enl commercial limited annual report 2011 - Investing In Africa

Directors’ Report
(continued)
Associated Companies
FRCI
Superdist
Docufile (Mauritius)
During the course of the financial year, the Group acquired a 35% stake in Docufile, a company providing
archiving services to local operators.
The contribution of the associated companies to the results of the Group was impacted by the poor
performance of Superdist for the 12 months ended June 30, 2011.The share of loss attributable to the
associates was Rs 4m against a profit of Rs 5m in 2010.
A review of each Subsidiary and Associated Company listed above is found on pages 12 to 28 of the Annual
Report.
Prospects
The Group has completed its 3 year strategic planning exercise in June 2011. Its first milestone is the
sale of the remaining non-core investments, as approved by shareholders at the special meeting held
on 7 October 2011. This transaction, bringing in Rs 680m of cash, will enable the Company to repay its
debts, to consolidate its subsidiary companies and to avail itself of new business opportunities. As a result,
Group profits are expected to improve in 2012. Moreover, the Group believes that the drivers of the 3 year
strategic plan, namely Focus, Cash Generation, Business Development, People and Culture, will translate
into enhanced dynamism and performance and will benefit shareholders through increased profitablity.
Acknowledgement
Mr. Guy Rivalland is retiring from his office as Chairman of the Board of Directors of ENL Commercial
Limited on the forthcoming annual meeting of shareholders. Since his appointment, in 1989, as Director
and Chairman of the Company, Guy Rivalland has shown unflinching dedication to further the interests of
ENL Group. His discrete wisdom backed by a solid reputation as one the country’s finest solicitors has
earned him the respect and esteem of fellow directors who have always found in him a source of reliable
guidance. The Board of Directors of ENL Commercial Limited thanks Guy Rivalland for his contribution and
wishes him a fruitful and restful retirement.
Guy RIVALLAND
Chairman
Eric ESPITALIER-NOËL
Director
ENL Commercial Limited
Annual Report 2011
11