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LANKA ORIX LEASING COMPANY PLC Annual Report 2016/17

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LANKA ORIX LEASING COMPANY PLC Annual Report 2016/17 LANKA ORIX LEASING COMPANY PLC Annual Report 2016/17 Being Bigger. Being Better. Being Faster. Giving More. The LOLC Group is the largest non-banking financial institution and one of the biggest diversified conglomerates in Sri Lanka. We’re well known for the excellence of our financial performances, the expertise of our people, innovative use of technology and the service excellence to our customers. We regard the creation and sharing of holistic value with all our stakeholders as the key to our definition of real success. That’s why we are so proud to present this record of an unmatched performance to you today, with exceptional top and bottom-line results to outperform a very competitive industry sector this year. We believe that our commitment to our vision, far-sighted and strategic thinking and years of industry experience have made us who we are today; a truly extraordinary company forging global partnerships that will strengthen our business and endure long into the future. Today, LOLC has proved itself as the most profitable corporate in Sri Lanka. Yet we have never lost sight of our roots, and our commitment to delivering inclusive sustainable solutions to the thousands of microfinance customers we serve remains strong. We shall keep striving to be number one in all that we do, by delivering bigger, better, faster and more. The LOLC Group has rapidly evolved into being the biggest non-banking financial institution and one of the biggest and most diversified conglomerates in the country. Besides a range of financial products and services, our portfolio includes leisure, plantations, agri-inputs, renewable energy, construction, manufacturing and trading and other strategic investments. Our footprint in Sri Lanka spans every district, from the rural hinterlands to major cities and we have enduring business partnerships with a host of financial and developmental organisations across the world. We have significantly successful investments in Cambodia, Myanmar and Pakistan and we continue to expand our international presence by actively seeking new opportunities in the region. As a leading player in Sri Lanka’s SME and microfinance sectors, the LOLC Group has been a catalyst in facilitating financial inclusion. Our role in microfinance has enabled us to benefit many people and communities, whilst striving to maximise environmental benefits through green operations and processes in line with our triple bottom line focus in all we do. The Group’s business interests are in key growth areas of the economy and we are confident that LOLC will grow further both in potential and in value creation for the many stakeholders we partner and serve. LANKA ORIX LEASING COMPANY PLC | Annual Report 2016/17 &IMRKXLIQSWXTVSÁXEFPI corporate in Sri Lanka... 8SHE]030'LEWTVSZIHMXWIPJEWXLIQSWXTVSÁXEFPIGSVTSVEXI MR7VM0EROE;IWLEPPOIITWXVMZMRKXSFIRYQFIVSRIMREPPXLEX [IHSF]HIPMZIVMRKFMKKIVFIXXIVJEWXIVERHQSVI Pakistan Myanmar Cambodia Sri Lanka Being Being Bigger Better A leading player in Sri Lanka’s SME and As a leading player in Sri Lanka’s SME and microfinance sectors, we are constantly microfinance sectors, we have benefited many expanding our operations, moving across people and communities, in line with our triple boundaries, benefitting many people and bottom line focus in all we do. communities across the region. 2 l Annual Report 2016/17 | LANKA ORIX LEASING COMPANY PLC Being Giving Faster More Technologically superior, easily accessed In line with our unwavering commitment to our products and services delivered across a range of triple bottom line, we are creating and sharing business sectors have become the hallmark of the holistic value, positively impacting many people, LOLC Group, enhancing customer convenience. communities and our environment. l 3 LANKA ORIX LEASING COMPANY PLC | Annual Report 2016/17 Contents About Us | 5 Financial Information A Salute to a Great Leader | 6 Chief Executive Officer’s and Chief Financial The ORIX Connection | 7 Officer’s Responsibility Statement | 115 LOLC at a Glance | 8 Directors’ Responsibility for Financial Reporting | 116 Our Commitment to fuelling entrepreneurship Independent Auditors’ Report | 117 amongst Micro & SME sectors | 10 Statement of Financial Position | 118 Group Structure | 12 Statement of Profit or Loss | 120 Awards and Certifications | 14 Statement of Comprehensive Income | 121 Our Presence | 16 Statement of Changes in Equity | 122 Funding Partners | 18 Statement of Cash Flow | 128 Financial Highlights | 22 Notes to the Financial Statements | 130 Review of the Deputy Chairman | 24 Group Managing Director/CEO’s Review | 26 Supplementary Information Our Business Sectors | 30 Property Details of the Company | 280 Management Discussion & Analysis | 32 Decade at a Glance | 282 Financial Review | 33 Summarised Quarterly Statistics | 286 Financial Services | 38 Value Addition | 288 Agriculture & Plantation | 48 Leisure | 52 Indicative US Dollar Financial Statements | 289 Renewable Energy | 56 Milestones | 292 Construction | 58 List of Directors | 298 Manufacturing & Trading | 61 Share Distribution | 302 Overseas Expansion | 65 Other Strategic Investments | 68 Corporate Information | 304 Sustainability Report | 73 Glossary | 305 The Board of Directors | 81 Notice of Meeting | 308 Corporate Management Team | 85 Notes | 309 Operational Management Team | 91 Form of Proxy | 311 Report of the Board of Directors | 98 Corporate Governance Report | 102 Report of the Talent Development and Remuneration Committee | 105 Report of the Integrated Risk Management Committee | 106 Scan the QR Code with your Report of the Corporate Governance Committee | 107 smart device to view this report Report of the Audit Committee | 108 online. Report of the Related Party Transactions Review Committee | 109 Enterprise Risk Management | 110 4 l Annual Report 2016/17 | LANKA ORIX LEASING COMPANY PLC %FSYX9W 8LI+VSYT¸WTVIWIRGIMR Sri Lanka spans every district, EGVSWWXLIVYVEPLMRXIVPERHW XSXLIGSWQSTSPMXERGMXMIW;I LEZIEPWSVIEGLIHFI]SRHXLI WLSVIWF]WIXXMRKYTSTIVEXMSRW MR'EQFSHME1]ERQEVERH Pakistan. The LOLC Group beyond the shores by setting up operations in Ours is a legacy of dynamism, vision and Cambodia, Myanmar and Pakistan. The success nimbleness, attributes which have seen us of these investments, has spurred us to expand harness, create and meet many opportunities our international presence and actively pursue in the national landscape to become one of new opportunities in the region. Sri Lanka’s most successful and respected conglomerates. As a leading player in the SME and Microfinance sectors of the country, the LOLC Group has been The past few years have seen the rapid evolution a catalyst in facilitating financial inclusion. The of LOLC, from a leading financial services contribution we make to the nation’s economic provider to the largest non-banking financial growth is one we hold in high esteem. Our institution, to today become one of the largest role in Microfinance has enabled us to impact and most diversified conglomerates in the beyond our own profitability, to benefit society country. LOLC’s portfolio is broadly categorised at large and to be in sync with our triple bottom as Financial Services and Non-Financial Services, line focus in enterprise. LOLC’s businesses are in encompassing Leisure, Plantations, Agri Inputs, the thrust areas of the economy which currently Renewable Energy, Construction, Manufacturing spearhead Sri Lanka’s growth agenda. We will and Trading and other Strategic Investments. thus see the Group growing in its potential and expanding its value creation for all stakeholders. The Group’s presence in Sri Lanka spans every district, across the rural hinterlands to the cosmopolitan cities. We have also reached l 5 LANKA ORIX LEASING COMPANY PLC | Annual Report 2016/17 %7EPYXIXS a Great Leader 1V6ENEL2ERE]EOOEVE[LS[EWFSVRMRMR 1EXEVE7SYXLIVR4VSZMRGI[MPPFIVIQIQFIVIH TVSJSYRHP]EWEPIKIRHEV]FYWMRIWWTIVWSREPMX]MR Sri Lanka. Mr. Rajah Nanayakkara who was born in 1940 in Traders, the pioneers in the motor vehicle trade, We at LOLC Group would like to express our Matara, Southern Province, will be remembered he acted as an industry leader and a trendsetter sincere gratitude for the passion, commitment, profoundly as a legendary business personality in the country. He also served as the Chairman guidance and innovative spirit of our late in Sri Lanka. of LOLC Group. Mr. Nanayakkara’s far-reaching Chairman, whose efforts indisputably facilitated initiatives to propel and empower entrepreneurs our remarkable journey to the top. He was a great visionary, a self-made has built a truly sustainable legacy - one that entrepreneur, and as the founder of Ishara today extends well beyond Sri Lanka. 6 l Annual Report 2016/17 | LANKA ORIX LEASING COMPANY PLC The ORIX Connection Tokyo %RIRHYVMRKTEVXRIVWLMTXLEX Osaka GSRXMRYIWXSKVS[ERHIRLERGI ZEPYIGVIEXMSR¬ Since its inception in 1964 as Orient Leasing consolidated subsidiaries and 115 affiliates, LOLC has been one of the most successful, Company, in Osaka, Japan, the ORIX brand has with a total of 1,358 offices in Japan and a epitomising the success of the ORIX strategies, grown rapidly to become one of the leading further 554 locations across the globe including, business excellence and best practices overseas. financial brands in Asia. The Company was the United States, Asia, Oceania, Europe, the re-registered as ORIX Corporation in 1989 to Middle East and Africa. And many have been the accolades LOLC has reflect its growing international profile and mark
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