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Annual Report 2018 Experience the Best Medical Care with Us

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Annual Report 2018 Experience the Best Medical Care with Us Mastering the art of any subject requires razor sharp focus, a commitment to being the best, and a quiet confidence in one's abilities. The Lanka Hospitals Corporation PLC Hospitals Corporation The Lanka That is why we have employed the best in The Mastery of professional people power, the optimum technology that provides hundreds of medical procedures, and access for Sri Lankans all | over the island, to Annual Report 2018 experience the best medical care with us. We are proud to have mastered the Healing art of healing not just bodies but also minds, as we give you the comfort, trust and assurance you need to live up to your true potential. No: 578, Elvitigala Mawatha, Narahenpita, Colombo 5, Sri Lanka. The Lanka Hospitals Corporation PLC | Annual Report 2018 Mastering the art of any subject requires razor sharp focus, a commitment to being the best, and a quiet confidence in one's abilities. That is why we have employed the best in professional people power, the optimum technology that provides hundreds of medical procedures, and access for Sri Lankans all over the island, to experience the best medical care with us. We are proud to have mastered the art of healing not just bodies but also minds, as we give you the comfort, trust and assurance you need to live up to your true potential. The Mastery of Healing The Lanka Hospitals Corporation PLC | Annual Report 2018 The Lanka Hospitals Corporation PLC 2 Annual Report 2018 Contents Our About this Report 3 Governance Board of Directors 88 Business Vision and Mission 4 Profiles of the Board of Directors 90 Performance Highlights of 2018 6 Exco Members 94 Lanka Hospitals at a Glance 10 Corporate Governance 98 Highlights of Our Performance in 2018 11 Clinical Governance Review 112 Annual Report of the Board of Directors on the Affairs of the Company 115 Our Chairman’s Review 12 Statement of Directors’ Responsibility 120 Leadership Group Chief Executive Officer’s Review 16 Directors’ Statement on Internal Controls 121 The Board Remuneration Committee Report 122 The Board Related Party Transactions Review Our Business and Strategy 22 Operating Committee Report 123 Awards and Accreditations 23 Context and Board Audit Committee Report 124 Value Creation Model 24 Strategy Chairman, Group Chief Executive Officer’s and Group Operating Landscape 26 Chief Financial Officer’s Responsibility Statement 126 Stakeholder Interaction 32 Our Strategy 34 Material Matters 35 Financial Financial Calendar 2018 and Proposed Financial Management Approach and Topic Boundaries 36 Reports Calendar 2019 127 Risk Management Review 39 Independent Auditors’ Report 128 Contributing to the Sustainable Development Income Statement 132 Goals (SDGs) 44 Statement of Profit or Loss and Other Comprehensive Business Line Reviews 48 Income 133 Statement of Financial Position 134 Consolidated Statement of Changes in Equity 135 Performance Capital Management 54 Statement of Changes in Equity 136 and Capital Independent Assurance Report to The Lanka Hospitals Statement of Cash Flows 137 Management Corporation PLC 81 Notes to the Financial Statements 138 GRI Content Index Tool 84 Investor Shareholder and Investor Information 175 Information Ten Year Financial Summary 178 Corporate Information 179 Notice of Meeting 180 Form of Proxy 181 Capital Report Navigation Icons Social and Financial Manufactured Human Intellectual Natural Relationship Capital Capital Capital Capital Capital Capital The Lanka Hospitals Corporation PLC Annual Report 2018 3 About this Report Welcome to our 3rd Integrated Scope and boundary Board Responsibility Report This Annual Report and Financial The Board is collectively responsible for overseeing the integrity This Integrated Report aims Statements of The Lanka Hospitals and completeness of this Report. On 25th February 2019, the Board to provide a balanced review Corporation PLC (“Lanka approved the 2018 Integrated Report taking into consideration the of our financial, operational, Hospitals” or “Company”) and relevance and completeness of the material matters and accuracy of environmental and social its subsidiary Lanka Hospitals data presented. performance for the period Diagnostics (Pvt) Ltd (collectively from 1st January 2018 to 31st referred to as “Group”) present December 2018. As our primary the performance for the financial Dr. Sarath Paranavitane publication to shareholders this year ending 31st December 2018. Chairman Report is intended to address The financial and non-financial the information requirements information presented in the Act No. 7 of 2007 and the of long-term investors. It also narrative report represents both Listing Requirements of the Refer to page 35 for a full list of our material topics contains information that is entities unless otherwise stated. Colombo Stock Exchange. The relevant to other stakeholders and There were no significant changes sustainability reporting is based Assurance allows them to make an informed to the size, structure or ownership on the GRI Standards published assessment of our ability to of the Group or its supply chain by the Global Reporting We adopt various assurance create value. The narrative should during the year. There are also no Initiative; we have reported ‘ mechanisms to ensure the be read in conjunction with the material restatements of non- in accordance’ with the ‘core’ transparency and reliability of annual financial statements for a financial information presented in option. our information. The financial comprehensive overview of our previous reports. statements were audited by performance. We adopt an annual Materiality Auditor General while assurance Information included in this reporting cycle and this Report Basis of preparation on the sustainability reporting was Report has been selected builds on the Group’s Annual The Report has been prepared on provided by Messrs. KPMG. and prioritised based on the reporting for the period ending the principles prescribed by the principle of materiality. Material 31st December 2017. International <IR> Framework, Refer page 128 and 81 for matters are the issues which assurance statements published by the International have or could potentially Refer to page 127 for financial Integrated Reporting Council. The impact the Group’s ability to Feedback statements financial statements have been create value over the short, We remain committed to prepared in accordance with the medium and long-term. We have continuously enhancing the Sri Lanka Financial Reporting considered both qualitative quality and readability of our Standards and comply with the and quantitative matters, Annual Report and welcome your requirements of the Companies material to our operations and strategic objectives which may suggestions and comments. Kindly influence stakeholder decision address your feedback to, making. Across the report, we have provided context for what Finance Manager, we have determined as our The Lanka Hospitals Corporation PLC material matters and how we are Telephone: 011 5439037 Read report online addressing these issues through www.lankahospitals.com strategic responses. > Our Business > Our Leadership > Operating Context and Strategy > Performance and Capital Management > Governance > Financial Reports > Investor Information The Lanka Hospitals Corporation PLC 4 Annual Report 2018 To be the foremost and preferred Private VisionHealthcare Facility in the Country, which will serve the Nation and her People to build a healthier community. The Lanka Hospitals Corporation PLC Annual Report 2018 5 To maintain exceptional and Missioncompassionate quality while offering cost effective healthcare solutions of international standards. The Lanka Hospitals Corporation PLC 6 Annual Report 2018 Performance Highlights of 2018 Statement of Financial Performance 2018 2017 Y-O-Y (%) Financial Capital Financial Performance Revenue Rs. Million 7,077 6,382 11 Results from operating activities Rs. Million 643 729 (12) Profit before tax Rs. Million 1,122 922 22 Profit after tax Rs. Million 870 581 50 Profit attributable to owners of the parent Rs. Million 870 581 50 Dividends Rs. Million 447 224 100 Gross profit margin % 44 45 (2) Operating profit margin % 9 11 (20) Net profit margin % 12 9 35 Earnings per share (basic) Rs. 3.89 2.60 50 Return on Assets (ROA) % 10 7 36 Return on Capital Employed (ROCE) % 13 10 40 Financial Position Highlights and Ratios Total assets Rs. Million 8,950 8,150 10 Shareholders’ funds Rs. Million 6,455 6,020 7 Gearing ratio Times N/A N/A N/A Asset turnover Times 0.79 0.78 1 Net assets per share Rs. 28.85 26.91 7 Current ratio Times 3.19 3.45 (8) Quick asset ratio Times 2.90 3.15 (8) Market / Shareholder Information Market value per share Rs. 42.60 62.00 (31) Dividend per share Rs. 2.00 1.00 100 Market capitalisation Rs. Million 9,531 13,871 (31) Price earnings ratio Times 10.95 23.88 (54) Dividend yield ratio % 4.69 1.61 191 Dividend payout ratio % 51.43 38.52 34 Dividend Cover Times 1.94 2.60 (25) > Our Business > Our Leadership > Operating Context and Strategy > Performance and Capital Management > Governance > Financial Reports > Investor Information The Lanka Hospitals Corporation PLC Annual Report 2018 7 2018 2017 Y-O-Y (%) Manufactured Property Plant and Equipment Rs. Million 4,489 4,520 (1) Capital CAPEX Rs. Million 363 657 (45) No. of beds No. 367 350 5 Company owned laboratory collection centres No. 23 19 21 Pharmacy network No. 21 18 17 Statement of Social Performance 2018 2017 Y-O-Y (%) Human Capital Employees Total employees No. 1,868 1,784 5 Consultants No. 840 754
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