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Distilleries Company of Sri Lanka PLC | Annual Report 2013 / 14 / Distilleries Company of Sri Lanka PLC | Annual Report 2013 OUR POWERFUL HERITAGE OUR CONTINUING SUCCESS Distilleries Company of Sri Lanka PLC l Annual Report 2013 / 14 OUR POWERFUL HERITAGE OUR CONTINUING SUCCESS Being in business for over a century means we have got it right - in the management of our Company, the process of our operations and the vision of our leadership. Today we are proud to be the nation’s leading distiller, a core business strongly supported by our diversified portfolio of vibrant industries - plantations, telecommunication, insurance, finance, power generation, textiles, leisure, logistics and media. The influence of our long heritage is manifested in our desire to excel in all we do. It is the reason for our continuing success. Distilleries Company of Sri Lanka PLC 1 CONTENTS 3 Highlights of the Year 4 Financial Highlights 6 A Diversified Portfolio of Business Operations 12 Our Businesses 13 Historical Perspectives 14 The Story of Arrack 16 What’s Behind Our Continuing Success? 20 Chairman’s Message 26 Board of Directors 30 Group Management 32 DCSL Management 35 Management Discussion & Analysis 44 Sustainability Report 56 Corporate Governance 68 Enterprise Risk Management 72 Audit Committee Report 74 Remuneration Committee Report 75 Annual Report of the Board of Directors 80 Statement of Directors Responsibility 81 Independent Auditors’ Report 82 Statements of Comprehensive Income 83 Statements of Financial Position 84 Statements of Changes in Equity 87 Statements of Cash Flows 88 Notes to the Financial Statements 160 Statement of Value Added 161 Details of Real Estate 162 Shareholder Information 164 Ten Year Summary 165 DCSL Management Team 166 Group Directory 172 Notice of Meeting 175 Form of Proxy 177 Attendance Slip 2 Annual Report 2013/14 HIGHLIGHTS OF THE YEAR August 2013 December 2013 Melsta Regal Finance Limited opened its first branch in Fitch Rating reaffirmed DCSL a national long term Rating Kurunegala. of AAA (lka) / stable outlook - The best & highest entity credit rating for a corporate in Sri Lanka. November 2013 February 2014 DCSL was ranked No. 09 in the Business Today ‘Top Lanka Bell 4G was formally launched under the patronage Twenty Five’. This was the 15th consecutive year DCSL of Director General of the Telecommunications Regulatory was listed among corporate heavy weights in the rankings. Commission Mr. Anusha Palpita. March 2014 Investment in Meslta Regal Finance increased to Rs. 1,340 Mn. May 2014 Melsta Regal Finance was reaffirmed A+ (lka) / Stable by Fitch. Thus signifying a very high credit rating for a finance company. November 2013 July 2014 DCSL tops the manufacturing, food & beverage sector in National Business Excellence Awards - 2013. Investment in Continental Insurance increased to Rs. 750 Mn. Distilleries Company of Sri Lanka PLC 3 FINANCIAL HIGHLIGHTS Financial Highlights 2014 2013 2014 2013 Group Group Company Company SUMMARY OF RESULTS Gross Turnover Rs Mn 63,186 65,790 47,756 51,549 Excise Duty Rs Mn 34,203 37,024 31,058 34,088 Net Turnover Rs Mn 28,983 28,766 16,698 17,461 Profit After Tax Rs Mn 6,231 5,258 5,357 6,873 Shareholders’ Funds Rs Mn 53,636 47,978 43,839 39,155 Working Capital Rs Mn (1,905) (1,578) (4,449) (6,139) Total Assets Rs Mn 83,742 78,547 61,190 55,942 Staff Cost Rs Mn 3,862 3,194 1,162 1,039 No. of Employees 12,897 14,681 1,250 1,343 PER SHARE Basic Earnings Rs. 20.41 17.13 17.86 *10.68 Net Assets Rs. 178.79 159.93 146.13 130.52 Dividends Rs. 3.25 3.00 3.25 3.00 Market Price - High Rs. 218.00 190.00 218.00 190.00 Low Rs. 160.00 117.00 160.00 117.00 Year End Rs. 203.00 166.50 203.00 166.50 RATIOS Price Earnings times 10 10 11 *16 Return on Shareholders’ Funds % 11.42 10.71 12.22 *8.18 Current Ratio times 0.92 0.93 0.74 0.63 Interest Cover times 7.3 4.9 10.3 *5.1 Stock Turnover (Finished Goods) days 15 14 13 12 Debt to Equity % 24.97 23.25 22.87 21.90 Debt to Total Assets % 16.00 14.20 16.39 15.32 Dividend Payout % 15.92 17.51 18.20 *28.08 Dividend Yield % 1.60 1.80 1.60 1.80 * Previous year Company’s profit has been adjusted for intra-group capital gain on share transfer 4 Annual Report 2013/14 Taxes Paid - Group (Rs. Mn) 39,076 39,850 37,466 Rs.Mn 29,004 37,466 21,072 2012/13: 39,850Rs.Mn Taxes Paid - Group 2009/10 2010/11 2011/12 2012/13 2013/14 Total Assets - Group (Rs. Mn) 83,742 78,547 Rs.Mn 73,355 83,742 59,616 35,322 2012/13: 78,547Rs.Mn Total Assets - Group 2009/10 2010/112011/12 2012/13 2013/14 Gross Turnover - Group (Rs. Mn) 63,125 65,790 63,186 63,186Rs.Mn 46,451 39,810 2012/13: 65,790Rs.Mn Gross Turnover - Group 2009/10 2010/11 2011/12 2012/13 2013/14 Prot after Tax - Group (Rs. Mn) 8,337 6,231Rs.Mn 6,052 6,231 5,258 2012/13: 5,258Rs.Mn 2,152 Profit after Tax - Group 2009/10 2010/112011/12 2012/13 2013/14 Distilleries Company of Sri Lanka PLC 5 A DIVERSIFIED PORTFOLIO OF BUSINESS OPERATIONS THE CHARACTERISTICS WE VALUE MATURITY BEVERAGES Distillation, Manufacture and Distribution of Liquor Products GROWTH PLANTATIONS Cultivation & Processing of Tea & Rubber 6 Annual Report 2013/14 Led by Beverages, Plantations, Telecommunication and Insurance. CONNECTIVITY TELECOMMUNICATIONS Voice, Data, Broadband, Hardware, Software and Networking Solutions RELIABILITY INSURANCE General Insurance Services - Property, Motor, Marine, General Accident Distilleries Company of Sri Lanka PLC 7 A DIVERSIFIED PORTFOLIO OF BUSINESS OPERATIONS Financial Services, Power Generation, Logistics and Textiles. CONVENIENCE FINANCIAL SERVICES Variety of innovative Financial Solutions under one roof. POWER POWER GENERATION Hydro Power Generation 8 Annual Report 2013/14 EFFICIENCY LOGISTICS Automobile Servicing and Logistics ARTISTRY TEXTILES Dyeing and Printing Fabric Distilleries Company of Sri Lanka PLC 9 A DIVERSIFIED PORTFOLIO OF BUSINESS OPERATIONS BPO, Media Buying and Creative Services and Leisure. EXCELLENCE BPO SERVICES BPO, KPO & Call Centre Services CREATIVITY MEDIA Media Buying & Creative Services 10 Annual Report 2013/14 INSPIRATION LEISURE Hotels & Hospitality QUALITY BEVERAGES Wines & Spirits Distilleries Company of Sri Lanka PLC 11 OUR BUSINESSES Sector Function Company Beverages Distillation, Manufacture DCSL, & Distribution of Liquor Periceyl Products Telecommunications Telecommunications LB, TCF, BSL Services Plantations Cultivation & Processing BPL of Tea & Rubber Diversified Investment Investment Holding Melstacorp Company Financial Services Insurance Continental Finance Melsta Regal Logistics Automobile Servicing & Melsta Logistics Logistics Textiles Dyeing & Printing Fabrics Texpro Information Technology BPO, KPO & Call Centre BellVantage Services Power Generation Hydro Power Generation Bogo Power Leisure Beach Hotel BBH Manufacturing Manufacturing & Selling Pelwatte of Sugar & Molasses Sugar Media Media Buying & Creative Splendor Services 12 Annual Report 2013/14 HISTORICAL PERSPECTIVE Touching lives for over a century… have also been made in Research and Development (R&D) Present in Sri Lanka for over a century, The Distilleries and in upgrading laboratories. The latest addition is the Company of Sri Lanka PLC (DCSL), is one of the most state of the art blending and bottling plant currently under profitable and well respected corporate entities in the country. commission at the Company’s Seeduwa Distillery. Its proud tradition, rich heritage and proven credentials has These improvements have equipped the Company with top made the Company a beacon of inspiration for others. Over of the line facilities enabling it to produce beverages of the past 100 years, our corporate DNA has been strengthened international standard. Furthermore, storage facilities and with our values of experience, maturity, innovation, resilience product distribution systems have been upgraded to modern and the determination to succeed. standards with fully computerised systems. A fleet of modern DCSL’s roots can be traced back to 1913, when the Excise vehicles ensures that customers in even the remotest areas are Department of Ceylon, which was initially created as the able to enjoy the best DCSL products delivered island wide. enforcement authority to distribute and sell liquor products in These improvements contributed towards higher production Sri Lanka, branched out into the distillation and manufacture efficiencies across the supply chain. Our people are regularly of liquor products. In 1974, the State Distilleries Corporation trained in the best international practices in locations famed was incorporated by statute, to take over this venture, for high quality alcohol, such as France, Scotland and Ireland. while the Excise Department realigned its operations as a Over the years, we have not only grown to become Sri Lanka’s monitoring body. Thus, DCSL has the distinction of being the largest distiller, but have been recognised as a leading pioneer distiller in Sri Lanka. corporate with the highest quality standards. Despite these In 1989, under a government policy decision, the State achievements and our strong position of business leadership, Distilleries Corporation was converted into a limited company. we continue to look for ways to improve and grow. Since This transfer of ownership took place at the Colombo Stock 1992, the Company has not only expanded production, but Exchange (CSE) in 1992, making it the largest transaction in has also diversified into other non-alcohol related activities. the history of the CSE. Today, we are present in all parts of the country, operating Under its new private management, the Company entered an under the principle of providing the highest standard of era of modernisation that witnessed upgrading of machinery products and services for the people of Sri Lanka, imbued and equipment and the introduction of modern management with a vision of uplifting the quality of life of our people.
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