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Download Annual Report (2020) Re-Engineering for Tomorrow for Re-Engineering Annual Report 2019/20 ACCESS ENGINEERING PLC Access Towers, Re-Engineering 278, Union Place, Colombo 02, Sri Lanka for Tomorrow +94 11 7606606 +94 11 7606605 Annual Report 2019/20 [email protected] www.accessengsl.com Semi dispatchable wind farm in Mannar Island Re-Engineering for Tomorrow The current climate of unprecedented chaos and upheaval is challenging the business plans and models of virtually every enterprise across the world. It has forced them to relook at how differently “doing business” will look in the future. It has forced them, without exception, to undertake Business Process Re-engineering across all parameters and functions towards evolving successful business management strategies to fit the times. This is true of Access Engineering as well and as one of Sri Lanka’s premier engineering entities, we have got a head start on the process! Contents 03-16 182-282 THIS IS ACCESS FINANCIAL REPORTS ENGINEERING 182 Annual Report of the Board of Directors on the Affairs of 03 About Us the Company 04 About this Report 188 Statement of Directors’ Responsibility 05 Milestones 189 Directors’ Statement on 06 Our Group Structure Internal Control 08 Highlights 190 Independent Auditors’ Report 10 A Message from the Chairman 196 Statement of Profit or Loss and 13 Joint Statement from the Managing Director and the Chief Operating Officer Other Comprehensive Income 197 Statement of Financial Position 198 Statement of Changes in Equity 199 Statement of Cash Flows 18-70 201 Index to the Financial Statements OUR STRATEGY 202 Notes to the Financial Statements 18 Operating Environment 25 Stakeholder Engagement 33 Materiality 284-292 37 Strategic Direction ANNEXES 39 Capital Trade-offs 40 Our Value Creation Model 284 Operating Structure 42 Our Business Portfolio 285 Nine Year Summary 286 Our Story 288 Awards and Accolades 289 Abbreviations 291 Directors of Subsidiary Companies 292 Notice of Meeting Enclosed... Form of Proxy 72-130 Inner Back Cover... Corporate Information MANAGEMENT DISCUSSION 72 Financial Capital 83 Manufactured Capital 84 Intellectual Capital 88 Human Capital 96 Social and Relationship Capital 116 Natural Capital 125 GRI Content Index 129 Independent Assurance Report to AEL 132-180 STEWARDSHIP 132 Board of Directors 136 Corporate Management Team 141 Corporate Governance 171 Enterprise Risk Management THIS IS ACCESS ENGINEERING OUR STRATEGY MANAGEMENT DISCUSSION STEWARDSHIP FINANCIAL REPORTS ANNEXES GRI 102-2, 102-6 About Us Vision Access Engineering PLC (AEL), established ARL Elevate (Private) Limited, and WUS in 2001, is the premier civil engineering Logistics (Private) Limited, which was To be the foremost firm in the Sri Lankan construction sector. acquired in September 2019. Since our inception, we have extensively Sri Lankan business contributed to the construction landscape Other subsidiaries are Sathosa Motors PLC, enterprise in value in Sri Lanka through numerous completed which is 84% owned by AEL, Access Projects construction projects. We collaborate across (Private) Limited (80% owned), and Harbour engineering. disciplines and industries like energy and Village (Private) Limited (60.83% owned). resource, environmental and water to AEL has 50% joint ventures in Blue Star bring highly diversified projects to life. Realties (Private) Limited. Our associate Our project portfolio over the years include company, ZPMC Lanka Company (Private) Mission bridges and flyovers, roads and highways, Limited, in which we have a 30% stake is harbours, water treatment plants and water a joint venture with Shanghai, Zhenhua To meet the challenges supply projects, land drainage and irrigation Heavy Industries Company Limited (ZPMC) schemes, telecommunication infrastructure of China, the world’s largest container in the development projects, and more. handling equipment manufacturer. of multi-sector civil engineering projects, We have set ourselves apart from the competition by way of innovative, providing innovative one-of-a-kind solutions combined with solutions whilst developing our end-to-end project and engineering know-how. Our workforce consists of long-term progressive staff and labour amounting to over 2,500. Managerial and professional staff account relationships with all for over 150 and technical staff for about our stakeholders. 500. We also possess an island-wide network of quarries, crusher plants, asphalt plants, and concrete batching plants along with the latest machinery. Our local strength, knowledge, and relationships, coupled with our world-class expertise, have allowed us to provide advanced, yet personalised engineering solutions to our stakeholders. The “Access Engineering Promise” is to maintain the highest professional standards from planning and design to execution. Access Engineering has been bestowed with recognition as a “Major and Specialist contractor” by the National Construction Association of Sri Lanka. It also has the highest CIDA grading across most number of disciplines of civil engineering. It is compliant to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 accreditations for its quality, environmental, and health and safety management systems, and is a signatory to the UN Global Compact. AEL is also a TRACE member in good standing. AEL has the following wholly-owned subsidiaries: Access Realties (Private) Limited, Access Realties 2 (Private) Limited, ACCESS ENGINEERING PLC – ANNUAL REPORT 2019/20 03 THIS IS ACCESS ENGINEERING OUR STRATEGY MANAGEMENT DISCUSSION STEWARDSHIP FINANCIAL REPORTS ANNEXES GRI 102-11, 102-12, 102-46, 102-48, 102-49, 102-50, 102-51, 102-52, 102-53, 102-54, 102-56 About this Report (referred to as AEL or Company) and its COMPLIANCE subsidiaries as listed out on page 06 (collectively referred to as the “Group”). This Report presents financial aspects as Financial aspects cover the entire Group well as the wider social and environmental while other aspects cover only Access impact of the Company’s activities. This Engineering PLC. Access Engineering PLC’s Report is prepared in accordance with the Integrated Annual Report 2019/20 covers the core criteria of GRI Sustainability Reporting period from 1 April 2019 to 31 March 2020. Guidelines GRI Standards. There are no significant changes from previous reporting periods in the scope EXTERNAL ASSURANCE and aspect boundaries. The Financial Statements were audited by The most recent Annual Report covered the Messrs. KPMG Chartered Accountants while 12-month period ended 31 March 2019. assurance on the sustainability reporting was also provided by Messrs. KPMG. KEY FRAMEWORKS AND COMPLIANCE PRECAUTIONARY PRINCIPLE What you have before you is the seventh This integrated Annual Report draws on consecutive Integrated Annual Report of concepts, principles, and guidance given The Company applies the precautionary Access Engineering PLC. The Report provides in the following, where applicable: principle in relation to social and an overview of the financial highlights, environmental sustainability. The Company ´´Companies Act No. 07 of 2007; key functions, strategic investments, and is mindful of the impacts caused to the performance of the main business ´´Global Reporting Initiative (GRI) society and environment by its operations segments of the Company. The Report Sustainability Reporting Guidelines GRI and have taken necessary measures to includes information regarding the value Standards (www.globalreporting.org); mitigate any negative impacts and risks creation process of AEL and outlines the in operational planning and activities. ´´The International Integrated Reporting Company’s short and long-term strategies, Framework (IIRC) (www.theiirc.org); governance, performance, and the QUERIES Company’s efforts towards sustainability. ´´A Preparer’s Guide to Integrated Corporate Reporting” issued by The Further queries regarding the Report or its Institute of Chartered Accountants REPORT CONTENT content should be addressed to the Chief of Sri Lanka; Operating Officer, Access Engineering PLC We have disclosed only the key material ´´Code of Best Practice on Corporate at [email protected] aspects in the Annual Report 2019/20 Governance issued by The Institute of to ensure the Report is comprehensive Chartered Accountants of Sri Lanka and Address: 12th Floor, yet concise. These topics are selected the Securities and Exchange Commission Access Engineering PLC, Access Tower, based on the reporting principles of of Sri Lanka; Union Place, Colombo 2. materiality, sustainability context, balance, ´´The Ten Principles of UNGC; completeness, and stakeholder inclusion. Phone: +94 11 760 6606 The value creation process is described ´´Sri Lanka Accounting Standards under the six capitals of financial, (SLFRS and LKAS) The Report is available in both print manufactured, intellectual, human, social ´´Securities and Exchange Commission and online versions. The latter may be and relationship, and natural capitals. Regulations downloaded from the Company’s website www.accessengsl.com ´´Listing Rules of the Colombo Stock REPORT BOUNDARY AND Exchange REPORTING PERIOD ´´Smart Integrated The overall boundary of this Report Reporting MethodologyTM includes both Access Engineering PLC (www.SmartAnnualReport.com). 04 ACCESS ENGINEERING PLC – ANNUAL REPORT 2019/20 THIS IS ACCESS ENGINEERING OUR STRATEGY MANAGEMENT DISCUSSION STEWARDSHIP FINANCIAL REPORTS ANNEXES Milestones MAR. 2020 Ranked among top 10 Corporate Citizens in Sri Lanka at the Best Corporate Citizen Sustainability Awards
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