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KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18

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KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Annual Report 2017/18 Kelani Valley Plantations PLC Growth Beyond Measure KELANI VALLEY PLANTATIONS PLC | ANNUAL REPORT 2017/18 Annual Report 2017/18 Kelani Valley Plantations PLC Growth Beyond Measure KELANI VALLEY PLANTATIONS PLC | ANNUAL REPORT 2017/18 In being one with nature, the essential resource from which we create our products, we extend our dedication to sustainability by incorporating tea waste, which would otherwise be discarded, in the creation of the cover. Like a branch offshoots to create more foliage, shade and fruit in the grand scheme of growth, we too are currently in the process of putting out tender shoots that will grow into fruitful ventures. Some of these shoots have already borne the results that we have sought and others are ensuring that are our brand has entered the foray amongst other competitors. As we embark on a new year that will see us take new journeys along with the challenges and opportunities they present, we are enthused about the quality, efficiency and innovation we will bring to every venture that we undertake. Celebrating growth beyond measure, we eagerly set forth to establish our quality and result-oriented outlook in everything that we do. KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Contents This Annual report has been structured as depicted below into eight sections, namely Corporate Overview, Highlights for 2017/18, Strategy and Focus, Business Reviews, Capital Management Reports, Governance and Risk, Financial Reports followed by Annexures. Corporate Overview Governance and Risk Report Profile 03 GRI Index Table 123 Revenue Distribution Local & Global 04 Corporate Governance 130 Our Land 06 Risk Management 170 Our Spread 07 Annual Report of the Board of Directors Corporate Profile 08 on the Affairs of the Company 183 Milestones 10 Directors’ Statement on Internal Controls 188 Board of Directors 12 Corporate Management Profile 16 Financial Reports Financial Calender 189 Highlights for 2017/18 Statement of Directors’ Responsibilities 190 Financial Highlights 22 Audit Committee Report 191 Non Financial Highlights 24 Related Party Transactions Review Awards and Accolades 26 Committee Report 193 Chairman’s Message 28 Managing Director’s and Chief Financial Managing Director’s Message 32 Officer’s Responsibility Statement 194 Independent Auditors’ Report 195 Strategy and Focus Statement of Profit or Loss 198 Statement of Comprehensive Income 199 Stakeholder Engagement 38 Statement of Financial Position 200 Materiality Assessment 42 Statement of Changes in Equity 202 Creating Value for our Stakeholders 50 Statement of Cash Flows 204 Notes to the Financial Statements 206 Business Reviews Sector Reviews 55 Annexures Ten Year Summary 272 Capital Management Reports Investor Information 274 Financial Capital 66 Environmental Calculations 276 Statement of Value Addition and Distribution Glossary 277 - 2017/18 82 Notice of Meeting 282 Manufactured Capital 83 Form of Proxy 283 Intellectual Capital 88 Notes 285 Human Capital 90 Corporate Information 288 Social and Relationship Capital 103 Natural Capital 110 02 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Report Profile Overview GRI 102-10,50,51,52,53,54 Corporate This is Kelani Valley Plantations PLC’s assessed within the context of the KVPL’s actual results or developments to differ (KVPL) 05th Integrated Annual Report and strategies; environmental influences and materially from those expressed or implied has been prepared in order to provide all the key risks and opportunities that affect by these forward-looking statements. As stakeholders with a balanced assessment the Company’s ability to create sustainable such, the Company does not undertake of the Company’s ability to create and value. to review or revise such forward-looking sustain value in the short-, medium- and statements. long-term. ASSURANCE The content included in this Integrated SCOPE AND BOUNDARY Report has been approved by the REPORTING STANDARDS/ This Integrated Annual Report provides an respective business heads and reviewed by GUIDELINES/ FRAMEWORKS accurate and balanced review of KVPL’s the audit committee prior to submission to economic, social and environmental the Board of Directors for approval. Sri Lanka Accounting Standards performance within the context of its issued by The Institute of Chartered strategy and risks and opportunities and In addition, Messrs. Ernst & Young Accountants of Sri Lanka; long term prospects. Colombo have issued an independent Companies Act No. 07 of 2007; report on Financial Statements and Messrs. Sri Lanka Accounting and Auditing The report covers the operations of KVPL Climate SI have provided an independent Standards Act No. 15 of 1995; and its subsidiaries for the period 1 April assurance statement on the Company’s Listing Rules of the Colombo Stock 2017 to 31 March 2018 and where relevant Total Carbon Foot Print. Exchange; is supported by comparable data relating Code of Best Practice on to the previous year. BOARD RESPONSIBILITY STATEMENT Corporate Governance 2017 The Board believes that the Integrated issued by the Institute of Chartered The information on Social Responsibility Annual Report has been prepared Accountants of Sri Lanka has been obtained from data maintained in accordance with best practices, Code of Best Practices on Related on “A Home For Every Plantation Worker” appropriately addresses material aspects of Party Transactions issued by Programme. KVPL’s business and is a fair representation the Securities and Exchange of the integrated performance of the Commission of Sri Lanka. This Report covers its companies and Company. The Board unanimously International Integrated Reporting Subsidiaries. approved the 2017/18 Integrated Annual Council’s (IIRC) “Six Capitals” Report on 09 May 2018, for release to Integrated Reporting <IR> There has been no significant change to shareholders. Framework the scope and boundary of the report GRI Reporting Standards compared to the previous year. Further, this 09 May 2018 UN Sustainability Development report does not contain any restatements Managing Director – On behalf of Board of Goals (SDG’s) of information provided in previous reports. Directors United Nations Global Compact Principles MATERIALITY FORWARD-LOOKING STATEMENTS The principle of materiality has been This report may contain certain forward- applied to determine the content of this looking statements with respect to KVPL’s INQUIRIES AND FEEDBACK report. Material matters are defined as financial position, results, operations We will be pleased to answer any those aspects that have the potential to and businesses. These statements and questions and provide any clarification crucially affect the Company’s ability to forecasts involve risk and uncertainty on this report. Your contact point at create and sustain value over the short-, as they relate to events and depend on KVPL would be; [email protected]. medium- and long-term. These aspects are circumstances that occur in the future. There are various factors that could cause 03 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Revenue Distribution Local & Global GRI 102-04 North America 0.21% South America 0.09% Continent Percentage America 0.30% Europe 8.52% Middle East 8.41% Africa 0.12% Asia 35.51% Russian Federation 1.79% Australia 0.60% Total Foreign Revenue 55% Rs. 4.39 Billion Total Local Revenue 45% Total Revenue 100% Tea Export Revenue. 04 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Overview Corporate Russian Federation 1.79% Europe 8.52% Middle East 8.41% Asia 35.51% Sri Lanka 45.45% Africa Australia 0.12% 0.60% Rs. 336 Million Rubber Export Revenue. 05 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Our Land GRI 102-06 Estate Extent (Ha) No. of Elevation Crop Factory (ft) Other Kgs’000 Kgs’000 Tea Rubber crop Other Total Tea Rubber 1) Pedro 544 - - 124 668 1 6,237 555 - 2) Nuwara Eliya 185 - - 62 247 1 5,999 310 - 3) Glassaugh 162 - - 66 228 1 5,074 184 - 4) Uda Radella 157 - - 68 225 1 5,328 184 - 5) Edinburgh 148 - - 31 179 1 5,075 132 - 6) Oliphant 232 - - 132 364 1 6,440 121 - 7) Ingestre 525 - - 305 830 2 4,723 696 - 8) Fordyce 231 - - 172 403 1 4,599 279 - 9) Annfield 222 - - 153 375 1 4,297 303 - 10) Tillyrie 191 - - 143 334 1 4,264 199 - 11) Invery 124 - - 182 306 1 4,310 195 - 12) Robgill 182 - - 118 300 1 4,500 249 - 13) Battalgalla 141 5 - 115 261 1 4,300 195 - 14) Halgolla 241 - - 955 1,196 1 3,478 309 - 15) Ederapolla 19 431 12 205 667 1 338 22 275 16) Kitulgala 45 - 77 460 582 - 1,003 54 - 17) Kalupahana 64 158 3 287 512 - 1,500 69 125 18) Kelani 27 217 8 97 349 1 300 38 141 19) Dewalakande - 530 4 183 717 2 502 - 329 20) Panawatte 11 710 2 307 1,030 1 1,000 12 415 21) Urumiwella 3 523 2 194 722 1 800 8 295 22) Kiriporuwa 23 397 - 167 587 2 805 24 248 23) Lavant - 415 14 140 569 1 800 - 259 24) Ganapalla - 371 27 92 490 - 1,000 - 148 25) We Oya/Polatagama 24 744 - 219 987 - 1,000 16 503 Total 3,501 4,501 149 4,977 13,128 24 4,154 2,738 27% 34% 39% 13,128 Ha Total Hectares Managed 3,501Ha 4,501Ha 5,126Ha Tea Rubber Other 06 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Our Spread Overview Corporate Distribution of Land % 27 39 2017/18 25 15 17 14 21 23 11 6 18 22 24 1 20 4 2 3 5 16 19 13 9 14 7 8 10 12 Kegalla 34 Tea 25 15 Rubber 17 23 14 11 Other 21 6 18 22 24 1 20 Nawalapitiya 4 02 3 5 16 19 Nuwara Eliya Avissawella 13 9 14 7 8 10 12 52% 42% 6% 6,468 Ha 3,336 Ha 2,701Ha 431 Ha Mature Tea Rubber Other 8% 79% 13% 2,267 Ha Immature 165Ha 1,800 Ha 306 Ha Tea Rubber Other 07 KELANI VALLEY PLANTATIONS PLC Annual Report 2017/18 Corporate Profile GRI 102-02,15 Established in 1992, Kelani Valley development, in order to drive excellence Plantations PLC (KVPL) was listed on across all aspects of the business.
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