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Making Healthful Living Happen Hemas Holdings PLC Holdings Hemas MAKING l Annual Report 2019/20 Annual Report l HEALTHFUL LIVING HAPPEN ANNUAL REPORT 2019/20 MAKING HEALTHFUL LIVING HAPPEN Hemas was founded on the principle that people who live healthfully form strong families, communities and countries. Over the recent past, we have witnessed watershed moments that have redefined life as we know it and have affected the wellbeing of all our stakeholders. People are experiencing immense pressure on their health - mental, physical, spiritual and social. As a result, the role Hemas must play in making healthful living happen is now more vital than ever. As our communities and businesses cultivate resilience and fortitude, and start to rebuild, we choose this moment to reaffirm our core reason for being: to bring back daily moments of joy through a portfolio of products and services that delights in its utilitarianism, to define a more robust version of health that moves beyond the absence of illness, and to champion a more inclusive world that celebrates equal opportunity, integration and harmony. To us, this is a healthful life. We exist to help all our stakeholders live healthfully – to celebrate and elevate all the moments that make up a life. This is the Hemas way. Making Healthful Living Happen TABLE OF CONTENTS About Us .........................................................................4 OVERVIEW About Our Report .........................................................5 Performance Highlights ...............................................8 Chairman's Message .................................................. 10 CEO's Message ........................................................... 13 Board of Directors ..................................................... 16 LEADERSHIP COG .............................................................................. 20 Strategic Report .......................................................... 23 THE Our Business Model .................................................. 24 Engaging with Stakeholders..................................... 26 STRATEGIC Market Review ............................................................ 28 REPORT Our Economic Impact................................................ 30 Group Strategy ........................................................... 32 Integrating ustainabilityS .......................................... 33 INTEGRATING Sustainability Processes ............................................ 35 SUSTAINABILITY Our Material Topics ................................................... 36 Financial Capital ......................................................... 38 THE CAPITALS Manufactured Capital ............................................... 43 Intellectual Capital ..................................................... 47 REPORT Human Capital ............................................................ 52 Natural Capital ............................................................ 58 Social and Relationship Capital Report ................. 64 2 Hemas Holdings PLC l Annual Report 2019/20 Consumer .............................................................................73 SECTOR Healthcare ...........................................................................79 Leisure Travel and Aviation ..............................................85 INTEGRATED Mobility ................................................................................88 REVIEW Corporate Governance .....................................................92 CORPORATE Risk Management ........................................................... 111 Annual Report of the Directors on the GOVERNANCE Affairs of the Company and the Group ...................... 118 Report of the Audit Committee ................................... 126 Report of the Human Resources and Remuneration Committee ............................................. 129 Report of the Nomination and Governance Committee ................................................. 131 Report of the Related Party Transactions Review Committee ................................. 133 Statement of Directors’ Responsibilities .................... 136 FINANCIAL Independent Auditors’ Report ...................................... 137 Statement of Profit or Loss ........................................... 140 STATEMENTS Statement of Comprehensive Income ........................ 141 Statement of Financial Position ................................... 142 Statement of Changes in Equity (Group).................... 143 Statement of Changes in Equity (Company).............. 144 Statement of Cash Flows .............................................. 145 Notes to the Consolidated Financial Statements .... 146 Ten Year Summary ........................................................... 239 Shareholder Information ............................................... 241 Independent Assurance Report .................................. 244 Glossary ............................................................................. 245 GRI Index .......................................................................... 246 Notice of Meeting ........................................................... 253 Notes ................................................................................. 254 Form of Proxy................................................................... 257 Corporate Information ....................................................IBC 3 Making Healthful Living Happen Hemas started with simple intent: to help families live healthfully. This core belief has informed our growth for over 70 years. Today, we bring healthful living to life through our focus in Consumer, Healthcare and Mobility. Woven into the socioeconomic fabric of Sri Lanka, Hemas has also expanded regionally with operations in Bangladesh, West Bengal and Myanmar. ABOUT In our onward journey, we will continue to invest in diverse and passionate teams, create meaningful offerings, cultivate trusted partnerships, and champion a more inclusive world, so that we continue to create positive impact for all our stakeholders. Hemas Holding PLC is a public limited liability company incorporated in Sri Lanka on 10 December 1948 under the Companies Ordinance No. 51 of 1938 and re-registered under the Companies Act No. 07 of 2007. The ordinary shares of the Company are US quoted on the Main Board of the Colombo Stock Exchange since October 2003. The Registered office of the Company is situated at ‘Hemas House’, No 75, Braybrooke Place, Colombo -02. MAKE Our Purpose HEALTHFUL LIVING HAPPEN Values Passion for customers Obsession for performance Driven by innovation Concern for people 4 Hemas Holdings PLC l Annual Report 2019/20 ABOUT OUR REPORT This is the 2nd Integrated Annual Report of Hemas Holdings PLC setting out a balanced and holistic assessment of our performance during the Financial Year 2019/20. The Group’s previous communication of its progress was its Annual Report MAKING HEALTHFUL 2018/19. We continue our journey to adopt international best LIVING practice in corporate reporting to provide sufficient relevant HAPPEN information on material issues impacting our performance. ANNUALANNUAL REPOR REPORTT 2019/20 2019/20 SCOPE AND BOUNDARY REGULATORY FRAMEWORK VOLUNTARY FRAMEWORKS The financial reporting boundary • Companies Act No.7 of 2007 • Code of Best Practice on cover 61 legal entities including the Corporate Governance issued parent company, collectively referred • Sri Lanka Financial Reporting by the Institute of Chartered to as the Group. Standards issued by the Institute of Accountants of Sri Lanka Chartered Accountants of Sri Lanka The sustainability reporting boundary • IR Framework issued by the of the report pertains to 34 legal • Listing ulesR of the Colombo Stock International Integrated Reporting entities. Geographically, the non - Exchange Council financial information contained in this Report has been limited to Hemas Assurance on financial statements has • This report has been prepared Holdings PLC’s operations within been provided by Ernst & Young in accordance with the GRI Sri Lanka. Standards: Core Option Please refer pages 233 to 238 Assurance on sustainability information for a list of entities included in has been provided by Ernst & Young sustainability information of this report. 5 Making Healthful Living Happen ABOUT OUR REPORT SUSTAINABILITY INFORMATION FEEDBACK AND INQUIRIES Reporting Principles The report content is derived from the We value your feedback and will use the Sustainability Management Framework • Strategic focus and future same in improving the Annual Report in in operation at Hemas. This includes orientation the year that has commenced. processes for determining materiality, • Connectivity of information data collection, target setting and For inquiries regarding the Annual Report • Stakeholder relationships monitoring the impact of relevant please contact: sustainability initiatives promoting • Materiality Hemas Corporate Services (Pvt) Ltd, integrated thinking and reporting. • Conciseness Hemas House No 75, Braybrooke Place, • Reliability and completeness Colombo 2. SIGNIFICANT CHANGES DURING Tel: +94 11 47314731 Ext: 1106 THE YEAR • Consistency and comparability During the year, we divested the <IR> Framework ACKNOWLEDGEMENT controlling stake of our Travel and All information contained in this report Aviation operations and the financial FORWARD LOOKING STATEMENTS has been reviewed internally by the and sustainability information relating We have included forward
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