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Sharpening Our Focus LAUGFS Gas PLC Annual Report 2018 Sharpening our focus 1 Sharpening our focus LAUGFS Gas PLC is a local company with a global footprint, reputed for its bold attitude, enterprising spirit and Sri Lankan roots. In a changing business landscape, we know we must evolve and transform to suit the needs of our stakeholders and our industry environment. This report describes our decision to consolidate our portfolio into three core sectors as we list our subsidiaries LAUGFS Leisure Ltd., LAUGFS Power Ltd., and LAUGFS Eco Sri Ltd as new companies on the Colombo Stock Exchange. We believe that this strategy will yield positive results and better value for our shareholders and partners while strengthening our prospects for growth and expansion in the future. Sharpening our focus 2 Contents ABOUT US VALUE PRESERVATION 6 About Us 100 Board of Directors 8 Our Presence 104 Corporate Management 10 Organisation Structure 106 Corporate Governance 11 Awards & Recognition 116 Investment Committee Report 12 Financial Highlights 117 Management Committee Report 13 Non- Financial Highlights 118 Remuneration Committee Report 14 About the Report 119 Audit Committee Report 121 Related Party Transactions Review STRATEGIC REPORT Committee Report 16 Group Chairman’s Review 123 Annual Report of the Board of 20 Group Managing Director’s Review Directors 24 Determining Material Concerns 128 Statement of Directors’ Responsibilities 26 Stakeholder Engagement 28 Operating Environment FINANCIAL STATEMENTS 34 Risk Management 131 Independent Auditor’s Report 38 How We Create Value :[H[LTLU[VM7YVÄ[VY3VZZ 40 Strategy and Measuring Success 135 Statement of Other Comprehensive 41 What we delivered in 2017/18 Income 136 Statement of Financial Position MANAGEMENT DISCUSSION AND 138 Statement of Changes in Equity ANALYSIS 140 Statement of Cash Flows 44 Energy 142 Notes to the Financial Statements 48 Trading 50 Transportation and Logistics SUPPLEMENTARY INFORMATION 54 Leisure 224 Five Year Summary 58 Property 226 Real Estate Portfolio 60 Services 227 Share Information 64 Power 233 Value Added Statement 68 Capitals Report 234 Our Reach 93 GRI Content Index 236 Notice of Meeting 97 Independent Assurance Report 237 Form of Proxy - Voting 239 Form of Proxy - Non-Voting IBC Corporate Information LAUGFS Gas PLC Annual Report 2018 3 Pencil Micro Sculpturing The art of micro sculpture LVDGHOLFDWHðQHFUDIW WKDWUHTXLUHVWKHLQWHQVH FRQFHQWUDWLRQRIDQDUWLVWâV HIIRUWVDQGH[SHUWLVH7KLV art form typically takes \HDUVWRSHUIHFWFRQVWDQWO\ LQVSLULQJDZHLQWKHH\HRI WKHEHKROGHU While LAUGFS has years of experience as a successful conglomerate, today the company is M\Y[OLYZOHYWLUPUNP[ZMVJ\ZSVVRPUNPU[V[OLÄULYKL[HPSZ[VJYHM[HUKZJ\SW[HUVYNHUPaH[PVU that will deliver greater value to its stakeholders both now, and in the years to come. Much like the craftsman whose painstaking process we have showcased throughout this report, here at LAUGFS we have planned our every step prudently and precisely, in pursuit of a powerful long-term vision of transformation and incomparable growth. As you explore the pages that follow, you will discover how we’re carefully crafting your VYNHUPaH[PVUMHZOPVUPUNHTHZ[LYWPLJL[OH[^PSSLUHISL\Z[VIVSKS`]LU[\YLMVY[OHUKKYP]L excellence wherever we go. Sharpening our focus 4 9LVLRQ To be the most preferred and trusted Sri Lankan Multinational that touches the day-to-day lives of people in Sri Lanka and beyond, through a diverse group of companies. 0LVVLRQ • Be the leader in the market segments we operate in. • Introduce latest innovations, technology and solutions to add value to the consumer. • Promote a ‘Safety’ culture, encompassing People, Products and Processes. • Ensure fair returns to all our stakeholders. • Lead by example as an exemplary Sri Lankan entity. LAUGFS Gas PLC Annual Report 2018 5 About us 6 About Us 8 Our Presence 10 Organisation Structure 11 Awards & Recognition 12 Financial Highlights 13 Non- Financial Highlights 14 About the Report THE RIGHT EXPERTISE As we masterfully lay the foundation for growth, at LAUGFS, we are uniquely equipped for this transition. Our lion-hearted spirit and decades of experience will undoubtedly propel us into the future. Sharpening our focus 6 About us About Us • LAUGFS GAS PLC • LAUGFS GAS BANGLADESH LTD. • LAUGFS TERMINALS LTD. • SLOGAL ENERGY DMCC • LAUGFS MARITIME SERVICES (PVT) LTD. 3(<.-:.HZ73*PZHTHYRL[SLHKLYHUK[OLVUS`WYP]H[LZLJ[VYVWLYH[VYPU[OLKPZ[YPI\[PVUVM3PX\LÄLK7L[YVSL\T.HZ37.PU:YP3HURH with interests extending beyond shores to Bangladesh. During the year, we focused on sharpening our focus to our core competencies by transforming to a pure play energy company with the divestment of non- core businesses including LAUGFS Power, LAUGFS Leisure and LAUGFS Eco Sri as of 31 March 2018. ECONOMIC PRESENCE DIRECT PENETRATION IN VALUE OF IMPORTS Value Addition EMPLOYMENT HOUSEHOLD MARKET Rs 12,200 mn 7% 463 employees 29% Sri Lanka 8% 9% in Bangladesh MARKET INDIRECT CAPITALIZATION EMPLOYMENT DEVELOPMENT Rs 8,074 mn 10,000+ OF PORT INFRASTRUCTURE Construction of one of 85% the largest LPG import and export terminal in South Asia Employees Government Providers of funds REVENUE LOSS AFTER ASSET PPE LIABILITIES EQUITY NET ASSETS Rs. TAX Rs. Rs. Rs. Rs. PER SHARE 21,354 Rs. 31,395 17,070 29,953 1,055 Rs. Mn 1,332 Mn Mn Mn Mn 2.73 Mn share Storage LPG vessels Carbon footprint Island wide network Supplier network capacity Three 3,048,665 MT 6,000 dealers Many registered Scale of operations 4,900 MT suppliers Filling Employees capacity 52,680 463 Cylinders per day Laugfs Gas PLC Annual Report 2018 7 A GLANCE AT OUR RICH HISTORY IN CREATING AN INTEGRATED VALUE 2015 CHAIN FOR THE DELIVERY OF OUR CORE PRODUCT, LPG Acquired the LPG vessel Gas Success, M\Y[OLYZ[YLUN[OLUPUN[OL]LZZLSÅLL[VM LAUGFS Maritime. 3(<.-:ILJHTL[OLÄYZ[:YP3HURHULULYN` brand to become a multinational with the 2001 2007 acquisition of Petredec Elpiji Ltd, and sets Entered the LPG Domestic Agreement signed \W3(<.-:.HZ)HUNSHKLZO3[K industry. between Consumer Affairs Commenced construction of LAUGFS LPG Authority and LAUGFS Gas Terminal Tripartite Agreement signed for the Price Formula. 1998 between CPC, Ministry of Finance and LAUGFS Gas Obtained World for the purchase of CPC LPG Association produced LPG. 2017 Membership. LAUGFS Maritime 2014 expanded LPG vessel 2002 LAUGFS Maritime ÅLL[^P[OHUV[OLY :LY]PJLZ7][3[K addition – Gas ;OLÄYZ[37.]LZZLS acquired LPG vessel Courage. 2000 LAUGFS Wega - was “Gas Challenger”. Obtained BOI approval registered under the 1994 & signed agreement ÅHNVM:YP3HURH Established Gas Auto for LAUGFS Gas. 3HURH7][3[KHUK Incorporated LAUGFS Revenue and Acquisition of Property Plant and Equipment Gas Ltd. entered auto gas Rs. conversion business. 15000 12000 9000 6000 3000 Rs. Rs. 0 21,355Mn 31,395Mn 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 REVENUE TOTAL ASSETS Revenue Acquisition of PPE Sharpening our focus 8 About us Our Presence ì2XUFRUHEXVLQHVV(QHUJ\VSDQVRYHUWKUHHFRXQWULHV ,VODQGZLGHSUHVHQFHLQ6ULODQNDDQGXQLURDGVLQWR%DQJODGHVK VXSSRUWVRXUGLVWULEXWLRQZKLOHRXUWUDGLQJDUPLQWKH8$( JLYHVXVDFFHVVWRJOREDOPDUNHWIRUHIðFLHQWSURFXUHPHQWú SLOGAL ENERGY DMCC &RUSRUDWHRIðFH Dubai UAE LAUGFS MARITIME LAUGFS TERMINALS LTD LAUGFS GAS SERVICES (PVT) LTD (BANGLADESH) LTD +HDGRIðFH +HDGRIðFH &RUSRUDWHRIðFH Colombo 06 Colombo 06 Dhaka, Bangladesh 7HUPLQDO6LWH *DV&KDOOHQJHU*DV&RXUDJH +HDGRIðFH 7HUPLQDO Magam Ruhunupura Mahinda *DV6XFFHVV Rajapaksa Seaport Hambantota Mongla, Bagerhat, Operates in international waters Bangladesh LAUGFS POWER LTD LAUGFS PROPERTY LAUGFS LEISURE LTD DEVELOPERS (PVT) LTD +HDGRIðFH +HDGRIðFH +HDGRIðFH Colombo 06 Colombo 06 Colombo 06 3RZHU3ODQWV $QDQWD\D5HVRUWV 6SDV 3URSHUW\ORFDWLRQV Balangoda, Ginigathhena, Chilaw and Pasikuda Hambantota Maya Avenue LAUGFS Gas PLC Annual Report 2018 9 ì:LWKDVKDUSIRFXVLQPLQGZHKDYHVWULYHG WRH[SDQGRXUFRYHUDJHDVFRYHUDJHJLYHV XVWKHHGJHRYHURXUFRPSHWLWLRQú Mabima LPG Filling Plant LAUGFS Gas PLC /LHK6MÄJL LAUGFS LPG Import & Export Terminal \UKLYJVUZ[Y\J[PVU Sharpening our focus 10 About us Organisation Structure Our organisation structure is changing as approved by Shareholders, the Colombo Stock Exchange and the Supreme Court as we moved to an era of focusing on our core business, perfectly poised for growth. 5HVWUXFWXULQJRI/$8*)6*DV3/& The group was restructured with the core objective of transforming to a pure play energy company. As at 31st March 2018, non- core businesses of the group namely LAUGFS Power Limited, LAUGFS Eco Sri Limited and LAUGFS Leisure Limited were divested from the NYV\W;OLÄUHUJPHSZ[H[LTLU[ZMVY[OL`LHYLUKLKZ[4HYJOYLÅLJ[[OLJOHUNLZVM[OLYLZ[Y\J[\YPUNWYVJLZZ^P[OHYLJVNUP[PVU VM[OLÄUHUJPHSWLYMVYTHUJLVM[OLKP]LZ[LKZ\IZPKPHYPLZHZKPZJVU[PU\LKVWLYH[PVUZPU[OL:[H[LTLU[VMWYVÄ[VYSVZZ;OL)HSHUJLZOLL[ L_JS\KLZ[OLHZZL[ZHUKSPHIPSP[PLZVM[OLKP]LZ[LKLU[P[PLZ;OLYL^LYLUVZPNUPÄJHU[JOHUNLZPU[OLZ\WWS`JOHPUK\YPUN[OL`LHY\UKLYYL]PL^ PRIOR TO THE RESTRUCTURE LAUGFS GAS PLC ENERGY OTHER LEISURE AND PROPERTY POWER TRANSPORTATION TRADING 100% SERVICES HOSPITALITY DEVELOPMENT 100% AND LOGISTICS 100% LAUGFS 100% 100% 75% LAUGFS Power Ltd 100% Slogal Gas PLC LAUGFS LAUGFS LAUGFS LAUGFS Maritime Energy Eco Sri Ltd Leisure Ltd property HYDRO :LY]PJLZ7][3[K DMCC LAUGFS development Gas Anantaya 7HTZ7V^LY7][3[K LAUGFS Terminals 7][3[K )HUNSHKLZO Wadduwa GinigathhenaThiniyagala Ltd Ltd 7][3[K Mini Hydro Power 7][3[K Anantaya Passekuda SOLAR 7][3[K 0YPZ,JV7][3[K LAUGFS Hotel (UVYJOP3HURH7][3[K Mangement Sustainable Energy :LY]PJLZ7][ +L]LSVWLYZ7][3[K! 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