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MAKING THINGS HAPPEN Vallibel One PLC Level 29, West Tower, World Trade Centre, Echelon Square, Colombo 1 VALL A NNUA L R EPOR T 2 018/19 IB EL ONE P LC A NN U AL R EPO R T 2 0 18 / 1 9 MAKING MAKING THINGS HAPPEN THINGS HAPPEN Vallibel One PLC Level 29, West Tower, World Trade Centre, Echelon Square, Colombo 1. Making Things Happen Our success in enterprise is mostly down to our ability to “Make Things Happen” for our stakeholders and the Company too. In nine short years, Vallibel One has cemented its position as a formidable force in Sri Lanka’s corporate sphere, aptly positioning itself in key growth sectors of the economy. Innovation, creativity and a relentless focus on redefining industry standards has enabled the Group to achieve dominant market positions across many of its sectors. From our business model, strategies, drive and innovation to recognising opportunities in challenge, Vallibel One has always been ahead of the game when it comes to “Making Things Happen” in the business firmament both in Sri Lanka and internationally. The premier and highly successful brands that comprise our portfolio today stand testimony to how successfully... we make things happen. Vision Mission Achieve uniqueness through diversity, To run healthy core businesses, leverage leadership, creativity and inspiration. strengths into new ventures, work together with people to be Sri Lanka’s corporate leader. Annual Report 2018/19 VALLIBEL ONE PLC Welcome to Our Integrated Driving Strategy Financial Reports 137 Annual Report 03 through Our Sectors 31 Independent Auditors’ Report 138 Operating Environment 32 Statement of Financial Position 141 05 Who We Are Lifestyle 34 Statement of Profit or Loss 143 Overview of the Group 05 Finance 42 Statement of Comprehensive Income 144 Our Portfolio of Businesses 06 Aluminium 50 Statement of Changes in Equity 145 Our Milestones and Key Events 08 Plantations 58 Statement of Cash Flows 148 Our Impact 11 Leisure 66 Notes to the Financial Statements 150 Our Awards 12 Consumer 72 Our Investment Case 14 Investments and Others 78 Annexes 253 Five year Summary – Company 254 Snapshot of 2018/19 15 Nurturing Our Capitals 85 Group Value Added Statement 255 Financial Highlights 15 Financial Capital 86 Shareholder Information 256 Non-Financial Highlights 16 Manufactured Capital 89 Subsidiary/Associate Companies Human Capital 93 of Vallibel One PLC 258 Intellectual Capital 103 GRI Index 264 Chairman’s Message 18 Social and Relationship Capital 107 Glossary of Financial Terms 268 Natural Capital 114 Notice of Annual General Meeting 269 Chief Executive Officer’s Review 20 Form of Proxy Enclosed Corporate Information Inner Back Cover Governance and Risk Management 119 Board of Directors 22 Corporate Governance 120 Annual Report of the All About Strategy 24 Board of Directors on the Affairs of the Company 126 Our Value Creation Model 24 Report of the Related Party How We Engage with Transactions Review Committee 130 Our Stakeholders 26 Directors’ Responsibility for What is Material to Us 27 Financial Reporting 131 Our Strategy 29 Audit Committee Report 132 Risk Management 133 Scan to access the Annual Report http://www.vallibelone.com/investor_relations/annual_reports.html + + VALLIBEL ONE PLC Annual Report 2018/19 3 Welcome to our Integrated Annual Report the Group’s ability to create value for its Quality Assurance This year we present our fourth integrated stakeholders over the short, medium and annual report which is structured and to long term. The process for determining We have taken every effort to ensure that present a balanced review of Vallibel One materiality is described on page 27 of this our Report reflects a balanced review that PLC’s financial, social and environmental Report. We adopt an annual reporting is complete and accurate. It is our intention performance. This Report is the primary cycle and this Report builds on the Group’s to provide credible information concisely publication to the shareholders of previous Annual Report for the period with the aid of visual elements such as Vallibel One PLC and has been prepared in ending 31 March 2018. The financial and graphs and tables in a consistent manner accordance with the Integrated Reporting non-financial information presented herein facilitating clarity and comparability. The Framework published by the International represents consolidated figures for the Company has obtained an independent Integrated Reporting Council. The Report Company and its subsidiaries unless opinion on the Financial Statements from its presents a comprehensive overview of the otherwise stated. External Auditors Messrs Ernst & Young. The Group’s strategy, performance, operating independent opinion of Messrs Ernst & Young landscape, corporate governance, and risk in respect of the financial statement of the Reporting Principles management, and narrates the story of how Company and the Group is detailed on page we make things happen and create value to The guiding principles, regulations, codes 138 of the report. our diverse stakeholders during the year. and Acts used for financial and narrative reporting, reporting on sustainability Improvements goals and practices and for governance is depicted below: to the Report The following improvements have been Financial introduced to our Annual Report this year Reporting to improve the readability and quality of information provided to our shareholders; Sri Lanka Financial Reporting Standards y Improved connectivity using Companies Act No. 07 of 2007 navigation icons The Institute of Chartered Accountants y Enhanced the quantitative disclosures of Sri Lanka (LKAS) pertaining to the Group’s social and International Financial Reporting Standards (IFRS) 2017/18 environmental performance y Demonstrated the relevance of Sustainability Sustainable Development Goals Reporting wherever relevant GRI Standards – In Accordance with ‘Core’ Forward looking UN Sustainability Development Goals (SDGs) statements Our Report includes forward-looking Narrative statements, which discusses the possible Reporting future financial position and results of the Group’s operations. These statements Integrated Reporting Framework of the however involve an element of risk and International Integrated Reporting Council (IIRC) uncertainty. We do not undertake to update or revise these statements publicly in the event of a change of circumstances. Corporate Scope and Boundary Reporting This Report covers the operations of Listing Requirements of Vallibel One PLC and its subsidiaries, the Colombo Stock Exchange (further elaborated on page 150) for the period from 1 April 2018 to 31 March 2019. Our report focuses on aspects that are material and relevant to the Group’s Assurance operations and to our key stakeholders. Materiality is based on the extent to which Listing Requirements of a certain aspect can significantly impact the Colombo Stock Exchange 4 Annual Report 2018/19 VALLIBEL ONE PLC Welcome to Our Integrated Annual Report Navigating our Report In order to demonstrate connectivity between information as prescribed by the <IR> Framework, we have used the following navigation icons throughout the Report. Capitals Manufactured Financial Human capital Social and Natural capital Intellectual capital capital relationship capital capital Stakeholders Shareholders and Employees Customers Business partners/ Community Government investors suppliers Feedback We understand that Integrated Reporting is a journey of continuous improvement and welcome your comments or questions on this Report. Please direct your feedback to - Manager – Finance Vallibel One PLC 29th Floor, West Tower World Trade Centre Colombo 01 Tel: +94 11 244 5577 Email: [email protected] VALLIBEL ONE PLC Annual Report 2018/19 5 Overview of Our Group With 47 subsidiaries across seven industry including tiles and sanitaryware finance and strategic aspirations. As a responsible sectors Vallibel One PLC has over a span consumer products and consistently strives corporate citizen, the multi-award-winning of just nine years gained the status of to redefine industry standards through Group adopts a triple bottom line focus a leading conglomerate in the country innovative solutions, transformative ideas to ensure that we create value for all achieving both depth and breadth in its and decisive leadership. The Group is our stakeholders in a sustainable and operations. The Group commands dominant powered by a team of 14,473 highly-skilled, responsible manner. market positions in several key sectors enthusiastic professionals who drive its Our Portfolio Our Brands Our People Our Achievements Our portfolio is spread Our brands hold a Our dynamic team The numerous awards and accolades are a out across key growth dominant market of employees is one testament to our commitment to excellence industries in the country positions in several of our key strengths in everything we do of our industry segments Lifestyle Rocell 3,668 CA Sri Lanka Annual Reports Awards 2018 Lanka Tiles/Lanka Walltiles y Royal Ceramics Lanka PLC–manufacturing companies Delmege with turnover above LKR 5 Bn. – Gold y Lanka Walltiles PLC–manufacturing companies with turnover up to LKR 5 Bn. – Gold Finance LB Finance 3,618 CA Sri Lanka Annual Reports Awards 2018 y Gold award for Finance Companies and Leasing Companies (Total Asset above LKR 20 Bn.) y SLIM Nielsen People’s Award 2019 – People’s Choice Award for Financial Service Provider of the year Aluminium Swisstek Aluminium 448 y ISO 9001:2015 y SLS 1410:2011 y QUALICOAT Certificate Plantations Horana Plantations 5,769 y ISO 22000:2005 y ISO 9001:2008 y Ethical Tea Partnership (ETP) Certificate Leisure
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