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Distilleries Company of Sri Lanka PLC | Annual Report 2014 / 15 Fax: +94 11 2696360 Tel

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Distilleries Company of Sri Lanka PLC | Annual Report 2014 / 15 Fax: +94 11 2696360 Tel Distilleries Company of Sri Lanka PLC | Annual Report 2014 / 15 www.dcslgroup.com 110, Norris Canal Road, Colombo 10, Sri Lanka. Tel. +94 11 5507000 / 2695295-7 Fax: +94 11 2696360 Distilleries Company of Sri Lanka PLC l Annual Report 2014 / 15 A distinguished history. A distinctive future. DCSL is a legendary company with a heritage of over a hundred years; years we spent fine tuning and refining our classic range of arracks. Over the last two decades, we have diversified our business to include key growth sectors such as plantations, telecommunication, insurance, finance, textiles, power generation, leisure, logistics and media. Today, as the market leader in the beverage industry, we continue to improve and expand our range of products to suit the changing tastes of consumers, while retaining the traditional flavour of pure coconut arrack. We are proud of our reputation for quality and excellence, and we pledge to build on our distinguished history to create a distinctive future for the company and its stakeholders. Contents 3 Highlights of the Year 80 Statement of Profit or Loss and Other 4 Financial Highlights Comprehensive Income 6 A Diversified Portfolio of Business Operations 81 Statement of Financial Position 12 Historical Perspectives 82 Statement of Changes in Equity 14 The Story of Arrack 85 Statement of Cash Flows 16 What’s behind Our Continuing Success? 86 Notes to the Financial Statements 22 Chairman’s Message 161 Statement of Value Added 26 Board of Directors 162 Details of Real Estate 30 Group Management 163 Shareholder Information 32 DCSL Management 165 Ten Year Summary 34 Management Discussion & Analysis 166 DCSL Management Team 43 Sustainability Report 167 Group Directory 55 Corporate Governance 173 Notice of Meeting 67 Enterprise Risk Management 175 Form of Proxy 71 Audit Committee Report 177 Attendance Slip 73 Remuneration Committee Report 74 Annual Report of the Board of Directors 78 Statement of Directors Responsibility 79 Independent Auditors’ Report Scan the QR code with your smart device to view this report online. 2 Distilleries Company of Sri Lanka PLC Highlights Of The Year May March 2014 2015 November 2014 Melsta Regal Finance was reaffirmed Melsta Regal A+ (lka) / Stable by Fitch, thus signifying a won the bronze in very high credit rating for a finance company. SLIRTAD People DCSL’s ultra modern state-of-the-art fully Development automated plant in Seeduwa was declared Award 2014. open by his Excellency Dr. Jürgen Morhard the Ambassador of the Federal Republic of Germany to Sri Lanka July November 2014 2014 DCSL was ranked No. 06 in the Business Today ‘Top Twenty Continental Insurance Lanka was Five’. This was the assigned ‘A-(lka)’ / Stable by Fitch. 16th consecutive year DCSL was listed among corporate July heavy weights in the 2014 rankings. December 2014 Fitch Rating reaffirmed DCSL a national Melsta Regal Finance opened its Branch in long term Rating of AAA (lka) / stable Negombo. outlook - the best & highest entity credit rating for a corporate in Sri Lanka. Annual Report 2014/15 3 Financial Highlights 2015 2014 2015 2014 Group Group Company Company SUMMARY OF RESULTS Gross Turnover Rs Mn 66,765 63,186 51,800 47,756 Excise Duty Rs Mn 37,851 34,203 34,884 31,058 Net Turnover Rs Mn 28,914 28,983 16,916 16,698 Profit After Tax Rs Mn 6,474 6,231 10,285 5,357 Shareholders’ Funds Rs Mn 61,006 53,636 50,283 43,839 Working Capital Rs Mn 213 (1,905) (6,255) (4,449) Total Assets Rs Mn 92,689 83,742 65,028 61,190 Staff Cost Rs Mn 3,985 3,862 1,163 1,162 No. of Employees 11,897 12,897 1,197 1,250 PER SHARE Basic Earnings Rs. 21.84 20.41 15.48 17.86 Net Assets Rs. 203.35 178.79 167.61 146.13 Dividends Rs. 3.25 3.25 3.25 3.25 Market Price - High Rs. 246.00 218.00 246.00 218.00 Low Rs. 210.00 160.00 210.00 160.00 Year End Rs. 240.50 203.00 240.50 203.00 RATIOS Price Earnings times 11 10 16* 11 Return on Shareholders’ Funds % 10.74 11.42 9.24* 12.22 Current Ratio times 1.01 0.92 0.56 0.74 Interest Cover times 11.3 7.3 9.4* 10.3 Stock Turnover (Finished Goods) days 15 15 12 13 Debt to Equity % 22.68 24.97 12.88 22.87 Debt to Total Assets % 14.93 16.00 9.96 16.39 Dividend Payout % 14.87 15.92 20.99* 18.20 Dividend Yield % 1.35 1.60 1.35 1.60 * Current year Company’s profit has been adjusted for intra-group capital gain on assets transfer 4 Distilleries Company of Sri Lanka PLC Taxes Paid - Group 29,004 39,076 39,850 37,466 41,106 (Rs. Mn) 2010/11 2011/12 2012/13 2013/14 2014/15 Total Assets - Group 59,616 73,355 78,547 83,742 92,689 (Rs. Mn) 2010/11 2011/12 2012/13 2013/14 2014/15 Gross Turnover - Group 46,451 63,125 65,790 63,186 66,765 (Rs. Mn) 2010/11 2011/12 2012/13 2013/14 2014/15 Profit After Tax - Group 8,337 6,052 5,258 6,231 6,474 (Rs. Mn) 2010/11 2011/12 2012/13 2013/14 2014/15 Annual Report 2014/15 5 A Diversified Portfolio of Business Operations Beverages Distillation, Manufacture and Distribution of Liquor Products Plantations Cultivation & Processing of Tea & Rubber 6 Distilleries Company of Sri Lanka PLC Telecommunication Voice, Data, Broadband, Hardware, Software and Networking Solutions Insurance General Insurance Services - Property, Motor, Marine, General Accident Annual Report 2014/15 7 A Diversified Portfolio of Business Operations Financial Services Variety of innovative Financial Solutions under one roof. Power Generation Hydro Power Generation Bogo Power (Pvt) Ltd. 8 Distilleries Company of Sri Lanka PLC Logistics Automobile Servicing and Logistics Textiles Dyeing and Printing Fabric Annual Report 2014/15 9 A Diversified Portfolio of Business Operations BPO Services BPO, KPO & Call Centre Services Media Media Buying & Creative Services 10 Distilleries Company of Sri Lanka PLC Leisure Hotels & Hospitality Beverages Wines & Spirits Annual Report 2014/15 11 Historical Perspective Touching lives for over a century… Present in Sri Lanka for over a century, The Distilleries Company of Sri Lanka PLC (DCSL), is one of the most profitable and well respected corporate entities in the country. Its proud tradition, rich heritage and proven credentials have made the Company a beacon of inspiration for others. Over the past 100 years, our corporate DNA has been strengthened with our values of experience, maturity, innovation, resilience and the determination to succeed. DCSL’s roots can be traced back to 1913, when the Excise Department of Ceylon, which was initially created as the enforcement authority to distribute and sell liquor 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 Excise Department realigned its operations as a monitoring body. Thus, DCSL has the distinction of being the pioneer distiller in Sri Lanka. In 1989, under a government policy decision, the State Distilleries Corporation was converted into a limited company. This transfer of ownership took place at the Colombo Stock Exchange (CSE) in 1992, making it the largest transaction in the history of the CSE. Under its new private management, the Company entered an era of modernisation that witnessed upgrading of machinery and equipment and the introduction of modern management systems and processes. Plant and machinery were upgraded to modern international standards and new technology developed by world renowned experts was introduced. Large investments have also been made in Research and Development (R&D) and in upgrading laboratories. 12 Distilleries Company of Sri Lanka PLC These improvements have equipped the Company with top of the line facilities enabling it to produce beverages of international standard. Furthermore, storage facilities and product distribution systems have been upgraded to modern standards with fully computerised systems. A fleet of modern vehicles ensures that customers in even the remotest areas are able to enjoy the best DCSL products delivered island wide. These improvements contributed towards higher production efficiencies across the supply chain. Our people are regularly trained in the best international practices in locations famed for high quality alcohol, such as France, Scotland and Ireland. Over the years, we have not only grown to become Sri Lanka’s largest distiller, but have been recognised as a leading corporate with the highest quality standards. Despite these achievements and our strong position of business leadership, we continue to look for ways to improve and grow. Since 1992, the Company has not only expanded production, but has also diversified into other non-alcohol related activities. Today, we are present in all parts of the country, operating under the principle of providing the highest standard of products and services for the people of Sri Lanka, imbued with a vision of uplifting the quality of life of our people. We aim to expand our presence into international markets to render our brand an internationally recognised one. The newly installed ultra modern state-of-the-art fully automated plant (pictured below) will ensure that only products of the highest quality reach the consumer. Annual Report 2014/15 13 The Story of Arrack The Sri Lankan flavour that lingers on… is obtained by tapping the unopened coconut flower for its nectar. Thereafter, the toddy is collected in earthenware pots. The pristine ambrosia-like qualities of Sri Lanka’s unique This toddy when fresh contains much sugar, but yeasts, coconut arrack can be traced back thousands of centuries microscopic vegetable organisms soon find their way into it, earlier, finding mention in early literature - “…liquor drawn act on the sugar present and produce alcohol.
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