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John Keells Holdings Plc | Annual Report 2018/19

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John Keells Holdings Plc | Annual Report 2018/19 GOING FORW RD JOHN KEELLS HOLDINGS PLC | ANNUAL REPORT 2018/19 GOING FORW RD For over 149 years, John Keells has built and managed a diverse industry portfolio including several industry sectors strategically selected to represent key growth areas of the economy. We are known as an entrepreneurial company constantly seeking new business opportunities to explore, innovate and make our own. That is how we have maintained an even trajectory of expansion and growth throughout every decade of our long history. Over the past few years, we have been investing in several enterprises that we identified as potentially value enhancing, such as the "Cinnamon Life" project, which will be an iconic landmark transforming the city of Colombo. Today, the Group moves into the next phase as our major investments begin to yield results. Yet the road has not always been an easy one and there were times when we had to dig deep, leveraging on our financial strength, operational expertise, business leadership and corporate resilience to withstand the challenges we have had to face. The Easter Sunday attacks of April 2019 will be long remembered for the tragedy and turmoil we all experienced. Yet, we have every confidence in our nation’s proven resilience and capacity to move ahead and prosper, united as one. Going forward, we will continue to harness the value created by our investment strategies; evolving our standards of governance while ensuring that our digital capabilities and innovative approach will drive your Company’s progress to the next level. JOHN KEELLS HOLDINGS PLC CONTENTS 78 Transportation 88 Consumer Foods 98 Retail ´ 4 Introduction to the Report Management Discussion and 9 6 Our Business Model Analysis Chairman’s Message 8 Organisational Structure Group Consolidated Review 9 Chairman’s Message 31 External Environment 17 Investor Relations ´ 34 Capital Management Review 17 17 Group Highlights 34 Financial and Manufactured Investor Relations 27 Sustainable Development Goals Capital and Impacts 43 Natural Capital 28 Economic Value Added Statement ´ 48 Human Capital 34 28 Financial Highlights - Fourth 52 Social and Relationship Capital Capital Management Review Quarter 2018/19 58 Intellectual Capital 60 Outlook ´ 63 63 Strategy, Resource Allocation and Portfolio Management Strategy, Resource Allocation 70 Share Information and Portfolio Management Industry Group Review ´ 78 Transportation 70 88 Consumer Foods Share Information 98 Retail 108 Leisure ´ 124 Property 164 134 Financial Services Corporate Governance 146 Other, including Information Commentary Technology and Plantation Services ´ 201 Risks, Opportunities and Internal Controls NAVIGATING THIS REPORT Reading Guides Capital Guides Reference to Reference Reference to Financial and Natural Human other pages to further a specific GRI Manufactured Capital Capital within the Report reading online Standard Capital This Annual Report is also available on our website: www.keells.com/resource/annual-report/John_ Keells_Holdings_PLC_AR_2018_19_CSE.pdf Details of CSR projects available on Intellectual Social and www.johnkeellsfoundation.com/ Capital Relationship Capital 2 JOHN KEELLS HOLDINGS PLC | ANNUAL REPORT 2018/19 108 Leisure 124 Property 134 Financial Services 146 Other, including Information Technology and Plantation Services Governance Supplementary Information 158 Board of Directors 304 History of the John Keells Group 160 Group Executive Committee 305 Decade at a Glance 161 Group Operating Committee 306 Economic Value Statement 164 Corporate Governance Commentary 308 Indicative US Dollar Financial 194 Materiality, Sustainability Integration Statements and Stakeholder Engagement 310 Group Real Estate Portfolio 201 Risks, Opportunities and Internal 312 Sri Lankan Economy Controls 314 Glossary 315 Independent Assurance Statement Financial Statements on Non-Financial Reporting 318 Group Directory 207 Annual Report of the Board of 323 GRI Content Index Directors 331 Notice of Meeting 212 The Statement of Directors’ 332 Corporate Information Responsibility 333 Form of Proxy 213 Independent Auditors’ Report 216 Income Statement 217 Statement of Comprehensive Income 218 Statement of Financial Position 219 Statement of Cash Flows 220 Statement of Changes in Equity 224 Notes to the Financial Statements ABOUT US John Keells Holdings PLC (JKH) is the largest listed company on the Colombo Stock Exchange, with business interests primarily in Transportation, Consumer Foods, Retail, Leisure, Property and Financial Services. Started in the early 1870s as a produce and exchange broking business by two Englishmen, Edwin and George John, the Group has been known to constantly re-align, re-position and re-invent itself in pursuing growth sectors of the time. JKH was incorporated as a public limited liability company in 1979 and obtained a listing on the Colombo Stock Exchange in 1986. Having issued Global Depository Receipts (GDRs) which were listed on the Luxembourg Stock Exchange, JKH became the first Sri Lankan company to be listed overseas. The Group’s investment philosophy is based on a positive outlook, bold approach, commitment to delivery and flexibility to change. JKH is also committed to maintaining integrity, ethical dealings, sustainable development and greater social responsibility in a multi-stakeholder context. JKH is a full member of the World Economic Forum and a member of the UN Global Compact. The Holding Company of the Group, John Keells Holdings PLC, is based at 117, Sir Chittampalam A. Gardiner Mawatha, Colombo 2 and has offices and businesses located across Sri Lanka and the Maldives. 3 INTRODUCTION TO THE REPORT GRI 102-46, 102-49 We are pleased to The Report strives to deliver a balanced and relevant report that will bring clarity and detail to the complex task of reporting a year of diverse business operations across present our fourth multiple sectors. Integrated Report in This Report reflects on: accordance with the ´ The value creation model of the Group, combining the different forms of Capital in International <IR> the short, medium and long-term ´ Governance, risk management and sustainability frameworks entrenched within Framework of the the Group International Integrated ´ Financial, operational, environmental and social review and results of the Group Reporting Council (IIRC). In keeping this Report as concise as possible and pertinent to the year under review, we have ensured that the commentaries in certain sections are limited to a helicopter view of the events and progress within the year, whilst the Group’s standard policies, operating guidelines and management approaches are made available on the STANDARDS AND PRINCIPLES corporate website. Reporting ´ International <IR> Framework of the SCOPE AND BOUNDARY International Integrated Reporting The John Keells Annual Report 2018/19 is a reflection of the Group’s integrated Council approach of management during the period from 1 April 2018 to 31 March 2019. Governance, Risk Management Material events post this reporting period, up to the sign off date by the Board of and Operations Directors on 24 May 2019, have been included in this Report, ensuring a more relevant and to-date Report. ´ Laws and regulations of the Companies Act No. 7 of 2007 For the purpose of reporting its sustainability performance, all Group subsidiaries and ´ Listing Rules of the Colombo Stock equity accounted investees have been considered, barring companies in which the Exchange (CSE) and subsequent Group does not exercise significant management control, non-operational companies, revisions to date investment companies and companies owning only land, which have been clearly identified in the reporting boundary specified in the Group Directory 2018/19. The ´ Code of Best Practices on Corporate scope will also seek to report on companies over which it does not exercise significant Governance jointly advocated by the management control, where relevant. Securities and Exchange Commission of Sri Lanka (SEC) and the Institute of Chartered Accountants of INTEGRATED REPORTING AND GUIDING PRINCIPLES Sri Lanka (CA Sri Lanka) The Group has strived to deliver a comprehensive, balanced and relevant report, while adhering to the recommendations of the IIRC. The seven guiding principles in ´ Code of Best Practice on Corporate integrated reporting, as depicted, have been given due consideration when preparing Governance (2017) issued by CA and presenting this Report. Sri Lanka, to the extent of business exigency and as required by the Group Strategic ´ UK Corporate Governance Code focus and (formerly known as the Combined future Code of 2010) Consistency orientation Connectivity and of Financial Reporting comparability information ´ Sri Lanka Accounting Standards (SLFRS/LKAS) issued by CA Sri Lanka Sustainability Reporting Reliability and Stakeholder ´ This report has been prepared in completeness relationships accordance with the GRI Standards: Core option ´ United Nations Sustainable Development Goals Conciseness Materiality ´ United Nations Global Compact Active Principles GUIDING PRINCIPLES OF THE 2018/19 JKH ANNUAL REPORT 4 JOHN KEELLS HOLDINGS PLC | ANNUAL REPORT 2018/19 DETERMINING MATERIALITY DISCLAIMER FOR THE PUBLICATION Materiality analysis is a key process that enables the Group to define key triple bottom line OF FORECAST DATA issues that are of significance for businesses and stakeholders, both internal and external, The Report contains information about the in the short, medium and long-term. Our focus on materiality, through emphasis
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