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Notes to the Financial Statements 101 Statement of Value Added 101 Details of Real Estate 102 Shareholder Information 103 Ten Year Summary

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Notes to the Financial Statements 101 Statement of Value Added 101 Details of Real Estate 102 Shareholder Information 103 Ten Year Summary CONTENTS Company Overview 3 Financial Highlights 4 Historical Perspective 6 The Story of Arrack 18 Chairman’s Message 22 Board of Directors 26 DCSL Management Governance Reports 30 Corporate Governance 42 Enterprise Risk Management 46 Board Audit Committee Report 48 Remuneration Committee Report 49 Board Related Party Transactions Review Committee 50 Annual Report of the Board of Directors Financial Reports 54 Statement of Directors Responsibility 55 Independent Auditors’ Report 4UBUFNFOUPG1SPmUPS-PTTBOE0UIFS$PNQSFIFOTJWF*ODPNF 59 Statement of Financial Position 60 Statement of Changes in Equity 61 Statement of Cash Flows 62 Notes to the Financial Statements 101 Statement of Value Added 101 Details of Real Estate 102 Shareholder Information 103 Ten Year Summary Supplementary Information 104 DCSL Management Team and Unit Management Team 106 Notice of Meeting 109 Form of Proxy 111 Notes FINANCIAL Highlights TOTAL Rs. 20,878 ASSETS Million 2020 2019 SUMMARY OF RESULTS Gross Turnover Rs. Mn 81,648 81,673 Excise Duty Rs. Mn 53,752 53,957 Net Turnover Rs. Mn 27,895 27,716 Profit After Tax Rs. Mn 5,761 5,395 Shareholders' Fund Rs. Mn 6,896 7,822 Working Capital Rs. Mn 504 1,169 Total Assets Rs. Mn 20,878 25,785 Staff Cost Rs. Mn 1,760 1,360 No. of Employees 967 1,025 PER SHARE Basic Earnings Rs. 1.25 1.17 Net Assets Rs. 1.50 1.7 Dividends Rs. 1.45 0.67 Market Price High Rs. 18.80 35.00 Low Rs. 12.80 14.30 Year End Rs. 13.00 14.50 RATIOS Price Earnings times 10.4 12.39 Return on Shareholders' Funds % 83.5 68.8 Current Ratio times 1.1 1.1 Interest Cover times 17.0 22.0 Stock Turnover (Finished Goods) days 14 16 Debt to Equity % 75 66 Debt to Total Assets % 24.85 20.12 Dividend Payout % 96.00 68.40 Dividend Yield % 9.2 5.5 Annual Report 2019/20 3 DISTILLERIES COMPANY OF SRI LANKA PLC HISTORICAL Perspective Touching lives for Excise Department realigned its over a century… operations as a monitoring body. Present in Sri Lanka for over a Thus, DCSL has the distinction century, The Distilleries Company of being the pioneer distiller of Sri Lanka PLC (DCSL), is one in Sri Lanka. In 1989, under a of the most profitable and well government policy decision, the respected corporate entities in the State Distilleries Corporation was country. Its proud tradition, rich converted into a limited liability heritage and proven credentials company. This have made the Company a beacon of inspiration for others. Over the transfer of ownership took place past 100 years, our corporate at the Colombo Stock Exchange DNA has been strengthened with our values of tradition, quality, (CSE) in 1992, making it the innovation, resilience and the largest transaction in the history determination to succeed. of the CSE at that time. DCSL’s roots can be traced Under new private management, back to 1913, when the Excise the Company entered an era of Department of Ceylon, which was modernisation that witnessed initially created as the enforcement upgrading of machinery and authority to distribute and sell liquor equipment, products in Sri Lanka, branched out into the distillation and manufacture of liquor products. In 1974, the State Distilleries Corporation was incorporated by statute, to take over this venture, while the 4 Annual Report 2019/20 Annual Report 2019/20 5 DISTILLERIES COMPANY OF SRI LANKA PLC DISTILLERIES COMPANY OF SRI LANKA PLC THE STORY of Arrack The Sri Lankan flavour flower for its nectar. Thereafter the sugar into alcohol is called fermentation. that lingers on... toddy is collected in earthenware pots. After a minute filtration process, this This toddy when fresh contains much liquor is poured into massive casks The pristine ambrosia-like qualities of sugar, but yeasts, microscopic vegetable made of Halmilla wood and carefully Sri Lanka’s unique coconut arrack can transported to our factories for distillation. be traced back many centuries, finding mention in early literature – “…liquor The process of distillation involves two drawn from the coconut flower”. This Sri Lankan coconut stages; continuous distillation (patent renowned beverage is steeped in legend still distillation) and pot distillation. This and tradition, making it one of the most arrack is undeniably distillation process is usually completed Argenté celebrated offerings from Sri Lanka to the one of the purest within 24 hours. The purified spirit comes world. out with the distinctive flavour of arrack, naturally derived ready to be savoured. The contents of A rare blend with Sri Lankan coconut arrack is undeniably the wooden vats are mixed diligently one of the purest naturally derived alcoholic alcoholic beverages every fortnight for better aeration and to beverages in the world, distilled through perfect balance. increase contact with the wood. Herbs a natural fermentation process. Sri Lanka in the world, distilled and spices from ancient recipes are also has perfected the technique of making through a natural added at particular stages, to enhance coconut arrack through the years. Today, flavour and mellow the liquor during it has acquired the perfect balance for fermentation As the largest and oldest distiller of pure the crucial maturation process. The the discerning palate and coconut arrack coconut arrack in the world, we have maturation process is completed after reigns as the alcoholic beverage of choice process. Sri Lanka perfected the process of extraction, flavour enhancing and smoothening, in the country. distilling and blending for over a century. has perfected the while ageing in the wooden vats. Made exclusively from coconut spirit The initial step in the process of making technique of making coconut arrack is toddy tapping, an age-old Finally spirits of different ages and aged for a minimum of 20 years, vocation which is culturally renowned and coconut arrack flavours are blended to create the Argenté Centenary Blend is the result of passed down from father to son. Toddy through the years. various DCSL brands, all under the this progression. Where the nest raw tapping is as much an intricate art as it is careful supervision of an experienced materials are transformed by our connoisseur and Master Blender. As a science. Toddy tappers manually extract master-craftsmen, into a creation that is the toddy from coconut trees, which are the largest coconut arrack distillery in the essence of excellence and an icon of coupled and girdled by skilfully rappelling organisms soon find their way into it, Sri Lanka, possibly even in the world, from tree to tree. Coconut sap or toddy is act on the sugar present and produce this golden-brew remains our pride and distinguished taste. obtained by tapping the unopened coconut alcohol. This process of converting the flagship product. 6 Annual Report 2019/20 Annual Report 2019/20 7 DISTILLERIES COMPANY OF SRI LANKA PLC DISTILLERIES COMPANY OF SRI LANKA PLC ENJOY THE SPIRIT of success OLD ARRACK COCONUT ARRACK DOUBLE DISTILLED VERY SPECIAL EXTRA SPECIAL SRI LANKA ARRACK NARIKELA WHITE LABEL SPECIAL ARRACK BLUE LABEL ARRACK OLD ARRACK ARRACK ARRACK ARRACK A 100% coconut spirit, Superior blend of A 100% coconut spirit, A 100% pure coconut A blend of coconut refined, aged and mellow 100% coconut Twice distilled in pot A blend of 100% A blend of coconut matured in Halmilla spirit, which brings Crystal clear and an and neutral spirits The finest blend of matured in Halmilla arrack full of character stills and matured aged coconut spirits, spirits and imported vats, producing a out the full-bodied absolutely pure blend bringing a distinctively matured coconut vats - giving a woody & and a distinctive flavour slowly in Halmilla vats well-matured in neutral spirits bringing woody character taste and aroma of of coconut arrack and rich and smooth arrack and neutral natural flavour stemming from the giving a remarkable Halmilla vats to give herbal flavours with a and exceptional desiccated coconut neutral spirits giving a flavour spirits giving a rich traditional process of taste and aroma a taste of oak distinctively rich taste smoothness with a subtle tint of fresh lime with a and smooth flavour maturing and smooth aroma sweetness. Best slight burning sensation served as a cocktail on your tongue mixer 8 Annual Report 2019/20 Annual Report 2019/20 9 DISTILLERIES COMPANY OF SRI LANKA PLC DISTILLERIES COMPANY OF SRI LANKA PLC A PREMIUM COLLECTION of international wines and spirits GRAND CHAIS DE FRANCE PASSION POP BURONGA HILL ALBERT BICHOT - WINCARNIS - CAPE DREAMS - MUD HOUSE VIEJO - MARCHANTE TERRA ANDINA - DOÑA PAULA - “THE EPIC STORY” OF A TONIC WINE “OUR STORY” BY SUR ANDINA LOS CARDOS Founded in 1979, and as the There is nothing Buronga Hill Estate GREAT HOUSE Our founders set sail Navarro López Bodegas owners of over 30 domains serious about this is the flagship brand First produced in The name Cape Dreams to travel the world; only was founded in 1904 as a Blending grapes from Doña Paula is among the and chateaux in some of the little number! of the Buronga Hill In 1350, the Bichot family 1887, Wincarnis Tonic reflects our personal to fall in love with New modest family winery by different valleys, of Chile’s main Argentinean wineries greatest French appellations, Passion Pop is Winery. Located in the was established in Burgundy. Wine is a natural aspiration to build an Zealand. After planting Don Juan Sánchez Megía. different wine growing that export premium as well as being an influential low in alcohol and Sunraysia district of In the XIXth century the tonic, incorporating internationally recognized vines they used it's earth The original winery still regions. Terra Andina is wines; 97% of production player in the Bordeaux market loaded with soft, southern NSW, Buronga family ventured into the wine a unique infusion of brand.
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