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Annual Report 2014

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Annual Report 2014 BLENDING WITH THE NATION'S GROWTH Chevron Lubricants Lanka PLC Annual Report 2014 CONTENTS Chevron Lubricants Lanka PLC Our Vision / 02 Chevron House, 490, Galle Road, Financial Highlights / 03 Colombo, Sri Lanka Status: Listed Chairman’s Review / 06 Legal Form: Public Limited Company Managing Director’s Review of Operations / 08 Financial Auditors: PricewaterhouseCoopers Board of Directors / 12 www.chevron.com Management Team / 14 Management Discussion & Analysis / 18 Chevron Lubricants Lanka PLC engages Financial Review / 24 in blending, manufacturing, importing, Corporate Social Responsibility Report / 26 distributing, and marketing lubricants oils, Corporate Governance / 30 greases, brake fluids, and specialty products Risk Management / 35 in Sri Lanka. The Company offers its products for industrial, commercial, and consumer applications. Chevron Lubricants Lanka Financial Calender / 37 PLC markets its products under Chevron, Annual Report of the Directors / 38 Caltex, and Texaco brands. The Company was Statement of Directors’ Responsibilities / 40 incorporated in 1992 and is based in Colombo, Audit Committee Report / 41 Sri Lanka. Remuneration Committee Report / 42 Independent Auditor’s Report / 43 Income Statement / 44 Statement of Comprehensive Income / 45 Chevron Lubricants Statement of Financial Position / 46 Lanka PLC Statement of Changes in Equity / 47 Annual Report 2014 Cash Flow Statement / 48 Notes to the Financial Statements / 49 Statement of Value Added / 73 Ten Year Summary / 74 Shareholder Information / 75 Notice of Annual General Meeting / 77 Form of Proxy / 79 Scan this QR code with your smart device to view this version of the Annual report online www.chevron.lk/reports GROWTHBLENDING WITH THE NATION'S Chevron Lanka has always been a benchmark of business excellence in Sri Lanka, with a strong focus on value creation at every level of our business and production process. Today we employ many talented people, driving increasing revenues through local and international business partnerships that deliver growing value to the company, to our communities and to the national economy. In November 2014 we completed and commissioned our new state- of-the-art blending plant and warehouse complex in Sapugaskanda - an investment that will strengthen our value chain to keep us at the forefront of our industry, serving our many stakeholders and blending with the growth of our nation. Chevron Sri Lanka Blending with the nation’s growth A Sri Lankan multinational, Hayleys is unique in its focus on sustainability, innovative spirit, and true local and global leadership. This blend that has been in the making for over 130 unstinted years, has resulted in the evolution of a resolute and dynamic corporate entity unlike any other. OUR VISION To be The pre-eminenT MARKETER OF LUBRICANTS IN SRI LANKA DIFFERENTIATED BY ITS PEOPLE, PARTNERSHIPS AND PERFORMANCE. INTEGRITY OUR VALUES We are honest with others and ourselves. We meet the highest ethical standards in all Our company’s foundation business dealings. We do what we say we will do. We accept responsibility and hold ourselves is built on our values, which accountable for our work and our actions. distinguish us and guide TRUST our actions. We conduct We trust, respect and support each other, and we strive to earn the trust of our colleagues and partners. our business in a socially DIVERSITY responsible and ethical We learn from and respect the cultures which we work. We value and demonstrate respect for the manner. We respect the uniqueness of individuals and the varied perspectives and talents they provide. We have an inclusive law, support universal work environment and actively embrace the diversity of people, ideas, talents and experiences. human rights, protect the INGENUITY We seek new opportunities and out-of-the-ordinary solutions. We use our creativity to find unexpected environment and benefit the and practical ways to solve problems. Our experience, technology and perseverance enable us to communities where we work. overcome challenges and deliver value. PARTNERSHIP We have an unwavering commitment to being a good partner focused on building productive, collaborative, trusting and beneficial relationships with governments, other companies, our customers, our communities and each other. PROTECTING PEOPLE AND THE ENVIRONMENT We place the highest priority on the health and safety of our workforce and protection of our assets and the environment. We aim to be admired for world-class performance through disciplined application of our Operational Excellence Management System. HIGH PERFORMANCE We are committed to excellence in everything we do, and we strive to continually improve. We are passionate about achieving results that exceed expectation of our own and those of others. We drive for results with energy and a sense of urgency. Chevron Lubricants Lanka PLC 2 Annual Report 2014 FINANCIAL HIGHLIGHTS 2014 2013 % Rs. 000’ Rs. 000’ Turnover 11,519,891 11,197,152 3% Profit Before Tax & OCI 3,699,633 3,453,598 7% Taxation 952,800 921,697 3% Profit After Tax 2,746,833 2,531,900 8% Shareholders Funds 5,199,210 4,840,021 7% Property, Plant & Equipment 2,243,616 1,296,651 73% Gross Dividends Rs. 000’ 2,400,000 1,800,000 33% Dividend per Share Rupees 20.00 15.00 33% Earnings per Share Rupees 22.89 21.10 8% Dividend Payout Ratio % 87 71 16% Price Earnings Ratio Times 17.46 12.69 38% Market Value per Share as at 31st December Rupees 399.60 267.80 49% Return on Equity % 55 56 -1% Net Assets per Share Rupees 43.33 40.33 7% Net Income to Turnover % 24 23 4% 3,000 80 3,000 74% 2,400 68% 70 2,500 2,500 62% 56% 55% 60 2,000 1,800 2,000 50 1,470 1,500 40 1,500 1,320 1,080 2,747 2,532 30 1,000 1,000 2,266 2,001 20 500 500 1,501 10 0 0 0 Rs. (Mn.) 2010 2011 2012 2013 2014 % Rs. (Mn.) 2010 2011 2012 2013 2014 Profit Aſter Tax & ROE Gross Dividends Profit Aſter Tax ROE Chevron Lubricants Lanka PLC Annual Report 2014 3 Chevron Lubricants Lanka PLC 4 Annual Report 2014 We drive value addition to the economy, with over 95% of our volumes blended locally. Chevron Lubricants Lanka PLC Annual Report 2014 5 CHAIRMAN’S REVIEW This strong financial performance is a proud achievement, considering that our new blending plant at Sapugaskanda became operational in November 2014 the industry. As expected, in 2014 the industry showed little or no growth. Domestic lubricant volumes came under pressure during the year due to longer drain intervals and increased competition. Yet, in spite of these challenges, Chevron Lubricant Lanka was once again able to deliver a stellar performance. Favourable factors such as the softening of base oil prices during the latter part of the year, a stable exchange rate, increased volumes from premium brands and prudent cost management helped your Company to increase its earnings. Our export markets, particularly Bangladesh, performed well during the year both in terms of volumes and margin realization. Chevron aligned its growth to that of the nation and was able to make a strong contribution to its economic growth and prosperity during the period under review by ensuring a safe, reliable and world-class operation. RECORD FINANCIAL PERFORMANCE Your Company’s profitability grew by 8% over n behalf of the Board of Directors, I am the period under review despite a sluggish pleased to present the Annual Report of O industry. Your Company recorded net earnings of your Company for the year 2014, which Rs. 2.7 bn in 2014, as compared to Rs. 2.5 bn in proved to be a profitable one despite the previous year. The growth in profit after tax a challenging market. Coming on the back of recorded during the period under review can be negative industry growth in 2013, your Company attributed to operational excellence, tactical sales employed multi-pronged strategies to face what and marketing strategies, and a committed staff we predicted would be another tough year for Chevron Lubricants Lanka PLC 6 Annual Report 2014 who were determined to better the impressive down the incidence of road accidents in the financial results recorded by Your Company in the country. previous financial year. DIVIDEND PAYOUT This strong financial performance is a proud Your Company declared 4 interim Dividends achievement, considering that our new blending during the year amounting to Rs. 20 per share, plant at Sapugaskanda became operational compared to Rs. 15 per share in 2013. The in November 2014. The construction and dividend yield and appreciation in share price subsequent commissioning of the plant was an would amount to a total shareholder return of ambitious undertaking for the entire company 54% compared to 38% last year. and the fact that this operation was achieved seamlessly, on-schedule and within the budget ACKNOWLEDGEMENTS reflects the superior systems and processes that I take this opportunity to thank my fellow are embedded in your Company. The safety of directors for their valuable contribution and our normal operations was not compromised guidance, and to our business partners, local during project implementation. and overseas distributors, customers, channel partners and shareholders for their continued Most importantly, all this was achieved without support and confidence in the Company. I am a single injury or spill incident, which is a confident that the Company will be able to testament to Chevron’s operational excellence sustain value to the shareholders with our and its change management systems. Our technological capabilities, brand strength and pursuit of operational excellence is legendary our talented workforce. Your company has now in the industry and this successful relocation emerged an even stronger entity with the various of people and processes without a hitch once operational improvements made during the year, again underscored our passion for sustaining which will accrue commensurate gains in the our competitive edge in the industry.
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