DOCSLIB.ORG

John Keells Holdings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

John Keells Holdings JKH - Rs.157.0 Yasas Wijethunga Key Highlights Email : [email protected] Phone : +94 77 0532059 4Q18 Results Update . 4Q18 recurring net profit of Rs.5,946mn for 4Q18 (+32% YoY), above our expectations, driven by increased earnings from the Insurance business, due to a transfer of insurance contract liabilities . JKH’s group NP forecast broadly maintained at Rs.16,676mn for FY19E (-2% YoY on a recurring basis) and forecast a NP of Rs.17,641mn for FY20E (+6% YoY) . The JKH share underperformed the broader market during last 12 months and last three months declining -7% and -2% respectively (vs. ASI’s decrease of -3% and -1%) . The JKH share trades at forward PER multiples of 13.1x for FY19E and 12.4X for FY20E . Based on our estimated break up Sum of The Parts (SOTP) valuation of Rs.164, the JKH share is currently trading at a 5% discount . Whilst further significant downside is limited, amid the recent declines and share coupled with the share trading at a slight discount we do not anticipate material share price gains with continuous 28 May 2018 moderate earnings growth expected in the near term. However, JKH may continue to be favored by medium to long term investors, amid its unrivalled share liquidity, being the only company Sri Lanka with over US$1mn average daily turnover on the CSE and potential for upside in its core sectors over the long term Diversified Holdings Key Trading Information Relative Share Price Movement (%) Shares in Issue (mn) 1,387.5 110 Market Cap (US$ mn) 1,378.7 ASPI Estimated Free Float (%) 97.5 100 3M Avg Daily Volume 637,724 3M Avg Daily Turnover (US$) 650,751 90 12M High / Low (Rs) 164.9 / 137.8 JKH 3M / 12M Price Change (%) -2.2 / -6.6 80 26-May-17 24-Nov-17 25-May-18 JKH: Valuation Ratios Financials - Year to 31 March FY16 FY17 FY18 FY19E FY20E Net Revenue (Rs mn) 93,710 106,273 121,215 141,041 154,412 Net Profit (Rs mn) 13,807 15,792 17,084 16,676 17,641 Earnings per Share (Rs) 10.2 11.5 12.3 12.0 12.7 Earnings per Share Growth (%) 0.8 13.2 7.1 -2.4 5.8 Price / Earnings Ratio (X) 12.8 12.1 13.0 13.1 12.4 Price / Earnings Growth (X) 16.0 0.9 1.8 N/A 2.1 Gross Dividend per Share (Rs) 6.1* 6.0 6.0 6.0 6.0 Gross Dividend Yield (%) 4.7 4.3 3.8 3.8 3.8 Net Book Value per Share (Rs) 114.0 128.7 144.1 150.1 156.8 Price / Book Value (X) 1.1 1.1 1.1 1.0 1.0 Return on Equity (%) 9.4 9.5 9.0 8.2 8.3 Market Price per Share (Rs) 130.4 139.0 160.0 157.0 157.0 Note: Valuations are based on recurring EPS, Adj. for Capital Issues (if any); Historic Ratios are based on Y/E MPS Source: CT CLSA *Includes a special dividend of Rs.3.1 CT CLSA SECURITIES (PVT) LIMITED | A Member of the Colombo Stock Exchange John Keells Holdings The Business Most liquid stock on the John Keells Holdings (JKH), Sri Lanka’s largest listed company, accounting for ~9% of total CSE accounting for market capitalisation, is a leading conglomerate with a significant presence in Leisure, ~21% of market Transportation, Property, Financial Services, Consumer Foods and Retail (CF&R) and Information turnover in 2017 Technology. The group is also in the process of developing an Integrated Resort, “Cinnamon Life” at an investment of ~US$820mn, slated for completion in 2019. Given its lack of a controlling shareholder and ~98% free float, JKH is the local market’s most liquid share, contributing ~21% of total market turnover in 2017 Recent Financial Performance 4Q18 NP +32% YoY amid JKH reported a recurring Net Profit (NP) of Rs.5,946mn for 4Q18 (+32% YoY), above our change in insurance expectations, driven by the increased earnings from the Insurance business. Meanwhile, key Leisure liabilities and CF&R sectors recorded decreased earnings for the quarter. Consequently, FY18 recurring NP increased +8% YoY to Rs.17,084mn 4Q18 reported earnings adjusted for a transfer of one - off surplus of Rs.3,382mn to shareholders funds in the insurance business. The surplus was previously generated due to a change in policy liability valuation and has held as part of the Restricted Regulatory Reserve. Meanwhile, the change in insurance contract liabilities of Rs.1,177mn (vs. a negative change of –Rs.1,326mn in 4Q17) has been considered recurring Earnings further adjusted for change in fair value of investment properties of Rs.896mn in 4Q18 and Rs.474mn 4Q17 Key Figures & Ratios 4Q17 4Q18 % YoY FY17 FY18 % YoY Net Revenue (Rs mn) 29,848 33,553 12.4 106,273 121,215 14.1 Gross Profit (Rs mn) 8,425 8,567 1.7 31,115 29,283 -5.9 Net Finance Income (Rs mn) 2,618 2,552 -2.5 9,597 10,747 12.0 Profit Before Tax (Rs mn) 7,408 12,767 72.3 22,888 27,634 20.7 Reported Net Profit (Rs mn) 4,986 9,966 99.9 16,275 21,021 29.2 Recurring Net Profit (Rs mn) 4,512 5,946 31.8 15,792 17,084 8.2 Earnings per Share (Rs) 3.3 4.3 31.8 11.5 12.3 7.1 Net Cash Position (Rs mn) 61,528 45,547 -26.0 61,528 45,547 -26.0 Net Cash Per Share (Rs) 44.3 32.8 -26.0 44.3 32.8 -26.0 Capex (Rs mn) 1,019 11,415 >+100.0 4,332 18,922 >+100.0 Note: Valuations and ratios on a recurring basis; Adjusted for capital issues (if any) Source: Company Interims NP adjusted for non recurring gains/losses amounting to Rs.4,020mn in 4Q18, Rs.93mn in 2Q18, –Rs.176mn in 1Q18, Rs.474mn in 4Q17 and Rs.10mn in 3Q17 Sectoral Analysis Sectoral Analysis Composition (%) 4Q17 4Q18 % YoY FY17 FY18 % YoY (Rs mn) 4Q17 4Q18 Net Revenue 29,848 33,553 12.4 106,273 121,215 14.1 100.0 100.0 Transportation 3,454 4,877 41.2 11,110 17,169 54.5 11.6 14.5 Leisure 8,128 8,281 1.9 25,874 25,040 -3.2 27.2 24.7 Consumer Foods & Retail 11,617 13,860 19.3 45,812 53,211 16.2 38.9 41.3 Financial Services 2,197 2,468 12.4 8,296 10,056 21.2 7.4 7.4 Property 172 730 >+100.0 1,121 1,231 9.8 0.6 2.2 Information Technology 3,397 2,456 -27.7 11,107 11,069 -0.3 11.4 7.3 Others 882 880 -0.2 2,953 3,440 16.5 3.0 2.6 Significant increase in Profit After Tax 5,145 7,013 36.3 17,633 18,941 7.4 100.0 100.0 Financial Services earnings Transportation 816 386 -52.7 2,979 3,084 3.5 14.5 3.4 Leisure 2,127 1,878 -11.7 5,008 3,471 -30.7 37.9 16.6 Consumer Foods & Retail 829 652 -21.3 3,804 2,871 -24.5 16.4 6.0 Financial Services 458 3,036 >+100.0 2,042 5,187 >+100.0 8.1 56.8 Property 64 317 >+100.0 333 438 31.6 6.1 8.2 Information Technology 184 155 -15.7 468 360 -23.1 3.3 1.4 Others 668 588 -12.0 2,999 3,529 17.7 13.7 7.5 PAT adjusted for non recurring items as follows Source: Company Interims Property Sector: Change in fair value of investment properties of Rs.613mn in 4Q18, Rs.281mn in 4Q17 and Rs.10mn gain in 3Q17 Leisure Sector: Accelerated depreciation of -Rs.33mn in 2Q18 and -Rs.203mn in 1Q18, gain on sale of PPE of Rs.108mn in 2Q18 CF&R : Change in fair value of investment properties of Rs.22mn in 4Q18, Rs.92mn in 4Q17 Financial Services: One off change in insurance contract liabilities of Rs.3,382mn in 4Q18 Others Sector: Gain on sale of PPE of Rs.29mn in 2Q18, change in fair value of investment properties of Rs.262mn in 4Q18, Rs.101mn in 4Q17 A CT HOLDINGSEQUITY GROUP REPORT AND TITLE CLSA |GROUP Date COMPANY 2 John Keells Holdings Transportation Sector 4Q18 PAT of Rs.386mn (-53% YoY and lowest reported figure in last six years, 3% of group PAT); below our expectations, amid decline in earnings in 42% owned associate, South Asia Gateway Terminal (SAGT); FY18 PAT +4% YoY to Rs.3,084mn SAGT earnings impacted . SAGT earnings were particularly impacted by a write off of some bad debts and deferred tax by bad debt and adjustments as per the new Inland Revenue Act. Excluding these items, SAGT core earnings deferred tax provisions grew YoY in 4Q18 as per management, with volumes growing +14% YoY (vs. +16% YoY growth in the Colombo port) o SAGT’s market share is estimated to have remained broadly unchanged at ~30% in 4Q18 o Meanwhile, the Colombo International Container Terminal (CICT), which commenced operations in Aug 2013, is estimated to be running at utilisation levels of over 80%, whilst utilisation levels at overall port is expected to be over 75%.
Recommended publications
  • Annual Report-2020

    Annual Report-2020

    Building Value Building Annual Report Annual Report Value Annual Report 2020 2020 Overseas Realty has been in the forefront, pioneering the way as Sri Lanka’s premier real estate developer. We have led the way in transforming the city of Colombo with landmarks such as the World Trade Centre Colombo and the Havelock City we have indeed dedicated ourselves to building value. Today we witness the city unravelling itself in grandeur defining itself as a world class city. In this setting we are set to expand and consolidate our frontiers further through our expansionary projects which will enhance and multiply the many dimensions of value. Contents Financial Highlights ..........................4 Chairman’s Message .........................6 Profiles of Directors...........................8 Management Review Property Leasing ...........................12 Property Trading ...........................13 Property Services ...........................14 Financial Review ...........................15 Sustainability Report.........................17 Risk Management Report .....................21 Corporate Governance Report..................24 Remuneration Committee Report ................45 Audit Committee Report ......................46 Related Party Transactions Review Committee Report ..48 Financial Report Financial Calender..........................51 Annual Report of the Board of Directors ...........52 Directors, Statement on Internal Controls ...........57 Directors’ Responsibility for Financial Reporting ......58 Independent Auditor’s Report...................59
  • Colombo, a Modern City in the Making…

    Colombo, a Modern City in the Making…

    Colombo, a modern city in the making | July 2013 | Colombo, a modern city in the making… Colombo city calls for the need of development towards an urbanized metropolis in transforming to a regional hub. Steps have been taken by means of improving the quality of the road network and beautification of the city to make the metropolis one of the greenest and cleanest cities in Asia. To cater to the required capacity increase in hotels, apartments, office and retail space, many projects including mixed developments have been proposed. However due to back and forth movements in certain policies and other delays, only few out of the announced projects are currently underway while the others are expected in the medium term. Therefore due to the disparity between the currently needed capacity and actually completed, a deficit in supply exists. Thus we believe that there would not be a glut due to these projects being automatically phased out. The government through the state owned Urban Development Authority is involved in the city development whilst many private companies have proposed projects. However out of the listed companies, few such as John Keells Holdings (JKH : LKR260.10), Colombo Land and Development (CLND : LKR43.70), Overseas Realty (OSEA : LKR18.50) and Access Engineering (AEL : LKR20.30) have grasped such opportunities. In the five star city hotel segment a shortfall of c.1,500 hotel rooms (by 2016) would be seen in meeting the expected tourist arrivals trend where the city is currently equipped with 2,000 hotel rooms. A deficit would be evident till 2016/17 as only two five star hotels out of the proposed projects are off ground currently (of capacity 700 rooms).
  • Annual Report 2018/19 Contents

    Annual Report 2018/19 Contents

    ANNUAL REPORT 2018/19 CONTENTS ODEL AT A GLANCE | 02 2018/19 IN BRIEF | 03 CHAIRMAN’S MESSAGE | 04 BOARD OF DIRECTORS | 08 SENIOR MANAGEMENT TEAM | 10 MANAGEMENT DISCUSSION & ANALYSIS THE OPERATING ENVIRONMENT | 15 VALUE CREATING BUSINESS MODEL | 19 ODEL IN CONTEXT | 20 FINANCIAL REVIEW| 20 OUR BRANDS | 22 STRATEGIC FOCUS AREAS | 27 HUMAN CAPITAL | 29 CORPORATE GOVERNANCE | 40 RISK MANAGEMENT | 43 REPORT OF THE RELATED PARTY TRANSACTIONS REVIEW COMMITTEE | 47 REPORT OF THE REMUNERATION COMMITTEE | 48 REPORT OF THE AUDIT COMMITTEE | 49 FINANCIAL INFORMATION ANNUAL REPORT OF THE BOARD OF DIRECTORS ON THE AFFAIRS OF THE COMPANY | 53 STATEMENT OF DIRECTORS’ RESPONSIBILITY | 56 INDEPENDENT AUDITOR’S REPORT | 57 STATEMENT OF INCOME | 60 STATEMENT OF COMPREHENSIVE INCOME | 61 STATEMENT OF FINANCIAL POSITION | 62 STATEMENT OF CHANGES IN EQUITY | 64 STATEMENT OF CASH FLOWS | 65 NOTES TO THE FINANCIAL STATEMENTS | 66 INVESTOR INFORMATION | 127 NOTICE OF MEETING | 129 FORM OF PROXY | ENCLOSED CORPORATE INFORMATION | INNER BACK COVER VISION To inspire the world. MISSION To provide a complete Mind, Body and Soul experience as the premier fashion and lifestyle retailer promoting sustainable and unparalleled levels of retail experience. OUR VALUES Odel is guided by strong shared values. We love, we serve, we style, we innovate, we give, we save, we enjoy and we inspire ODEL AT A GLANCE Odel includes a number of private brands, each with their unique identity and an extensive portfolio of OUR BRANDS international brands. NUMBER OF STORES EXPANDING OUR REACH WITH 64 LARGE DEPARTMENT STORES Department store in Shangri-La’s massive new mall – ‘The Mall at One Galle Face’ Scheduled to open in 2019 Size: 100,000 square feet Efficient use of resources is a guiding principle behind our facilities: offices, stores and OUR SUSTAINABILITY LOGISTICS logistics operations.
  • John Keells Holdings Plc | Annual Report 2018/19

    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
  • List of Approved Projects

    List of Approved Projects

    LIST OF APPROVED PROJECTS DEVELOPER PROJECT LOCATION 1 INDOCEAN DEVELOPERS (PVT) LTD ALTAIR RESIDENCIES SIR JAMES PIERIS MW, COLOMBO 02 2 JOHN KEELLS RESIDENTIAL PROPERTIES (PVT) LTD CINNAMON LIFE RESIDENCIES COLOMBO 02 3 OVERSEAS REALTY (CEYLON) PLC HAVELOCK CITY - PHASE III HAVELOCK ROAD 4 SANKEN CONSTRUCTIONS (PVT) LTD / CAPITAL TOWERS (PVT) LTD CAPITAL TWIN PEAKS STAPLE STREET 5 SHANGRI-LA ASIA LIMITED / SHANGRI-LA HOTELS LANKA (PVT) LTD THE ONE GALLE FACE RESIDENCIES GALLE FACE GREEN 6 BRIX REALTY (PVT) LTD VERGE RAJAGIRIYA 7 GLOBAL LEASING LIMITED SCIENIC VIEW THALAWATHUGODA 8 PRIME LANDS GROUP PRIME SPLENDOUR RAJAGIRIYA 9 PRIME LANDS GROUP PRIME 616 ETHUL KOTTE 2 ETHUL KOTTE 2 10 PRIME LANDS GROUP PRIME AQUA NAWALA 11 STK DEVELOPERS (PVT) LTD PARK HEIGHTS PARK ROAD 12 STK ENGINEERING (PVT) LTD MELBOURNE HEIGHTS BAMBALAPITIYA 13 STK QUICKSHAWS (PVT) LTD KALINGA HEIGHTS JAWATTE 14 A & D PROPERTY DEVELOPERS (PVT) LTD GLORIOUS RESIDENCIES BANDARANAYAKE MW 15 UNION PLACE APARTMENTS (PVT) LTD LUNA TOWER - FOUR FOUR SEVEN UNION PLACE 16 J P K L CONSTRUCTIONS (PVT) LTD SEA BREEZE MARINE DRIVE, WELLAWATTE 17 INTERNATIONAL CONSTRUCTION CONSORTIUM (PVT) LTD NILAVELI TRINCOMALEE 18 HAMPDEN RESIDENCIES HAMPDEN RESIDENCIES WELLAWATTE 19 HOMELANDS SKYLINE LUXE APARTMENTS KOTTAWA 20 COLOMBO CITY CENTER PARTNERS (PVT) LTD COLOMBO CITY CENTER GANGARAMA 21 VESTA RESIDENCIES (PVT) LTD VESTA RESIDENCIES WELLAWATTE 22 FAIRWAY HOLDINGS (PVT) LTD FAIRWAY GALLE GALLE 23 MITIKO HOMES (PVT) LTD BRICKSGATE APARTMENTS WATTALA 24 RASIKA MARVELLA RASIKA HOLDINGS
  • SVAT RIP Details Report As At

    SVAT RIP Details Report As At

    SVAT RIP Details Report As at - 2020-07-22 TIN No Taxpayer Name SVAT No Project Name 100871157 VIRCO INTERNATIONAL (PRIVATE) LIMITED 11465 - 100871483 CEILAN COIR PRODUCTS 10606 - 100872420 CONSOLIDATED PRINTING (PVT) LTD 10086 - 100872722 THERMOTEX (PVT) LTD 11616 - 100873087 ALPINE CLOTHINGS POLPITHIGAMA (PVT) LTD 10040 - 100874776 O C M LANKA (PRIVATE) LIMITED 10227 PROVIDING CUSTOMISIZED BAGGING SOLUTIONS AT PORT IN COLOMBO 100875713 N D C EXPORTS (PVT) LTD 10163 - 100876507 DEVON TEAS LIMITED 11295 - 100877007 UNIFI TEXTILES COLOMBO (PRIVATE) LIMITED 10578 - 100877449 VENUS EMBELLISHERS (PRIVATE) LIMITED 10232 - 100878704 CONTINENTAL TEA (PRIVATE) LIMITED 10554 - 100878771 AARON TEXTILES LANKA (PRIVATE) LIMITED 11205 - 100879905 TUNA WORKS LANKA (PRIVATE) LIMITED 10742 TUNA WORKS LANKA (PVT) LTD 100880164 KALPITIYA LAGOON RESORT (PRIVATE) LIMITED 11204 KALPITIYA LAGOON RESORT (PRIVATE) LIMITED 100882884 ANDRITZ HYDRO GMBH 10110 - 100883546 DUNDY TRADING COMPANY 10108 - 100885930 PRIME STRUCTURES ENGINEERING LANKA (PRIVATE) LIMITED 10265 - 100888122 CREATIVE ACCESSORIES LANKA (PRIVATE) LIMITED 10146 - 100888980 ICONIC DEVELOPMENTS (PRIVATE) LIMITED 11620 ICONIC DEVOLOPMENTS (PVT) LTD 100889218 KEFRO INTERNATIONAL (PRIVATE) LIMITED 11428 - 100889820 ROYAL FRESH EXPORTS (PRIVATE) LIMITED 10582 - 100890151 ION EXCHANGE (INDIA) LIMITED 11358 ALUTHGAMA, MATHUGAMA, AGALAWATTA WATER SUPPLY PROJECT 100890232 D AND H APPARELS (PRIVATE) LIMITED 11351 - 100890828 JITF - KDESH JV 11632 AMBATHALE WATER SUPPLY SYSTEM IMPROVEMENT, ENERGY SAVING COLOMBO
  • Real Estate Investment Leads Sri Lanka's Remarkable Transformation

    Real Estate Investment Leads Sri Lanka's Remarkable Transformation

    REAL ESTATE INVESTMENT LEADS SRI LANKA’S REMARKABLE TRANSFORMATION September 2018: The Asia Pacific region has emerged as the best real estate investment destination globally, registering the highest year-on-year investment growth of 29% (H1 2018 vs H1 2017) against 9% in the Americas and EMEA regions (Source: JLL Research Report “Global Capital Flows”, Q2 2018). Within this region, Sri Lanka is a shining example of a thriving emerging market. The ‘Pearl of the Indian Ocean’, Sri Lanka is experiencing a surge in real estate investment following a steady period of impressive economic growth over the past decade. A vibrant democracy, political stability, a transparent and robust legal system based on the canons of the Laws of England, freedom for foreigners to invest, a transparent regulatory regime for free capital movements, a relatively benign tax environment, a peaceful South Asian region and an economy getting into a sustained growth all combine to put the spotlight on this island one of the top opportunities for real estate investments in emerging Asian economies. Extensive government investment and private consumption has helped deliver an impressive GDP growth of 4.5% according to World Bank estimates. Sri Lanka’s capital city, Colombo, is one of the region’s fastest-growing commercial hubs. Located at the centre of major shipping routes connecting South Asia and the Far East with Europe, Africa and America, it enjoys enormous strategic importance and today the city is a base for numerous businesses and government institutions. Additionally, strong air connectivity and popularity for tourists have provided a solid foundation for the country’s transformation.
  • John Keells Holdings (JKH) 1Q19 Results Update

    John Keells Holdings (JKH) 1Q19 Results Update

    John Keells Holdings JKH - Rs.136.1 Yasas Wijethunga Key Highlights [email protected] 1Q19 Results Update +94 77 053 2059 ❑ 1Q19 NP of Rs.2,361mn (-22% YoY), below our expectations, amid decline in earnings in Leisure, ‘Others’, Consumer Foods and Retail Sectors ❑ JKH’s group NP forecast revised down by -7% to Rs.15,479mn for FY19E (-9% YoY on a recurring basis) and by -6% to Rs.16,627mn for FY20E (+7% YoY), amid continued pressure on earnings expected from Leisure, Consumer Foods and Retail sectors. NP expected to rebound in FY21E to Rs.22,371mn (+35% YoY) amid the profit recognition of Cinnamon Life apartment projects. Subsequently, NP forecast 01 August 2018 at Rs.22,600mn in FY22E (+1% YoY) Sri Lanka ❑ The JKH share underperformed the broader market during last 12 and three Diversified Holdings months declining -21% and -17% respectively (vs. ASI’s decreases of -7% and -6% respectively) – the share was removed from MSCI Frontier Markets 100 Index in Jun 2018 as the company failed to meet the minimum liquidity requirement ❑ The JKH share trades at forward PER multiples of 12.2X for FY19E, 11.4X for FY20E, 8.4X for both FY21E and FY22E ❑ Based on our estimated break up Sum of The Parts (SOTP) valuation of Rs.167, the JKH share is currently trading at a 23% discount ❑ Despite the decrease in earnings, we believe that the extent of the recent share price decline seems unwarranted. Whilst, near term earnings weakness may remain due to expansion and construction related expenses in key sectors, we believe current share price provide a decent entry point to value oriented investors.
  • IE Singapore Partners SBF to Help Singapore Companies in Consumer, Tourism and Infrastructure Access Opportunities in Sri Lanka

    IE Singapore Partners SBF to Help Singapore Companies in Consumer, Tourism and Infrastructure Access Opportunities in Sri Lanka

    JOINT R EL E AS E IE Singapore partners SBF to help Singapore companies in consumer, tourism and infrastructure access opportunities in Sri Lanka MR No.: 004/18 Singapore, Wednesday, 24 January 2018 1. Following the signing of the Sri Lanka-Singapore Free Trade Agreement (SLSFTA), three Singapore companies sealed deals with Sri Lankan partners today. To capture opportunities in this growing market, Food Studio1, Ark Holdings2 and HPL Hotels & Resorts3 signed four agreements for new projects across food, aquaculture, hospitality and infrastructure at the Sri Lanka-Singapore Business Forum 2018 (Please see Annex 1 for details). The forum was organised by International Enterprise (IE) Singapore, Singapore Business Federation (SBF), Ceylon Chamber of Commerce and Sri Lanka Singapore Business Council. The signings were witnessed by Sri Lankan Minister of Development Strategies and International Trade, Malik Samarawickrama and Singapore Minister for Trade and Industry (Industry) S. Iswaran, who is in Sri Lanka for the SLSFTA signing. 2. With an economy worth S$107.5 billion4 in 2016, Sri Lanka is targeted to grow at 5% in 20185, among the fastest in Asia. As Sri Lanka’s third largest import partner, Singapore has close trade ties with Sri Lanka (Please see Annex 2 for an infographic on Singapore-Sri Lanka trade). With Sri Lanka’s strategic location along the East-West shipping route and the new SLSFTA lowering trade barriers, Singapore companies can leverage Sri Lanka’s connectivity to enter markets in South Asia. IE Singapore has been partnering Singapore companies closely to explore opportunities in Sri Lanka 1 Food Studio is a food court operator.
  • A N N U a L R E P O R T 2 0 1 9

    A N N U a L R E P O R T 2 0 1 9

    ANNUAL REPORT 2019/20 02 | Odel at a Glance 03 | 2019/20 In Brief CONTENTS 04 | Chairman’s Message 08 | Board of Directors 10 | Corporate Governance 13 | Risk Management 18 | Report of the Related Party Transactions Review Committee 19 | Report of The Audit Committee 20 | Report of The Remuneration Committee FINANCIAL INFORMATION 22 | Annual Report of The Board of Directors on the Affairs of the Company 25 | Statement of Directors’ Responsibility 26 | Independent Auditor’s Report 30 | Statement of Income 31 | Statement of Comprehensive Income 32 | Statement of Financial Position 34 | Statement of Changes In Equity 35 | Statement of Cash Flows 37 | Notes to the Financial Statements 105 | Investor Information 107 | Notice of Meeting 111 | Form of Proxy Inner Back Cover | Corporate Information VISION To inspire the world. MISSION To provide a complete Mind, Body and Soul experience as the premier fashion and lifestyle retailer promoting sustainable and unparalleled levels of retail experience. OUR VALUES Odel is guided by strong shared values. We love, we serve, we style, we innovate, we give, we save, we enjoy and we inspire ODEL PLC 1 Annual Report 2019/2020 2 ODEL PLC Annual Report 2019/2020 Odel at a Glance Over 7 Bn Sri Lanka is positioning Net Asset itself as the primary shopping hub in the region with ODEL taking leading initiatives in these areas of crucial economic 84 development. Number of Stores Over Over 7.4 Bn 375,000 Sq.ft Turnover Floor Area Age Analysis Total No.of Employees 38% 62% Female Male Age 20 - 25 Age 40 - 45 1,100+
  • World Bank Document

    World Bank Document

    Public Disclosure Authorized ENVIRONMENT AND SOCIAL MANAGEMENT FRAMEWORK FOR TRANSPORT CONNECTIVITY AND ASSET MANAGEMENT PROJECT MINISTRY OF INTERNAL & HOME AFFAIRS, PROVINCIAL COUNCILS & LOCAL GOVERNMENT Public Disclosure Authorized REVISED JUNE 2019* Public Disclosure Authorized Public Disclosure Authorized * This ESMF is in lieu of the Resettlement Policy Framework (RPF) dated February 2016 prepared under the original TCAMP Project. 0 TABLE OF CONTENTS CHAPTER 1: BACKGROUND .............................................................................................................................. 4 1.1 PROJECT BACKGROUND ...................................................................................................................................... 4 1.2 PROJECT DEVELOPMENT OBJECTIVE ...................................................................................................................... 4 1.3 PROJECT DESCRIPTION ........................................................................................................................................ 4 1.4 PROJECT COMPONENTS ...................................................................................................................................... 6 1.5 TYPES OF PROJECT ACTIVITIES ............................................................................................................................... 6 1.6 IMPLEMENTATION ARRANGEMENTS .....................................................................................................................
  • Company Profile 2020

    Company Profile 2020

    1 Corporate Overview Informex Concreting (Pvt) Ltd is the pioneer and leader of the readymix concrete industry in Sri Lanka. It commenced operations with the supply of readymix concrete to the World Trade Centre in Colombo where it delivered a mega 55,000m³ of concrete under stringent quality and demanding performance standards. Since then the company has provided concreting solutions to many large and small scale projects adapting to the needs of the project and working with a variety of local and foreign contractors. Notable among these have been the World Trade Center in Colombo, Crescat and Monarch Residencies, Havelock City, Sapugaskande and Kelanitissa Power Stations, the Central Bank Extension Project, Shangri-la Phaze 1, II and III Colombo and Shangri-la Hambantota, Astoria Residential Project Colombo 3, ITC Hotel Project and the Lotus Tower. The latter involved the largest concrete pour in Sri Lanka’s construction history and Informex’s design mix for Grade 40 mixes was adopted for the entire project. Informex Concreting (Pvt) Ltd handles in excess of 100,000 cubic meters of concrete annually. With over 20 years of experience in providing quality concreting solutions to large, medium, and small scale enterprises, The Company’s competitive advantage is embodied in its efficient cost structure and 24x7 support. Its expertise is in providing and developing workable concreting solutions and “best-of-breed” readymix design mixes for both mega scale projects and small scale construction. These include commercial buildings, residential buildings, bridges and highways. In response to project requirements Informex also provides mobile batching plant services. The company’s readymix concrete batching plants are located in Colombo 10, Galle, Hambantota and Horana, its pre-mix asphalt plant is at Horana and its cement mortar plant is located in Chilaw.