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Hayleys Fibre Plc Annual Report 2019/20

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Hayleys Fibre Plc Annual Report 2019/20 Integral Integration HAYLEYS FIBRE PLC ANNUAL REPORT 2019/20 It has truly been a year of Integration as we took extensive strides in upgrading all aspects of the company through new systems, ventures and centralised resource mobilising. While paying special attention to logistical cohesion, we are taking the next carefully planned steps in expanding our reach. This includes the diversification of our products and its introduction to new markets. Our adoption of the “best” is propelling us to be the best in the business. CONTENTS History of the Business / 3 Financial Highlights / 4 Joint Statement from the Chairman and the Managing Director / 6 Our Product Portfolio / 10 Operational Review and Management Discussion / 14 GOVERNANCE Profiles of Directors /22 Statement of Directors’ Responsibility / 25 Annual Report of the Board of Directors on the Affairs of the Company / 26 Responsibility Statement of Chairman, Managing Director and Chief Financial Officer 30/ Corporate Governance / 31 Risk Management / 38 Related Party Transactions Review Committee Report / 43 Audit Committee Report / 44 FINANCIAL REPORTS Independent Auditor’s Report / 46 Statement of Profit or Loss /50 Statement of Comprehensive Income / 51 Statement of Financial Position / 52 Statement of Changes in Equity / 53 Statement of Cash Flows / 55 Notes to the Financial Statements / 56 SUPPLEMENTARY INFORMATION Share Information / 110 Statement of Value Added / 112 Ten Year Summary - Group / 113 Notice of Meeting / 114 Form of Proxy / 115 Corporate Information (Inner Back Cover) HISTORY OF THE BUSINESS A subsidiary of the blue-chip, Hayleys Group of Sri Lanka, VISION Hayleys Fibre PLC is a manufacturer and exporter of coir To be the leading provider of based, eco friendly products with a growing international innovative, sustainable and market. Hayleys Fibre products are made of biodegradable environmental friendly products and solutions. coir fibre and coir fibre pith, extracted from coconut husks through conventional and modern processes and encompasses a full range of traditional and value added products for industrial and domestic use. The Company MISSION is part of the Eco Solutions sector of the Hayleys Group. To be the globally preferred choice by delivering value to all The award winning Hayleys Group, which commenced stakeholders through a range of commercial operations in 1878 as Chas P. Hayley & sustainable and environmental Company, by Charles Pickering Hayley, is one of the friendly products and solutions. largest corporate entities in Sri Lanka. With a history spanning over 142 years, Hayleys PLC has diversified business operations in 12 verticals namely Eco Solutions, Hand Protection, Purification, Textile Manufacturing, Construction Material, Agriculture, Plantations, Transportation & Logistics, Leisure & Tours, Consumer & Retail, Industrial Inputs, Power & Energy and Others. HAYLEYS FIBRE PLC FINANCIAL HIGHLIGHTS ANNUAL REPORT 2019/20 2019/2020 2018/2019 Change Restated Rs. Mn Rs. Mn % FINANCIAL HIGHLIGHTS Revenue 790 886 -11 Profit before tax 177 185 -4 Tax (31) (33) -6 Profit after tax 146 153 -4 Dividends (68) (54) 26 Total assets 1,686 1,163 45 Total debt 278 1 – Equity attributable to equity holders of the group 983 902 9 Total equity 1,065 983 8 PROFITABILITY RATIOS Gross profit margin 23% 14% 65 Net profit margin 19% 17% 8 Return on assets 9% 13% -34 Return on equity 14% 15% 11 LIQUIDITY RATIOS Working capital 338 593 -43 Current ratio (times) 1.62 5.17 -69 Quick assets ratio (times) 1.12 4.53 -75 EQUITY RATIOS Net assets value per share (Rs.)* 122.93 112.70 1 Earning per share (Rs.) 18.27 19.07 5 Dividend per share (Rs.) 8.50 6.75 19 Highest market price per share (Rs.) 124.00 110.00 1 Lowest market price per share (Rs.) 78.50 60.00 2 Market price as at end of the financial year 87.10 85.70 1 DEBT RATIOS Debt to equity 26.08% 0.14% – Interest cover (times) 40 15 18 Assets to equity ratio 158% 118% 113 * Net assets attributable to equity holders of the Company 4 FINANCIAL HIGHLIGHTS HAYLEYS FIBRE PLC ANNUAL REPORT 2019/20 GROSS PROFIT MARGIN NET PROFIT MARGIN ROE P/E RATIO 23% 19% 14% 21% REVENUE PAT Rs. Mn. Rs. Mn. 1,000 300 800 250 200 600 150 400 100 200 50 0 0 2015/16 2016/17 2017/18 2018/19 2019/20 2015/16 2016/17 2017/18 2018/19 2019/20 NET ASSETS PER SHARE EPS Rs. Rs. 150 50 125 40 100 30 75 20 50 25 10 0 0 2015/16 2016/17 2017/18 2018/19 2019/20 2015/16 2016/17 2017/18 2018/19 2019/20 790 MN 177 MN 146 MN 1,686 MN REVENUE (RS.) PROFIT BEFORE TAX (RS.) PROFIT AFTER TAX (RS.) TOTAL ASSETS (RS.) 5 HAYLEYS FIBRE PLC JOINT STATEMENT FROM THE CHAIRMAN ANNUAL REPORT 2019/20 AND THE MANAGING DIRECTOR “It is our pleasure to present the Audited Accounts and Annual Report of Hayleys Fibre PLC, for the financial year 2019/20, to our esteemed shareholders. We are pleased to report a year of stable performance by your Company and its Group, despite the exceptionally challenging business environment. A key highlight of the year was the strategic investments in new systems, centralised resource mobilisation and logistical integration to support our business growth blueprint over the next few years. The Company also invested heavily on key upgrades to all its factories, to improve the safety standards and welfare facilities of the employees.” 6 JOINT STATEMENT FROM THE CHAIRMAN AND HAYLEYS FIBRE PLC ANNUAL REPORT 2019/20 THE MANAGING DIRECTOR As we look towards an even It is our pleasure to present the Audited Accounts measures adopted by all countries including and Annual Report of Hayleys Fibre PLC, for Sri Lanka, held back the country’s economic more challenging future, we the financial year 2019/20, to our esteemed recovery and also triggered uncertainties are determined to ensure shareholders. We are pleased to report a year regarding the country’s economic performance of stable performance by your Company and its in 2020. the success of our business, Group, despite the exceptionally challenging by surmounting these new business environment. The Sri Lankan economy recorded a subdued growth of 2.3% in 2019, compared to the growth challenges through a pragmatic A key highlight of the year was the strategic of 3.3% in 2018. The industry sector performance approach backed by prudent investments in new systems, centralised resource somewhat improved in 2019, recording a growth mobilisation and logistical integration to support of 2.7% during the year, compared to the growth strategies, creating significant our business growth blueprint over the next few of 1.2% in 2018. value to all our stakeholders. years. The Company also invested heavily on key upgrades to all its factories, to improve the safety FINANCIAL PERFORMANCE standards and welfare facilities of the employees. Hayleys Fibre PLC recorded a consolidated revenue of Rs. 790 million during the financial MACRO ENVIRONMENT year 2019/2020 against Rs. 886 million reported As a result of the COVID-19 pandemic, the in the previous year, which is a reduction of 11%. International Monetary Fund projects the Profit before tax decreased to Rs. 177 million global economy to contract by 3% in 2020, from Rs. 185 million. The Group achieved a profit much worse than during the 2008-09 financial after tax of Rs. 146 million, reporting a marginal crisis. At the onset of a severe global economic reduction from Rs. 153 million recorded in the slowdown which emanated from the pandemic, previous year. both developed and emerging economies have provided ample monetary and fiscal stimulus. The efforts were supported by strategic backward In a baseline scenario, which assumes that the integration projects streamlining the supply chain pandemic fades in the second half of 2020 and for operational efficiency. The Company plans to containment efforts can be gradually unwound, further upgrade the facility by expanding material the global economy is projected to grow by 5.4% drying areas and other value added capabilities in 2021 as economic activity normalises helped to obtain value added products and customers by policy support. based on these new investments. Sri Lanka’s subdued economic performance in As we expanded our product range and terms of subpar real economic growth continued, production capacity, we have also been able despite the macroeconomic stabilisation to gain new markets during the year in South measures, in the aftermath of the Easter Sunday American countries such as Peru and Mexico attacks in April, which had a severe impact on especially for growing media products. the tourism sector, and adverse spillover effects were felt across the economy, worsening the A key development during the current financial sluggish growth of the economy and further year was the commencement of commercial dampening business confidence. As domestic operations of Creative Polymats Pvt Ltd, which economic activity started to respond to the is a key component of the Company’s product policy measures taken to revive the economy diversification strategy. This facility expands and improving business sentiments, the outbreak the Group’s mattress manufacturing capabilities of the COVID-19 pandemic and the containment through a new polyurethane (PU) mattress plant 7 JOINT STATEMENT FROM THE CHAIRMAN AND HAYLEYS FIBRE PLC ANNUAL REPORT 2019/20 THE MANAGING DIRECTOR in Dankotuwa. The new investment enhanced economic and the social crisis it has created. APPRECIATIONS the outlook of the segment, making an extended Whilst all businesses are getting adjusted to In an environment where external challenges mattress product range which adds to its existing the ‘new normal’ situations of COVID-19, we continue to escalate, our sustained growth portfolio of coir and spring mattresses offered by have swiftly geared our responses effectively to and good performance of the current financial its affiliate, Toyo Cushion Lanka (Pvt) Ltd.
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