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Annual Report 2016 Www Chevron Lubricants Lanka PLC Annual Report 2016 www. chevron.lk Keeping our Chevron Lubricants Lanka PLC Annual Report 2016 1 Chevron Lubricants Lanka PLC Annual Report 2016 www. chevron.lk 2 Annual Report 2016 Keeping our FOCUS Chevron Lanka has delivered yet another year of outstanding results. Your company stood strong, engaging with the issues, working on intelligent solutions and increasing our focus on stakeholder value creation. We have always counted on our strong local and global synergies and the unmatched expertise in technology and industry innovation we own. Over the years we have shared this knowledge, continuing our vision to bring a positive impact to the people and communities we serve, while significantly contributing to the economy of Sri Lanka. Contents 4 Our Vision 5 Financial Highlights 6 Chairman’s Review 8 Managing Director’s Review 12 Board of Directors 16 Management Team 18 Management Discussion & Analysis 27 Financial Review 31 Corporate Social Responsibility 33 Corporate Governance 39 Risk Management 42 Financial Calender 43 Annual Report of the Directors 46 Statement of Directors’ Responsibilities 47 Audit Committee Report 48 Related Party Transactions Review Committee Report 49 Certificate of the Director on Transfer Pricing 50 Remuneration Committee Report 51 Independent Auditor’s Report 52 Income Statement 53 Statement of Comprehensive Income 54 Statement of Financial Position 55 Statement of Changes in Equity 56 Cash Flow Statement 57 Notes to the Financial Statements 84 Ten Year Financial Summary 85 Statement of Value Added 86 Shareholder Information 89 Notice of Annual General Meeting 90 Corporate Information 91 Form of Proxy Annual Report Online www.chevron.lk/reports 2 Our Family of Brands Chevron Lubricants Lanka PLC engages in blending, manufacturing, importing, distributing and marketing lubricants oils, greases, brake fluids and specialty products in Sri Lanka. The Company offers its products for industrial, commercial and consumer applications. Chevron Lubricants PLC markets its products under Chevron, Caltex and Texaco brands. The Company was incorporated in 1992 and is based in Colombo, Sri Lanka. 3 Chevron Lubricants Lanka PLC Vision To be the pre-eminent marketer of lubricants in Sri Lanka differentiated by its people, partnerships and performance. Our Values Our company’s foundation is built on our values, which distinguish us and guide our actions to deliver results. We conduct our business in a socially and environmentally responsible manner, respecting the law and universal human rights to benefit the communities where we work. Diversity and inclusion Partnership We learn from and respect the cultures in which we We build trusting and mutually beneficial relationships operate. We have an inclusive work environment by collaborating with our communities, governments, that values the uniqueness and diversity of individual customers, suppliers and other business partners. We talents, experiences and ideas. are most successful when our partners succeed with us. High performance We are passionate about delivering results, and strive Protect people and the environment to continually improve. We hold ourselves accountable We place the highest priority on the health and for our actions and outcomes. We apply proven safety of our workforce and protection of our assets, processes in a fit-for-purpose manner and always look communities and the environment. We deliver world- for innovative and agile solutions. class performance with a focus on preventing high- consequence incidents. Integrity and trust We are honest with ourselves and others, and honor our commitments. We trust, respect and support each other. We earn the trust of our colleagues and partners by operating with the highest ethical standards in all we do. 4 Annual Report 2016 Financial Highlights 2016 2015 % Rs. 000’ Rs. 000’ Turnover 12,089,111 11,563,854 5% Profit Before Tax & OCI 4,702,671 4,318,544 9% Taxation 1,222,261 1,226,709 0% Profit After Tax 3,480,410 3,091,835 13% Shareholders Funds 3,860,623 4,687,029 -18% Property, Plant & Equipment 2,132,858 2,195,826 -3% Gross Dividends Rs. 000' 4,320,000 2,760,000 57% Dividend per Share Rupees 18.00 11.50 57% Earnings per Share Rupees 14.50 12.88 13% Dividend Payout Ratio % 124 89 35% Price Earnings Ratio Times 10.83 13.35 -19% Market Value per Share as at 31st December Rupees 157.10 344.00 -9% Return on Equity % 81 63 18% Net Assets per Share Rupees 16.09 19.53 -18% Net Income to Turnover % 29 27 2% (Note: Dividend per share, Earnings per share and Net Assets per share for 2015 has been restated for comparative purposes, following the share sub division in 2016.) Profit After Tax & ROE Gross Dividends PAT: Rs. Mn. ROE : % Rs. Mn. 4,000 90 5,000 81% 3,500 80 4,500 63% 4,000 3,000 70 62% 55% 3,500 4,320 56% 60 2,500 3,480 3,000 50 2,000 65 2,500 3,093 60 2,7 40 2,7 1,500 2,532 2,000 2,266 30 1,500 2,400 1,000 20 1,000 1,800 500 10 500 1,320 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Profit After Tax ROE 5 Chevron Lubricants Lanka PLC Chairman’s Review Q Backed by strong earnings and cash flows, the Company declared dividends amounting to Rs. 18.00 per share How do you view the company’s performance in FY 2016? compared to Rs. 11.50 last year. I am proud to report that the Company has once again delivered exceptional in all three markets we operate in, infrastructure projects and the growth results not only in terms of the bottom even stepping up marine oil supplies in the tourism industry, the demand line, but in the volumes and revenues to ships with our strong and strategic for high quality lubricants for both achieved in its domestic and export customer focus coupled with advanced automotive and industrial applications sectors. Export sales recorded an lubricants technology. We must not should grow proportionately. Our increase of 20% compared to the forget that an important contributor journey so far and the strength we previous year. Backed by strong to our strong performance is our derive from access to advances in earnings and cash flows, the Company highly motivated workforce which we technology would help us benefit from declared dividends amounting to Rs. have equipped with the right tools, increased consumption. On the other 18.00 per share compared to Rs. 11.50 knowledge and technology. They hand, the depreciation of the rupee last year. The Company also carried out have been instrumental in delivering and increase in base oil prices will a subdivision of shares during the year, these results. We continue to invest affect the margins. However, we are thus increasing the number of shares in developing our workforce further optimistic that the company would be from 120 million to 240 million shares while simultaneously upholding our able to deliver sustainable value to our with a view of increasing liquidity in the reputation as a responsible corporate shareholders. market. citizen. I wish to thank my fellow Board members for their counsel and also extend my gratitude to our Q Q business partners, local and overseas distributors, channel partners, How do you perceive the future What would you say were the key customers and shareholders for their outlook for the company? drivers of your strong performance? continued support and confidence in the Company. We remain committed The key performance driver during the The Company is engaged in a vital to delivering value to our shareholders year was improved margins as a result segment of the downstream petroleum by strengthening our performance with of favourable base oil prices during the industry, providing lubrication products each passing year. first two quarters of the year. Although from basic to most demanding and base oil prices displayed an upward extreme applications. Keeping in mind trend during the last two quarters, the the expected growth in Sri Lanka’s Company was able minimize its impact economy, the realization of the by importing higher parcel sizes. This GSP+ status, bilateral agreements, was possible due to the increased establishment of industrial zones, large FARRUKH SAEED storage capacity at the new plant. Chairman We were able to grow the volumes 6 Annual Report 2016 Farrukh Saeed Chairman FARRUKH SAEED Chairman 7 Chevron Lubricants Lanka PLC Managing Director’s Review Q If any proof of our razor-sharp focus is needed, it is evident in this year’s best-ever financial performance by the Growing the company by 13% despite low growth in the industry has been a Company, which recorded earnings of Rs. 3,480 million. phenomenal achievement … Our ability to adapt to daunting base oil prices softened during the industry conditions and yet deliver year, although prices started moving Q strong earnings reflects our up during the third and fourth quarter. competitive spirit which is fuelled The increased demand for thermal How did you strengthen the by best-in-class systems and energy due to the lack of rains resulted Company’s Brands equity? processes and a proactive approach in higher demand for lubricants from to management. If any proof of the power plants. We were able to The setting up of retail lube shops our razor-sharp focus is needed, it secure as well as win back some of continued during the year. We is evident in this year’s best-ever the government customers based launched marketing campaigns in the financial performance by the Company, on competitive bidding. Our strong digital space during the year and the which recorded earnings of Rs. product and service propositions, response has been extremely good.
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