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PTC Annual Report 2018

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PTC Annual Report 2018 Celebrating Diversity And Inclusion Soaring through the decades, Pakistan Tobacco Company Limited has achieved uncountable successes. Throughout this journey, our focus has been to make the organisation more Diverse & Inclusive. By doing this, we have been able to create an environment that includes individuals of different ages, genders, backgrounds, cultures and beliefs making them a part of this big PTC family. 1 Table of Contents 04 12 26 42 68 80 Our Vision Our Partnerships Organisational Committees of the Operational Horizontal & Structure Board Excellence Vertical Analysis 04 16 28 44 70 82 Our Mission Our Guiding Position of Report of Audit Corporate Social Analysis of Principles Reporting Committee Responsibility Statement of Profit Organisation within or Loss & Statement Value Chain of Financial Position 05 18 30 46 72 84 Our Guiding Our Initiatives Strategic Objectives Standards of Calendar of Notable Summary of Principles Business Conduct & Events 2018 Statement of Profit Ethical Principles or Loss, Financial Position & Cash flows 06 20 32 53 73 85 British American Our Achievements Risk & Opportunity Chairman’s Review 2018 Performance Dupont Analysis Tobacco (BAT) Report 2018 07 22 36 55 74 86 BAT’s Geographical Our Exported Talent Illicit trade: Threat MD/CEO’s Message Critical Performance Liquidity, Cash Flows Spread to legitimate Indicators and Capital Structure industry’s sustainability 08 24 37 56 76 88 Pakistan Tobacco Our People Our Corporate Director’s Report Quarterly Analysis Performance Company Limited Pride Information 2018 Indicators Ratios for 6 Years 09 25 38 66 78 89 Our Footprint Group Structure Board of Directors Product Portfolio & Graphical Presentation Analysis of Business Segmental of Statement of Profit Performance Review or Loss & Statement Indicators Ratios for of Financial Position 6 years 2 PAKISTAN TOBACCO COMPANY LIMITED 90 98 108 163 181 239 Significant Plans and Management’s Independent Consolidated Consolidated Form of Proxy Decisions Responsibility Towards Auditors’ Report Financial Statements Statement of Financial Statements Changes in Equity 91 98 112 164 182 240 Business Rationale of Statement of Unreserved Statement of Profit Chairman’s Review Consolidated Form of Proxy Projects undertaken Compliance of or Loss (Consolidated Statement of (Urdu) during the year International Financial Accounts) Cash Flows Reporting Standards (IFRS) 92 99 113 165 183 Strategy and Statement of Adoption Statement of Director’s Report Notes to the Resource Allocation & Adherence with the Comprehensive (Consolidated Consolidated Integrated Reporting Income Accounts) Financial Statements Framework 94 100 114 174 229 Statement of Value Notice of the Statement of Independent Pattern of Generated and its Annual General Financial Position Auditor’s Report Shareholding Distribution Meeting (Consolidated Accounts) 95 104 115 178 235 Share Price Statement of Statement of Consolidated Directors Report Sensitivity Analysis Compliance with Changes in Equity Statement of Profit (Urdu) Code of Corporate or Loss Governance 96 106 116 179 237 Forward Looking Independent Statement of Cash Consolidated Notice of Annual Statement Auditors’ Review Flows Statement of General Meeting Report Comprehensive (Urdu) Income 98 107 117 180 238 Financial Calendar Financial Statements Notes to the Consolidated Glossary and Financial Statements Statement of Definitions Financial Position 3 Our Vision World’s best at satisfying consumer moments in tobacco and beyond. Our consumers are at the core of everything we do and our success depends on addressing their preferences, concerns and behaviours. We know that these are fragmenting and evolving at an unprecedented pace, and consequently, we are focusing on providing a range of tobacco and nicotine products across the risk spectrum. In addition, we are clear that to win in this space we need to understand our consumers’ preferences and further invest in a pipeline of ever evolving innovations. Our Mission Delivering our commitments to society, while championing informed consumer choice. We have long known that, as a major international business, we have a responsibility to address societal issues with our tobacco products, and that, as our business continues to grow, so does our influence and the responsibility that comes with it. We are also clear that we have a duty to our shareholders to ensure we continue to deliver today and invest for a sustainable future and to our consumers to provide, in addition to our combustible products, a range of potentially reduced-risk products such as Next Generation Products (NGPs) and oral tobacco products. Our transforming tobacco ambition, with its core objective of providing consumers with more choice, more innovation and less risk will allow us to: satisfy these consumers; address societal concerns at large through the growth of multiple categories of potentially reduced-risk tobacco and nicotine products; and provide a sustainable, profitable future for our shareholders. Syed Javed Iqbal MD/CEO PTC 4 PAKISTAN TOBACCO COMPANY LIMITED Our Guiding Principles Our Guiding Principles provide clarity about what we stand for. They form the core of our culture and guide how we deliver our strategy. Strength from Open Enterprising Freedom through Diversity Minded Spirit Responsibility Our management Our corporate culture is We value enterprise from We give our people the population comprises a great strength of the all of our employees across freedom to operate in people from over 140 business and one of the the world, giving us a their local environment, nations, giving us unique reasons we have been, great breadth of ideas and providing them with the insights into local markets and will continue to be, viewpoints to enhance the benefits of our scale but and enhancing our ability to successful. We are forward- way we do business. We also the ability to succeed compete across the world. looking and anticipate have the confidence to locally. We always strive We respect and celebrate consumer preferences, passionately pursue growth to do the right thing, each other’s differences and winning with innovative and new opportunities exercising our responsibility enjoy working together. and high-quality products. while accepting the to society and other We harness diversity – of We listen to, and genuinely considered entrepreneurial stakeholders. We use our our people, cultures, consider, other perspectives risk that comes with it. freedom to take decisions viewpoints, brands, markets and changing social We are bold and strive to and act in the best interest and ideas – to strengthen expectations. We are open overcome challenges. This of consumers. our business. We value what to new ways of doing is the cornerstone of our makes each of us unique. things. success. 5 British American Tobacco (BAT) British American Tobacco PLC (BAT) is a multinational company that was founded in 1902. It continues to go from strength to strength and it attributes its success to its market- leading brands, a successful strategy, talented people and BAT’s Transforming Tobacco ambition. 91% increase in the number of BAT has evolved into one of the world’s leading consumer goods companies. women in senior management It is proud of its history and excited about the opportunity to write a new since 2012 chapter in its success story. BAT is truly a global organisation with brands sold around the globe. It employs over 55,000 people globally, partners with over 90,000 farmers and Ranked among the top employers has factories in 48 countries, with offices in even more. Pursuing the long-held in the world by the Top Employers Institute in 2018 ambition of introducing potentially reduced risk products, BAT has invested more than US$2.5 billion in Next Generation Products, including vapour and tobacco heating products. BAT has abundantly worked towards making its workforce more diverse by 143 nationalities represented at management level embedding the principles of equality and inclusivity. BAT understands that a diverse workforce is a competitive advantage and that great people and an engaging culture is key to its success. In 2016 & 2017, the Thomson Over the last few years, significant progress has been made with female Reuters D&I Index ranked BAT as the representation at senior level. In the last six years, the company has managed industry leader and one of the most to grow this by 100% and now has 22% female representation at senior level. diverse and inclusive companies to work for. In addition, for the first time ever, BAT now has women represented on all Functional and Regional Leadership Teams. BAT was also recognised by a review BAT recognises that it can only truly harness benefits of a diverse workforce if into the ethnic diversity of UK Boards, it has an inclusive culture that enables employees to flourish regardless of their which ranked BAT in the top 20 of the FTSE. gender, cultural or other differences. As a result, it has worked hard to create an inclusive culture. 6 PAKISTAN TOBACCO COMPANY LIMITED BAT’s Geographical Spread 7 Pakistan Tobacco Company Limited We are one of the first multinationals incorporated in Pakistan and through this legacy of 70+ years, some of the best minds have joined us from various parts of the country as well as from different regions of the world. We are a Company that employs from all walks of life contributing towards the success of this organisation and in making us one of the most diverse and inclusive organisations in the Country. This winning team of over 600 employees although geographically, ethnically and culturally unique in their own way, is a robust one team as stipulated in one of our guiding principles; Strength from Diversity. PTC, being instrumental in providing and improving livelihood, takes pride in its contributions in the agricultural sector of Pakistan. We have not just trained farmers to grow diverse crops but have also contributed towards technological advancements in these areas. We, being one of the biggest Fast Moving Consumer Goods (FMCGs) companies of the Pakistan Tobacco Company Limited country, believe in giving back to the communities we operate in.
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