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Vallibel Finance PLC | Annual Report 2018/19

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Vallibel Finance PLC | Annual Report 2018/19 STAYING STRONG Vallibel Finance PLC | Annual Report 2018/19 Vision To change the financial landscape of our country; bringing more people in more areas to become stakeholders of a national reawakening. We are driven by relentless passion to seek out people who need help. Mission Our work ethics involve working tirelessly to formulate and offer a financial product spread that understands the pulse of the people. Our search is for excellence in all we do including accountability in financial stewardship and in our responsibility towards customers,stakeholders and our country. Read this report online ^^^]HSSPILSÄUHUJLJVT STAYING STRONG At Vallibel Finance, for over a decade we have delivered excellence through our people and processes to the many stakeholders we serve. And over those years, we have emphasized a spirit of care, innovation, industry expertise and sustainability as key drivers in our story of success. While the year has been a challenging one, we have kept our pace, moving forward against all odds. We are confident in our ability to sustain well into the future – for our strong fundamentals keep us dynamic and vibrant, creating a limitless cycle of value creation that encircles the thousands of lives we impact. Built on a solid foundation and a powerful vision, our promise remains; to stay strong and resilient, as we generate value that’s both equitable and enduring, both now and in the years to come. Vallibel Finance PLC l Annual Report 2018/19 1 STAYING STRONG Incorporated as Rupee Finance in to cater to the diverse needs of the the year 1974, the Company became different members of society across About Vallibel Finance immediately after the Sri Lanka. With 32 branches and acquisition by the prestigious Vallibel 8 Service Centres located in the US Group in 2005. This was a new era Western, Central, Sabaragamuwa, which opened new opportunities Southern, North Western, Uva and for growth and prosperity, propelling North Central provinces of Sri Vallibel Finance to travel a path Lanka, the Company’s dedicated leading to excelling in everything we and loyal team of 923 people are undertake to do. The Company has trained and developed to serve our been challenged and equalled; yet customers at the highest service we continue to grow, staying strong levels, while ensuring product quality to our vision and true to our values. and the ultimate in professionalism. We have developed systems and processes which provide strength Over the years, we have and flexible, enabling us to push served customers ranging from through the most challenging of entrepreneurs to large corporates, times to meet the future head-on. and small businesses to enterprising households, while ensuring a Vallibel Finance boasts innovative successful and satisfactory service and wide-ranging financial solutions delivery. Today, having passed a CONTENTS Organisational Management Discussion Governance Overview and Analysis About Us / 2 Operating Environment Overview / 20 Board of Directors / 88 About Our Integrated Report / 4 Our Value Creation Business Model / 25 Corporate Management Team / 93 Our Journey / 6 Stakeholders Engagement / 28 Senior Management Team / 94 Financial Highlights / 8 Our Material Topics / 30 Corporate Governance / 97 Non-Financial Highlights / 11 Financial Capital / 32 Annual Report of The Board Of Directors On Message From Acting Chairman / 12 Manufactured Capital / 43 The Affairs of The Company / 146 Message From Managing Director / 16 Intellectual Capital / 50 Audit Committee Report / 151 Human Capital / 56 Related Party Transaction Review Committee Social and Relationship Capital / 67 Report / 153 Natural Capital / 79 Integrated Risk Management Committee Review of Business Segment / 81 Report / 154 Risk Management / 155 2 Vallibel Finance PLC l Annual Report 2018/19 dozen years of successful business Commerce Sri Lanka who listed the Vallibel Finance sees a future operations, we are further exploring Company among the top 20 most committed to further diversification ways to assist the financial needs of admired companies in Sri Lanka, of our innovative product portfolio niche market segments by offering while the Global Finance and Banking and continued expansion of our pioneering new products and Review, a United Kingdom based branch network to effectively, advanced services. magazine, awarded Vallibel Finance efficiently and conveniently serve the title of the ‘Fastest Growing the Sri Lankan public. The growth Having received recognition Auto Finance Company in Sri Lanka’ of the Company’s lending portfolio, from both local and international for the second consecutive year the increasing year-on-year deposit organisations re-iterates the brand and recognised Vallibel Finance as base, together with the strong assets image that Vallibel Finance has built the ‘Best Leasing Customer Service base of Rs. 47.66 Bn with a focus in these past 12 years – of being Company in Sri Lanka in their 2018 on creating value to all stakeholders a leading and innovative company, rankings. A first for the Company and key capitals of the Company pursuing success while creating was the recognition received by are testament that we have stayed value to all our stakeholders in an Great Place to Work® Sri Lanka in strong during challenging times and ethical and transparent manner. This April 2019 which holds strong view build strong foundation to pursue trend also continued in the year that employees are the foundation of future growth amidst the dynamically under review, with Vallibel Finance business growth and success. changing and unpredictable business being recognised for our efforts operating environment. by the International Chamber of Financial Reports Supplementary Information Financial Calendar / 170 Sources And Utilisation of Income / 290 Director’s Statement on Internal Control Over Information on Ordinary Shares / 292 Financial Reporting / 171 Information on Listed Debentures / 294 Statement of Director’s Responsibilities / 172 Ten Year Summary / 296 Key Highlights / 173 Branch Network / 300 Independent Auditor’s Report / 174 List of Abbreviations / 303 Statement of Profit or Loss And Other Glossary of Financial Terms / 304 Comprehensive Income / 180 Corporate Information / 308 Statement of Financial Position / 182 Notice of Annual General Meeting / 309 Statement of Changes In Equity / 184 Form of Proxy / 311 Statement of Cash Flow / 186 Notes to the Financial Statements / 188 Vallibel Finance PLC l Annual Report 2018/19 3 STAYING STRONG About Reporting Principles This Annual Report is prepared in accordance with OUR the Integrated Reporting Framework issued by the International Integrated Reporting Council (IIRC). In addition, wherein possible, the GRI Standards disclosures, published by the Global Reporting INTEGRATED Initiative for Sustainability Reporting, have been used as a guidance to enhance the information and qualitative data presented in this Annual Report. REPORT This is the first attempt by Vallibel Finance PLC to prepare our Annual Report 2018/19 using both the Integrated Reporting guidelines and the GRI Standard for sustainability reporting guidelines. As we mature in our reporting in the coming years, the Company plans to further enhance information disclosures to become compliant with the GRI Standard: Core option. Both these standards of reporting have been voluntarily adopted by the Company in our endeavour to continue to enhance our governance and transparency of reporting while increasing the focus on sustainability and value creating information disclosed for the benefit of our stakeholders and other interested parties. In addition, as required by statute, the Financial Statements included in this Annual Report have been prepared in accordance with the Sri Lanka Accounting Standards (SLFRSs/LKASs). This Annual Report also complies with the Companies Act No.07 of 2007, Finance Business Act No. 42 of 2011, and the Listing Rules of the Colombo Stock Exchange (CSE) and Finance Companies (Corporate Governance) Direction No. 3 of 2008 issued by the Central Bank of Sri Lanka. This Annual Report aims to report information in alignment with the guiding principles as set out by the Integrated Reporting Framework by the IIRC. 4 Vallibel Finance PLC l Annual Report 2018/19 Principles As Applied by Vallibel Finance Strategic Focus and By disclosing goals and other key information, which is important for the Company’s future success, we have Future Orientation strived to report information keeping our strategic focus at the forefront. Further, the future prospects and direction of the Company is included in the Acting Chairman’s Message, Managing Director’s Message and in the Management Discussion and Analysis. Connectivity of Where relevant and possible, information connectivity has been indicated in this Annual Report. Information Stakeholder The Company has disclosed the engagement mechanisms of how we engage with our stakeholders Relationships and build long-term relationships, as well as concerns which arose and how these become a part of the Company’s strategic focus areas by applying the principles of materiality. Materiality The Company has disclosed how materiality of key topics is identified and prioritised. Conciseness The Company has endeavoured to report key aspects and developments during the year in a clear and succinct manner thereby making this Annual Report an easy read for all stakeholders. Reliability and To the best of our knowledge all the information given in this annual report is complete and reliable.
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