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ROYAL CERAMICS LANKA PLC ANNUAL REPORT 2019/20 R O Y Al

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ROYAL CERAMICS LANKA PLC ANNUAL REPORT 2019/20 R O Y Al ROYAL CERAMICS LANKA PLC ANNUAL REPORT 2019/20 Royal Ceramics Lanka PLC Royal Annual Report 2019/20 Report Annual ROYAL CERAMICS LANKA PLC No 20, R.A. De Mel Mawatha, Colombo 3, Sri Lanka. www.rocell.com CORPORATE INFORMATION NAME OF THE COMPANY SUBSIDIARY COMPANIES Royal Ceramics Lanka PLC Rocell Bathware Limited. Royal Ceramics Distributors (Private) Limited. LEGAL FORM Ever Paint and Chemical Industries (Private) Limited. Lanka Ceramic PLC A Public Quoted Company with limited liability incorporated Nilano Garments (Private) Limited. Under the provisions of Companies Act No. 7 of 2007 Rocell Pty Ltd Rocell Ceramics Limited DATE OF INCORPORATION Lanka Walltiles PLC and its subsidiaries 29th August 1990 ASSOCIATE COMPANIES COMPANY REGISTRATION NUMBER Delmege Limited PQ 125 L B Finance PLC NATURE OF BUSINESS SECRETARIES Manufacture and sale of Porcelain & Ceramic Tiles P W Corporate Secretarial (Pvt) Ltd 3/17, Kynsey Road, BOARD OF DIRECTORS Colombo 08. Tel : 011 4640360-3 Mr. Dhammika Perera (Chairman) Fax : 011 4740588 Mr. A M Weerasinghe (Deputy Chairman) Email : [email protected] Mr. M Y A Perera (Managing Director) Mr. T G Thoradeniya (Director Marketing & Business Development) EXTERNAL AUDITORS Mr. G A R D Prasanna Ernst & Young, Mr. R N Asirwatham Chartered Accountants Mr. S H Amarasekara 201, De Saram Place, Ms. N R Thambiayah P.O. Box 101, Mr. L N de S Wijeyeratne Colombo 10. Mr. N J Weerakoon (Appointed w.e.f. 17th May 2019) Mr. S M Liyanage (Appointed w.e.f. 21th February 2020) BANKERS Commercial Bank of Ceylon PLC HEAD OFFICE AND REGISTERED OFFICE Hatton National Bank PLC 20, R. A de Mel Mawatha, Colombo 03. Standard Chartered Bank Ltd. Tel : 011 4799400 HSBC Ltd. Fax : 011 4720077 DFCC Bank PLC Email : [email protected] Seylan Bank PLC Website : www.rocell.com Bank of Ceylon PABC Bank PLC Sampath Bank PLC MCB Bank Ltd. Designed & produced by Digital Plates & Printing by Softwave Printing and Publishing (Pvt) Ltd As we look back on an extraordinary, exciting and eventful history spanning three decades, at Rocell, we have always held fast to our pledge of excellence; serving our many stakeholders across the island and beyond with the same quality and finesse that we possess today. As we navigate one of the most challenging years we have ever faced, we continue to draw on our inherent values to maintain our stance as a strong and reliable partner to all our stakeholders and to the nation itself, for we are confident of better times ahead and a renewal of opportunities for sustainable value creation. As always, your company has delivered another commendable performance amidst a challenging year as reviewed in this report, describing just how we created good value for all our stakeholders, while setting out in black and white the vision, values and strategy that will drive our progress into the years ahead. 2 Royal Ceramics Lanka PLC AN OVERVIEW STRATEGY AND STEWARDSHIP ACCOUNTABILITY 06 24 38 102 About this Report The Strategic Report Operating Environment Statement of Directors Responsibilities 08 26 44 About Us Strategy Business Line Reviews 103 Report of the Audit Capital Reports 10 28 Committee Group Structure Stakeholder Engagement 60 Financial Capital 105 30 Report of the 12 Materiality Remuneration Committee Financial Highlights 65 32 Manufactured Capital 106 13 Principal Risks Report of the Related Non-Financial Highlights 69 Party Transactions Review Natural Capital Committee 14 Chairman’s Message 72 Human Capital 16 Managing Director’s Message 77 Social and Relationship Capital 19 Board of Directors 80 Intellectual Capital 83 Corporate Governance 94 Annual Report of The Board of Directors on The Affairs of The Company 3 Annual Report 2019/20 FINANCIAL INFORMATION SUPPLEMENTARY INFORMATION 110 237 Independent Auditor’s Ten Year Summary - Report Company 114 239 Statement of Financial Group Value Added Position Statement 116 240 Statement of Profit or Loss Share Information 117 242 Statement of GRI Index Comprehensive Income 244 118 Glossary of Financial Terms Statement of Changes in Equity - Company 245 Notice of Meeting 119 Statement of Changes in 247 Equity - Consolidated Form of Proxy 120 Statement of Cash Flow 122 Notes to the Financial Statements CONTENT QUAL ITY QUAL ITY FINESSEAbout this Report 06 AN OVERVIEW About Us 08 Group Structure 10 Financial Highlights 12 Non-Financial Highlights 13 Chairman’s Message 14 Managing Director’s Message 16 Board of Directors 19 6 Royal Ceramics Lanka PLC GRI - 102-45 | 102-46 | 102-48 | 102-49 | 102-50 ABOUT 102-51 | 102-52 | 102-53 | 102-54 | 102-56 THIS REPORT An integrated reporting approach enables stakeholders make a more informed assessment of the value created by the Rocell Group of companies and its prospects. In our fourth integrated report, we extended our focus on how the Group managed the material issues over the last twelve months ended 31st March 2020 particularly the severe impact of the COVID-19 pandemic. We follow the International Integrated Reporting Councils (IIRC) six capitals model to explain the integrated thinking of the Board by aligning our performance and corporate strategy to the value delivered to stakeholders. Scope and Boundary Assurance This report covers the activities of the parent company, Assurance on the Financial Statements has been provided by Royal Ceramics Lanka PLC (Rocell), 18 subsidiaries and two Messrs. Ernst & Young. associate companies. The list of Subsidiaries and grouping of the same into segments for reporting is given on page 10. Regulatory Frameworks Voluntary Frameworks y Companies Act No.7 of 2007 y Integrated Reporting Framework issued by the y Continued Listing Requirements of the Colombo Stock International Integrated Reporting Council Exchange y Core option of the GRI standards y Sri Lanka Accounting & Auditing Standards Act No.15 of y Code of Best Practice on Corporate Governance issued 2015 by the Institute of Chartered Accountants of Sri Lanka y Sri Lanka Financial Reporting Standards December 2017 y Sustainability Development Goals y Communicating Sustainability issued by the Colombo Stock Exchange y Sustainability Standards issued by the Global Reporting initiative Read this Report online https://rocell.com/en/investor-relations https://rocell.com/en/report 7 Annual Report 2019/20 FORWARD LOOKING STATEMENTS Feedback and Inquiries We have included forward looking statements in this report, particularly in assessing risk and opportunities, and discussion of Please contact; our future plans which are based on our perceptions, opinions and Mr.Haresh Somashantha views of external and internal information available to us at present Head of Finance & Treasury as we believe these aid the assessment of the future performance No 20, R A De Mel Mawatha, of the Group. These statements, assessments and estimates have Colombo 3 varying degrees of uncertainty associated with them which we will Email: [email protected] know only with the benefit of hindsight as they relate to future Website: www.rocell.com events, outcomes and impacts which are beyond our control. We believe the COVID- 19 pandemic impacts significantly elevate the uncertainties above normal levels and advise users of this report to make their own judgements as the forecasts regarding the same remain extremely fluid and volatile even as at the reporting date. This information is provided without recourse or any liability whatsoever to the Board or other prepares of the Annual Report due to the relatively high levels of uncertainty regarding the same. SIGNIFICANT CHANGES DURING THE YEAR The report complies with all relevant voluntary and regulatory frameworks as described above. The date of our most recent report was 31st March 2019. SUSTAINABILITY INFORMATION The report includes sustainability information related to the material topics of the business. We used the guidelines issued by the Global Reporting Initiatives (GRI) to report key sustainability indicators of the Group. ACKNOWLEDGMENT The Board acknowledges its responsibility to ensure that the Annual Report provides a balanced view of its performance. All information contained in the Annual Report has been reviewed internally by the senior management. Dhammika Perera - Chairman L N de S Wijeyeratne - Audit Committee Chairman Aravinda Perera - Managing Director 8 Royal Ceramics Lanka PLC ABOUT GRI - 102-1 | 102-5 | 102-6 US ROYAL CERAMICS LANKA PLC (Rocell) started its journey in 1990 with the establishment of our first tile manufacturing facility in Eheliyagoda with an aim to build a brand based on design, innovation, integrity and quality. This was followed by the commencement of Royal Porcelain (Pvt) Limited in 2002, Rocell Bathware in 2009 and the acquisition of Lanka Ceramics in 2013 through which the brand ‘Lanka Tiles’ became part of the Rocell Group of Companies, further strengthening the Group is competitive position in the tile industry. Together, we drove a revolution in design and architecture by innovating masterpieces which enhance the aesthetic appeal of consumer homes in both local and export markets. Every year, Rocell creates new designs, textures and colours to set new trends and drive our brand image as one of the most sought-after lifestyle brands in Sri Lanka. We leverage on our manufacturing excellence to transform these innovative ideas to high quality product ranges, meeting international quality standards. In recognition of our premier manufacturing expertise, Rocell received the CNCI Award (Ceylon National Chamber of Industries) in 2019 for the 2nd time affirming our sustained leadership in innovation and manufacturing excellence. In addition to maintaining our firm footprint in the tile industry, the acquisition of Lanka Ceramic in 2013 extended our presence to three new industries including Plantation, Aluminium and Packaging which accounted to 27% of Group revenue in 2019/20. Our Business Segments We create innovative porcelain and ceramic wall and floor tiles which add Tiles and associated colour, texture and design to enhance the aesthetic appeal of properties. items These tiles are supplied to customers in domestic and 14 export regions under two primary brands namely “ROCELL” and “LANKATILES”.
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