ENL GROUP Analyst meeting 7th October 2016

AGENDA

The Group

Focus areas

Growth areas

Financials

The Group

Group Structure ENL LIMITED

ENL LAND*

ENL Agri

Food & Allied Group

ENL Property

Tropical Paradise Co

ENL COMMERCIAL#

ENL LIFESTYLE

Rogers*

New Mauritius Hotel *

* Listed on SEM 10 # Listed on SEM Listed on DEM Associates

Focus areas Commerce and industry

Financial Services

Hospitality

Land & investments

Lifestyle

Logistics

Agribusiness Automotive

Financial Services

Hotels

Land owner

Business hotels

Logistic Development solutions

Agro-industry Construction

Technology

Travel

Venture capital

Restaurants

Leisure

Business incubator

Agro-industry

Sectors

Property

Investments

Manufacturing Trading

Services

ENL Rogers capital VLH ENL Land Voila Bagatelle Velogic ENL Property Commercial Global CSBO Cogir Rogers Aviation La Turbine Ocean Basket Ascencia business Activities Villas de Bel Case Noyale EIS Catalyst Savinia Bistrot Ombre Asset Mokaz Moka City Management New Mauritius Food & Allied Swan Hotels ENL Agri

Key investments

Air Mauritius Mautourco White Sands Blueconnect

Guiding principles

Raising dividends annually EQUILIBRIUM Increasing shareholders’ interests

Controlling the level of indebtedness

Main drivers 2016

Amalgamation of ENL Land and ENL Investment Acquisition of a controlling stake in Bagaprop Spurring development of property cluster Strengthening of position into New Mauritius Hotels Development of financial services Regional expansion of logistics Tackling turnaround of commerce and industry cluster Pursuing niches for development of lifestyle activities

Highlights Over

PROFIT AFTER TAX

GEARING

6,800

Rs 875 m

31%

employees

2015: Rs 1.4 bn

TOTAL GROUP ASSETS

Rs 57 bn

2015: 22%

GROUP TURNOVER

Rs 13.4 bn 2015: 48 bn

2015: 12.3 bn

EQUITY HOLDERS INTERESTS

PROFIT ATTRIBUTABLE TO EQUITY HOLDERS

Rs 16 bn

Rs 236 m

2015: Rs 16 bn

2015: 536 m

Corporate responsibility

ENL focuses on wellbeing of communities within our areas of activity ENL Foundation geared towards prioritising vulnerable children environment poverty alleviation socio-economic development

Rogers Foundation concentrates on education and actions towards coastal protection

Focus areas

Agroindustry

Agro-industry Turnover

Agro-industry

Profit after tax

2016

2015

Change

2016

2015

Change

945

937

1%

249

258

(4%)

Developments in FY2016 Disposed of 10% in Food and Allied group

Performance in FY2016 Cane business: Pursuing with increased mechanisation, efficient use of resources and review of maintenance programs and transport Non-sugar activities at ENL Agri is profitable: poultry, landscaping

Very good performance of Food and Allied Group with profit attributable to the shareholders of Rs 633m Targets for FY 2017 Sugar accruing for crop 2016 expected to be higher than last year: 27,000 tonnes v 23,000 in 2015

Sugar price expected at Rs 15,300 per tonne + Rs 2,000 per tonne for cane by-products New poultry building completed Pursuing innovative projects, some of which look very promising

Commerce and Industry

Commerce and industry Turnover

Commerce and industry

Profit after tax

2016

2015

Change

2016

2015

Change

3,489

3,394

3%

(54)

(13)

(100%)

Developments in FY2016 Became authorised dealer for Peugeot Acquisition of a 50% stake in JMD, distributor of aluminium profiles Axess discontinued some loss making lines Shops opened at Home & Leisure: Grewals and Maison & Co

Performance in FY2016 One off restructuring costs at Axess and one-off costs in Grewals and Box Reduced volume of sunglasses exported for Plastinax resulted in a loss Higher finance costs linked to increase in debts due to high stock holding costs

Targets for FY 2017 Renew with profitability Project to refinance buildings

Financial services

Financial services Turnover

Financial services

Profit after tax

2016

2015

Change

2016

2015

Change

627

414

52%

127

140

(9%)

Developments in FY2016 Amalgamation of Consilex and Kross Border Acquisition of management company River Court Administrators Launch of Cloud Platform, Cloud 24 Performance in FY2016 Costs relating to the merger of global business activities Improved results from Swan Group Targets for FY 2017 Regrouping of Financial services and Technology under FinTech

Setting up of Global Business operation in Seychelles Development of wealth management services New technology offerings

Hospitality

Hospitality Turnover

Hospitality

Profit after tax

2016

2015

Change

2016

2015

Change

2,593

2,264

15%

71

178

(60%)

Developments in FY2016 Subscription to NMH preference shares and acquisition of 5.82% additional stake in equity (holding 29.87%) for a total of Rs 1.7bn

Performance in FY2016 Enhanced operational PAT on the back of rate increases and higher occupancy Losses at NMH due to reorganisation costs

Targets for FY 2017 NMH Debt reduction plan well advanced Strategic initiatives about to be confirmed Expect better contribution to profits from NMH Acquisition of Tamarin hotel Upgrading of Domaine de Bel Ombre experiences, including second golf course

Land and Investment

Land and Investment Turnover

Profit after tax

2016

2015

Change

2016

2015

Change

40

53

(25%)

(356)

5

(100%)

Land and investments

Includes mainly the agricultural land of the group

Developments in FY2016 101 arpents of new conversion permits obtained; fair value gains recognised in property Performance in FY2016 Last year included sale of Attacq shares (Rs 234m) Higher finance costs in ENL Land resulting from acquisitions Sale of agricultural morcellement at an average of Rs 2.5m / arpents over 43 arpents Targets for FY 2017 Additional conversion of land Sale of a small portion of non-strategic land

Land and Investment Optimised structures to permeate innovation

Fund of Rs 760m over 5 to 8 years

First incubator in Mauritius

2 independent directors with wide ranging

Permeate innovation into ENL, Moka and Mauritius

international experience

3 starts ups lined up to begin the incubation in

First investment expected to be completed by end of

November

2016

Tap into the National incubation fund of Rs 50m

Branding exercise ongoing

Develop corporate partnerships for funding

Logistics

Logistics Turnover

Profit after tax

Year ended June 30 (in Rs’m)

2016

2015

Change

2016

2015

Change

Logistics

3,134

2,911

8%

83

27

100%

Developments in FY2016 Expansion of Velogic in Kenya with the acquisition of Gencargo Services and Gencargo (Transport)

Performance in FY2016 Turnaround of freight forwarding operations in France Contribution of newly bought Kenyan businesses Lower earnings from transport services

Targets for FY 2017 Enhancing systems, processes and broadening of service offering in Kenya Should benefit from ongoing port development plan scheduled to be completed in 2017

Lifestyle

Lifestyle Year ended June 30 (in Rs’m) Lifestyle

Turnover

Profit after tax

2016

2015

Change

2016

2015

Change

265

228

16%

5

4

44%

Performance in FY2016 Higher number of covers at Ocean Basket Improved occupancy at Voila Bagatelle and good performance of Voila meetings

Targets for FY 2017 Ocean Basket opening at Centre Commercial Phoenix end of 2016

Property

Property Developments in FY2016 Fundraising of Rs 1bn by Ascencia and acquisition of 34.9% in Bagaprop and 100% of Gardens of Bagatelle Acquisition of 50% of Mall of Mauritius (holding 100%) Opening of Bagatelle Home & Leisure Uplifting of Centre Commercial Phoenix Launch of So’Flo and PDS at Saint Antoine Completion of infrastructure works at Telfair Delivery of Telfair Views Morcellement Ongoing development at Vivea Business Park

Property Turnover

Profit after tax

Year ended June 30 (in Rs’m)

2016

2015

Change

2016

2015

Change

Property

2,270

2,066

10%

802

776

3%

Performance in FY2016

Consolidation of Bagaprop as subsidiary, increased revenue reflecting success of commercial centres, contribution of Home & Leisure Fair value gains of Rs 627m, including Rs 379m from commercial properties

Targets for FY 2017 Enhance property value chain through new development model Launch of Moka Smart City and respective projects Value knowledge and experience in new projects in or outside the land bank Complete So’Flo for opening in September 2017 Improve tenant mix and occupancy levels across retail portfolio

Property NEW DEVELOPMENT MODEL LAND BANK OWNER (Smart City) - Undertake infrastructure

DEVELOPMENT FUND

OFFICE FUND

- Acquire land and undertake developments of yielding assets

- One of the exit platforms for the development fund

- Sell serviced land for cash - Exit after 3-5 years

- Generate recurring cash flows

Smart City incentives

Higher risk / Higher return

Target effective date 1st

15 years development

Target effective date 1st

July 2017

Low risk / low return

July 2017

Target effective date 1st January 2017

Moka Smart City

Master plan over 1,600A Phase 1 over 450A

4,900 sqm Construction: January 2017 to July 2018 Additional building contemplated

Property

Helvetia Phase 4 Project area approximately 22 arpents Combination of land plots and apartments Phase 1 32 plots 8 duplexes 38 apartments Target launch January 2017

Property Courchamps Attract young professionals within Moka & build up dynamism within the region

Morcellement over 19.75 arpents Phase 1 (37 plots) – Fully sold Phase 2 (43 plots) – Launching October 2016 Infrastructure works: October 2016 to May 2017

Property Telfair

CBD Start of construction of first building in November 2016 Size: 4,373 sqm Mix of offices and commercial space Pipeline with high profile firms:

Financial Services Bio-Medical industry Other developments

Student accommodation in partnership with south African operator Construction starting Jan 2017

Property St Antoine Private Residences Overall project Project of 100 apartments & 30 land plots (2 phases) Obligation to sell 25% to Mauritians now waived Project value of Rs 2.1Bn & profit of Rs 320M

Phase 1 - 50 units & 30 plots of land

Pre-sales progressing well

Growth areas

Growth areas

ENERGY

EDUCATION

HEALTHCARE

Sustainable and leverageable projects

Leverage location of Moka

Leverage on medical facilities existing in Moka

Requirement in Smart City guidelines

Create an education hub

Explore paramedical opportunities

Photovoltaic projects for shopping malls

Investment in Charles Telfair Institute

Waste recycling

Schools built on ex-ENL lands

Financials

ENL Commercial

ENL COMMERCIAL Rs ‘ m Total assets

June 30, 2016

June 30, 2015

Change

2,326

2,123

10%

Shareholders’ interests

695

747

(7%)

Total equity

695

747

(7%)

1,009

846

19%

59.21%

53.11%

+6.1 ppt

Net indebtedness Gearing ratio

Increase in indebtedness of Rs 163m to:

Finance higher stock holding costs at Axess Buy new land for Nabridas’ operations

Per share data (Rs) Net asset value

23.83

25.62

ENL COMMERCIAL Rs ‘ m

June 30, 2016

June 30, 2015

Change

One off restructuring costs at Axess and oneoff costs in Grewals and Box

Turnover Operating profit (Loss)

2,731

2,616

4%

36

51

(29%)

(41)

(9)

(100%)

Reduced volume of sunglasses exported for Plastinax resulted in a loss

Higher finance costs linked to increase in debts

Per share data (Rs) Earnings

(1.42)

(0.31)

Dividend

0.45

0.90

Losses incurred by associated company, Cogir, due to sustained pressure on margins

ENL COMMERCIAL

Turnover Year ended June 30 (in Rs'm) Automotive

2016

2015

Profit after tax Change

2016

2015

Change

1,958

1,833

6.8%

11

19

(41.7%)

Trading and services

251

267

(5.8%)

(1)

(8)

87.4%

Industry and manufacturing

513

507

1.3%

(26)

5

(100.0%)

9

10

(9.5%)

(26)

(24)

(7.8%)

2,731

2,616

4.4%

(42)

(9)

(100.0%)

Corporate Office

ENL Land

ENL LAND Rs‘m Non-current assets Current assets Total assets

June 30, June 30, Change 2016 2015 47,633 23,181 6,991 1,918 54,624 25,099

Shareholders’ interests Non-controlling interests Total equity

25,708 9,592 35,300

20,115 492 20,606

Non-current liabilities Current liabilities Total equity and liabilities

11,465 7,859 54,624

2,291 2,201 25,099

Net indebtedness

12,590

2,881

Gearing NAV per share

26.29% 86.4

28%

71%

100%

12.27% 14.02ppt 86.7

Movement in net indebtedness explained by: First-time consolidation of news subs (Bagaprop & GOB Rs 2.3bn, Rogers Rs 4.3bn) Loans contracted for acquisition of NMH shares, Mall of Mauritius, Gardens of Bagatelle Loans to invest into construction / renovation of malls

ENL LAND Year ended - Rs‘m

Turnover Operating profit (Loss)/Profit on sale of land and investments Others Fair value gain on investment properties

Jun 30, 2016

Proforma Change Jun 30, v/s 2015 proforma

Jun 30, 2015

6,330

2,315

5,864

8%

522

5

98

100%

(66)

273

293

(100%)

(6)

24

(11)

45%

627

207

377

66%

Includes revenue of Rogers Mainly operational profits of Rogers Last year included sale of Attacq shares

Mainly on Ascencia and land conversion

173

262

591

(71%)

Includes Food & Allied group and NMH Excludes Bagaprop which became a subsidiary

(556)

(189)

(360)

(54%)

Increase in net indebtedness

Profit before taxation

695

582

989

(30%)

Income tax expense

(59)

(11)

(69)

15%

Profit after tax

636

571

920

(31%)

Share of results of associated companies and jointly controlled entities Finance costs

* Results for the year ended 30 June 2016 comprise seven months pre-amalgamation and five months post-amalgamation # Pro-forma results for year ended 30 June 2015 included to provide a level of comparison

ENL LAND Results are not comparable as 2016 are post-amalgamated results

2016

Turnover 2015

Change

Agro-industry Property Land and investments

787 1,541 50

707 756 41

11% 100% 22%

Hospitality and leisure

1,263

-

100%

Logistics Financial Services

1,533 357

-

100% 100%

800

812

(2%)

6,330

2,315

100%

Commerce and Industry Total

Profit after tax 2016 2015 Change 126 423 76 (35) 16 46

12 309 259

100% 37% (71%)

-

0%

-

0% 0%

(16)

(10)

636

571

(63%) 11%

ENL Limited

ENL LIMITED Rs ‘ m

June 30, 2016

June 30, 2015

Change

Non-current assets

48,532

41,756

16%

Current assets Total assets

8,381 56,913

6,652 48,408

26% 18%

Shareholders’ interests Non-controlling interests Total equity

16,472 17,529 34,001

16,481 16,230 32,711

0% 8% 4%

Non-current liabilities Current liabilities Total equity and liabilities

13,820 9,092 56,913

9,017 6,680 48,408

53% 36% 18%

Net asset value per share (Rs)

77.03

77.07

0%

Net indebtedness (Rs'm)

15,386

9,290

66%

Gearing (%)

31.15%

28.40%

2.75 ppt

Comments Acquisition of Bagaprop and other subsidiaries Additional holding in NMH

Mainly additional debts from acquisitions and new subsidiaries

ENL LIMITED Rs ‘ m Turnover Operating profit Fair value gain on revaluation of investment properties Profit on sale of land and investments Share of results of ass cos and jointly controlled entities Bargain purchase

Others Finance costs Income tax expense Profit after tax

Earnings per share (Rs) Dividends per share (Rs)

June 30, June 30, 2016 2015 13,363 12,266

Change 9%

Comments Good performance of most segments

957

683

40%

Contribution of new subsidiary Bagaprop

627

376

67%

Mainly on Ascencia and land conversion

392

(100%)

Last year included sale of Attacq shares

314

731

(57%)

129

-

(14)

(31)

(971)

(750)

(135) 875

(143) 1,357

1.11 0.78

2.51 0.78

(32)

Bagaprop now subsidiary On Bagaprop / MOM

55% (29%) 5% (36%)

(56%)

Linked to increase in debts

ENL LIMITED Turnover 2016

Agro-industry

Profit after tax

2015

Change

2016

2015

Change

945

937

1%

249

258

(4%)

Commerce and industry

3,489

3,394

3%

(54)

(13)

(100%)

Property

2,270

2,066

10%

802

776

3%

40

53

(25%)

(356)

5

(100%)

265

228

16%

5

4

44%

Hospitality and leisure

2,593

2,264

15%

71

178

(60%)

Logistics

3,134

2,911

8%

83

27

100%

627

414

52%

127

140

(9%)

-

-

-

(53)

(18)

(100%)

13,363

12,266

9%

875

1,357

(36%)

Land and investments Lifestyle

Financial services Corporate office

Total

Thank You

ENL GROUP Analyst meeting 7th October 2016

Further information on www.enl.mu/investors