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!"#$"%&'()%!*"+(#,%-&./"#0%/!- Annual Report 2015/16 What we have achieved together Our business interests are wide ranging, generating employment in a diversity of industry sectors including financial services, agriculture and plantations, energy, leisure, construction, manufacturing and trading. Our operations also impact the lives of thousands of people every day, through our micro-finance and SME services that have empowered Sri Lankans islandwide. Our strategic alliances with several reputed global lending agencies strengthen our offering, as we expand our footprint across the region. The year under review was an outstanding one and we are proud to deliver these fine results to our loyal stakeholders, as together we imagine the possibilities for value creation that we can explore in the years that lie ahead. LANKA ORIX LEASING COMPANY PLC Annual Report 2015/16 Group Overview / Operational Information / Governance / Financial Information / Supplementary Information Contents Group Overview Financial Information About Us 3 Financial Calendar 130 Sector Overview 4 Chief Executive Officer’s and Chief Financial A Compelling Investment Proposition 8 Officer’s Responsibility Statement 131 Our Presence 10 Directors’ Responsibility for Financial Reporting 132 Group Structure 12 Independent Auditors’ Report 133 Funding Partners 14 Statement of Financial Position 134 The ORIX Connection 17 Statement of Profit or Loss 136 Financial Highlights 18 Statement of Comprehensive Income 137 Awards and Certifications 20 Statement of Changes in Equity 138 Milestones of the Year 22 Statement of Cash Flow 144 Notes to the Financial Statements 146 Operational Information A Letter from the Chairman 24 Review of the Deputy Chairman 27 Supplementary Information Group Managing Director/CEO’s Review 31 Property Details of the Company 312 Management Discussion & Analysis 36 Related Party Transactions 313 About this Report 36 Ten Year Summary 314 Financial Review 37 Summarised Quarterly Statistics 318 Business Review 43 Value Addition 320 Financial Services 43 Milestones 321 Agriculture & Plantations 51 List of Directors 327 Leisure 57 Share Distribution 332 Renewable Energy 61 Corporate Information 334 Construction 63 Glossary 336 Manufacturing and Trading 65 Notice of Meeting 340 Overseas Expansion 71 Notes 341 Other Strategic Investments 75 Form of Proxy 343 Sustainability Report 82 Governance The Board of Directors 93 Corporate Management Team 98 Operational Management Team 104 Report of the Board of Directors 111 Corporate Governance Report 117 Report of the Talent Development and Remuneration Committee 121 Report of the Integrated Risk Management Committee 122 Report of the Corporate Governance Committee 123 Report of the Audit Committee 124 Report of the Related Party Transaction Review Committee 125 Enterprise Risk Management 126 Scan the QR Code with your smart device to view this report online. 2 LANKA ORIX LEASING COMPANY PLC / Annual Report 2015/16 About Us The past few years have The LOLC Group seen the rapid evolution Ours is a legacy of dynamism, vision and nimbleness, attributes which have seen us harness, create and meet many opportunities in the national landscape to become one of LOLC, from a leading of Sri Lanka’s most successful and respected conglomerates. financial services provider to the largest non-banking The past few years have seen the rapid evolution of LOLC, from a leading financial services provider to the largest non-banking financial institution, to today become one of financial institution, the largest and most diversified conglomerates in the country. LOLC’s portfolio is broadly to today become one categorised as Financial Services and Non-Financial Services, encompassing Leisure, Plantations, Agri Inputs, Renewable Energy, Construction, Manufacturing and Trading of the largest and most and other strategic investments. diversified conglomerates The Group’s presence in Sri Lanka spans every district, across the rural hinterlands to in the country. the cosmopolitan cities. We have also reached beyond the shores and ventured into two overseas investments, setting up operations in Cambodia and Myanmar. The success of these investments, has spurred us to expand our international presence and actively pursue new opportunities in the region. As a leading player in the SME and Microfinance sectors of the country, the LOLC Group has been a catalyst in facilitating financial inclusion. The contribution we make to the nation’s economic growth is one we hold in high esteem. Our role in microfinance has enabled us to impact beyond our own profitability, to benefit society at large and to be in sync with our triple bottom line focus in enterprise. LOLC’s businesses are in the thrust areas of the economy which currently spearhead Sri Lanka’s growth agenda. We will thus see the Group growing in its potential and expanding its value creation for all stakeholders. Annual Report 2015/16 / LANKA ORIX LEASING COMPANY PLC 3 Group Overview / Operational Information / Governance / Financial Information / Supplementary Information Sector Overview Delivering Across Our Diverse Sectors Financial Services Sri Lanka’s largest Non-Banking Financial Institution (NBFI), LOLC offers the entire gamut of non-banking financial services such as Leasing, Lending, Micro and SME lending, Savings and Deposits, tailor-made financial products for the SME sector, Factoring, Islamic Finance, Stockbroking and Insurance. Agriculture & Plantations The Group’s interests in the sector range from large-scale Tea, Rubber and Sugarcane plantations, to the latest Agricultural Solutions including machinery, implements, fertilizer and crop care. 4 LANKA ORIX LEASING COMPANY PLC / Annual Report 2015/16 Leisure One of the few players in Sri Lanka who offer a fully-fledged Leisure and Entertainment proposition, that includes resorts, inbound and outbound travel solutions and an entertainment center. Renewable Energy In line with Sri Lanka’s Power and Energy Strategy to increase power generation from the renewable energy sector, the Group began to pursue alternative renewable energy sources such as Solar Energy. Annual Report 2015/16 / LANKA ORIX LEASING COMPANY PLC 5 Group Overview / Operational Information / Governance / Financial Information / Supplementary Information Sector Overview Our business interests focus on sectors with excellent opportunities for medium to long-term growth and occupy strong industry-leading positions amidst highly competitive operating environments. Construction The Group’s interests in the Construction sector are represented by its investment in one of the leading construction companies in Sri Lanka, where the scope of activities includes, civil engineering and piling, irrigation and telecommunications work, construction of roads and bridges, water supply and sewerage system. Manufacturing & Trading The sector is represented by the Group’s own manufacturing plant that produces RADCO branded radiators, in addition to being the authorised agent for a wide range of world- renowned brands, including; Exide & Lucas batteries; FG Wilson Generators; Makita, Maktex and Tai-un Machinery and Power Tools; Sharp, Giesecke, Vivitec, and Olympus Home and Office Solutions; and Vetzyme, MSD Zagro, and Eukanuba Veterinary Care Products, among others. 6 LANKA ORIX LEASING COMPANY PLC / Annual Report 2015/16 Overseas Expansion The Group’s current portfolio of overseas investments in Myanmar and Cambodia, are all essentially Financial Service Institutions that focus mainly on grass-root level lending aimed at promoting greater financial inclusion in those countries. Other Strategic Investments The Group’s other strategic investments comprise of investments in Healthcare, Information Technology and Banking. Annual Report 2015/16 / LANKA ORIX LEASING COMPANY PLC 7 Group Overview / Operational Information / Governance / Financial Information / Supplementary Information The LOLC Group A Compelling Investment Proposition… LOLC offers a clear proposition to investors. With a market It is this strong business framework that attracted the ORIX capitalisation of Rs.34 Bn, we are one of the most diversified Corporation of Japan as far back as 1980, to be followed by conglomerates in Sri Lanka with interests in both fast-growing a gamut of leading global funding agencies including the IFC emerging markets and developed markets. LOLC’s future growth and ADB among others. For most of these international funding is catalysed by the following five key pillars, which culminate to agencies, the partnership with LOLC marks their maiden entry deliver strong shareholder returns in the medium to long term. to Sri Lanka, which points to the exceptional business ethics, policies and practices that are known to be the hallmarks of Forward-Looking Growth Strategy LOLC’s legacy. Our fundamental strategy is to execute selective, high-impact investments with strong medium and long term growth potential. Track Record of Consistent Results We invest in business acquisitions to increase our exposure to For the last three years, the Group has been on an accelerated attractive high-growth sectors as well as to fulfil our inorganic growth path, with year-on-year topline growth exceeding 16%, growth objectives. At the same time, our portfolio management while EBIT has continued to increase at an average of more than activities seek to create a more focused portfolio of businesses 47%. The Group has maintained ROE and ROA in excess of that are generally, either market leaders or are well placed
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