rs’000
ENL Limited
ENL Limited
The group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is The group 1,123,795 - 384,192 1,507,987
impaired. In the case of financial assets classified as available-for-sale, a significant or prolonged decline in the fair value of the security below cost is
considered in determining whether the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss- The company 22 - 2,431 2,453
measured as the difference between acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised
in profit or loss - is removed from equity and recognised in profit or loss. Investments included in level 1 comprise of quoted equity investments valued at their market prices. If all significant inputs required to fair value an
investment are observable, the investment is included in level 2. If one or more of the significant inputs are not based on observable market data, the
Impairment losses recognised in profit or loss for an equity instrument classified as available-for-sale are not reversed through profit or loss.
investment is included in level 3.
(iv) The table below shows the changes in level 3 instruments for the year ended June 30, 2018 and 2017.
THE GROUP THE COMPANY

2018 2017 2018 2017
Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 384,192 355,328 2,431 2,431
Additions 54,789 37,701 - -
Disposals (113,803) (31,967) - -
Fair value adjustments (31,700) 3,530 - -
Transfer from investments in associated companies (note 10) 28,000 19,600 - -
Impairment losses (14,260) - - -
At June 30, 307,218 384,192 2,431 2,431
FINANCIAL REVIEW
FINANCIAL REVIEW
12. INVESTMENTS IN FINANCIAL ASSETS (CONT’D) 12. INVESTMENTS IN FINANCIAL ASSETS (CONT’D)
(b) AVAILABLE-FOR-SALE FINANCIAL ASSETS (CONT’D) (c) HELD FOR TRADING FINANCIAL ASSETS (CONT’D)
(v) Available-for-sale financial assets include the following: (viii) Changes in fair value of held for trading securities are recorded in profit or loss.
2018 2017 2018 2017 (ix) Held for trading securities are denominated in Mauritian rupees.
Rs’000 Rs’000 Rs’000 Rs’000 (x) None of the financial assets are impaired.
Equity securities at fair value:
(d) Critical accounting estimates
- Listed 70,732 978,395 32 22
- DEM listed 146,150 145,400 - - Fair value of securities not quoted on an active market
- Unquoted 307,218 384,192 2,431 2,431
The fair value of securities not quoted on an active market is determined by the group using valuation which involve the use of judgement and
524,100 1,507,987 2,463 2,453 estimates. Changes in assumptions about these factors could affect the reported fair value of investments.
(vi) The fair value of the securities was determined at June 30, 2018 by independent valuers. The listed securities were valued based on adjusted market Impairment of available-for-sale financial assets
prices. The unquoted securities were valued based on a mix of adjusted net assets, capitalised earnings and discounted cash flows appropriate to each
individual investment. The quoted securities have been valued at their market prices. The group follows the guidance of IAS 39 in determining when an investment is other than temporarily impaired and this determination requires
significant judgement. In making this judgement the group evaluates, among other factors, the duration and extent to which the fair value of an
(vii) Investments in financial assets are denominated in Mauritian rupees.

investment is less than its cost and the financial health of and near-term business outlook for the investee, including factors such as industry and
(viii) Bank borrowings are secured on some investments of the group. sector performance, changes in technology, operational and financing cash flows.
(ix) The group recorded an impairment of Rs.14.1m during the year (2017: Rs.nil) .
(c) HELD FOR TRADING FINANCIAL ASSETS 13. DEPOSIT ON INVESTMENTS
THE GROUP
(i) The carrying amounts of held for trading financial assets are classified as follows: 2018 2017
2018 2017
Official Rs’000 Rs’000
162 market DEM listed Unquoted Total Total At July 1 and June 30, - 1,500 163
THE GROUP Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 39,504 21,335 2,284 63,123 54,991 Deposit on investments relate to application monies in companies in respect of which shares have not yet been allotted as at June 30, 2017.
ENL Limited
ENL Limited
Disposal (1,299) - - (1,299) -
Fair value adjustments (7,438) 5,315 - (2,123) 8,132 14. NON-CURRENT RECEIVABLES
At June 30, 30,767 26,650 2,284 59,701 63,123
(a) Accounting policy
(ii) At June 30, 2018 Level 1 Level 3 Total
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Long term
Rs’000 Rs’000 Rs’000 receivables with fixed maturity terms are measured at amortised cost using the effective interest rate method less provision for impairment. The
Held for trading securities 57,417 2,284 59,701 amount of loss, which is measured as the difference between the carrying amount of the asset and the present value of estimated cash flows
discounted at the effective interest rate, is recognised in profit or loss. Long term receivables without fixed maturity terms are measured at cost.
(iii) At June 30, 2017 Level 1 Level 3 Total
Rs’000 Rs’000 Rs’000
Held for trading securities 60,839 2,284 63,123 (b) THE GROUP THE COMPANY
2018 2017 2018 2017
(iv) The table below shows changes in level 3 instruments for the year ended June 30, 2018 and 2017: Rs’000 Rs’000 Rs’000 Rs’000
THE GROUP Loans to subsidiary companies - - 1,150,000 1,167,000
2018 2017 Loans to other companies - unsecured 54,201 80,861 - -
Rs’000 Rs’000 Loans to other companies - secured 640 801 640 801
At July 1, 2,284 2,396 54,841 81,662 1,150,640 1,167,801
Fair value adjustment - (112)
At June 30, 2,284 2,284 (c) Loans advanced by the company to subsidiary companies include amount of Rs.1,150m relating to funds received from the notes issued as detailed in
note 22(c). Half of the loan amount carries interest at a fixed rate of 6.5% and the remaining carries interest at repo + 1.60%, currently 5.10%. The timing
(v) THE COMPANY Unquoted for repayment of the loan has been aligned with those of the notes issued.
Rs’000 (d) Loans to other companies are repayable by instalments after more than one year, and carry interest at the rate of 2.30% - 3.15%.
At June 30, 2018 and 2017 699
(e) The carrying amounts of non-current receivables are denominated in Mauritian rupees.
(vi) The company’s held for trading securities are categorised under level 3.
(vii) The fair value of the securities was determined by independent valuers at the end of the reporting period. Unquoted investments were valued using various
methods of valuation and assumptions based on adjusted earnings and adjusted net assets. Listed investments were valued at closing market prices.
FINANCIAL REVIEW
FINANCIAL REVIEW
15. NET INVESTMENT IN LEASES AND OTHER CREDIT AGREEMENTS 15. NET INVESTMENT IN LEASES AND OTHER CREDIT AGREEMENTS (CONT’D)
(a) Accounting policy (c) The net investment in leases and other credit agreements may be analysed as follows:
Leases are classified as finance leases where the terms of the lease transfer substantially all risks and rewards of ownership to the lessee. All other 2018
leases are classified as operating leases. Other credit arrangements include contracts for the hire of an asset that contain a provision giving the hirer Finance Other credit
an option to acquire title to the asset upon the fulfilment of agreed conditions and advances granted to individuals. Advances are non-derivative leases agreements Total
financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised initially at fair value plus any directly Rs’000 Rs’000 Rs’000
attributable transaction costs. Subsequent to initial recognition, advances are measured at amortised cost using the effective interest method, less Not later than one year 33,300 155,100 188,400
any impairment. After one year and before two years 36,100 107,600 143,700
Finance Leases - lessor After two years and before five years 111,500 24,900 136,400
After five years 31,100 - 31,100
Finance leases granted are accounted for in the statement of financial position as a receivable at an amount equal to the net investment in leases after
specific provision for bad and doubtful debt in respect of all identified impaired leases in the light of periodic reviews. The difference between the 212,000 287,600 499,600
gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the term of the
(d) Allowance for credit impairment 2018
lease using the net investment method, which reflects a constant periodic rate of return.
Operating leases-lessor Finance Other credit
leases agreements Total

Assets leased out under operating leases are included in property, plant and equipment in the statement of financial position. They are depreciated Portfolio provision Rs’000 Rs’000 Rs’000
over their expected lives on a basis consistent with similar assets. Rental income is recognised in profit or loss on a straight line basis over the lease Provision for credit impairment 2,100 2,800 4,900
term.
Impairment of leases and other credit agreements (e) Critical accounting estimates
Allowance for credit losses consists of specific and portfolio provision for credit losses and is determined based on the group’s best estimate of The group reviews its individually significant net investment in leases and other credit agreements at each reporting date to assess whether an
Statements of Financial Position receivables. impairment loss should be recorded in profit or loss. The group’s impairment methodology for leases and other credit agreements results in the
164 recording of provisions for specific impairment losses on individually significant or specifically identified exposures and portfolio provision on 165
An allowance for impairment is established if there is objective evidence that the group will not be able to collect the amount due according to the
individually not significant exposures and incurred but not yet identified losses.
original contractual terms of the lease and other credit agreements. The amount of the provision is the difference between the carrying amount at the
time the lease and other credit agreement are considered doubtful and the recovered amount. All categories include an element of management’s judgement, in particular for the estimation of the amount and timing of future cashflows and
ENL Limited
ENL Limited
The provision amount also covers losses when there is objective evidence that probable losses are present in components of the lease and other collateral values when determining impairment losses. These estimates are driven by a number of factors, the changing of which can result in
credit agreements portfolio at the reporting date. They have been estimated based on the future specific losses inherent in the leases and upon different levels of allowances. Additionally, judgements around the inputs and calibration of the portfolio provision models include the criteria for
historical patterns of losses in each component and the economic climate in which the clients operate. When a lease or other credit agreements are the identification of smaller homogeneous portfolios, the effect of concentrations of risks and economic data (including levels of unemployment,
uncollectible, they are written off against the related provision for impairment; subsequent recoveries are credited to profit or loss. repayment trends, collateral values and the performance of different individual groups, and bankruptcy trends), and for determination of the
emergence period. The methodology and assumptions are reviewed regularly in the context of actual loss experienced.
Statutory and regulatory loss reserve requirements that exceed these amounts are dealt with in the capital reserve as an appropriation of retained
earnings.
16. INVENTORIES
(b) Gross investment 2018 (a) Accounting policy
Finance Other credit
THE GROUP leases agreements Total Inventories and work in progress are valued at the lower of cost or net realisable value. Cost is determined on a weighted average basis. The cost of
finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads but excludes interest
Rs’000 Rs’000 Rs’000
Within one year 49,700 183,700 233,400 expense. Net realisable value is the estimate of the selling price in the ordinary course of business less the costs to completion and applicable variable
selling expenses.
After one year and before two years 49,500 116,900 166,400
After two years and before five years 133,200 22,700 155,900 Land earmarked for development is stated at the lower of cost or net realisable value and is included in inventories.
After five years 33,200 - 33,200 Development costs incurred in the land development projects are capitalised and subsequently released to the statement of profit or loss as and
265,600 323,300 588,900 when sales is being effected and by reference to the stage of completion using the percentage of completion method.
Unearned future finance income (53,600) (35,700) (89,300)
Present value of minimum lease payment 212,000 287,600 499,600 (b) THE GROUP 2018 2017
Rs’000 Rs’000
Less provision for credit impairment
Raw materials, consumables and spare parts 420,451 581,763
Portfolio provision (2,100) (2,800) (4,900)
Stock of land 626,414 645,828
Net finance lease receivables 209,900 284,800 494,700
Work in progress 34,952 46,765
Representing: Finished goods 636,932 538,159
Non-current 176,600 129,700 306,300 Goods in transit 7,159 8,182
Current 33,300 155,100 188,400 1,725,908 1,820,697
209,900 284,800 494,700
FINANCIAL REVIEW
FINANCIAL REVIEW
16. INVENTORIES (CONT’D) 18. TRADE AND OTHER RECEIVABLES (CONT’D)

(c) Work in progress relates mainly to costs incurred to date on the construction of villas in Les Villas de Bel Ombre Ltée. (c) At June 30, 2018, trade receivables of Rs.540.3m (2017: Rs.392.7m) for the group were past due, out of which Rs.200.1m (2017: Rs.203.1m) were impaired.
(d) The cost of inventories recognised as expense and included in cost of sales amounted to Rs.6.9m (2017: Rs.6.2m). The individually impaired receivables related mainly to debtors with overdue balances. It was assessed that a proportion of the receivables is expected
to be recovered. The ageing of these receivables is as follows:
(e) Bank borrowings are secured by floating charges on part of the inventories of the group.
17. CONSUMABLE BIOLOGICAL ASSETS 2018 2017 2018 2017
Rs’000 Rs’000 Rs’000 Rs’000
(a) Accounting policy 3 to 6 months 257,660 131,605 - -
Consumable biological assets are measured at fair value less costs to sell, which is the present value of the expected net cash flows discounted at Over 6 months 282,654 261,122 - -
the relevant market determined pre-tax rate (palm trees: 8.75% (2017: 7.19%), nursery: 19.75 -27.75% - 26.19% (2017: 18.19% - 26.19%) and standing 540,314 392,727 - -
canes 4.75% (2017: 3.19%)).
(d) At June 30, 2018, trade receivables of Rs.340.2m (2017: Rs.189.7m) for the group were past due but not impaired.
(b) 2018 2017
These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these receivables is as follows:
Standing Deer Total
cane Palm trees Nursery farming Cattle Total THE GROUP THE COMPANY

THE GROUP Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 2018 2017 2018 2017
At July 1, 265,556 25,684 31,843 28,665 - 351,748 394,951 Rs’000 Rs’000 Rs’000 Rs’000
Acquisition through business combination (note 3 to 6 months 253,715 121,477 - -
39(a)) - - - - 240 240 - Over 6 months 86,507 68,197 - -
Changes in fair value (71,438) (4,873) 2,331 12,200 (58) (61,838) (43,203) 340,222 189,674 - -
At June 30, 194,118 20,811 34,174 40,865 182 290,150 351,748
166 Consumable biological assets are stated at their fair value and relate to the value of standing canes, deer farming, nursery plants and palm trees. (e) Trade and other receivables are denominated in the following currencies: 167
The fair value measurements for standing canes have been categorised as level 3 fair value based on the inputs to the valuation techniques used. THE GROUP THE COMPANY
At June 30, 2018, standing canes comprised of approximately 4,846 hectares of sugar cane under plantation (2017: 4,856 hectares). During the year, the 2018 2017 2018 2017
ENL Limited
ENL Limited
group harvested approximately 338,093 tonnes of cannes (2017: 379,043 tonnes of cannes). Rs’000 Rs’000 Rs’000 Rs’000
Mauritian rupee 2,724,704 2,625,352 3,181 1,954
(c) Critical accounting estimates US Dollar 290,176 274,149 - -
Consumable biological assets Euro 432,033 574,661 - -
Other currencies 53 11 - -
The fair value of consumable biological assets has been arrived at by discounting the present value of the expected net cash flows at the relevant
3,446,966 3,474,173 3,181 1,954
market determined pre-tax rate. For standing canes, the expected cash flows have been computed by estimating the expected crop and the sugar
extraction rate and the forecasts of sugar prices which will prevail in the coming year. The harvesting costs and other direct expenses are based on
yearly budgets. (f) The movement in the provision for impairment of trade receivables is as follows:
For other consumable biological assets, the expected cash flows have been computed on the basis of expected sale prices and the expected cost of THE GROUP THE COMPANY
maintenance. 2018 2017 2018 2017
Rs’000 Rs’000 Rs’000 Rs’000
18. TRADE AND OTHER RECEIVABLES At July 1, 203,053 257,404 - -
(a) Accounting policy Provision for impairment 17,252 33,521 - -
Amount written off during the year as irrecoverable (3,799) (81,678) - -
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less
provision for impairment. A provision for impairment of trade and other receivables is established when there is objective evidence that the group will Bad debts recovered - (6,194) - -
not be able to collect all amounts due according to the original terms of receivables. The provision is recognised in profit or loss. Transfer to non-current assets classified as held for sale (16,414) - - -
At June 30, 200,092 203,053 - -
(b) THE GROUP THE COMPANY
2018 2017 2018 2017 (g) The other classes within trade and other receivables do not include impaired assets.
Rs’000 Rs’000 Rs’000 Rs’000 (h) The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The group does not hold any
Trade receivables 2,394,777 2,201,887 - - collateral as security.
Less provision for impairment (200,092) (203,053) - -
2,194,685 1,998,834 - -
Prepayments and other receivables 1,252,281 1,475,339 3,181 1,954
3,446,966 3,474,173 3,181 1,954
FINANCIAL REVIEW
FINANCIAL REVIEW
19. RECEIVABLE FROM GROUP COMPANIES 20. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE (CONT’D)
(a) Accounting policy (e) Non-current assets classified as held for sale
Amounts receivable from group companies are recognised initially at fair value and subsequently measured at amortised cost using the effective (i) Subsidiary held for sale 2018
interest method less provision for impairment. A provision for impairment of group receivables is established when there is objective evidence that THE GROUP Rs’000
the group will not be able to collect all amounts due according to the original terms of receivables. The provision is recognised in profit or loss. Property, plant and equipment 24,204
Group loans receivable Investments in associated companies 3,015
Inventories 1,042
Loans receivable are classified as originated loans without fixed maturity and are measured at cost less provision for impairment. A provision for Trade and other receivables 204,953
impairment is made on identified risk loans and is calculated as the shortfall between the outstanding balances and their recoverable amounts. Loans Cash and cash equivalents 19,560
are written down to estimated realisable values when there is no realistic prospect of recovery.
252,774
(b) 2018 2017 Liabilities directly associated with non-current assets classified as held for sale:
Loans Others Total Total Trade and other payables 209,721
THE COMPANY Rs’000 Rs’000 Rs’000 Rs’000 Retirement benefit obligations 31,806
Subsidiary companies 386,700 129,874 516,574 408,195 Borrowings 10,531
252,058

At June 30, 2018, amounts receivable from group companies were neither past due nor impaired (2017: Rs.nil). The carrying amount of receivables from
group companies approximate their fair value. THE COMPANY 2018 2017
Rs’000 Rs’000
Amounts receivable from group companies are denominated in Mauritian rupees. The maximum exposure to credit risk at the reporting date is the fair
At July 1, 127,700 -
value of each class of receivable mentioned above. The group does not hold any collateral as security.
Disposals (127,700) -
20. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE Transfer from investments in subsidiary companies (note 9) - 127,700
- 127,700
168 (a) Accounting policy 169
Non-current assets classified as held for sale relate to land earmarked for future sale, development projects and investment earmarked for sale during (ii) Land classified as held for sale THE GROUP
the coming year. They are measured at the lower of carrying amount and fair value less costs to sell if the carrying amount is recovered principally 2018 2017
ENL Limited
ENL Limited
through sales. This condition is regarded as met only when the sales are highly probable and the asset is available for immediate sale in their present Rs’000 Rs’000
condition. At July 1, 76,224 50,187
When the group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as Disposals (7,179) (68,196)
held for sale when the criteria described above are met regardless of whether the group will retain a non-controlling interest in its former subsidiary Transfer from property, plant and equipment (note 5) 59,547 92,226
after the sale. Transfer from investment properties (note 6) 35,264 2,300
Transfer to compensation for waiver to rights to lessee on land and buildings (781) (293)
(b) On July 1, 2018, one of the subsidiaries has amalgamated with another company outside the group. Consequently, all the assets and liabilities of that
At June 30, 163,075 76,224
subsidiary has been classified as held for sale.
(c) An analysis of the result of discontinued operations, and the results recognised on the re-measurement of assets or disposal group is as follows: These assets have been classified as non-current assets held for sale as the intention is to dispose of them within one year.
2018 2017
Rs’000 Rs’000 (iv) Disclosed as follows: THE GROUP THE COMPANY
Revenue 675,562 573,868 2018 2017 2018 2017
Expenses (829,430) (600,603) Rs’000 Rs’000 Rs’000 Rs’000
(153,868) (26,735) Subsidiary held for sale 252,774 - - 127,700
Loss on disposal of land - (3,499) Land classified as held for sale 163,075 76,224 - -
Share of profits/(losses) of associated companies, net of tax 1,031 (2,659) Total non-current assets classified as held for 415,849 76,224 - 127,700
sale
Loss for the year from discontinued operations (152,837) (32,893)
(d) 2018 2017 21. SHARE CAPITAL

Rs’000 Rs’000 (a) Accounting policy
Operating cash flows (127,034) (8,271) Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new share are shown in equity as deduction, net of tax,
Investing cash flows 1,216 13,030 from proceeds.
Financing cash flows 19,799 50,026
Total cash flows (106,019) 54,785
FINANCIAL REVIEW
FINANCIAL REVIEW
21. SHARE CAPITAL (CONT’D) 22. BORROWINGS (CONT’D)

(b) 2018 & 2017 (c) Secured fixed/variable rate notes
Number of Rs’000 The company has issued notes with a fixed interest of 6.5% for half of the amount and variable rate of Repo + 1.6% per annum for the balance. The notes
shares
have a tenor of 6 years and are secured by a pledge on the shares of ENL Land Ltd owned by the company.
Ordinary shares of Rs.10 each 109,200,757 1,092,008
Participating preference shares of Rs.10 each 104,639,243 1,046,392 The notes can be redeemed as follows:
213,840,000 2,138,400 - Put option for note holder for the whole amount during the tenor of the notes in the form of ENL Land Ltd shares, commencing October 31, 2015, then
The total authorised number of shares with a par value of Rs.10 each is 213,840,000 (2017: 213,840,000). All issued shares are fully paid. annually on anniversary date and until the 5th year.
- Call option for the issuer for a maximum of 50% of the amount during the tenor of the notes in the form of ENL Land shares commencing October 31,
22. BORROWINGS 2015, then annually on anniversary date and until the 5th year.
- at maturity in cash, ENL Land shares or a combination of both.
(a) Accounting policy
The Directors consider it appropriate to classify the notes as non-current liabilities. Based on prevailing market conditions, they are of the opinion that
Borrowings are recognised initially at fair value being their issue proceeds net of direct issue costs. Borrowings are subsequently stated at amortised
the put and call option will not be exercised by both parties for the coming year.
cost.
A subsidiary company has issued secured floating rate notes as follows:
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months

after the end of the reporting period. (i) Senior floating rate notes of Rs.400m, with a variable interest rate of Repo + 2% per annum.
Accounting for leases – where the group is the lessee (ii) Junior floating rate notes of Rs.160m, with a variable interest rate of Repo + 3% per annum.
Leases are classified as finance lease where the terms of the lease transfer substantially all risks and rewards of ownership to the lessee. The notes have a tenor of 10 years, and are secured by a fixed charge over all the assets of the issuer, with the senior notes ranking before the junior notes.
Finance leases are capitalised at the estimated present value of the underlying lease payments. Each lease payment is allocated between the liability (d) Debentures
and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges,
are included in borrowings. A subsidiary company has in issue 17,556,676 redeemable bonds at an issue price of Rs 12.00 each, totalling Rs.210.7m. Salient features of the debentures
170 are as follows: 171
Finance charges are charged to profit or loss over the lease period. Property, plant and equipment acquired under finance leasing contracts are
depreciated over the useful lives of the assets. A coupon rate of 6.0% per annum in respect of each financial year over 10 consecutive years, will be paid to Bondholders out of the profits of the entity.
This will be paid in priority to dividends payable to Class A ordinary shareholders and preference shareholders. Coupon payment shall be paid in June of
ENL Limited
ENL Limited
Debentures each financial year.
Debentures are recognised initially at fair value being the issue proceeds net of transaction costs incurred. Debentures are subsequently stated Bondholders will not have the right to receive notice of, or attend, or vote on a poll at the shareholders’ meetings of the entity.
at amortised cost. Debentures are subsequently stated at amortised cost. Debentures are classified as current liabilities unless the group has an
unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period. Bonds shall be redeemed automatically on the 30th June of every financial year over 5 consecutive years starting 30 June 2021, without paying any
(b) THE GROUP THE COMPANY additional fee.
2018 2017 2018 2017 (e) Convertible preference shares
Restated
On June 30, 2018, preference shares have been converted to Class A ordinary shares for an amount of Rs.40.9m (2017: Rs.71.5m), for one of the subsidiaries.
Non-current Rs’000 Rs’000 Rs’000 Rs’000
Secured fixed/variable rate notes (note (c) and (g)) 1,710,000 1,710,000 1,150,000 1,150,000 Salient features of the convertible preference shares are as follows:
Debentures (note (d) and (g)) 355,700 355,700 - - Preference shares shall be converted mandatorily on the 30th June of every financial year over 5 consecutive years into Class A ordinary shares of the
Convertible preference shares (note (e)) 37,500 71,500 - - subsidiary company without paying any additional fee.
Non-redeemable preference shares - 134,490 - -
The preference shares yield a dividend of 6.0% per financial year over 5 consecutive years, payable out of the profits of the subsidiary company and in
Bank and other loans (note (g)) 15,100,653 11,250,785 405,976 412,808
priority to dividends payable to Class A ordinary shareholders. Dividend distribution shall be paid in June of each financial year.
Obligations under finance leases (note (h)) 177,428 166,600 4,084 4,337
17,381,281 13,689,075 1,560,060 1,567,145 Preference shareholders will not have the right to receive notice of, or attend, or vote on a poll at the shareholders’ meetings of the subsidiary company.
The right to an equal share in the distribution of surplus assets among non-convertible preference shareholders on winding up, payable in priority to the
Current
holders of ordinary shares.
Bank overdrafts 1,773,445 1,543,592 - -
Bank and other loans 1,762,086 3,210,537 102,778 114,712 The convertible non-voting preference shares shall constitute unsecured and subordinated obligations of the subsidiary company and shall accordingly
Non-redeemable preference shares 134,490 - - - rank junior to all secured and unsubordinated creditors of the subsidiary company but ahead of Class A ordinary shares.
Convertible preference shares (note (e)) 48,700 55,653 - - (f) The borrowings include secured liabilities amounting to Rs.20.18bn (2017: Rs.17.56bn) for the group and Rs.1.57bn (2017: Rs.1.60bn) for the company.
Obligations under finance leases (note (h)) 88,855 92,659 1,360 1,091 Borrowings are secured by fixed and floating charges on the assets of the group and by pledge of shares.
3,807,576 4,902,441 104,138 115,803
Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
Total borrowings 21,188,857 18,591,516 1,664,198 1,682,948
FINANCIAL REVIEW
FINANCIAL REVIEW
22. BORROWINGS (CONT’D) 22. BORROWINGS (CONT’D)

(g) Bank and other loans (k) The exposure of the group’s borrowings to the interest rate changes and the contractual repricing dates are disclosed above.
The maturity of non-current borrowings is as follows (excluding obligations under finance lease, convertible preference shares and non-redeemable (l) The carrying amounts of borrowings are not materially different from their fair value.
preference shares):
THE GROUP THE COMPANY 23. DEFERRED INCOME TAXES
2018 2017 2018 2017 (a) Accounting policy
Rs’000 Rs’000 Rs’000 Rs’000
Deferred income tax is provided in full, using the liability method, for all temporary differences arising between the tax bases of assets and liabilities
- after one year and before two years 1,299,312 773,293 17,778 30,594
and their carrying values in the financial statements.
- after two years and before five years 3,617,898 3,813,542 53,333 1,254,149
- after five years 12,249,143 8,729,650 1,484,865 278,065 Deferred income tax is determined using tax rates that have been enacted or substantively enacted at the reporting date and are expected to apply in
17,166,353 13,316,485 1,555,976 1,562,808 the period when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to
the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised.
(h) Finance lease liabilities - minimum lease payments: THE GROUP THE COMPANY
For the purpose of measuring deferred tax liabilities and deferred tax assets for investment properties that are measured using the fair value model,
2018 2017 2018 2017 the carrying amount of such properties is presumed to be recovered entirely through sale, unless the presumption is rebutted. The presumption is
Rs’000 Rs’000 Rs’000 Rs’000 rebutted when the investment properties are depreciable and are held within a business model whose objective is to consume substantially all of the
- not later than 1 year 95,936 102,203 1,714 1,435 economic benefits embodied in the investment properties over time, rather than through sale.

- after one year and before two years 96,176 81,350 1,690 1,435
(b) In prior years, the group and the company used to calculate deferred tax on the actual corporate tax rate prevailing in Mauritius which is at 15%. For the
- after two years and before five years 96,590 98,291 2,800 3,458
year ended June 30, 2018, it was agreed that the 2% Corporate Social Responsibility (CSR) Contribution as imposed by the Government should also be
- after five years 2,279 4,507 11 13
considered in the computation of the deferred tax. Consequently deferred income tax is calculated on all temporary differences under the liability method
290,981 286,351 6,215 6,341
at 17% (2017: 15%). CSR Contribution previously accounted under administrative expenses has now been reclassified under tax expense.
Future finance charges on finance leases (24,698) (27,092) (771) (913)
Present value of finance lease liabilities 266,283 259,259 5,444 5,428 There is a legally enforceable right to offset deferred tax assets against deferred tax liabilities when the deferred income taxes relate to the same fiscal
authority on the entity. The following amounts are shown on the statement of financial position:
172 Representing lease liabilities:
Deferred tax assets on tax losses carried forward are recognised only to the extent that realisation of the related tax benefit is probable. The recoverability 173
Current 88,855 92,659 1,360 1,091
Non-current can be analysed as follows: of tax losses is limited to a period of five years from the relevant year of assessment except for losses attributable to annual allowances claimed in respect
- after one year and before two years 102,461 78,844 1,458 1,170 of capital expenditure.
ENL Limited
ENL Limited
- after two years and before five years 74,206 85,140 2,392 3,154 At the end of the reporting period, the group and the company had unused tax losses of Rs.939.8m and Rs.Nil respectively (2017: Rs.1,005.0m and Rs.5.3m)
- after five years 761 2,616 234 13 available for offset against future profits. A deferred tax asset of Rs.30.1m and Rs.Nil respectively (2017: Rs.36.2m and Rs.1m) has been recognised by
266,283 259,259 5,444 5,428 the group and the company in respect of part of these losses. No deferred tax asset has been recognised in respect of remaining losses due to the
The group leases some plant and equipment and motor vehicles under finance leases. The leases have purchase options on termination. There are no unpredictability of future profit streams. The tax losses expire on a rolling basis over 5 years except for losses attributable to annual allowances claimed
restrictions imposed on the group by lease arrangements. in respect of capital expenditure.
(i) Borrowings are denominated in the following currencies: THE GROUP THE COMPANY
THE GROUP THE COMPANY 2018 2017 2018 2017
2018 2017 2018 2017
Restated
Restated
Rs’000 Rs’000 Rs’000 Rs’000
Rs’000 Rs’000 Rs’000 Rs’000 Deferred tax assets 122,320 109,962 15,429 14,697
Mauritian rupee 19,529,012 17,717,089 1,664,198 1,682,948 Deferred tax liabilities (722,673) (657,705) - -
Euro 1,470,765 480,400 - - Net deferred tax liabilities (600,353) (547,743) 15,429 14,697
US Dollar 189,080 394,027 - -
21,188,857 18,591,516 1,664,198 1,682,948 THE GROUP THE COMPANY
(c) The movement in the deferred income tax account is as follows:
(j) The effective interest rates at the end of the reporting period were as follows: 2018 2017 2018 2017
2018 2017
Restated
USD Euro Rs USD Euro Rs
At July 1, Rs’000 Rs’000 Rs’000 Rs’000
% % % % % %
- as previously reported (520,477) (370,515) 14,697 12,702
Secured fixed rate notes - - 6.50 - - 6.50
- correction of prior period (note 42) (27,266) (9,668) - -
Repo+1.60- Repo+1.60-
- as restated (547,743) (380,183) 14,697 12,702
Secured variable rate notes - - 3.00 - - 3.00
Acquisition through business combination (note 39) (6,062) 2,400 - -
Bank overdrafts - - 5.75-8.40 - - 6.00-9.75
Charged to profit or loss (note 30) (54,452) (82,653) (1,083) (546)
Bank borrowings - - 3.75-8.25 - - 3.00-8.00
Credited/(charged) to other comprehensive income 7,904 (87,307) 1,815 2,541
Other loans 4.10-5.40 3.20 5.10-7.45 3.23-4.50 2.90 6.25-7.08
At June 30, (600,353) (547,743) 15,429 14,697
Debentures - - 6.00-7.00 - - 6.00-7.00
Finance lease liabilities - - 6.35-8.50 - - 6.85-10.00
FINANCIAL REVIEW
FINANCIAL REVIEW
23. DEFERRED INCOME TAXES (CONT’D) 23. DEFERRED INCOME TAXES (CONT’D)
(d) The movement in deferred income tax assets and liabilities during the year is as follows: (e) THE COMPANY
THE GROUP The movement in deferred income tax assets is as follows:
(i) 2018 At July 1,2017 (i) 2018
Acquisition (Charged)/ Credited
through credited to other At Credited
As previously Correction of business to profit comprehensive June 30, Deferred tax assets to other At
reported prior period As Restated combination or loss income 2018 At July 1, Charged to comprehensive June 30,
2017 profit or loss income 2018
Deferred tax liabilities Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Rs’000 Rs’000 Rs’000 Rs’000
Accelerated tax depreciation (187,601) (1,293) (188,894) (6,062) (13,144) - (208,100)
Retirement benefit obligations 13,848 (184) 1,815 15,479
Asset revaluations (232,599) (11,100) (243,699) - 30,879 2,924 (209,896)
Accelerated tax depreciation 55 (105) - (50)
Impairment loss/fair value (191,544) (57,900) (249,444) - (66,900) - (316,344)
Tax losses 794 (794) - -
(611,744) (70,293) (682,037) (6,062) (49,165) 2,924 (734,340)
14,697 (1,083) 1,815 15,429
Deferred tax assets
Tax losses 36,206 263 36,469 - (6,284) - 30,185
(ii) 2017

Retirement benefit obligations 55,061 42,764 97,825 - 997 4,980 103,802
91,267 43,027 134,294 - (5,287) 4,980 133,987 Credited/ Credited
(charged) to other At
At July 1, to profit comprehensive June 30,
Net deferred tax liabilities (520,477) (27,266) (547,743) (6,062) (54,452) 7,904 (600,353) 2016 or loss income 2017
Deferred tax assets Rs’000 Rs’000 Rs’000 Rs’000
(ii) 2017 At July 1, 2016 Retirement benefit obligations 11,057 250 2,541 13,848
Accelerated tax depreciation 635 (580) - 55
174 (Charged)/
Tax losses 1,010 (216) - 794
175
Acquisition Credited
through to other At 12,702 (546) 2,541 14,697
As previously Correction of business Charged to comprehensive June 30,
ENL Limited
ENL Limited
reported prior period As Restated combination profit or loss income 2017
Deferred tax liabilities (f) Critical accounting estimates
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Accelerated tax depreciation (168,726) (189) (168,915) 2,400 (22,379) - (188,894) Deferred tax on investment properties
Asset revaluations (143,229) - (143,229) - - (100,470) (243,699)
For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment properties, the directors have reviewed the
Impairment loss/fair value (163,900) (46,300) (210,200) - (39,244) - (249,444) group’s investment property portfolio and have concluded that none of the properties are held under a business model whose objective is to consume
(475,855) (46,489) (522,344) 2,400 (61,623) (100,470) (682,037) substantially all of the economic benefits embodied in the investment properties over time rather than through sale. As a result, the group has not
Deferred tax assets recognised deferred tax on changes in the fair value of its investment properties as the group is not subject to capital gains tax on disposal of its
Tax losses 47,487 85 47,572 - (11,103) - 36,469 investment properties.
Retirement benefit obligations 57,853 36,736 94,589 - (9,927) 13,163 97,825
105,340 36,821 142,161 - (21,030) 13,163 134,294
Net deferred tax liabilities (370,515) (9,668) (380,183) 2,400 (82,653) (87,307) (547,743)
FINANCIAL REVIEW
FINANCIAL REVIEW
24. RETIREMENT BENEFIT OBLIGATIONS 24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)

(a) Accounting policy (b) THE GROUP THE COMPANY
Defined benefit plans 2018 2017 2018 2017
Restated
A defined benefit plan is a pension plan that defines an amount of pension that an employee will receive on retirement, usually dependent on
Rs’000 Rs’000 Rs’000 Rs’000
one or more factors such as age, years of service and compensation. Some subsidiaries of the group contribute to defined benefit plans for certain
employees. The cost of providing benefits is determined using the projected unit credit method so as to spread the regular cost over the service lives Amounts recognised on the statements of financial position
of employees in accordance with the advice of actuaries. The liability recognised on the statement of financial position is the present value of the Defined pension schemes (note (c) (ii)) 467,163 472,859 52,896 54,709
defined benefit obligations at the end of the reporting period less the fair value of plan assets. Other post retirement benefits (note (d) (i)) 378,545 389,232 38,163 37,607
845,708 862,091 91,059 92,316
Re-measurement of the net defined benefit liability, which comprises actuarial gains and losses arising from experience adjustments and changes Analysed as follows:
in actuarial assumptions, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), is recognised Non-current liabilities 845,708 862,091 91,059 92,316
immediately in other comprehensive income in the period in which they occur and will not be reclassified to profit or loss in subsequent periods.
The group determines the net interest expense/(income) on the net defined benefit liability/(asset) for the period by applying the discount rate Amounts charged/(credited) to profit or loss:
used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset), taking into account - Defined pension benefits (note(c)(vi)) 59,047 53,731 6,533 6,612
any changes in the net defined liability/(asset) during the period as a result of contributions and benefit payments. Net interest expense/(income) - Other post retirement benefits (note (d)(iv)) 32,026 49,173 1,807 2,129

is recognised in profit or loss. Service costs, comprising current service cost, past service cost, as well as gains and losses on curtailments and 91,073 102,904 8,340 8,741
settlements, are recognised immediately in profit or loss. Amount charged/(credited) to other comprehensive income:
Defined contribution plans - Defined pension benefits (note (c)(vii)) 14,255 80,472 7,337 10,368
- Other post retirement benefits (note (d)(v)) 3,901 (25,018) 3,357 6,567
A defined contribution plan is a pension plan under which a company pays fixed contributions into a separate entity. There is no legal or constructive
18,156 55,454 10,694 16,935
obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods. Some subsidiaries operate a defined contribution plan for all qualifying employees. Payments to defined contribution
retirement plans are recognised as an expense when employees have rendered services that entitle them to the contributions. Some subsidiary (c) Defined pension benefits
176 177
companies operate defined contribution retirement plans with no worse off guarantees provided for certain employees. (i) The group operates defined benefit pension plans for some of its subsidiary companies. They provide for a pension at retirement and benefit on death or
Some of the subsidiary companies operate defined contribution schemes with the Sugar Industry Pension Fund. disablement in service before retirement. The level of benefits provided depends on members’ length of service and their salary in the final years leading
up to retirement.
ENL Limited
ENL Limited
Following an agreement with the Sugar Industry Staff Employee’s Association where a pension is provided on retirement, the scheme operates as a
defined benefit scheme. The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligations were carried out at June 30, 2018.
The group also runs a defined contribution plan, the Rogers Money Purchase Retirement Fund (RMPRF), for some of its subsidiary companies. The (ii) The amounts recognised on the statements of financial position are as follows:
pension benefits of all employees who were members of a self-administered defined benefit superannuation fund (DBSF) have been transferred to THE GROUP THE COMPANY
this plan. These employees, subject to them contributing regularly to the RMPRF, have been given the guarantee by their respective employers that 2018 2017 2018 2017
their benefits at the age of sixty, under the RMPRF would not be less than the benefits provided under the ex DBSF. The potential liability under the
Rs’000 Rs’000 Rs’000 Rs’000
above guarantee is funded by additional employers’ contributions and has been included in the provision made for retirement benefit obligations.
Present value of funded obligations 2,919,379 2,485,749 118,957 102,372
Retirement gratuity Present value of unfunded defined benefit obligations 980 1,763 - -
For employees who are not covered or who are insufficiently covered by a pension plan, the net present value of gratuity on retirement payable under Fair value of plan assets (2,552,796) (2,123,753) (66,061) (47,663)
the Employment Rights Act 2008 is calculated and provided for. The obligations arising under this item are not funded. Impact of minimum funding requirement/asset ceiling 99,600 109,100 - -
Deficit of funded plans 467,163 472,859 52,896 54,709
Profit-sharing and bonus plans
Certain subsidiary companies recognise a liability and an expense for bonuses and profit-sharing. The subsidiary companies recognise a provision (iii) The movement in liability recognised on the statements of financial position is as follows:
when a contractual obligation has arisen. The obligations arising under this item are not funded.
2018 2017 2018 2017
Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 472,859 381,117 54,709 40,377
Acquisition through business combination (note 39(a)) 4,900 - - -
Charged/(credited) to profit or loss 59,047 53,731 6,533 6,612
Charged to other comprehensive income 14,255 80,472 7,337 10,368
Contributions paid (83,898) (42,461) (15,683) (2,648)
At June 30, 467,163 472,859 52,896 54,709
FINANCIAL REVIEW
FINANCIAL REVIEW
24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)

24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)
(c) Defined pension benefits (cont’d)
(c) Defined pension benefits (cont’d)
(vii) The amounts recognised in other comprehensive income are as follows:
(iv) The movement in the defined benefit obligations during the year is as follows:
2018 2017 2018 2017
2018 2017 2018 2017
Rs’000 Rs’000 Rs’000 Rs’000
Rs’000 Rs’000 Rs’000 Rs’000
Losses on pension scheme assets (16,200) 5,333 (1,179) 473
At July 1, 2,487,512 2,114,210 102,372 83,776
Liability experience losses/(gains) 203,988 245,273 6,242 (4,044)
Liability losses/(gains) due to change in financial assumptions 134,678 11,751 - -
Settlement loss 5,400 - - -
Return on plan assets (306,156) (212,234) - -
Current service cost 33,245 29,751 2,949 3,057
Change in effect of asset ceiling (600) (7,100) - -
Past service cost (6,300) 400 - -
Changes in assumptions underlying the present value of the scheme (1,455) 37,449 2,274 13,939
Interest cost 171,101 148,125 5,120 5,644
Actuarial losses recognised in other comprehensive income 14,255 80,472 7,337 10,368
Actuarial loss 11,497 33,904 - 9,895
Liability loss due to change in financial assumptions 134,678 12,551 - -
(viii) The principal assumptions used for accounting purposes of the actuarial valuations were as follows:
(107,276)

Benefits paid (100,247) - -
Other movements (5,434) - - - THE GROUP THE COMPANY
Liability experience loss 191,036 248,818 8,516 - 2018 2017 2018 2017
At June 30, 2,920,359 2,487,512 118,957 102,372 % % % %
Discount rate 4.1-6.8 5.0-6.5 4.1 5.0
(v) The movement in the fair value of plan assets during the year is as follows: Expected return on plan assets 3.0 3.0 - -
THE GROUP THE COMPANY Future salary increases 1.0-4.5 3.0-5.5 3.0 3.0
178 2018 2017 2018 2017 Rate of pension increases 0.0-4.0 0.0-1.0 0.0 - 179
Rs’000 Rs’000 Rs’000 Rs’000
(ix) The allocation of the plan assets at the end of the reporting period is as follows:
At July 1, (2,123,753) (1,842,193) (47,663) (43,399)
ENL Limited
ENL Limited
Expected return on plan assets (305,600) (206,788) - -
Employer contributions (80,835) (42,461) (15,683) (2,648) THE GROUP THE COMPANY
Scheme expenses 966 214 604 77 2018 2017 2018 2017
Interest income (137,880) (133,243) (2,742) (2,881) % % % %
Cost of insuring risk benefits 1,414 1,384 602 715 Qualifying insurance policies 4.75 5.31 100.00 100.00
Benefits paid 104,214 100,247 - - Local equities 31.63 31.40 - -
Other movements 5,434 - - - Overseas equities 23.68 23.34 - -
Actuarial (gain)/loss (16,756) (913) (1,179) 473 Debt 24.30 24.02 - -
At June 30, (2,552,796) (2,123,753) (66,061) (47,663) Property 12.52 13.35 - -
Cash and cash equivalents 3.12 2.58 - -
(vi) The amounts recognised in profit or loss are as follows: 100.00 100.00 100.00 100.00
Some of the assets of the plan are invested in the deposit administration policy underwritten by Swan Life. The deposit administration policy is a pooled
2018 2017 2018 2017
insurance product for group pension schemes. It is a long-term investment policy which aims to provide a smooth progression of returns from one year
Rs’000 Rs’000 Rs’000 Rs’000 to the next without regular fluctuations associated with asset-linked investments such as equity funds. Moreover, the deposit administration policy offers
Current service cost 33,245 29,751 2,949 3,057 a minimum guaranteed return of 4%.
Past service cost (6,300) 400 - -
The funding requirements are based on the pension fund’s actuarial measurement framework set out in the funding policies of the plan.
Cost of insuring risk benefits 1,414 1,384 602 715
Interest cost 24,322 21,982 2,378 2,763
Settlement loss 5,400 - - -
Scheme expenses 966 214 604 77
Total included in employee benefit expense (note 31(c)) 59,047 53,731 6,533 6,612
FINANCIAL REVIEW
FINANCIAL REVIEW
24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D) 24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)
(c) Defined pension benefits (cont’d) (d) Other post retirement benefits (cont’d)
(x) Sensitivity analysis on defined benefit obligations at end of the reporting period: (iii) The movement in the defined benefit obligations during the year is as follows:
THE GROUP THE COMPANY THE GROUP THE COMPANY
June 30, 2018 Rs’000 Rs’000 2018 2017 2018 2017
Decrease due to 1% increase in discount rate 225,074 2,278 Rs’000 Rs’000 Rs’000 Rs’000
Increase due to 1% decrease in discount rate 268,854 2,495 At July 1,
Increase due to 1% increase in future long-term salary assumptions 22,030 2,596 - as previously reported 377,034 377,069 37,607 33,335
- correction of prior period (note 42) 12,198 11,001 - -
THE GROUP THE COMPANY - as restated 389,232 388,070 37,607 33,335
June 30, 2017 Rs’000 Rs’000 Effect of curtailments/settlements (6,848) - - -
Decrease due to 1% increase in discount rate 182,154 2,743 Current service cost 17,234 22,057 41 100
Increase due to 1% decrease in discount rate 204,172 - Past service cost and gains and losses on settlements (100) 1,692 - -
Increase due to 1% increase in future long-term salary assumptions 16,906 3,092 Interest cost 21,740 25,424 1,766 2,029
Actuarial losses 8,332 9,530 3,357 6,567

The sensitivity analysis has been determined based on a method that extrapolates the impact on net defined benefit obligations as a result of reasonable Liability experience gains (6,267) (736) - -
changes in key assumptions occurring at the end of the reporting period. The present value of the defined benefit obligations have been calculated using Liability gains due to change in financial assumptions 1,836 (3,812) - -
the projected unit credit method. Liability gains due to change in demographic assumptions - (30,000) - -
Transfer to non-current assets classified as held for sale (31,804) - - -
The sensitivity analysis may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions Benefits paid (15,905) (22,993) (4,608) (4,424)
would occur in isolation of one another as some of the assumptions may be correlated. At June 30, 378,545 389,232 38,163 37,607
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
(iv) The amounts recognised in profit or loss are as follows:
180 (xi) The defined pension plans expose the group to actuarial risks such as longevity risk, currency risk, interest rate risk and market (investment) risk. 181
(xii) The group and the company expects to pay Rs.77.9m and Rs.4.8m respectively as contributions to their post-employment benefit plans for the year
ending June 30, 2019. 2018 2017 2018 2017
Restated
ENL Limited
ENL Limited
(xiii) The weighted average duration of the defined benefit obligation is between 2 and 21 years for the group and 2 years for the company at the end of the
reporting period. Rs’000 Rs’000 Rs’000 Rs’000
Current service cost 17,234 22,057 41 100
(d) Other post retirement benefits Effect of curtailments/settlements (6,848) - - -
Past service cost (100) 1,692 - -
Other post retirement benefits comprise of gratuity on retirement payable under the Employment Rights Act 2008 and other benefits.
Interest expense 21,740 25,424 1,766 2,029
(i) The amounts recognised on the statements of financial position are as follows: Total included in employee benefit expense (note 30(c)) 32,026 49,173 1,807 2,129
2018 2017 2018 2017 (v) The amounts recognised in other comprehensive income are as follows:
Restated THE GROUP THE COMPANY
Rs’000 Rs’000 Rs’000 Rs’000 2018 2017 2018 2017
Present value of unfunded obligations 378,545 389,232 38,163 37,607 Rs’000 Rs’000 Rs’000 Rs’000
Liability experience losses/(gains) (4,223) 3,994 2,689 3,487
(ii) The movement in liability recognised on the statements of financial position is as follows: Liability gain due to change in demographic assumptions - (30,000) - -
THE GROUP THE COMPANY Liability gain due to change in financial assumptions - (3,812) - -
Changes in assumptions underlying the present value of the scheme 8,124 4,800 668 3,080
2018 2017 2018 2017 Actuarial losses recognised in other comprehensive income 3,901 (25,018) 3,357 6,567
Rs’000 Rs’000 Rs’000 Rs’000
At July 1, (vi) The principal assumptions used for the purposes of the actuarial valuations were as follows:
- as previously reported 377,034 377,069 37,607 33,335 THE GROUP THE COMPANY
- correction of prior period (note 42) 12,198 11,001 - - 2018 2017 2018 2017
- as restated 389,232 388,070 37,607 33,335 % % % %
Charged to profit or loss 32,026 49,173 1,807 2,129 Discount rate 5.0-6.7 5.0-6.5 4.1 5.0
Charged/(credited) to other comprehensive income 3,901 (25,018) 3,357 6,567 Future long term salary increase 2.5-5.6 3.0-6.0 3.0 -
Acquisition through business combination (note 39(a)) 1,095 - - - Future guaranteed pension increase 0.0-1.6 0.0-2.0 - -
Transfer to non-current assets classified as held for sale (31,804) - - -
Benefits paid (15,905) (22,993) (4,608) (4,424)
At June 30, 378,545 389,232 38,163 37,607
FINANCIAL REVIEW
FINANCIAL REVIEW
24. RETIREMENT BENEFIT OBLIGATIONS (CONT’D) 25. TRADE AND OTHER PAYABLES (CONT’D)
(vii) Sensitivity analysis on defined benefit obligations at end of the reporting period:
THE GROUP THE COMPANY (b) THE GROUP THE COMPANY
June 30, 2018 Rs’000 Rs’000 2018 2017 2018 2017
Decrease due to 1% increase in discount rate 48,878 2,207 Restated
Increase due to 1% decrease in discount rate 57,973 2,493 Rs’000 Rs’000 Rs’000 Rs’000
Increase due to 1% increase in future long-term salary assumptions 12,668 126 Trade payables 1,253,233 1,123,517 - -
Other payables and accruals 2,735,711 2,789,362 25,564 32,199
(vii) Sensitivity analysis on defined benefit obligations at end of the reporting date: (cont’d)
3,988,944 3,912,879 25,564 32,199
THE GROUP THE COMPANY Trade and other payables are denominated in Mauritian rupees and their carrying amounts approximate their fair values.
June 30, 2017 Rs’000 Rs’000 26. PAYABLE TO GROUP COMPANIES
Decrease due to 1% increase in discount rate 42,885 2,203
Increase due to 1% decrease in discount rate 47,190 - (a) Accounting policy

Increase due to 1% increase in future long-term salary assumptions 2,425 - Amounts payable to group companies are stated at fair value and subsequently measured at amortised cost using the effective interest method.
2018 2017
(viii) The weighted average duration of the defined benefit obligation is between 4 and 38 years for the group and 4 years for the company at the end of the
Loans Others Total Total
reporting period.
Rs’000 Rs’000 Rs’000 Rs’000
(e) Critical accounting estimates (b) THE COMPANY
Pension benefits Subsidiary companies - 12,590 12,590 10,764
182 The present value of the pension obligations depend on a number of factors that are determined on an actuarial basis using a number of assumptions. 183
Amounts payable to group companies are denominated in Mauritian rupees and their carrying amounts approximate their fair value.
The assumptions used in determining the net cost/(income) for pensions include the discount rate. Any changes in these assumptions will impact
the carrying amount of pension obligations. 27. REVENUE
ENL Limited
ENL Limited
The group determines the appropriate discount rate at the end of each year. This is the interest rate used to determine the present value of estimated (a) Accounting policy
future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the group considers the
interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of
approximating the terms of the related pension liability. discounts, returns, value added taxes, rebates and other similar allowances and after eliminating sales within the group.
(i) Sales of goods
24. TRADE AND OTHER PAYABLES Sales of goods, including sale of land, are recognised when the goods are delivered and titles have passed, at which time all of the following conditions
(a) Accounting policy are satisfied:
Trade and other payables · the group has transferred to the buyer the significant risks and rewards of ownership of the goods;
Trade and other payables are stated at fair value and subsequently measured at amortised cost using the effective interest method. · the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the
goods sold;
Provisions
· the amount of revenue can be measured reliably;
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events which will probably result in an
outflow of economic benefits that can be reliably estimated. · it is probable that the economic benefits associated with the transaction will flow to the group; and
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting · the costs incurred or to be incurred in respect of the transaction can be measured reliably.
period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to (ii) Rendering of services
settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
Revenue from rendering of services are recognised in the accounting year in which the services are rendered (by reference to completion of the
specific transaction assessed on the basis of the actual service provided as a proportion of total services to be provided).
(iii) Rental income and management fees
Rental income and management fees are recognised on an accruals basis and in accordance with the substance of the relevant agreements unless
collection is in doubt.
FINANCIAL REVIEW
FINANCIAL REVIEW
27. REVENUE (CONT’D) 28. OTHER OPERATING EXPENSES THE GROUP THE COMPANY
(a) Accounting policy (cont’d) 2018 2017 2018 2017
(iv) Revenue from sale of properties is recognised using the percentage of completion method as construction progresses. Sale of properties is net Restated
of rebates and discounts. Rs’000 Rs’000 Rs’000 Rs’000
Sugar estate other operating expenses 504,336 484,292 - -
(v) Sugar and molasses prices are based on the final prices received from the Mauritius Sugar Syndicate.
Depreciation and amortisation 557,710 536,637 2,654 3,110
(vi) Revenue also include interest and dividend receivable which are recognised on the following bases: Selling and other expenses 203,059 610,379 - -
· Interest income is accounted on a time proportion basis using the effective interest method. When a receivable is impaired, the group reduces the 1,265,105 1,631,308 2,654 3,110
carrying amount to its recoverable amount.
Attributable to:
· Dividend income is accounted for when the shareholder’s right to receive payment is established. Continuing operations 1,262,729 1,628,686 2,654 3,110
Discontinued operations (note 20) 2,376 2,622 - -
(vii) Revenue from construction contracts
1,265,105 1,631,308 2,654 3,110
Contract costs are recognised when incurred. When the outcome of a construction contract cannot be estimated reliably, contract revenue is
recognised only to the extent of contract costs incurred that are likely to be recoverable. 29. FINANCE COSTS THE GROUP THE COMPANY

When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is 2018 2017 2018 2017
recognised over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the expected loss is Restated
recognised as an expense immediately. Rs’000 Rs’000 Rs’000 Rs’000
The group uses the ‘percentage of completion method’ to determine the appropriate amount to recognise in a given period. The stage of completion Interest expense on
is measured by reference to surveys of work performed. Costs incurred in the year in connection with future activity on a contract are excluded from - Bank overdrafts 113,455 104,179 11 21
contract costs in determining the stage of completion. They are presented as inventories, prepayments or other assets, depending on their nature. - Bank and other loans 977,412 926,341 96,497 102,147
184 The group presents as an asset the gross amount due from customers for contract work for all contracts in progress for which costs incurred plus - Finance leases 16,033 15,340 342 165 185
recognised profits (less recognised losses) exceeds progress billings. Progress billings not yet paid by customers and retention are included within - Preference shares 9,414 9,414 - -
‘trade and other receivables’. 1,116,314 1,055,274 96,850 102,333
(89,897) (367)
ENL Limited
ENL Limited
Foreign exchange (gains)/losses (71,349) 98
The group presents as a liability the gross amount due to customers for contract work in progress for which progress billings exceed costs incurred
1,026,417 983,925 96,483 102,431
plus recognised profits (less recognised losses).
(b) THE GROUP THE COMPANY Attributable to:
2018 2017 2018 2017 Continuing operations 1,022,222 979,149 96,483 102,431
Rs’000 Rs’000 Rs’000 Rs’000 Discontinued operations (note 20) 4,195 4,776 - -
Sales 13,502,002 12,127,226 - - 1,026,417 983,925 96,483 102,431
Sugar and agricultural diversification proceeds 661,185 785,882 - -
Investment and other income 1,108,057 883,608 265,459 298,486
Management and secretarial fees 6,271 10,673 126,966 120,126
15,277,515 13,807,389 392,425 418,612
Attributable to:
Continuing operations 14,601,953 13,233,521 392,425 418,612
Discontinued operations (note 20) 675,562 573,868 - -
15,277,515 13,807,389 392,425 418,612
(c) Critical accounting estimates

Revenue recognition
The percentage of completion method is utilised to recognise revenue on long-term contracts. Management exercises judgement in calculating the
deferred revenue reserve which is based on the stage of completion.
In addition, management exercises judgement in assessing whether significant risks and rewards have been transferred to the customer before
revenue is recognised.
FINANCIAL REVIEW
FINANCIAL REVIEW
30. PROFIT BEFORE TAXATION THE GROUP THE COMPANY 31. INCOME TAX
2018 2017 2018 2017 THE GROUP THE COMPANY
Restated 2018 2017 2018 2017
Profit before taxation is arrived after: Rs’000 Rs’000 Rs’000 Rs’000 Restated
Continuing operations Rs’000 Rs’000 Rs’000 Rs’000
Crediting : (a) CHARGE
Income from investments - Official market 36,103 25,062 165,598 187,619 Current tax on the adjusted profit for the year at 17% (including CSR) (2017: 15%) 164,160 103,664 1,946 -
- DEM listed 4,231 3,469 - - Under/(over) provision 4,814 (454) - -
- Unquoted 26,300 32,198 104 11,580 168,974 103,210 1,946 -
Interest income 14,492 15,763 89,371 87,704 Deferred tax charge (note 23) 54,452 82,653 1,083 546
Profit on disposal of property, plant and equipment, intangible assets, investment Income tax charge 223,426 185,863 3,029 546
properties and investments (42,159) 102,002 152,772 1,169
Increase in fair value of investment properties 1,089,170 1,134,101 - - The tax expense for the period comprises of current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items
Fair value gain on held for trading securities - 8,132 - - recognised in other comprehensive income.
Excess of fair value of the share of net assets over acquisition price (see note (a) below) 31,744 124,090 - -
The current tax charge is based on chargeable income for the year calculated on the basis of tax laws enacted or substantively enacted by the end of the

and charging: reporting period.
Depreciation on property, plant and equipment 580,691 531,141 2,654 3,097 THE GROUP THE COMPANY
Loss on disposal of property, plant and equipment, intangible assets, investment 2018 2017 2018 2017
properties and investments 97,076 - - -
Rs’000 Rs’000 Rs’000 Rs’000
Goodwill and investment impaired 38,009 5,455 - -
(b) LIABILITY
Amortisation of intangible assets 47,976 47,976 12 13
At July 1,
186 Amortisation of deferred expenditure 13,400 13,400 - - 187
- as previously reported 29,574 44,037 - -
Fair value loss on held for trading securities 2,123 - - -
- correction of prior period (note 42) 7,900 6,700 - -
Employee benefit expense (see note (b) below) 3,459,753 3,118,859 1,807 55,672
- as restated 37,474 50,737 - -
ENL Limited
ENL Limited
Excess tax paid included in other receivables - (26,489) - (2,613)
(a) Excess of fair value of the share of net assets over acquisition price arise upon acquisition of associated companies.
Under/(over) provision 4,814 (454) - -
(b) Employee benefit expense Charge for the year 164,160 103,664 1,946 -
(Paid)/refunded during the year (131,835) (89,984) - 2,613
At June 30, 76,371 37,474 1,946 -
2018 2017 2018 2017
Restated
Rs’000 Rs’000 Rs’000 Rs’000
Wages and salaries 3,084,041 2,784,288 36,898 40,322
Social security and other costs 175,307 153,386 5,628 5,706
Pension costs - defined benefit plans (note 24(c)(vi)) 59,047 53,731 6,533 6,612
- other post retirement benefits (note 23(d)(iv)) 32,026 49,173 1,807 2,129
- defined contribution plans 109,332 78,281 560 903
3,459,753 3,118,859 51,426 55,672
FINANCIAL REVIEW
FINANCIAL REVIEW
31. INCOME TAX (CONT’D) 32. FAIR VALUE, REVALUATION AND OTHER RESERVES (CONT’D)
(c) The tax on the group’s and company’s profit before taxation differs from the theoretical amount that would arise using the basic tax rate of the group and (a) THE GROUP (CONT’D)
the company as follows:
Fair value Associated
THE GROUP THE COMPANY and other companies
reserves reserves Total
2018 2017 2018 2017
Rs’ 000 Rs’ 000 Rs’ 000
Restated
(ii) July 1, 2016
Rs’000 Rs’000 Rs’000 Rs’000
- as previously reported 6,535,317 317,854 6,853,171
Profit before taxation from continuing operations 1,522,459 1,478,546 294,538 158,507
- correction of prior period 54,482 - 54,482
Loss before taxation from discontinued operations (152,837) (32,893) - -
- as restated 6,589,799 317,854 6,907,653
1,369,622 1,445,653 294,538 158,507
Acquisition and deconsolidation of group companies 2,814 - 2,814
Tax calculated at a rate of 17% (2017: 15%) 232,836 216,848 50,071 23,776
Effect of change in ownership not resulting in loss of control (27,022) - (27,022)
Tax effect of :-
Transfer on disposal of land and buildings (27,418) - (27,418)
Income not subject to tax (341,893) (240,844) (54,092) (29,880)
Other transfers (4,344) - (4,344)
Effect of different tax rates 4,350 13,100 - -
Fair value adjustments on available-for-sale financial assets 42,680 - 42,680
Expenses not deductible for tax purposes 263,564 157,039 9,006 6,642

Revaluation surplus, net of deferred tax 574,443 - 574,443
Deferred tax on investment properties not recognised (45,819) - - -
Release on disposal of investment 2,626 - 2,626
Recognised tax losses (45,031) (51,100) - -
Currency translation differences (2,049) - (2,049)
Utilisation of previously unrecognised tax losses (902) (319) - -
Share of other comprehensive income of associated companies - (10,958) (10,958)
Deferred tax impact 48,200 73,700 - -
Movement in reserves - (529) (529)
Tax losses for which no deferred tax asset was recognised 197,517 99,044 - -
June 30, 2017 7,151,529 306,367 7,457,896
(Under)/overprovision of deferred tax in previous years (46,807) 12,069 (1,959) -
188 Under/(over) provision of income tax in previous years 4,814 (454) - - (b) THE COMPANY 2018 2017 189
Effect of consolidation adjustments 16,421 (73,193) - -
Rs’ 000 Rs’ 000
Effect of tax on associated companies (47,909) (18,308) - -
Fair value and other reserves
Other movements (15,915) (1,719) 3 8
ENL Limited
ENL Limited
July 1, 10,761,545 10,433,808
Income tax charge 223,426 185,863 3,029 546
Fair value adjustments on available-for-sale financial assets 846,760 327,737
June 30, 11,608,305 10,761,545
32. FAIR VALUE, REVALUATION AND OTHER RESERVES
(a) THE GROUP 33. DIVIDENDS
Fair value Associated (a) Accounting policy
and other companies
reserves reserves Total Dividend distribution to the shareholders is recognised as a liability in the financial statements in the period in which the dividends are declared.
(i) 2018 Rs’ 000 Rs’ 000 Rs’ 000
July 1, 2017 (b) 2018 2017
- as previously reported 7,097,047 306,367 7,403,414 Amounts recognised as distributions to equity holders during the year: Rs’000 Rs’000
- correction of prior period (note 42) 54,482 - 54,482 Ordinary shares
- as restated 7,151,529 306,367 7,457,896 - Interim dividend for the year ended June 30, 2018 of Re.0.35 (2017: Re. 0.39) per share 38,220 42,588
Effect of change in ownership not resulting in loss of control (289,681) - (289,681) - Final dividend for the year ended June 30, 2018 of Re.0.35 (2017: Re.0.30) per share 38,220 32,761
Transfer on disposal of land (23,167) - (23,167) Participating preference shares
Other transfers 5,284 - 5,284 - Interim dividend for the year ended June 30, 2018 of Re.0.35 (2017: Re. 0.39) per share 36,624 40,810
Fair value adjustments on available-for-sale financial assets (13,413) - (13,413) - Final dividend for the year ended June 30, 2018 of Re.0.35 (2017: Re.0.30) per share 36,624 31,391
Revaluation surplus, net of deferred tax (5,274) - (5,274) 149,688 147,550
Release on disposal of investment (37,037) - (37,037) The final proposed dividend was paid on July 31, 2018.
Currency translation differences (4,061) - (4,061)
Share of other comprehensive income of associated companies - (33,714) (33,714)
Movement in reserves - 40,044 40,044
June 30, 2018 6,784,180 312,697 7,096,877
FINANCIAL REVIEW
FINANCIAL REVIEW
34. EARNINGS PER SHARE 35. NOTES TO THE STATEMENTS OF CASH FLOWS (CONT’D)
Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to ordinary shareholder of the company by the weighted average (b) Major non-cash transactions
number of ordinary shares outstanding during the period.
The principal non-cash transactions include the acquisition of property, plant and equipment under finance leases and available-for-sale financial assets
received as consideration for sale of investments.
2018 2017 2018 2017
(c) Cash and cash equivalents THE GROUP THE COMPANY
(a) From continuing operations Restated
Net profit attributable to owners of the company from continuing operations Rs.’000 494,759 478,804 291,509 157,961 2018 2017 2018 2017
Number of shares in issue 213,840,000 213,840,000 213,840,000 213,840,000 Rs’000 Rs’000 Rs’000 Rs’000
Basic earnings per share from continuing operations Rs. 2.31 2.24 1.36 0.74 Bank overdrafts (1,773,445) (1,543,592) - -
Cash at bank and in hand 1,975,305 1,199,100 10,915 11,309
(b) From discontinued operations
Cash at bank relating to subsidiary classified as non current assets held for 19,560 - - -
Net profit attributable to owners of the company from discontinued operations Rs.’000 (105,633) (22,240) - - sale (note 20)
Number of shares in issue 213,840,000 213,840,000 213,840,000 213,840,000 Cash and cash equivalents 221,420 (344,492) 10,915 11,309
Basic loss per share from discontinued operations Rs. (0.49) (0.10) - -
(d) Reconciliation of liabilities arising from financing activities Non-cash changes
35. NOTES TO THE STATEMENTS OF CASH FLOWS Foreign
exchange

Cash and cash equivalents include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement 2017 2018
Cash flows Acquisition movement
of financial position.
THE GROUP THE COMPANY THE GROUP Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
2018 2017 2018 2017 Bank and other loans 14,461,322 2,398,076 - 3,341 16,862,739
Restated Secured floating rate notes 1,710,000 - - - 1,710,000
Debentured 355,700 - - - 355,700
(a) Cash generated from operations Rs’000 Rs’000 Rs’000 Rs’000
Convertible preference shares 127,153 (40,953) - - 86,200
Profit before taxation from continuing operations 1,522,459 1,478,546 294,538 158,507
190 Loss before taxation from discontinued operations (152,837) (32,893) - -
Non redeemable preference shares 134,490 - - - 134,490 191
Lease liabilities 259,259 (77,560) 84,584 - 266,283
Adjustments for:
Depreciation of property, plant and equipment 570,334 520,746 2,642 3,097 17,047,924 2,279,563 84,584 3,341 19,415,412
ENL Limited
ENL Limited
Amortisation of intangible assets 52,251 47,699 12 13
Non-cash
Amortisation of deferred expenditure 13,400 13,400 - - changes
Interest expense 1,112,119 1,043,412 96,850 102,333 2017 2018
Cash flows Acquisition
Interest income (14,492) (6,301) (89,371) (87,704)
Fair value gain on revaluation of investment properties (1,089,170) (1,134,101) - - THE COMPANY Rs’000 Rs’000 Rs’000 Rs’000
Fair value adjustments on held for trading securities 2,123 (8,132) - - Bank and other loans 527,520 (18,766) - 508,754
Excess of the fair value of the share of net assets over acquisition price (31,744) (124,090) - - Secured floating rate notes 1,150,000 - - 1,150,000
Profit on disposal of land and investments (42,159) (75,080) (152,485) - Lease liabilities 5,428 (1,080) 1,096 5,444
Profit on disposal of property, plant and equipment, intangible assets and investment 1,682,948 (19,846) 1,096 1,664,198
properties (97,076) (24,158) (287) (1,169)
Impairment of receivables 48,700 12,753 - - 36. CAPITAL COMMITMENTS THE GROUP THE COMPANY
Impairment of goodwill 38,009 5,455 - -
Provision for retirement benefit obligations (11,734) 32,825 (11,955) 1,669 2018 2017 2018 2017
Share of profits less losses of associated companies and jointly controlled entities, net Rs’000 Rs’000 Rs’000 Rs’000
of dividends (232,348) 33,067 - -
Loss/(gain) on exchange 3,041 (6,028) (367) 98 Authorised by the board but not contracted for 133,600 - - -
Compensation for waiver to rights to lessee on land and buildings (2,470) (872) - - Contracted for but not provided in the financial statements 1,037,249 601,600 - -
1,841,243 1,809,141 139,577 176,844 37. SEGMENT INFORMATION
Changes in working capital:
- inventories 174,559 43,225 - - (a) Accounting policy
- consumable biological assets 52,578 43,203 - -
Segment information presented relates to operating segments that engage in business activities for which revenues are earned and expenses incurred.
- trade and other receivables (691,082) 524,832 (1,227) (2,878)
- receivable from group companies - - 72,270 (13,960) The group’s reportable segments are strategic business units that offer different products and services. They are managed separately because each
- trade and other payables 315,269 (699,090) (4,864) 5,344 business unit requires different technology and marketing strategies.
- payable to group companies - - 1,645 (1,837) Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and
Cash generated from operations from continuing operations 1,692,567 1,721,311 207,401 163,513 performance assessment.
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The group evaluates the
Cash used in operations from discontinued operations (127,034) (8,271) - - performance on the basis of profit or loss from operations before tax expense. The group accounts for inter-segment sales and transfers at current market prices.
The group’s customer base is highly diversified, with no individually significant customers.
No geographical information has been provided as the cost to develop it would be excessive.
FINANCIAL REVIEW
FINANCIAL REVIEW
37. SEGMENT INFORMATION (CONT’D) 37. SEGMENT INFORMATION (CONT’D)

Commerce Commerce
THE GROUP Agro- and Land and Corporate THE GROUP Agro- and Land and Corporate
industry industry Real estate investments Hospitality Logistics FinTech office Total industry industry Real estate investments Hospitality Logistics FinTech office Total
2018 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 2017 Restated Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Continuing operations Continuing operations
Total segment revenues 894,107 3,493,642 3,168,953 664,501 3,497,021 3,529,382 761,142 366,324 16,375,072 Total segment revenues 999,618 2,991,653 2,645,776 727,168 3,065,685 3,498,315 665,153 381,157 14,974,525
Inter-segment revenues (80,365) (164,010) (571,708) (580,235) (11,348) (1,063) (930) (363,460) (1,773,119) Inter-segment revenues (75,474) (170,605) (421,081) (643,711) (49,893) (779) (391) (379,070) (1,741,004)
Revenue from external customers 813,742 3,329,632 2,597,245 84,266 3,485,673 3,528,319 760,212 2,864 14,601,953 Revenue from external customers 924,144 2,821,048 2,224,695 83,457 3,015,792 3,497,536 664,762 2,087 13,233,521
Profit/(loss) before finance costs 106,131 154,799 1,809,573 16,174 263,183 140,775 81,207 (27,161) 2,544,681 Profit before finance costs 163,943 91,983 1,691,858 43,678 58,401 160,260 111,610 135,962 2,457,695
Finance costs (16,420) (74,163) (509,076) (314,886) (58,729) (2,959) (45,487) (502) (1,022,222) Finance costs (7,970) (70,217) (435,155) (220,926) (25,312) (35,000) (11,000) (173,569) (979,149)
Profit/(loss) before taxation 89,711 80,636 1,300,497 (298,712) 204,454 137,816 35,720 (27,663) 1,522,459 Profit/(loss) before taxation 155,973 21,766 1,256,703 (177,248) 33,089 125,260 100,610 (37,607) 1,478,546
Income tax expense (1,561) (18,775) (100,117) (2,280) (43,000) (43,000) (12,000) (2,693) (223,426) Income tax expense (4,084) (10,419) (53,720) 222 (61,270) (38,000) (17,000) (1,592) (185,863)
Profit/(loss) for the year from Profit/(loss) for the year from
continuing operations 88,150 61,861 1,200,380 (300,992) 161,454 94,816 23,720 (30,356) 1,299,033 continuing operations 151,889 11,347 1,202,983 (177,026) (28,181) 87,260 83,610 (39,199) 1,292,683

Discontinued operations Discontinued operations
Loss for the year from discontinued Loss for the year from discontinued
operations - - (152,837) - - - - - (152,837) operations - - (32,893) - - - - - (32,893)
Profit for the year 88,150 61,861 1,047,543 (300,992) 161,454 94,816 23,720 (30,356) 1,146,196 Profit for the year 151,889 11,347 1,170,090 (177,026) (28,181) 87,260 83,610 (39,199) 1,259,790
192 193
Depreciation and amortisation 75,245 91,769 107,212 8,938 213,880 106,440 36,720 6,138 646,342 Depreciation and amortisation 75,250 103,480 83,445 12,406 173,195 106,000 25,000 13,741 592,517
Additions to non-current assets 90,032 133,421 1,027,428 54,038 479,920 62,260 115,630 5,786 1,968,515 Additions to non-current assets 84,795 81,815 913,459 185 391,205 157,000 32,000 23,125 1,683,584
ENL Limited
ENL Limited
1,511,583 2,505,634 6,721,338 2,727,393 1,964,808 60,605 54,203,587 Other segment assets 1,451,162 2,463,347 22,338,497 15,281,779 6,302,867 2,898,309 803,665 63,384 51,603,010
Other segment assets 23,889,334 14,822,892 Investment in associated companies
Investment in associated companies and jointly controlled entities 2,140,793 76,862 157,000 103,099 4,526,723 - 1,618,261 - 8,622,738
and jointly controlled entities 2,221,010 83,430 295,344 115,715 4,986,215 - 1,650,816 - 9,352,530 Total segment assets 3,591,955 2,540,209 22,495,497 15,384,878 10,829,590 2,898,309 2,421,926 63,384 60,225,748
Total segment assets Segment liabilities 1,091,846 1,838,165 8,532,825 4,064,370 3,656,454 1,898,182 1,139,017 1,904,958 24,125,817
3,732,593 2,589,064 24,184,678 14,938,607 11,707,553 2,727,393 3,615,624 60,605 63,556,117
Material items of income and
Segment liabilities expenditure:
539,646 2,148,643 10,440,160 4,665,120 3,834,906 2,011,607 1,614,828 1,894,545 27,149,455 Fair value gain on revaluation of
Material items of income and investment properties - - 1,134,101 - - - - - 1,134,101
expenditure:
Fair value gain on revaluation of
investment properties - - 1,089,170 - - - - - 1,089,170
FINANCIAL REVIEW
FINANCIAL REVIEW
38. RELATED PARTY TRANSACTIONS 38. RELATED PARTY TRANSACTIONS (CONT’D)

(a) THE GROUP THE GROUP THE COMPANY
Intermediate holding Associated companies and 2018 2017 2018 2017
companies jointly controlled entities Other related parties (f) Key management personnel compensation Rs’000 Rs’000 Rs’000 Rs’000
2018 2017 2018 2017 2018 2017 Directors’ fees 3,994 4,201 705 768
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Salaries and short-term employee benefits 25,293 24,145 15,126 15,109
Purchases of goods and services - - 45,100 52,943 18,300 18,532 Post-employment benefits 3,834 4,068 1,809 2,303
Sale of goods and services - - 90,300 165,597 3,708 22,038 33,121 32,414 17,640 18,180
Management fee income 200 200 2,495 2,425 75 75
Interest expense - - 31,284 31,283 - - 39. BUSINESS COMBINATIONS
Loans payable - - 501,446 492,442 - 20,000 (a) 2018
Amounts receivable - 115 8,107 17,417 3,852 4,322
Amounts payable - - 336 6,495 701 17 (i) Acquisition of subsidiaries
During the year, one of the subsidiaries of the group acquired 100% holding in Globefin Corporate Services Ltd, Globefin Management Services Ltd,
(b) THE COMPANY Globefin Nominee Ltd and another subsidiary of the group acquired 50% holding in SB Cattle.

Intermediate holding Enterprises in which directors The goodwill of Rs.306.7m arising from the acquisition is attributable to acquired customer base and economies of scale expected from combining the
companies Subsidiary companies have substantial interest Associated companies operations of the group and the subsidiaries.
2018 2017 2018 2017 2018 2017 2018 2017
None of the goodwill recognised is expected to be deductible for income tax purposes.
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Purchases of goods and The consideration paid for the acquisition of the above companies and the value of the assets acquired and liabilities assumed recognised at acquisition
services - - 85,338 74,430 - - - - date, as well as the fair value at acquisition date of the non-controlling shareholders are summarised below.
Interest income - - 66,820 87,679 - - - -
194 2018 195
Interest expense - - - - - - 17,891 18,833 Consideration Rs’000
Management fee income 200 200 124,181 118,491 75 75 2,495 1,345 Cash 322,434
Management fee expense - - 5,788 5,788 - - - -
ENL Limited
ENL Limited
Loans receivable - - 1,150,000 1,398,050 - - - - Recognised amounts of identifiable assets acquired and liabilities assumed
Loans payable - - - - - - 294,285 295,273 Property, plant and equipment 10,698
Amounts receivable - 115 129,874 177,145 - - 1,622 135 Intangible asset 4,243
Amounts payable - - 12,590 10,764 - - - 196 Consumable biological asset 240
Trade and other receivables 22,510
(c) The sales and purchases with related parties were made in the normal course of business. Outstanding balances at the year end are unsecured, interest Cash and cash equivalents 12,867
free and settlement occurs in cash except for the following: Income tax liability (1,758)
(i) Loans receivable from subsidiary companies carry interest rates varying between 5.60% to 7.25%. Retirement benefit obligation (1,095)
Trade and other payables (34,253)
(ii) Loans payable to associated companies carry interest varying between 6.25% to 6.68%.
Borrowings (131,619)
No guarantees have been given or received except as disclosed in note 40. Deferred tax liabilities (6,062)
(d) For the year ended June 30, 2018, the group and the company did not record any impairment of amounts receivable from related parties (2017: Rs.nil). Total identifiable net assets (124,229)
This assessment is carried out each financial year by examining the financial position of the related parties and the markets in which the related parties Non-controlling interest not acquired 139,969
operate. Goodwill 306,694
322,434
(e) As at June 30, 2018, the amount owed by an enterprise with common director to one of the company’s director was Rs.Nil (2017: Rs.18,501,000).
2018
Net cash flow on acquisition of subsidiaries Rs’000
Consideration paid in cash (322,434)
Cash and cash equivalents acquired 12,867
(309,567)
The revenue and profit consolidated in the group’s statements of profit or loss for the year ended June 30, 2018 amounted to Rs.80.6m and Rs.29.5m
respectively.
FINANCIAL REVIEW
FINANCIAL REVIEW
39. BUSINESS COMBINATIONS (CONT’D) 39. BUSINESS COMBINATIONS (CONT’D)

(ii) Disposal of subsidiary The consideration paid for the acquisition of the above companies and the value of the assets acquired and liabilities assumed recognised at acquisition
date, as well as the fair value at acquisition date of the non-controlling shareholders are summarised below.
During the year, one of the subsidiaries of the group, The Savannah Sugar Milling Company Limited has been liquidated.
2017
Analysis of asset and liabilities over which control was lost 2018 Consideration Rs’000
Rs’000 Cash 30,000
Current assets 9 Acquisition related costs -
Cash and cash equivalents
Current liabilities Recognised amounts of identifiable assets acquired and liabilities assumed
Payables (197,086) Property, plant and equipment 1,300
Net assets disposed of (197,077) Trade and other receivables 33,300
Loss on deemed disposal of subsidiary Cash and cash equivalents 22,800
Share of net assets disposed of (157,662) Trade and other payables (30,000)
Receivable netted off 197,078 Deferred tax liabilities (2,400)
39,416 Total identifiable net assets 25,000

Non-controlling interest not acquired 1,700
Goodwill 3,300
The gain on disposal is included in profit for the year.
30,000
(b) 2017
Acquisition of subsidiaries 2017
Net cash flow on acquisition of subsidiaries Rs’000
During the year, the group acquired 100% holding in Velogic Express Reunion:
Consideration paid in cash (30,000)
196 Cash and cash equivalents acquired 22,800 197
(7,200)
ENL Limited
ENL Limited
In 2017, the acquired business contributed revenues of Rs.17m and profits of Rs.2m to the group.
40. CONTINGENT LIABILITIES

Contingent liabilities as at June 30, 2018 are as follows:
-A subsidiary has acted as surety in respect of a guarantee of Rs.110m given by one of its subsidiaries to the Mauritius Revenue Authority.
-A subsidiary has provided corporate guarantee of Rs.10.3m to Finlease in respect of finance lease facilities contracted by one of its subsidiaries.
- A subsidiary is being sued by the heirs of a former employee for Rs.76m on the ground of having provided unsafe working conditions during his tenure
with the company. At the date of signing the annual report, the outcome is uncertain
- At June 30, 2018, some of the group’s subsidiaries had contingent liabilities in respect of bank guarantees arising in the ordinary course of business.
It is anticipated that no material liabilities would arise from the above.
Some of the group’s subsidiaries have pending legal matters amounting to Rs.54.3m. There are also pending legal matters relating to a court case against
two subsidiary companies, the outcome of which is uncertain.
FINANCIAL REVIEW
FINANCIAL REVIEW
41. FINANCIAL SUMMARY 41. FINANCIAL SUMMARY (CONT’D)

Year ended Year ended Year ended Year ended Year ended Year ended
June 30, June 30, June 30, June 30, June 30, June 30,
2018 2017 Restated 2016 Restated 2018 2017 2016
(a) THE GROUP Rs’000 Rs’000 Rs’000 (b) THE COMPANY Rs’000 Rs’000 Rs’000
Statements of profit or loss and other comprehensive income Statements of profit or loss and other comprehensive income
Continuing operations Turnover 392,425 418,612 452,637
Turnover 14,601,953 13,233,521 13,363,287 Profit before taxation 294,538 158,507 199,345
Profit before taxation 1,522,459 1,478,546 996,666 Income tax expense (3,029) (546) 395
Income tax expense (223,426) (185,863) (161,400) Profit for the year 291,509 157,961 199,740
Profit for the year from continuing operations 1,299,033 1,292,683 835,266 Other comprehensive income for the year 677,426 313,343 399,836
Loss for the year from discontinued operations (152,837) (32,893) - Total comprehensive income for the year 968,935 471,304 599,576
Profit for the year 1,146,196 1,259,790 835,266 Dividend per share
Other comprehensive income for the year (403,214) 1,326,507 33,316 - Interim Re. 0.35 0.39 0.39
Total comprehensive income for the year 742,982 2,586,297 868,582 - Final Re. 0.35 0.30 0.39

Profit attributable to:
Owners of the company 389,126 456,564 220,468 Earnings per share Rs. 1.36 0.74 0.93
Non-controlling shareholders 757,070 803,226 614,798
1,146,196 1,259,790 835,266 June 30, June 30, June 30,
Total comprehensive income attributable to: 2018 2017 2016
Owners of the company 229,238 958,331 234,890 Statements of financial position Rs’000 Rs’000 Rs’000
Non-controlling shareholders 513,744 1,627,966 633,692 ASSETS
198 742,982 2,586,297 868,582 Non-current assets 16,645,005 15,947,148 15,566,950 199
Dividend per share Current assets 531,369 422,157 488,894
- Interim Re. 0.35 0.39 0.39 Total assets 17,176,374 16,369,305 16,055,844
ENL Limited
ENL Limited
- Final Re. 0.35 0.30 0.39 EQUITY AND LIABILITIES
Earnings per share from continuing operations Rs. 2.31 2.24 1.11 Capital and reserves 15,306,173 14,486,926 14,163,172
Loss per share from discontinued operations Rs. (0.49) (0.10) - LIABILITIES
Non-current liabilities 1,651,119 1,659,461 1,648,815
June 30, 2018 June 30, 2017 June 30, 2016 Current liabilities 219,082 222,918 243,857
Restated Restated Total equity and liabilities 17,176,374 16,369,305 16,055,844
Statements of financial position Rs’000 Rs’000 Rs’000
ASSETS
Non-current assets 55,453,838 53,240,683 48,709,201
Current assets 7,686,430 6,908,841 8,330,736
Non-current assets classified as held for sale 415,849 76,224 50,187
Total assets 63,556,117 60,225,748 57,090,124
EQUITY AND LIABILITIES
Capital and reserves 17,079,521 17,237,559 16,531,388
Non-controlling interests 19,327,141 18,862,372 17,454,263
Total equity 36,406,662 36,099,931 33,985,651
LIABILITIES
Non-current liabilities 18,949,662 15,208,871 14,012,399
Current liabilities 7,947,735 8,916,946 9,092,074
Liabilities directly associated with non-current assets classified as held for sale 252,058 - -
Total equity and liabilities 63,556,117 60,225,748 57,090,124
FINANCIAL REVIEW
FINANCIAL REVIEW
42. CORRECTION OF PRIOR PERIOD 42. CORRECTION OF PRIOR PERIOD (CONT’D)

(a) The Group changed its basis for calculating deferred tax from 15% to 17% for its Mauritian entities to reflect the tax effect of the 2% Corporate Social The effects on the statement of financial position are as follows:
Responsibility (CSR) contribution as imposed by the government.
THE GROUP
(b) The Group reported an adjustment of Rs 140.3m against the carrying amount of investment properties, being the intergroup profit realised on the setting up Restatement
of Ascencia Limited, the property fund. In line with the strategic intention of Ascencia Limited to keep the properties for its core activities and to reflect their of the
fair value, this adjustment is no longer required. At July 1, carrying value
2016 (As Adjustment of investment Reclassification Retirement At July 1,
(c) For one of the subsidiaries of the Group, no worse-off-guarantee at the time of the conversion of pension scheme from defined benefit to defined contribution previously of 2% CSR on properties to of preference benefit 2016 (As
were accounted in retirement benefit obligations in prior years, accordingly a correction of prior period has been made and comparative figures restated. reported) deferred tax its fair value shares obligations restated)
(d) One of the subsidiaries of the group has reclassified preference shares from equity to borrowings since it meets the definition of a financial liability. Assets Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Investment properties 17,937,868 - 140,300 - - 18,078,168
The effects on profit or loss and other comprehensive income are as follows: Deferred tax assets 35,814 35,186 - - 1,650 72,650
THE GROUP
Other non current assets 30,558,383 - - - - 30,558,383
Restatement Total non current assets 48,532,065 35,186 140,300 - 1,650 48,709,201
Year ended of the
June 30, carrying value Current assets 8,330,736 - - - - 8,330,736
2017 (As Adjustment of investment Reclassification Retirement Year ended Non-current assets classified as held for sale 50,187 - - - - 50,187
previously Discontinued of 2% CSR on properties to of preference benefit June 30, 2017

reported) operations deferred tax its fair value shares obligations (As restated) Total assets 56,912,988 35,186 140,300 - 1,650 57,090,124
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Equity and liabilities
Other operating expenses (4,429,632) 52,833 7,900 - - (1,197) (4,370,096)
Finance cost (974,511) 4,776 - (9,414) - (979,149) Capital and reserves
-
Profit before taxation Share capital 2,138,400 - - - - 2,138,400
1,448,364 32,893 7,900 - (9,414) (1,197) 1,478,546
Income tax expense (165,894) - (20,149) 180 (185,863) Fair value, revaluation and other reserves 6,853,171 - 57,919 - - 6,911,090
- -
Retained earnings 7,480,378 16,726 - (9,506) (5,700) 7,481,898
200 Profit for the year from continuing
operations 1,282,470 32,893 (12,249) - (9,414) (1,017) 1,292,683 Equity holders’ interests 16,471,949 16,726 57,919 (9,506) (5,700) 16,531,388 201
Loss for the year from discontinued Non-controlling interests 17,528,561 (28,044) 82,381 (124,984) (3,651) 17,454,263
operations - (32,893) - - - - (32,893) Total equity and reserves 34,000,510 (11,318) 140,300 (134,490) (9,351) 33,985,651
ENL Limited
ENL Limited
Profit for the year 1,282,470 - (12,249) - (9,414) (1,017) 1,259,790
Profit attributable to: Non-current liabilities
Owners of the company 466,845 - (3,155) - (6,506) (620) 456,564 Borrowings 12,655,889 - - 134,490 - 12,790,379
Non-controlling interests 815,625 - (9,094) - (2,908) (397) 803,226 Deferred tax liabiltities 406,329 46,504 - - - 452,833
1,282,470 - (12,249) - (9,414) (1,017) 1,259,790 Retirement benefot obligations 758,186 - - - 11,001 769,187
Other comprehensive income for the year: 13,820,404 46,504 - 134,490 11,001 14,012,399
Items that will not be reclassified to profit Current liabilities
or loss:
Remeasurement of post employment benefit Trade and other payables 4,703,156 (6,700) - - - 4,696,456
obligations, net of deferred tax (47,862) - 5,571 - - - (42,291) Current tax liabilities 44,037 6,700 - - - 50,737
Other items that will not be reclassied to Other current liabilities 4,344,881 - - - - 4,344,881
profit or loss 3,833 - - - - - 3,833 9,092,074 - - - - 9,092,074
(44,029) - 5,571 - - - (38,458)
Items that may be reclassified subsequently Total equity and liabilities 56,912,988 35,186 140,300 - 1,650 57,090,124
to profit or loss:
Surplus on revaluation of property, plant 1,440,320 - (11,100) - - - 1,429,220
and equipment, net of deferred tax
Other items that may be reclassied to profit
or loss (64,255) - - - - - (64,255)
1,376,065 - (11,100) - - - 1,364,965
Other comprehensive income for the year,
net of tax 1,332,036 - (5,529) - - - 1,326,507
Total comprehensive income for the year 2,614,506 - (17,778) - (9,414) (1,017) 2,586,297
Total comprehensive income attributable to:
Owners of the company 968,160 - (2,703) - (6,506) (620) 958,331
Non-controlling interests 1,646,346 - (15,075) - (2,908) (397) 1,627,966
2,614,506 - (17,778) - (9,414) (1,017) 2,586,297
Effect on earnings per share (0.11)
Notes to the financial statements
FINANCIAL REVIEW
corporate information
YEAR ENDED JUNE 30, 2018
42. CORRECTION OF PRIOR PERIOD (CONT’D)

The effects on the statement of financial position are as follows (cont’d):
THE GROUP
Restatement
of the
At July 1, carrying value Registered office Auditors
2017 (As Adjustment of investment Reclassification Retirement At July 1,
previously of 2% CSR on properties to of preference benefit 2017 (As
reported) deferred tax its fair value shares obligations restated) ENL House BDO & Co.
Assets Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Vivéa Business Park
Investment properties 19,965,015 - 140,300 - - 20,105,315 Moka
Deferred tax assets 66,998 41,134 - - 1,830 109,962
Telephone: (230) 404 9500 Bankers
Other non current assets 33,025,406 - - - - 33,025,406
Total non current assets 53,057,419 41,134 140,300 - 1,830 53,240,683 Fax: (230) 404 9565 SBM Bank (Mauritius) Ltd
Current assets 6,908,841 - - - - 6,908,841 Email: info@enl.mu
Non-current assets classified as held for sale 76,224 - - - - 76,224 The Mauritius Commercial Bank Ltd

Total assets 60,042,484 41,134 140,300 - 1,830 60,225,748
Equity and liabilities

Secretary
Capital and reserves
Legal advisors
Preety Gopaul, ACIS
Share capital 2,138,400 - - - - 2,138,400
ENSafrica (Mauritius)
Fair value, revaluation and other reserves 7,403,414 (3,427) 57,919 - - 7,457,906 Laowmila Burrun-Arlandoo, ACIS
Retained earnings 7,646,135 14,451 - (13,012) (6,320) 7,641,254 De Speville-Desvaux
202 Equity holders’ interests 17,187,949 11,024 57,919 (13,012) (6,320) 17,237,560 203
Non-controlling interests 18,945,636 (40,120) 82,381 (121,478) (4,048) 18,862,371
Total equity and reserves 36,133,585 (29,096) 140,300 (134,490) (10,368) 36,099,931 Share registry
ENL Limited
ENL Limited
Notaries
Non-current liabilities MCB Registry and Securities Ltd
Borrowings 13,554,585 - - 134,490 - 13,689,075 Sir William Newton Street Me Bernard d’Hotman de Villiers
Deferred tax liabiltities 587,475 70,230 - - - 657,705 Port Louis
Retirement benefot obligations 849,893 - - - 12,198 862,091 Me Jean Pierre Montocchio
Tel: (230) 202 5423
14,991,953 70,230 - 134,490 12,198 15,208,871
Current liabilities Fax: (230) 208 1167
Trade and other payables 3,920,779 (7,900) - - - 3,912,879
Current tax liabilities 29,574 7,900 - - - 37,474
Other current liabilities 4,966,593 - - - - 4,966,593
8,916,946 - - - - 8,916,946
Total equity and liabilities 60,042,484 41,134 140,300 - 1,830 60,225,748
43. EVENTS AFTER THE REPORTING PERIOD

A cautionary annoucement was made on July 18, 2018, whereby the Board of Directors of ENL Limited is currently considering a transaction involving a
restructuring and an amalgamation of ENL Commercial, ENL Limited, ENL Finance Limited and ENL Land Ltd, with and into La Sablonnière Limited. It is
intended that the surviving company, to be renamed, would be listed on the official market of the Stock Exchange of Mauritius Limited (SEM).
EnAtt Ltd
Espral Ltd
DOMC Ltd
Adnarev Ltd
ENL Limited
BlueAlizé Ltd
Cogir Limitée
ENL Land Ltd

Agrex Limited
Axess Limited
FPHL Infra Ltd

EnVolt Limited
ENL Foundation
ENL Agri Limited
CCC LAH Limited
Ascencia Limited
Blue Connect Ltd
Exotiflors Limited
Bagaprop Limited
Enquickfix Limited
Ario Seychelles Ltd
Freight Link Limited

Case Noyale Limitée
ENL Finance Limited
ESP Landscapers Ltd

ENL Property Limited
Beavia Kenya Limited
Cap D'abondance Ltd

Bluesky Mayotte SARL
F.O.M Warehouses Ltd

Espral International Ltd
Croisières Australes Ltée
ENL Commercial Limited

Bluesky Madagascar SARL
AXA Customer Services Ltd
BS Travel Management Ltd

BS REUNION (Run Tourisme)
Foresite Property Holding Ltd
Gencargo (Transport) Limited

Air Cargo Service Madagascar
ü : In office
Express Logistics Solutions Ltd
R : Resigned
General Cargo Services Limited
ENL Portfolio Managers Limited
ENL Corporate Services Limited
ENL Corporate Ventures Limited
BS Travel Management Limitada
A : Appointed
Cargo Express Madagascar S.A.R.L.
Globefin Management Services Ltd

Floreal Commercial Centre Limited
Freeport Operations (Mauritius) Ltd

Box Manufacturing Company Limited
Associated Container Services Limited
Compagnie Sucrière De Bel Ombre Limited

Bagatelle Hotel Operations Company Limited
Commercial Investment Property Fund Limited
ü
ü
ü
Abraham Bertrand Denis
Adam Marie Marc Guy
A
ü
Ah Ching Cheong Shaow Woo
Allagapen Gary Deva
Almeida James
Andre Emmanuel René
Antelme G.Robert
Arrowsmith Sarah Carmen
Artur Magalhaes
Aubdool Muhammad Riad
Audibert Louis Didier Vitry
ü
Avrillon Francis Vincent
Bastiaan Jeremy Steven
Bautoo Vishal
Beni Madhu Nitish
Berman Laurence Marie
ü
ü
Bhatt Mehul Hitesh Kumar
R
Bhoyramboli Bojrazsingh
Bhoyroo Mohammad Yashinn
Blandin de Chalain Jean-Marie Nicolas
R
R
Bosch Josep Oriol
ü
Bouic Joseph Guillaume Karl
Boullé Fabrice François
A
Boullé Robert
Bourgault Du Coudray Laurent
ü
Breiner Marc Francois Stephane
Brousse de Gersigny Samuel Philippe
Bundhun Manish
Bundhun Ziyad Abdool Raouf
ü
ü
Caesens Koenig Amaury Bruno
Caine Russel Glenn
Calisse Louis Michael Kirsley
Carlos Sitoe
Cassam Raficq
Cayeux Joseph Maxime Bruno
Charles Jacques Jean François
Chummun Dipak
Chung Kai To Cyril Yin Choon
Chung Tick Kan Georges
Cisneros Maria Antoinette Yolande
Cisneros Gilbert Jean Antoine
ü
ü
Corneillet Virginie Anne
A
Conhye Koosiram
A
Coopoosamy Deven
R
ü
ü
Corroy Marie Sybil Anick

R
Creutzer Guillemin Corinne
A
Cure Karine Marie
ü
Dahoo Noor Mohamed Eshan

List of directors of the
D'Argent Louis Joseph Gilbert

De Chasteigner Dumée-Duval Marie Noël Vincent
ü
ü
ü
ü
ü
De Comarmond Marie Maurice André Louis

De Fleuriot de la Colinière Gérard France
ü
De Laubier Tanguy Hubert Joachim
ü
ü
De Robillard Joseph Patrice
De Waal Anton
A
Depierre Yvan
ü
ü
Descroizilles Marcel Vivian

Deweer Cedric Robert Andre
D'Hotman De Villiers Audrey
D'Hotman De Villiers Marie Joseph Bernard
ü
Doger de Spéville Alban Ulrich

ü
Doger de Speville Michel Cedric

Doger De Speville Marie Joseph Thierry
Driver H. W. Anthony
Dupont Danielle Christine
ü
Dupont Marie Jacques Desiré Dominic

Elysee David
Elysee Louis Jacquelin
ü
Espitalier-Noël Marie Daniel Paul Andre

Espitalier-Noël Marie Christian
Espitalier-Noël Patrice Jean Pierre Edouard
R
ü
ü
ü
ü
ü
ü
ü
ü
ü
Espitalier-Noël Marie André Eric

Espitalier-Noël Marie Edouard Gilbert
RüA
R
R
R
ü ü
ü ü
ü ü
ü ü
ü
ü
üüü
ü ü
ü ü
ü ü
ü ü
üüüü
ü ü
ü
ü
ü
ü
ü
ü
ü
Espitalier-Noël Marie Maxime Hector

üüüüüüü
üüüü
Espitalier-Noël Joseph Edouard Gérard
A
A
R
company and its subsidiaries
ü
ü
ü
ü
ü
ü
ü
Espitalier-Noël Marie Hector Philippe

ü
ü
ü
ü
ü
Espitalier Noël Marie Patrick Roger
ü
ü
Evard Christoph
ü
ü
ü
Eynaud Francois Paul Philippe

A
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
Fayd'herbe de Maudave Louis Rene Alexandre

Fon Sing Danny Max Kim Shian
Forget Philippe Alain
ü
Fromet de Rosnay Louis Nicolas

ü
Galea Marie Henri Dominique

Gallet Marc Gaetan Denis
ü
Garrioch Anthony Gérard

ü
Geldenhuys Timotheus
Girard Sylvain
Giraud Paul France
Gisela Mabota
Gobindram Shah Nawaz
Goviden Thierry Désiré Laval
Granger Gilles
Gunness Liladhur
ü
Hardy Jean-Marie Benoit Doger de Speville

Hardy Emmanuel Michel Laurent
ü
ü
Hardy Jean Marie Bertrand

ü
ü
ü
ü
ü
ü
ü
ü
ü
Hardy Gérard Jean-Raymond

Hardy Joseph Jean Marc
A
A
Hart de Keating Christopher

Hebert Thierry Jacques M. A.
Hugnin De Loppinot Brigitte
üü
Hugnin Guy
Hugnin Thierry
ü
Humbert Noël Jean

ü
ü
ü
Hung Han Yun Denis

Hurkoo Dev Harish
A
Jantet Bruno Bernard René

Jingree Jayechund
Kanhama Denise Do N. Cornelio
ü
Koenig Hubert Joseph Desire Roger

ü
ü
ü
ü
ü
Koenig Richard Roger Joseph Henri Vigier

ü
Koenig Thierry Vincent Marie

Kone-Dicoh Khady-Lika
ü
Lagesse Loïc Gérard Gaëtan

ü
ü
ü
ü
Lagesse Jean Olivier

Lagesse Raymond Marcel Rene
Lagesse Michel Renaud
Lallchand Jawaharlall
A
Lam Kin Teng Dean Allen

ü
ü
Laulloo Mohammad Faiz Hafiz

ü
Le Fur Gérard Roger

Leclézio J. M. René
Leclézio Marie Alexis Jean-Claude Robert
Lecordier Tassawur
Legrigore Jean-Francois
A
Lenette Louis Jean Vincent Didier

ü
ü
Lenoir Gustave E. Jean Pierre

Li Ting Chung Richard
A
ü
ü
Louw Lucille Helen

Makoond Deonanan
R
R
ü
ü
ü
ü
ü
Mamet Jean Evenor Damien

Mamet Jeremy Alan
A
Mamet M.J. Jean-Pierre

Mangar Binesh
ü
Mariette Benoit Alain Bernard

Marrier D'Unienville Jean Albert
ü
ü
Marrier D'Unienville Joseph Alexis Antoine

Martins Edmilson De Jesus
ü
Masrani Hasu
Masson Jean Pierre Vivian
McNally Kevin Garth
Menteath Jonathan Lawrence
Merrick Raymond
Merven Jean Didier
ü
ü
Mokar Shah Kirtikumar

Montocchio Francois Thierry
ü
Montocchio Marie Joseph Jean-Pierre

ü
Morelli Serge Henri René

Motah Madhoo Soodhun
Motet Joseph Jacques
A
Nadassen Kishen
ü
Nathoo Roshan
Noël Alexandre Joseph Raoul
ü
Noël Joseph Claude Alain

ü
ü
ü
ü
ü
ü
Nunkoo Nayendranath
Olivier Vivian
R
Omarjee Zakaria
Oodally Yousouf
ü
Oosman Mushtaq Mohamed Oomar Noormohamed

Papet Mathias
A
Pascal Pierre Yves

ü
Park Georges Didier Nicholas

ü
Patel Kiran
ü
Peretti Lacombe Frederique Anne

R
R
ü
ü
ü
ü
ü
ü
ü
ü
Pilot Joseph Marie Johan

ü
ü
ü
ü
ü
ü
Poonisami Jean Yan Cedric

Pople Richard Clive
Quek Hung Guan
R
ü
ü
Radhakeesoon Aruna Lata Vidia

Ramnundun Anilkumarr
ü
ü
ü
ü
Ramchurn - Oogarah Soorya Devi

A
Ramdoss Itysha Sharona

Randera Taher Mowlooda Ismael
ü
Regimbeau Franz
ü
ü
Rey Simon-Pierre
A
R
ü
ü
ü
ü
Rey Dominique André Thierry Hugues

Rigouzzo Luc Andre Emmanuel
ü
Rivalland Robert
Robert Francois Richard
Rogers Francois Michel
Ronoowah Rishi Kapoor
A
R
ü
Ruhee Ashley Coomar

ü
ü
ü
ü
ü
Sangeelee Naveen
ü
Schaub Dimitri
Seeam Kamless
Shah Sharmil Dhanraj
Sondagur Ibrahim
A
ü
ü
ü
Stedman Richard Sohrab

Taloumis Panayotis
Taloumis Vassilis
üüü
Taloumis Loanis
Tchamo Jeremias
Tribolet Paul
ü
Tsang Min Ching Paul

ü
ü
ü
ü
ü
Tyack Frédéric Gérard

ü
U King Im Marie Guylette Nicole

Ujoodha Dhanun
R
ü
ü
Van Der Watt Louis Lukas Stephanus

Aü
Veerasamy Naderasen Pillay

R
R
Wiehe L. H. Georges
Wilain Jean-Luc Vincent Marie
R
R
Wong Leung Pak-Vacher Belinda

ü
ü
ü
ü
Yon Germain Joseph

ü
Yue Chi Ming Tony

Ltd
Services Ltd
Nabridas Ltd
Resaplanet Ltd
Rennel Limited
Island Living Ltd
P.A.P.O.L.C.S. Ltd
Motor Traders Ltd
Moka City Limited
Papol Holding Ltd

Motor City Limited
Packestate Limited
Jacotet Bay Limited
MDA Offices Limited
Reliance Systems Ltd

Reliance Facilities Ltd
Heritage Golf Club Ltd
Logistics Solutions Ltd

Globefin Nominees Ltd
Plastinax Austral Limited

Le Marche Du Moulin Ltd
Moka Residential Limited
Rogers Aviation Kenya Ltd
Rogers Capital Finance Ltd

Grewals (Mauritius) Limited
Indoor & Outdoor Living Ltd
Les Villas De Bel Ombre Ltee

GS Africa Airline Services Ltd
Heritage Events Company Ltd
Rogers and Company Limited
Rogers Aviation Mayotte SARL

Reliance Security Services Ltd
Rogers Aviation France S.A.R.L

River Court Nominees Limited
Rogers Aviation Reunion SARL

Rogers Aviation (Mauritius) Ltd
Nabridas International Limited
Globefin Corporate Services Ltd
Rogers Aviation Comores S.A.R.L
ü : In office
Rogers Capital City Executives Ltd
Rogers Aviation Mozambique LDA.
R : Resigned
MTL Logistics & Distribution Co. Ltd
Rogers Aviation Madagascar S.A.R.L

Plaisance Air Transport Services Ltd
A : Appointed
Rogers Capital Business Services Ltd
Rogers Capital Actuarial Services Ltd
Les Villas De Bel Ombre Amenities Ltd
Le Sunset Commercial Centre Limited
Plaine des Papayes Properties Limited

Mauritius Coal & Allied Services Co. Ltd
Rogers Capital Accounting Services Ltd
Rogers Capital Corporate Services Limited

Rogers Aviation Holding Company Limited
Rogers Capital Captive Insurance Management

Mon Désert Alma Sugar Milling Company Limited
Rogers Aviation South Africa (Proprietary) Limited
Rogers Capital Corporate Services Pte (Singapore)

Mozambique Airport Handling Services Ltd (MAHS)
Rogers Aviation International Ltd (formerly Ario Ltd)

ü
Adam Marie Marc Guy
ü
Allagapen Gary Deva
R
Almeida James
Antelme G.Robert
ü
Artur Magalhaes
A
ü
Bautoo Vishal
A
Beni Madhu Nitish
ü
ü
ü
ü
Bosch Josep Oriol
ü
Boullé Robert
R
A
ü
ü
ü
Bundhun Manish
A
R
ü
Caine Russel Glenn
ü
Carlos Sitoe
ü
Cassam Raficq
ü
ü
Chummun Dipak
ü
ü
R
ü
ü

Conhye Koosiram
A
Coopoosamy Deven
ü
A
Cure Karine Marie


A
ü

De Waal Anton
Depierre Yvan
ü
ü

ü
ü
ü
ü

A
ü
ü

Elysee David
üR
R

A
A
R
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü

ü

A
R
üüü
ü
ü
ü
ü
ü
ü
ü
ü
ü

A
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü

ü
ü

Evard Christoph
A
ü
ü
ü

A A
ü
ü
ü
ü
ü
ü
ü
üü
ü
ü
ü
ü
ü
ü
ü

R

R

ü

Girard Sylvain
Giraud Paul France
A
Gisela Mabota
R

ü
Granger Gilles
ü
Gunness Liladhur
ü

ü

R

A
A

Hugnin Guy
A
Hugnin Thierry
Humbert Noël Jean
Hung Han Yun Denis
Hurkoo Dev Harish
ü
Jingree Jayechund
ü

ü
ü

ü
ü
ü
ü
ü
ü
ü
ü

ü

ü
ü
ü
ü

ü
Lecordier Tassawur
üA
üA
ü
ü
ü
ü
ü
ü
ü
ü

ü
ü
ü

Louw Lucille Helen
Makoond Deonanan
A
Aü
ü

ü
Mamet Jeremy Alan

Mangar Binesh
R

Masrani Hasu
ü

McNally Kevin Garth
ü

Merrick Raymond
Merven Jean Didier
ü
ü

ü

A
Nadassen Kishen
ü
ü
Nathoo Roshan
ü
ü
Nunkoo Nayendranath
üü
Olivier Vivian
R
R
Omarjee Zakaria
A
Oodally Yousouf
ü
Papet Mathias
Pascal Pierre Yves
ü

Patel Kiran
R
R
ü
ü

ü
ü
ü
ü
ü
ü
ü
ü
ü

Pople Richard Clive
ü
Quek Hung Guan

ü
ü
ü

ü
ü
ü
ü
ü

ü
ü
ü

Regimbeau Franz
Rey Simon-Pierre
A

Rivalland Robert
A

ü

A
ü
ü
ü
ü
ü
ü
ü
Ruhee Ashley Coomar

ü
ü
ü
Sangeelee Naveen
Schaub Dimitri
ü
Seeam Kamless
Sondagur Ibrahim
ü

Taloumis Panayotis
Taloumis Vassilis
Taloumis Loanis
R
Tchamo Jeremias
Tribolet Paul
ü
ü

ü
ü
ü
ü
ü
ü
Ujoodha Dhanun
R
Wiehe L. H. Georges
ü

R

ü
ü
Yon Germain Joseph

Yue Chi Ming Tony
VSR SA
VLH Ltd
Velogic Ltd
Sukpak Ltd
Travelia Ltd
Sygeco Limited
Sweetwater Ltd
VK Logistics Ltd
VLH Training Ltd

Ti Pouce Limited
S & W Synergy Ltd
Rogers Capital Ltd
Smartvertising Ltd
Rogers Shipping Ltd
Veranda Tamarin Ltd

Tambourissa Limited
Telfair Square Limited
Seven Colours Spa Ltd
Rogers Foundation Ltd
Yacht Management Ltd

Transcontinent S.A.R.L.
Rogers I.D.S (France) SA
Seafood Basket Limited
The Old Factory Limited
Villas Valriche Resort Ltd

Southern Marine & Co Ltd
Rogers Capital Nominee 2
Rogers Capital Nominee 1
Turbine Incubator Limited

Rogers IDS Madagascar SA
Velogic Garage Services Ltd

Thermoil Company Limited
Rogers Capital Nominee Ltd
Velogic India Private Limited

Transworld International Ltd
Velogic Haulage Services Ltd

Velogic Express Reunion SAS
The Gardens of Bagatelle Ltd
Savannah Properties Limited
Velogic Holding Company Ltd

Rogers Corporate Services Ltd
Rogers Capital Payroll Services
Rogers Capital Outsourcing Ltd
Velogic Depot & Warehouse Ltd

Rogers Capital Fund Services Ltd
Rogers Shipping PTE (Singapore)
ü : In office
Rogers Logistics International Ltd
Rogers IDS Limitada Mozambique
R : Resigned
A : Appointed
Rogers Capital Trustees Services Ltd
Rogers Capital Specialist Services Ltd
Rogers Capital Payment Solutions Ltd
Rogers Logistics Services Company Ltd

Rogers Capital Investment Advisors Ltd
Rogers Capital Technology Services Ltd

Rogers Capital Management Services Ltd
The Savannah Sugar Milling Company Ltd

Rogers Consolidated Shareholding Limited
Sports-Event Management Operation Co Ltd

South West Tourism Development Company Limited
ü
ü
ü
ü
Adam Marie Marc Guy
A
A
ü
ü
ü
Allagapen Gary Deva
Almeida James
ü
Antelme G.Robert
ü
Artur Magalhaes
A
ü
ü
ü
ü
A
A
Bautoo Vishal
Beni Madhu Nitish
ü
ü
ü
ü
Bosch Josep Oriol
ü
ü
Boullé Robert
Bundhun Manish
R
A
A
Caine Russel Glenn
Carlos Sitoe
Cassam Raficq
R
R
Chummun Dipak
A
ü

üü
A
A
A
ü
ü
ü
ü

Conhye Koosiram
Coopoosamy Deven
A
Cure Karine Marie

üü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü

ü
De Waal Anton
ü
Depierre Yvan
ü

ü

ü
Elysee David
R
ü
ü
ü
ü
ü
ü
ü
ü
ü

A
R
R
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü

A
A
A
A
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü

ü
ü
Evard Christoph
A
ü
ü
ü

ü
ü
ü
üü
ü
Girard Sylvain
ü
Giraud Paul France

Gisela Mabota
ü

Granger Gilles
Gunness Liladhur
üü

ü
ü
ü

A

üü
üü
üü
Hugnin Guy
ü
Hugnin Thierry
Humbert Noël Jean
ü
ü
Hung Han Yun Denis

A
A
Hurkoo Dev Harish

A
ü
ü
Jingree Jayechund
ü
ü

ü
ü
ü

ü
Lecordier Tassawur
ü
ü
ü
ü
ü
ü
ü

ü

Louw Lucille Helen
Makoond Deonanan
R
R
ü
ü
ü

Mamet Jeremy Alan
A
Mangar Binesh
A

Masrani Hasu
R
McNally Kevin Garth

ü
Merrick Raymond
Merven Jean Didier
ü
ü

R

ü

Nadassen Kishen
Nathoo Roshan
ü

ü

ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
Nunkoo Nayendranath
ü
üü
Olivier Vivian
Omarjee Zakaria
Oodally Yousouf
Papet Mathias
Pascal Pierre Yves
Patel Kiran
A
ü
ü

ü

A
Pople Richard Clive

Quek Hung Guan
A
ü
ü
ü
ü
ü

Regimbeau Franz
Rey Simon-Pierre
ü

Rivalland Robert
A

ü

A
A
ü
ü
ü
ü
ü
ü
ü
ü
ü
Ruhee Ashley Coomar

ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
Sangeelee Naveen
Schaub Dimitri
Seeam Kamless
ü

R
Sondagur Ibrahim
A
A
ü
ü

Taloumis Panayotis
Taloumis Vassilis
Taloumis Loanis
Tchamo Jeremias
ü
Tribolet Paul
ü

ü
ü
ü
ü
ü
ü
ü
Ujoodha Dhanun
R

Wiehe L. H. Georges
R
R

ü
Yon Germain Joseph

ü
Yue Chi Ming Tony

notice of meeting proxy form
Notice is hereby given that the annual meeting of shareholders of ENL Limited will Note: The profile and category of the Directors proposed for re-election/election/ I/We
be held at the company’s registered office, ENL House, Vivéa Business Park, Moka, re-appointment are set out on page 68 of the Annual Report 2018.
on 29 November 2018 at 09.00 hours, to transact the following business:
By order of the Board of
1. To consider the Annual Report for the year ended 30 June 2018.
2. To receive the report of the auditors of the company.
being a member/s of ENL Limited, do hereby appoint
3. To consider and approve the audited financial statements of the company for
the year ended 30 June 2018.
of
Ordinary resolution
“Resolved that the audited financial statements of the company for the year

ended 30 June 2018 be hereby approved.” Preety Gopaul, ACIS
Company Secretary as my/our proxy or failing him/her
4. To elect/re-elect as Director of the company, Mr Marie André Eric Espitalier-
Noël, who retires by rotation and being re-eligible, offers himself for re- 27 September 2018
relection: of
Except in the case of a notarised general Power of Attorney, a member may only appoint another
Ordinary resolution shareholder as his/her proxy to represent him/her at General Meetings of the company. Any
“Resolved that Mr Marie André Eric Espitalier-Noël be hereby elected/re-elected such appointment must be made in writing on the attached form, and the document deposited to vote for me/us on my/our behalf at the Annual Meeting of the company to be held at 09.00 hours on 29 November 2018 and at any adjournment thereof. The proxy will
210 as Director of the company.” at the Share Registry and Transfer Office of the company, MCB Registry and Securities Ltd, Sir vote on the under-mentioned resolution, as indicated: 211
William Newton Street, Port Louis, Mauritius not less than twenty-four hours before the meeting
5. To re-appoint Mr Joseph Edouard Gérard Espitalier Noël, who is over the age is due to take place.
ENL Limited
ENL Limited
of 70 years, to continue to hold office as a Director of the company until the
next Annual Meeting of the company under Section 138 (6) of The Companies Resolutions
For the purpose of this annual meeting, the Directors have resolved, in compliance with Section For Against Abstain
Act 2001. 120(3) of the Companies Act 2001, that the shareholders entitled to receive notice of the meeting (Please indicate with an X in the spaces below how you wish your votes to be cast)
and attend such meeting shall be those shareholders whose names are registered in the share 3 “Resolved that the audited financial statements of the company for the year ended 30 June 2018 be hereby approved.”
Ordinary resolution register of the company as at 1 November 2018.
“Resolved that Mr Joseph Edouard Gérard Espitalier Noël be hereby re- 4 “Resolved that Mr Marie André Eric Espitalier-Noël be hereby elected/re-elected as Director of the company.”
appointed as Director of the company to hold office until the next Annual
Meeting of the company.” 5 “Resolved that Mr Joseph Edouard Gérard Espitalier Noël be hereby re-appointed as Director of the company to hold
office until the next Annual Meeting of the company.”
6. To appoint BDO & Co. as auditors until the conclusion of the next Annual
Meeting of the company and to authorise the Board to fix their remuneration. 6 “Resolved that BDO & Co. be appointed as auditors until the conclusion of the next Annual Meeting of the company
and that the Board be authorised to fix their remuneration.”
Ordinary resolution
“Resolved that BDO & Co. be appointed as auditors until the conclusion of the
next Annual Meeting of the company and that the Board be authorised to fix Signed this day of 2018 Signature:
their remuneration.”
Notes
1. Except in the case of a notarised general Power of Attorney, a member may only appoint another shareholder as his/her proxy to represent him/her at General Meetings of the company. Insert the
name of the person appointed proxy in the space provided
2. If the appointor is a corporation, this form must be under its common seal or under the hand of some officer or attorney duly authorised in that behalf.
3. In the case of joint holders, the signature of any one holder will be sufficient, but the names of all the joint holders should be stated.
4. When shares conferring voting rights are subject to usufruct, the right to vote shall be exercised by the bare owner of the said shares at extraordinary general meetings and by the usufructuary at
ordinary general meetings.
5. In the case of joint holders, the right to vote shall be exercised by the first named on the register and if he is not present in person or by proxy, the right to vote shall be exercised by the second named.
6. If this form is returned without any indication as to how the person appointed proxy shall vote, he will exercise his discretion as to how he votes or whether he abstains from voting.
7. To be valid, this form must be completed and deposited at the Share Registry and Transfer Office of the company, MCB Registry and Securities Ltd, Sir William Newton Street, Port Louis, Mauritius not
less than 24 hours before the time fixed for holding the meeting or adjourned meeting.
100%
This Integrated Report is printed on

Cocoon Silk / Preprint | Cyclus Offset
ENL Limited
ENL House • Vivéa Business Park • Moka • Mauritius
T +230 404 9500 | F +230 404 9565
info@enl.mu | www.enl.mu

Enl Limited Ra 2018 Spread

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ENL Limited

Integrated Report 2018

Integrated Report 2018

We deliver competitive returns to shareholders by investing in

2018: Rs 13.4bn 2018: 34.5% Employee engagement Investment in training

2018: Rs 1.4bn 2018: Rs 150m created or distributed

Contribution to ENL Foundation

Capital expenditure incurred Investment in intangibles Our stewardship towards the

Client centricity • Competitive returns for our

• Engage in key activities on

Integrated Report 2018

Shareholders & providers of capital Local communities

MATERIAL MATTERS OUR RESPONSE MATERIAL MATTERS OUR RESPONSE

Integrated Report 2018

Business partners & suppliers

• Be treated in a professional, fair, transparent,

ENL is a broad-based enterprise, controlled by

Integrated Report 2018

Learn more on ENL Limited, we invite you to visit

Moka smart city

Integrated Report 2018

PANTONE SOLID COATED PANTONE 1807 C PANTONE 438 C

BUSINESS REVIEW | CEO’S REVIEW

Integrated Report 2018

turnover operating profit profit from continuing operations

Rs 14.6 bn Rs 959 m Rs 1.3 bn

its main holding companies into a single, robust entity.

BUSINESS REVIEW | CEO’S REVIEW

Integrated Report 2018

land and investments

Read further on how we are harnessing our human capital to

Rs 2.31 Rs 0.70 2.9%

BUSINESS REVIEW | CEO’S REVIEW

Integrated Report 2018

Integrated Report 2018

Compass’ achievements in 2018

Integrated Report 2018

BUSINESS REVIEW | AGRO-INDUSTRY

Integrated Report 2018

Integrated Report 2018

BUSINESS REVIEW | REAL ESTATE

Integrated Report 2018

Integrated Report 2018

Integrated Report 2018

Integrated Report 2018

Integrated Report 2018

turnover profit after tax

Integrated Report 2018

In addition to building and improving employee engagement,

BUSINESS REVIEW | HUMAN CAPITAL

Integrated Report 2018

Health and Safety

Integrated Report 2018

During the coming year, we intend to pursue our strategy to:

To this end, we continue to strengthen our human capital management

BUSINESS REVIEW | SOCIAL, RELATIONSHIP & NATURAL CAPITAL

Integrated Report 2018

Integrated Report 2018

BUSINESS REVIEW | RISK MANAGEMENT

Integrated Report 2018

BUSINESS REVIEW | RISK MANAGEMENT

Integrated Report 2018