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Download Report 2017 /18 2017/18 Vision MISSION Achieve uniqueness To run healthy core businesses, through diversity, leverage strengths into new leadership, creativity ventures, work together with and inspiration. people to be Sri Lanka’s corporate leader. The Vallibel One PLC 2017/18 Annual Report continues our story of Wealth Creation for Value Creation. VALLIBEL ONE PLC 2 ANNUAL REPORT 2017/18 CONTENTS About Our Report 5 Delivering Value 70-90 Annexes 221-230 Financial Capital 70 About Us 6 Five Year Summary – Company 222 Manufactured Capital 74 Our Impact on the Group Value Added Statement 223 Sri Lankan Economy 7 Human Capital 77 Shareholder Information 224 Our Business Sectors 8 Intellectual Capital 81 Subsidiary/Associate Our Milestones 12 Social and Relationship Capital 83 Companies of Vallibel One PLC 226 Customers 84 Glossary of financial terms 232 Performance Highlights 14-15 Suppliers and Business Partners 86 Notice of Annual General Meeting 233 Financial Capital Highlights 14 Community 87 Form of Proxy Enclosed Operational and Natural Capital 88 Non-Financial Highlights 15 Board of Directors 16-17 Governance 91-107 Corporate Governance 91 Chairman’s Message 18-19 Annual Report of the Board Chief Executive Officer’s Review 20-23 of Directors on the affairs of the Company 97 Creating Value for Report of the Related party Our Stakeholders 24-31 Transactions Review Committee 101 How we create value 24 Directors' Responsibility Stakeholder Engagement 26 for Financial Reporting 102 Determining Material Content 27 Report of the Audit Committee 103 Our Strategy 29 GRI Context Index 104 Risk Management 32-35 Financial Reports 109-220 Operating Environment 36-37 Independent Auditors' Report 110 Sector Review 38-69 Statement of Financial Position 115 Lifestyle 38 Statement of Profit or Loss 117 Finance 44 Statement of Aluminium 49 Comprehensive Income 118 Plantations 53 Statement of Changes in Equity 119 Leisure 58 Statement of Cash Flows 122 Consumer 62 Notes to the Financial Statements 124 Investments and Others 66 > VALLIBEL ONE PLC ANNUAL REPORT 2017/18 3 A tree bearing fruit symbolises energy, prosperity and the beginning of life that will give life to the next generation and nourish living beings. It has reached maturity having sprouted from a seed, branched out and stands firm with the promise of many years of abundance. Vallibel One has grown branches as we diversified our portfolio, seeking new opportunities and anchoring itself through strong networks of business partners to stand firm and tall. Our investments, like the fruit, are yielding positive returns and hold the promise of sustainable value creation for our stakeholders in the years to come. Determining Material Content (Contd.) VALLIBEL ONE PLC ANNUAL REPORT 2017/18 5 About Our Report We present our third Integrated Annual ability to create value over the short, Improvements to Annual Report Report, which sets out a balanced and medium and long term. The process concise assessment of the Group’s financial, for determining material content to be Corporate reporting is an evolving process social and environmental performance and included in this Report is described for us and we constantly strive to enhance how we drive sustainable growth balancing on page 27 of this Report. the quality and readability of our Annual stakeholder interests. This Report is the Report. This year too we have introduced a primary publication to the shareholders of Key Concepts number of improvements to provide more Vallibel One PLC and has been prepared meaningful and relevant information to our in accordance with the Integrated In preparing this Report, we have stakeholders while keeping abreast of latest Reporting Framework published by the given due consideration to the developments in corporate reporting. International Integrated Reporting Council. following principles: zzAdoption of the GRI standards for Scope and Boundary sustainability reporting zz The Report covers the operations of Vallibel Disclosure of comprehensive qualitative One PLC and its subsidiaries, based in Sri information for social and environmental Lanka and overseas for the period from 1st Connectivity of Accuracy and performance for sectors and at April 2017 to 31st March 2018 which is the Information Completeness Group level Group’s annual reporting cycle. Our report focuses on aspects that are material and relevant to the Group’s operations and to our key stakeholders. Materiality is based on the extent to which a certain aspect will materially impact the Group's Balance Consistency Guiding Principles and Assurance Integrated Report Annual Financial Statements Corporate Governance Sustainability Risk Management Report Performance Standards Integrated Reporting Framework Sri Lanka Financial Code of Best Practice GRI-G4 Guidelines and of the International Integrated Reporting Standards on Corporate Governance (Core) Principles Reporting Council (IIRC) Companies Act No. 07 of 2007 issued jointly by the UN Sustainability CA Sri Lanka and SEC Listing Requirements of the Development Goals Colombo Stock Exchange (SDGs) Assurance Assurance on the Financial Statements has been provided by Messrs Ernst & Young Feedback We welcome your comments or questions on this Report. Please direct your feedback to: Email: [email protected] VALLIBEL ONE PLC 6 ANNUAL REPORT 2017/18 About Us We are an innovation driven diversified within the country’s key growth sectors conglomerate with a compelling purpose: of manufacturing, leisure and finance to power our communities and economy among others. Decisive leadership, an by creating wealth and value for all our agile business model and transformative stakeholders. The Group has aligned its ideas have enabled the Group to sustain its growth strategy to that of the broader competitive position in several key sectors. economy and is strongly positioned We operate 46 Subsidiaries, across 7 industry sectors We develop creative We hold dominant market customer solutions for a positions in several of our wide range of customers industry sectors IVERSIT D Y L Y E T I A V D I E T R A S E H R I C P ACHIEVING UNIQUENESS TO CREATE WEALTH N P O E I O T P A L V E O N N I We drive innovation through all our businesses to create Our dynamic team of 13,739 globally competitive brands employees are young and agile and a key factor driving our success ABOUT US VALLIBEL ONE PLC ANNUAL REPORT 2017/18 7 Our Impact on the Sri Lankan Economy Diversified conglomerate with a strong presence in 7 key Industries Government Taxes Paid Market Capitalisation of in FY 2017/18 Rs. 18,689 Mn Rs. 10,076 Mn as at 31st March 2018 Total Number Export Revenue of of Employees Rs. 1,054 Mn 13,739 in FY 2017/18 Investment in Community Programmes and Initiatives Rs. 102 Mn VALLIBEL ONE PLC ABOUT US 8 ANNUAL REPORT 2017/18 Our Business Sectors Lifestyle Finance Sri Lanka’s leading tile and sanitaryware manufacturer and We continue to transform the NBFI sector in the country retailer, we are rapidly becoming one of Sri Lanka’s leading through our involvement in L B Finance PLC, lifestyle brands. Our lifestyle portfolio also includes Interior one of Sri Lanka’s premier NBFIs. Décor, Office Furniture, Power Tools and Home Appliances. Contribution to Group Contribution to Group Employment Employment Total Liabilities Total Liabilities Total Assets Total Assets PBT PBT Revenue Revenue (%) 0 15 30 45 60 75 (%) 0 8 16 24 32 40 Accolades/Accreditations Accolades/Accreditations Ranked 33rd in LMD’s Most Respected Entities in 2017 Rocell among Top 20 Best Sri Lankan Brands – with 2 Gold, 3 Silver and 2 Bronze medals Interbrand Awards 2017 L B Finance among Top 20 Best Sri Lankan Brands – Among Forbes Asia’s 200 Best under a Billion (2016) Interbrand Awards 2017 National Long-Term Rating at “A-(lka)”; Outlook Stable National Long-Term Rating for subordinated debt at “BBB+(lka)” ABOUT US Our Business Sectors > VALLIBEL ONE PLC ANNUAL REPORT 2017/18 9 Aluminium Plantations We are a leading player in the rapidly expanding aluminium Horana Plantations accounts for almost 1% of the total tea extrusion market. production and 1.2% of the country’s rubber production. Contribution to Group Contribution to Group Employment Employment Total Liabilities Total Liabilities Total Assets Total Assets PBT PBT Revenue Revenue (%) 0 1.2 2.4 3.6 4.8 6.0 (%) 0 10 20 30 40 50 Accolades/Accreditations Accolades/Accreditations ISO 9001:2008 Ranked No. 1 in the High Grown Category among Regional Plantations Companies in the CTTA ranking SLS 1410:2011 Specification for Extracted Aluminium for the year 2017 alloy profiles for architectural applications ISO 22000:2005 and HACCP to all Tea Factories ISO 9001 QMS certification to all Rubber factories VALLIBEL ONE PLC < Our Business Sectors ABOUT US 10 ANNUAL REPORT 2017/18 Leisure Consumer Our plans to transform the concept of hospitality Our consumer sector includes well known food and and position Sri Lanka as a world class destination are beverages brands such as Motha and Delmege as well as a taking shape with the construction of the Greener Water wide range of medical equipment and pharmaceuticals. Hotel Project scheduled for completion in 2020. The Fortress Resorts and Spa will continue to redefine the Contribution to Group standards of luxury boutique hospitality in Sri Lanka. Employment Contribution to Group Total Liabilities Employment Total Assets Total Liabilities PBT Total Assets Revenue PBT (%) -2 0 2 4 5 6 (%) -0.5 0 0.5 1.0 1.5 2.0 Accolades/Accreditations Accolades/Accreditations Kiwani Team Excellence Award – 2016/17 The Fortress Resorts & Spa Best Luxury Boutique Spa – Country Winner, Sri Lanka (2017) Listed among Top Hotels in Sri Lanka by TripAdvisor (2012 and 2017) Best Small Hotel in Sri Lanka (2016/2017) Awarded by International Hotel Awards and International Five Star Standards in association with Rolls Royce Motor Cars CONDÉ NAST JOHANSENSA – global collection approved by local experts (2017) ABOUT US Our Business Sectors > VALLIBEL ONE PLC ANNUAL REPORT 2017/18 11 Investments & Others This sector represents Vallibel One PLC’s investments and other sectors which includes packaging, mining, insurance brokering, travel and transportation.
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