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Ceylon Tobacco Company Plc Annual Report 2020

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Ceylon Tobacco Company Plc Annual Report 2020 The Next CEYLON TOBACCO COMPANY PLC Step ANNUAL REPORT 2020 Contents Overview Our ESG Performance Financial Statements 2 CTC at a Glance 54 Environment 100 Finance Director’s Review 3 The Year in Numbers 59 Social 102 Financial Reporting Calendar 4 About the Report 64 Governance 103 Independent Auditor's Report 6 Our New Corporate Logo 105 Statement of Profit or Loss and other Our Leadership 7 Our Response to COVID-19 Comprehensive Income 68 Board of Directors 8 Performance Highlights 106 Statement of Financial Position 72 Executive Committee 107 Statement of Changes in Equity Executive Review and 108 Statement of Cash Flows Strategic Positioning Governance and Risk 109 Notes to the Financial Statements 10 Chairman’s Review 76 Board Governance 143 Statement of Value Added 14 Managing Director & CEO’s Review 77 Driving Strategy and Performance 18 Value Creation Model 80 Compliance Overview Supplementary Information 82 Corporate Governance 20 Value Creation and Trade-offs 144 Share Information 85 Risk Management 22 Strategy for Accelerated Growth 148 Notes 88 Assessment of Going Concern 24 Industry Overview 151 Notice of Meeting 89 Statement of Internal Controls 25 Our Sustainability Agenda 152 AGM 2021 Instructions to Shareholders 90 Report of the Board of Directors 26 Stakeholder Value 153 Form of Proxy 93 Statement of Directors’ Responsibilities 28 Material Matters 155 Appendices for Financial Statements IBC Corporate Information Performance and Value Creation 94 Report of the Audit Committee 30 Delivering our Strategy 96 Report of the Related Party Transactions 30 Illicit Trade and Beedi Review Committee 32 Product Responsibility 97 Report of the Board Compensation and 34 Optimising the Manufacturing Footprint Remuneration Committee 36 Leveraging Our Brands 98 Report of the Nominations Committee 38 Our Product SKUs 40 Sustainable Supply Chain 43 Strength in Distribution 45 Managing People 50 Ensuring a Safe Working Environment Online references: http://www.ceylontobaccocompany.com Scan the QR Code with your smart device to view this report online. The Next Step Sustainability at front and centre. As Ceylon Tobacco Company PLC marks over 115 years of sustainable operations in Sri Lanka, we know that our journey is far from complete. Even as we re-engineer our sustainability agenda, we’re setting our sights on the next century; re-aligning ourselves to meet the needs of the future, and renewing our pledge towards championing sustainable change across the board. As we step into the next stage of our journey, this Report details our plans for the years ahead; encompassing areas of climate action, sustainable livelihoods and excellence in corporate governance. We’re striving to reduce the impact of our operations, while building a diverse and engaging culture for all. The next step of our sustainability journey begins here. The Next Step OVERVIEW CTC at a Glance Ceylon Tobacco Company PLC (CTC/Company) is Sri Lanka’s only licensed manufacturer of cigarettes and one of the Country’s most valuable corporate entities. Given its position as the largest individual tax contributor to government tax revenue and significant value injector to the rural economy, the Company’s socio-economic impacts are indisputable, and over the last century, CTC has played an important role in supporting the Country’s economic progress. As a subsidiary of British American Tobacco plc (BAT), the Company adopts global best practices, thereby developing Sri Lanka’s talent pool and propagating best-in-class practices in the Sri Lankan corporate and manufacturing sector. OUR PEOPLE SUSTAINABILITY Continued investments in developing our people We adopted a strategic and focused approach and efforts to build an increasingly diverse and towards sustainability. Excellence across our ESG inclusive workplace through global best practices priorities has helped us to consistently generate in people management have made CTC one of shared value for our stakeholders. Sri Lanka’s most preferred employers. PERMANENT 262 EMPLOYEES STRENGTH IN DISTRIBUTION An extensive network of island-wide distributors and traders ensure that our products are marketed responsibly and made accessible to adult consumers across the Country. 13 DISTRIBUTORS 33,329 TRADERS PRODUCT PORTFOLIO Deep insights into adult consumer behaviour and access to world-class research has armed us with the ability to satisfy changing and diverse needs through a focused portfolio of products. 17 STOCK KEEPING UNITS 07 BRANDS (SKUs) 2 Ceylon Tobacco Company PLC - Annual Report 2020 OVERVIEW The Next Step The year in Numbers FINANCIAL PERFORMANCE STAKEHOLDER VALUE CREATION TURNOVER REVENUE VALUE TO GOVERNMENT VALUE TO SHAREHOLDERS Rs. 132,149 MILLION Rs. 32,073 MILLION Rs. 110,132 MILLION Rs. 15,578 MILLION (2019 : 141,342) (2019 : 35,524) PROFIT BEFORE TAX PROFIT AFTER TAX VALUE TO EMPLOYEES VALUE INFUSED TO GDP Rs. 25,434 MILLION Rs. 15,578 MILLION Rs. 1,365 MILLION Rs. 33,000 MILLION (2019 : 28,691) (2019 : 17,259) INVESTOR RATIOS SOCIAL PERFORMANCE EARNINGS PER SHARE DIVIDEND PER SHARE PERMANENT EMPLOYEES PAYMENTS TO CONTRACTED FARMERS (INTERIM & 262 Rs. 1,658 MILLION Rs. 83.16 Rs. 82.85 PROPOSED FINAL (2019 : 92.13) (2019 : 92.13) DIVIDEND) TRAINING HOURS LIVELIHOODS SUPPORTED MARKET VALUE PER SHARE RETURN ON INVESTED CAPITAL 11,532 286,900+ Rs. 1,028.9 123% FEMALE PARTICIPATION RATE ACCIDENTS (2019 : 1,100.3) (2019 : 111%) 29% (MANAGEMENT ROLES) Zero Our comprehensive sustainability GOVERNANCE ENVIRONMENTAL PERFORMANCE agenda centres on our material ESG INSTANCES OF NON-COMPLIANCE TO LAWS AND REDUCTION REDUCTION initiatives, which reflect the Company’s REGULATIONS IN CARBON IN WATER FOOTPRINT WITHDRAWAL focus areas and the priorities of our Zero stakeholders. The ESG framework clearly 13% 9% sets out our long-term aspirations EMPLOYEES TRAINED ON ANTI-BRIBERY AND CORRUPTION RENEWABLE WASTE in achieving carbon neutrality, 100% ENERGY FOR RECYCLED TOBACCO CURING creating sustainable livelihoods, and NUMBER OF INCIDENTS RELATING TO ANTI-BRIBERY AND championing excellence in corporate CORRUPTION 100% 89% governance in Sri Lanka. Zero INVESTMENT IN EHS INITIATIVES : Rs. 86.3 MILLION Ceylon Tobacco Company PLC - Annual Report 2020 3 The Next Step OVERVIEW About the In 2019, the BAT Group endorsed an ambitious plan to accelerate the transformation of its business through an evolved corporate strategy. Report BAT’s sustainability agenda is at the heart of this strategic plan, clearly setting out the targets and action plans to build a long-term sustainable business. In aligning our corporate reporting with this integrated approach towards strategy formulation, this year, CTC has embraced the principles of integrated reporting and this Annual Report has been prepared in line with the Integrated Reporting <IR> Framework published by the International Integrated Reporting Council. The Report provides a balanced overview of our strategy, performance, operating landscape, and outlook in relation to material financial and ESG issues. NAVIGATION ICONS CAPITAL RESOURCES Financial Capital Human Capital Natural Capital Manufactured Intellectual Social and Capital Capital Relationship Capital STAKEHOLDERS S E D Shareholders and Employees Distributors and Capital Providers Traders C G F Consumers Government and Farmers (Adult) Regulators (Tobacco) Co Communities 4 Ceylon Tobacco Company PLC - Annual Report 2020 OVERVIEW The Next Step BASIS OF REPORTING COMBINED ASSURANCE DIRECTORS' RESPONSIBILITY This Report covers the operations of CTC for the period We adopt a combined assurance model to ensure the CTC’s Board of Directors is ultimately responsible for from 1 January to 31 December 2020; It also includes integrity of the information provided in this Annual ensuring the integrity of the Company’s Annual Report. The any material development until the signoff date (20 Report. Management identifies the material issues Board hereby confirms that CTC’s Integrated Annual Report April 2021). The Company adopts an annual reporting faced by CTC and implements suitable internal controls of 2020 addresses all material issues and fairly reflects the cycle, and this Report builds on the Company’s previous to address these risks, in line with the Board-approved Company’s integrated performance and value creation. The Report for the year ending 31 December 2019. The Report policies and procedures. The Internal Audit team monitors Board also confirms that this Report has been prepared in complies with the following reporting standards and and assesses this process, while External Audit teams accordance with the <IR> Framework. The Board approves frameworks: evaluate the integrity of financial reporting and internal this Report and its publication on 20 April 2021. controls. Assurance on the Company’s financial statements Integrated Reporting <IR> Framework of the have been provided by Messrs. KPMG. The Company has International Integrated Reporting Council. not obtained assurance for its sustainability reporting this Sri Lanka Financial Reporting Standards. year. Signed by Audit Committee Chairman, on behalf of the Board. Companies Act No. 7 of 2007. Listing Rules of the Colombo Stock Exchange. Inside this Report, Global Reporting Initiatives (GRI)- In accordance with the core criteria of the GRI Standards. United Nations Sustainable Development Goals (SDG). A Step Towards Growth Guidance on ESG Reporting issued by Colombo Stock Page 9 - 28 Exchange. Code of Best Practice on Corporate Governance issued by CA Sri Lanka (2017). A Step
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