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A Local Effort a Global Product

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A Local Effort a Global Product A LOCAL Annual Report EFFORT 2016 A GLOBAL PRODUCT 1 A LOCAL EFFORT A GLOBAL PRODUCT Not many companies can boast that their product makes a global impact but here at Colombo Dockyard, we create vessels that circle the world in more ways than one. Our hard work and attention to detail is on par with international standards and that’s why we remain at top of mind for many of our repeat as well as prospective clients. This year, we bring attention to our craftsmanship and ingenuity par excellence and highlight how our local effort creates an exceptional global product. “Yard No. NC-0230 a 450 Passenger ship built by Colombo Dockyard PLC for Government of India” Colombo Dockyard PLC 2 Annual Report 2016 Colombo Dockyard PLC Annual Report 2016 01 Contents Vision, Mission 03 Corporate Profile 04 Quality Policy, Environment Policy, Safety Policy 05 Financial Highlights 06 Chairman’s Review 07 Managing Director / CEO’s Review 09 Board of Directors 14 Key Management Profile 16 Financial Review 18 Corporate Governance 22 Risk Management 27 Shareholder Information 31 Financial Reports Financial Calender 2016/2017 35 Annual Report of the Board of Directors on the affairs of the Company 36 Related Party Transactions Review Committee Report 42 Statement of Directors’ Responsibilities 43 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 44 Independent Auditors’ Report 45 Statement of Profit or Loss and Other Comprehensive Income 46 Statement of Financial Position 47 Statement of Changes in Equity 48 Statement of Cash Flows 50 Notes to the Financial Statements 52 Ten Years Financial Summary 96 Notice of Annual General Meeting 97 Form of Proxy 99 Corporate Information Inner Back Cover Colombo Dockyard PLC 02 Annual Report 2016 Vision We pursue excellence and superior performance in all what we do to enhance the long-term interests of all our stakeholders in a socially responsible manner. Mission We strive: • To be the most competitive and viable business entity in South in Shipbuilding, Shiprepairs, Heavy Engineering and allied activities: • To efficiently and effectively manage all our resources: • To achieve sustainable growth: • To enhance the interests of our Stakeholders, and thereby contribute to the pursuit of our vision: Colombo Dockyard PLC Annual Report 2016 03 Corporate Profile Colombo Dockyard PLC (CDPLC) established its operations way back in 1974 and at present operates as Sri Lanka’s largest engineering facility leading in the business of ship repairs, shipbuilding, heavy engineering and offshore engineering with a Japanese collaboration. CDPLC Group includes two subsidiaries namely Dockyard General Engineering Services (Pvt) Ltd and Ceylon Shipping Agency (Pte) Ltd in Singapore to deal with heavy engineering for local customers and as a supply channel for material imports respectively. CDPLC is a public quoted Company listed in the Colombo Stock Exchange. It is also a licensed enterprise of the Board of Investment of Sri Lanka. CDPLC is conveniently located within the port of Colombo, the hub of all major shipping lanes connecting the West, the Middle East, the Far East, as well as Africa and Australia, CDPLC has a strategic advantage to conduct both dry dock and afloat operations. Colombo Dockyard, as a state of the art engineering entity, operates four graving dry docks with a maximum capacity of 125,000 DWT and extensive repair berth facilities. Colombo Dockyard, in existence for over four decades, continues to keep its eyes on the horizon, pre-empting trends and preparing for transformation. While the Company remains medium scale ship yard in the Asian region, our differentiation lies in the way we do business. Five core values that have helped Colombo Dockyard in its odyssey, Flexibility, Innovation, Being Customer Centric, Environment Friendly, People Focused. Colombo Dockyard’s niche position in building some of the world’s most unique vessels holds the Company in good stead. The emphasis on absolute quality and the infusion of green initiatives (some of them, pioneering features in this region) as well as our processes, give us a competitive stance that is far ahead of those established in the South Asian region. This has resulted in improving our capabilities of effecting difficult and sometimes unique processes, building techniques and repairs, that have helped us carve out our own special position in this industry. Colombo Dockyard PLC 04 Annual Report 2016 Quality Policy We always satisfy our customers’ requirements consistently and cost effectively, strive to exceed their expectations and add value to the interests of our other stakeholders in a viable corporate environment. Environment Policy Our policy is to conduct our present and future operations in an environmentally friendly manner as befitting a good corporate neighbor and citizen, through the implementation of an Environmental Management System: To meet our commitment, we shall: • Meet or exceed applicable legislation and regulations as well as industry standards and practices • Periodically review established environmental objectives and targets in order to continually improve our Environmental Management System performance • Effectively communicate with employees, customers, neighbors and other stakeholders regarding our Environmental Management System and its performance. Safety Policy Colombo Dockyard PLC recognizes its corporate responsibility to provide a safe and healthy work environment for all personnel who have legitimate business in such work environment. Colombo Dockyard PLC shall: • Provide safe plant, machinery, equipment and systems of work; • Ensure compliance with relevant statutory regulatory requirements; and • Provide procedures, information, instructions training and supervision to employees, contractors, customers and visitors to ensure their safety Colombo Dockyard PLC Annual Report 2016 05 Financial Highlights 2016 2015 Change Total Revenue Rs. Mn Rs. Mn Rs. Mn Rs. Mn % 16,000 Results for the Year Revenue 12,000 Shiprepairs 4,560 4,311 249 5.78 Shibuildings 5,374 10,087 (4,713) (46.72) 8,000 Heavy Engineering 39 9 30 333.33 9,973 14,407 (4,434) (30.78) 4,000 Export Revenue 9,410 13,973 (4,563) (32.66) 0 12 13 14 15 16 Local Revenue 563 432 131 30.32 Gross Profit 1,237 791 446 56.38 Total Assets Operating Profit (438) (694) 256 36.89 Rs. Mn 28,000 Taxation 6 (14) 20 142.86 Net Profit after Tax (432) (708) 276 38.98 24,000 Profit Available for Appropriation 8,302 8,722 (420) (4.82) 20,000 Company Value Addition 3,755 3,401 354 10.41 16,000 Company Value Addition % 37 23 14 60.87 12,000 Local Value Addition 5,556 7,108 (1,552) (21.83) Employees Salaries & Benefits 3,507 3,433 (74) (2.16) 8,000 4,000 Balance Sheet 0 12 13 14 15 16 Total Assets 18,982 17,209 1,773 10.30 Total Liabilities 9,950 7,757 (2,193) (28.27) Profit after tax Share Holders’ Fund 9,031 9,452 (421) (4.45) Rs. Mn 2,000 Net Cash & Cash Equivalent 2,109 1,870 239 12.78 1,500 Information Per Ordinary Share 1,000 Earnings (Rs.) (6.01) (9.85) 3.84 (38.98) Net Assets (Rs.) 125.68 131.55 (6) (4.46) 500 Market Value (Rs.) 78.60 150.10 (72) (47.63) 0 Market Capitalization Rs. Mn 5,648 10,786 (5,138) (47.63) -500 -1,000 12 13 14 15 16 Financial Ratios Net Profit after Tax (%) (4.3) (4.9) 0.6 (11.85) Shareholders Funds Return On Investment (%) (1.7) (4.1) 2.4 (59.17) Rs. Mn 12,000 Return On Assets (%) (1.6) (4.1) 2.5 (60.98) Interest Cover (Times) (1.4) (7.6) 6.2 (81.84) 10,000 Return On Equity (%) (4.8) (7.5) 2.7 (36.00) 8,000 6,000 4,000 2,000 0 12 13 14 15 16 Colombo Dockyard PLC 06 Annual Report 2016 Chairman’s Review Dear stakeholder order to improve the technical expertise It is my pleasure as Chairman to present of Sri Lankan personnel in the field of to you, our valued stakeholders, the shipbuilding. annual report and audited financial statements of Colombo Dockyard PLC Utilizing these valuable transfers of for the year ended 31st December knowledge and technical skills, Colombo 2016. Dockyard has been able to integrate numerous best practices and advanced At the outset I wish to once again state Japanese shipbuilding techniques into that Colombo Dockyard is not expected our own production processes on a to undergo any major changes in terms regular basis. Through augmentation of its ownership and business model. of such cutting edge knowledge and Similarly, our strategic partner, the technical expertise into its own business Onomichi Dockyard of Japan, does not models, Colombo Dockyard has steadily envisage any changes to its current gained an international reputation for majority shareholding of 51% and its specialized focus in high-spec, high- will continue its appointment of three skilled products and services, which “Onomichi Dockyard members to the Board of Directors, remains a crucial to Colombo Dockyard’s including the position of Chairman at continued resilience in the face of commenced its Colombo Dockyard. challenging market conditions. strategic relationship At present Colombo Dockyard’s business Our capacity to produce technically with Colombo is comprised of three core areas, sophisticated solutions to meet the Dockyard in 1993. In namely: Shipbuilding, Ship Repairs, market wants and needs of a diverse and Heavy Industries through its fully international clientele has paved that time, Onomichi owned subsidiary the Dockyard General the way for new business, with the Engineering Services (DGES). This Company undertaking shipbuilding has consistently business composition will be continued license agreement for state-of-the-art supported the into the next 2-3 years with expansion new European ship designs. This new anticipated in all three areas.
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