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Talawakelle Tea Estates Tea Talawakelle Together. Talawakelle Tea PLC | Annual Report 2019/20 Estates PLC Integrated Annual Report 2 TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 1 TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 2 Contents TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 Overview Stewardship Vision, Mission and Business Philosophy 3 Risk Management 56 About This Report 4 Corporate Governance Report 65 Our Estates and Factories 7 Report of the Audit Committee 71 Financial Highlights 8 Related Party Transactions Review Committee Report 72 Non Financial Highlights 9 Remuneration Committee Report 73 Chairman’s Message 10 Annual Report of the Board of Directors on the Affairs of the Company 77 Managing Director’s Review 13 Statement of Directors’ Responsibility 82 Board of Directors 18 Managing Director's, Chief Executive Officer's and Corporate Management 22 General Manager - Finance’s Responsibility Statement 83 Estate Management 23 Subsidiary Review 25 Financial Reports Value Creation 26 Integrated Sustainability Objectives, Goals and Achievements 27 Stakeholder Engagement 28 Financial Calendar - 2019/2020 85 Materiality Analysis 29 Independent Auditors’ Report 86 Our Commitment towards Sustainable Development Goals 31 Statement of Profit or Loss 90 Statement of Comprehensive Income 91 Statement of Financial Position 92 Management Discussion & Analysis Statement of Changes in Equity 93 Statement of Cash Flow 94 External Review 33 Notes to the Financial Statements 96 Economic Value Creation 35 Operations Review 36 Appendices Capital Management Reports Financial Capital 37 Investor Information 141 Manufactured Capital 39 Code of Best Practice on Corporate Governance and Listing Rules 143 Intellectual Capital 40 10 Year Summary 158 Relationship Capital – Buyers, Brokers and Customers 42 Glossary 159 Relationship Capital – Suppliers 43 Relationship Capital – Investors 44 Corporate Information 162 Social Capital 45 Notice of Meeting 163 Human Capital 47 Notes 164 Natural Capital 51 Form of Proxy Enclosed 3 TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 4 About This Report TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 Reporting Period financial year under review and our future also elaborate on our risk management, The annual report of Talawakelle Tea outlook in a volatile plantation industry internal controls and good governance Estates PLC (TTE) follows a reporting cycle backdrop. We discuss at length on how we practices and the latest initiatives. With equal of 12 months, covering 1st April to 31st engage our stakeholders, manage our core emphasis to both quantitative and qualitative March. This annual report is published for capitals and the trade-offs we make in our information and data, the report content is the financial year ended 31st March 2020. decision-making process to optimise value prioritised as per the materiality analysis as Building on our reporting, we draw relevant and ensure sustainability of operations. We set out on pages 29 to 30. data and information from the annual report published in the preceding year as references Reporting Guidelines and Frameworks and for comparisons. We also make pertinent comparisons against the industry Reporting Guidelines and Frameworks performance. Future outlook and our way forward including our strategy, plans, targets and forecasts are set out for the ensuing financial year, 2020/21. Overall Reporting Reporting Boundary Integrated Reporting <IR> Framework, IIRC, 2013 This report covers our tea plantations and processing operations spanning 16 estates and 15 operating factories Including 3 Sustainability Reporting Reprocessing factories and 1 Green Tea factory in the high and low grown areas in GRI Standards, 2016 - Comprehensive the country along with our corporate office UN Sustainable Development Goals located in Colombo. The report also covers our UN Global Compact Principles two subsidiary operations in the hydro-power National Green Reporting System (NGRS) Sri Lanka - Tier 5 sector, when deemed material, particularly, Recognised ISO 26000 as a reference document that provides guidance in terms of operational and financial performance and within the natural capital Financial/Operational section of this report. Content and Scope Company’s Act No. 07 of 2007 Following the integrated reporting principles, International Financial Reporting Standards, IFRS Foundation Sri Lanka Accounting Standards, Institute of Chartered Accountants this year, we continue to provide a balanced, fair and a holistic account on how we create shared value over short, medium to long- Corporate Governance term. This year integrated report is concise and aligned well towards business strategy embedded integrated thinking. We highlight Code of Best Practice on Corporate Governance, 2017 Continuous Listing Rules, Colombo Stock Exchange and discuss in detail on material matters from an economic, environmental, social and governance standpoint. For the seventh consecutive year, our report is prepared in line with the Integrated Reporting <IR> guidelines published by the International Integrated Reporting Council (IIRC). We also give The report sets out our principal risks and due considerations to 17 UN Sustainable Development Goals and the ten principles covering opportunities, business model, strategy, human rights, labour, social and environmental issues, as guided by the UN Global Compact along with the progress we have made in the Framework. 5 TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 NGRS Tier 5 and ISO 26000 guidelines were Information Sources referred when designing this report and has been used as a reference document. Aside from sustainability reporting guidelines, Operations and Finance our operational and financial reporting conforms with the guidelines set by the Interim financial statements Management information reports Company’s Act No. 07 of 2007 and the Past and present audited annual financial Board progress reports relevant accounting standards. The report statements and notes on governance complies with the latest code on corporate governance and the regulatory Economy and Industry requirements as a listed entity. World Economic Outlook, International Annual Report, Central Bank of Sri Lanka Targeted Stakeholders Monetary Fund Industry sources Our annual report is principally aimed at supporting information requirements of our Workforce and Labour Relations shareholders and prospective investors. As an integrated report, this report is also intended HR clusters at estates Collective agreements to address other stakeholders including our HR department - corporate office buyers, employees, resident communities and regulators. Product Responsibility Joint Assurance Buyer review reports ISO certification The reporting process and the content developed are jointly assured, both internally Community Development and Relations as well as externally. From an internal standpoint, the report is assured by the Board ‘A Home for Every Plantation Worker’ Ethical Tea Partnership Audit Committee, the internal auditors and programme the senior management. From an external standpoint, our financial statements and Environmental Issues the related notes are audited by M/s Ernst & Young – Chartered Accountants as set out on Rainforest Alliance-Sustainable Farm Biodiversity surveys pages 86 to 89. Ethical Tea Partnership Methodology Governance The report content was largely developed based on the data and information given Board progress reports Board disclosures in the management information reports, Compliance reports on codes of ethics and corporate strategy and plans and reports governance compiled for our certification programmes. We also held detailed discussions with the Risk Management corporate management team and with the management and executive level staff at the Risk Management Governance Framework of TTE estate level. The report content with regard 6 About This Report contd. TALAWAKELLE TEA ESTATES PLC ANNUAL REPORT 2019/20 to external matters is developed based on publicly available information sourced through desk research. The report content is validated by the senior management. There is a restatement of GHG calculation as mentioned in page 27. Disclaimer The forward-looking statements and information herein this Annual Report in terms of the future outlook, strategy, plans and forecasts are developed with due care and consideration, factoring past and present data and trends under diverse scenarios. However, we are not accountable for such statements and we do not guarantee that they may materialise as expected. We urge our stakeholders to be conscious that our futuristic statements may be subject to change in reality and we advise not to place undue reliance on these statements. We are not under obligation and do not undertake responsibility to publicly update our forward- looking statements in response to the changes in our business backdrop after the date of publication. Board Endorsement The TTE Board assures the veracity, reliability and transparency of our integrated reporting process. The Board gives its assurance that we follow best practices in reporting, addressing material matters that represents the Company’s integrated thinking in value creation, the overall performance in the year under review along with future prospects. The Board Audit Committee hereby endorses the publication of our Annual Report 2019/20, themed “Band Together”. Inquiries Any questions or inquiries regarding our integrated Annual Report

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