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Powering Performance CHEVRON LUBRICANTS LANKA PLC Powering Performance www. chevron.lk Annual Report 2015 CHEVRON LUBRICANTS LANKA PLC Annual Report 2015 Corporate Information Legal Form : A Public Limited Liability Company (Incorporated in 1992 and listed on the Colombo Stock Exchange) Directors : Farrukh Saeed - Chairman Kishu Gomes - Managing Director & CEO Richard Brown Harsha Amarasekara Deva Rodrigo Anura Perera Secretary : Anura Perera Chevron House, 490, Galle Road, Colombo 3 Registered Office : Chevron House Contents 490, Galle Road, Colombo 3 2 Our Vision / Tel: 0114 524524 Financial Highlights /3 Chairman’s Review /5 Company Registration Number : PQ 54 Managing Director’s Review /7 Board of Directors /10 Registrars to the Company : S S P Corporate Services (Private) Limited Management Team /12 101, Inner Flower Road, Management Discussion and Analysis/16 Colombo 3 Financial Review /21 Auditors : PricewaterhouseCoopers 24 Corporate Social Responsibility / Chartered Accountants Corporate Governance/26 P.O. Box 918 Risk Management /32 100, Braybrooke Place, Colombo 2 www.chevron.lk Financial Calender /36 Annual Report of the Directors /37 Lawyers to the Company : Julius & Creasy Attorneys-at-Law and Notaries Public Statement of Directors’ Responsibilities /40 No 41, Janadhipathi Mawatha, Audit Committee Report /41 Colombo 1 Remuneration Committee Report /42 Independent Auditor’s Report /43 Bankers : Citibank NA Income Statement /44 Deutsche Bank Statement of Comprehensive Income /45 Commercial Bank of Ceylon PLC Statement of Financial Position /46 Statement of Changes in Equity /47 Web Address : www.chevron.lk Cash Flow Statement /48 Email : [email protected] Notes to the Financial Statements /49 Statement of Value Added /76 Telephone : 0114 524 524 Ten Year Financial Summary /77 Shareholder Information /78 Facsimile : 0114 524 566 Notice of Annual General Meeting /80 Notes /81 Form of Proxy /83 Powering Performance The catalyst to our exceptional results at Chevron Lubricants Lanka is our human energy, which goes beyond our committed employees and extends to our business partners who have collectively powered performance. The foundation of our organization rests on Chevron values, our strong work culture and business ethos that has harnessed the potential of human energy. We believe this energy will propel the Company to greater heights as Chevron Lanka moves on in its journey of powering performance. Chevron Lanka Powering Performance 1 | Our Vision To be the pre-eminent marketer of lubricants in Sri Lanka differentiated by its people, partnerships and performance. Integrity Our Values We are honest with others and ourselves. We meet the highest ethical standards Our company’s foundation is built in all business dealings. We do what we say we will do. We accept responsibility and hold ourselves accountable for our work and our actions. on our values, which distinguish us and guide our actions. We Trust conduct our business in a socially We trust, respect and support each other, and we strive to earn the trust of our colleagues and partners. responsible and ethical manner. We respect the law, support Diversity universal human rights, protect We learn from and respect the cultures which we work. We value and demonstrate the environment and benefit the respect for the uniqueness of individuals and the varied perspectives and talents they provide. We have an inclusive work environment and actively embrace the communities where we work. diversity of people, ideas, talents and experiences. Ingenuity We seek new opportunities and out-of-the-ordinary solutions. We use our creativity to find unexpected and practical ways to solve problems. Our experience, technology and perseverance enable us to overcome challenges and deliver value. Partnership We have an unwavering commitment to being a good partner focused on building productive, collaborative, trusting and beneficial relationships with governments, other companies, our customers, our communities and each other. Protecting people and the environment We place the highest priority on the health and safety of our workforce and protection of our assets and the environment. We aim to be admired for world- class performance through disciplined application of our Operational Excellence Management System. High Performance We are committed to excellence in everything we do, and we strive to continually improve. We are passionate about achieving results that exceed expectation of our own and those of others. We drive for results with energy and a sense of urgency. | 2 CHEVRON LUBRICANTS LANKA PLC | Annual Report 2015 Financial Highlights 2015 2014 % Rs. 000’ Rs. 000’ Turnover 11,563,854 11,519,891 0% Profit BeforeTax & OCI 4,318,544 3,699,633 17% Taxation 1,226,709 952,800 29% Profit After Tax 3,091,835 2,746,833 13% Shareholders Funds 4,687,029 5,199,210 -10% Property, Plant & Equipment 2,195,826 2,243,616 -2% Gross Dividends Rs. 000' 2,760,000 2,400,000 15% Dividend per Share Rupees 23.00 20.00 15% Earnings per Share Rupees 25.77 22.89 13% Dividend Payout Ratio % 89 87 2% Price Earnings Ratio Times 13.35 17.46 -24% Market Value per Share as at 31st December Rupees 344.00 399.60 -14% Return on Equity % 63 55 8% Net Assets per Share Rupees 39.06 43.33 -10% Net Income to Turnover % 27 24 3% Profit After Tax & ROE Gross Dividends Rs.Mn % Rs.Mn 3,500 74% 80 3000 63% 70 62% 3,000 55% 2500 56% 2,500 60 2000 50 2,000 40 1500 2,001 2,266 2,532 2,747 3,092 1,500 1,080 1,320 1,800 2,400 2,760 30 1000 1,000 20 500 500 10 0 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 3 | Farrukh Saeed Chairman | 4 CHEVRON LUBRICANTS LANKA PLC | Annual Report 2015 Chairman’s Review It gives me great pleasure to yet again Enhanced Profitability Operational excellence underpins the present before you the Annual Report of company’s success and strengthening Your Company for the year 2015 on behalf The Company surpassed the Rs.3 bn this area is an ongoing endeavour across of the board of directors. Over the past few mark to deliver its best-ever financial the organization. The commissioning of years, Your Company has demonstrated performance beating even last year’s the Sapugaskanda plant and its smooth tremendous resolve to surpass and better achievement of net earnings of Rs.2.7 bn functioning has further strengthened its yearly performance in order to set new amidst challenging market conditions Chevron’s supply chain capability. and more ambitious goals. I am happy to and intense competition in the industry, your Company was able to grow volumes report that Your Company has delivered Reaching out to Society its best-ever financial results and with in the retail front of the domestic market this spirit of pursuing excellence, has and overall volumes in the exports It gives me pride to note that Your strengthened its credentials as one of the markets led by Bangladesh. Further the Company continues to spend on social prominent corporates in Sri Lanka with Company was well placed to capitalize responsibility programs. During the year strong fundamentals and robust systems on the favourable base oil prices due to we spent Rs.10.4 mn on CSR programmes, and processes. the synergies accrued through effective details of which are given on page 37. procurement planning, sourcing and inventory management. Operating costs Acknowledgements were streamlined since commissioning of the new blending plant, whilst leveraging I would like to express my gratitude to my I am happy to report on operational synergies of co-locating colleagues on the board for their support the blending plant and warehouse at and guidance through the year. I would that Your Company Sapugaskanda. like to place on record my thanks to our has delivered its business partners, local and overseas Dividend Payout distributors, customers, channel partners best-ever financial and shareholders for reposing their faith Despite the substantial depletion of cash and trust in the company. results and with this reserves amounting to Rs. 847 mn on spirit of pursuing account of Super Gain Tax, we paid four interim dividends totalling Rs. 23 per excellence, has share which was an increase of 15% over strengthened its the last year. credentials as one Farrukh Saeed In pursuit of Excellence of the prominent Chairman corporates in Your Company remains committed to zero injury/spills and we are proud of Sri Lanka our record of zero injury/spills for the last 14 years. This record speaks volumes for our commitment to the safety of our workforce and our concern to the environment. 5 | Deshamanya Dr. Kishu Gomes Managing Director/Chief Executive Officer | 6 CHEVRON LUBRICANTS LANKA PLC | Annual Report 2015 Managing Director’s Review Chevron Lubricants powered through the Challenging Conditions also in enhancing the number of outlets year under review with aplomb, further selling our products to deliver greater building on its distinctive capabilities, The conditions in the industry were convenience to customers by making entrenched systems and processes and less than favourable in many ways. our products easily accessible at diverse people-centered philosophy. However, since we had anticipated purchase points. most of the challenges earlier, we were suitably geared to combat negative However, apart from financial results, During the year we commenced a outcomes. The company recorded a we are equally proud of our 14 year corporate advertising campaign drop in institutional sales stemming safety record, which underscores our reinforcing the Chevron heritage to the from the power generation sector as the commitment to world-class safety and more widely known Caltex brand which source of energy mix to the national grid operational excellence. We have robust was extremely well received by key varied with less lubricant intensive coal workplace safety procedures and strict stakeholders.
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