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Aitken Spence PLC | Annual Report 2014 - 2015

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Aitken Spence PLC | Annual Report 2014 - 2015 Annual Report 2014 - 2015 Aitken Spence PLC | Annual Report 2014 - 2015 Aitken Spence PLC is one of Sri Lanka’s oldest and most successful diversified conglomerates with a history going back for over 150 years. Today we have expanded our reach and influence to become a model of corporate excellence, combining the strength of our heritage with our solid commitment to organic expansion, to deliver our promise of increasing returns each year. There are many reasons for the myriad accomplishments we record here today, yet chief among them is our unrivalled passion for innovation; the ground-breaking ideas and pioneering enterprises that add such distinctive value to the diverse industry sectors we now operate in. In this integrated annual report, we analyse in detail all that we have achieved in the year under review as we navigate the fast changing business environment we operate in today; the strategies and philosophies we rely on to keep your company strong, relevant and progressive. We are strengthened by our proven ability to chart a steady course through stormy waters and the years that we have spent confidently piloting your company through the challenges we have encountered on the way to becoming the icon of stability and resilience we are today. Annual Report 2014 - 2015 1 Contents An Introduction to the Contents of this Report 12 Chairman’s Statement 4 12 15 15 Managing Director’s Review Group Overview Chairman’s Statement Managing Director’s 22 Management Discussion and Analysis 142 Financial Statements Review We are pleased to present to our stakeholders the integrated annual 22 118 142 report for the year ended 31st March 2015. Management Discussion Governance Financial Statements The report covers the integrated economic, social and environmental & Analysis Reports performance of the companies in which Aitken Spence PLC., has significant operational and management control, including activities in Asia, Africa and the South Pacific. The report provides information on our Group level operations and financial performance of subsidiaries and equity accounted investees. The names and details of the companies are set out on pages 236 to 242. We have continued to report our performance “In Accordance” – Core with the Global Reporting Initiative’s G4 Reporting Framework for disclosure on sustainability performance which was launched in May 2013. We also follow the guidelines of the International Integrated Reporting Council’s <IR> framework. With the guidelines from these two reporting standards, the reporting practices across the Group were improved to capture more comprehensive performance disclosures across Aitken Spence PLC. Group Overview Group Performance 58 Supplementary Information Sector Reviews Report Navigation Aid Group Highlights 4 UN Global Compact 220 Selection of sustainability priorities and the assessment of materiality are detailed on pages 22 to 33. Tourism Sector 64 Aitken Spence at a Glance 8 GRI Index 224 This study is still, mostly an internally conducted scientific study, guided by the historical data of the Maritime & Logistics Sector 80 organization, feedback from specific key stakeholders that the organization has engaged with through the Further reading within this Strategic Investments Sector 90 years, feedback from the Group’s sustainability team members and guidance from senior management. report. Executive Reviews Services Sector 106 Investor Information 231 The material aspects thus reviewed by the Company will be verified with the assistance of an independent Chairman’s Statement 12 Group Companies and Directorate 236 organisation through an ongoing stakeholder engagement study. The methods used to analyse the data, assumptions made and exclusions are explained in detail in the Group Performance Review. Managing Director’s Review 15 Governance Reports Glossary of Terms 244 Web link provides Notice of Meeting 246 reference Corporate Governance Report 118 We have provided material disclosures on governance, ethics, strategies, risk and opportunities in relation Form of Proxy 247 Management Discussion & Analysis Nomination Committee Report 131 to our financial, economic, ethical, social and environmental performance and the future outlook, at both Shareholder Feedback Form 249 the Group and operating segment level. It is our hope that the annual integrated report will set the basis About Aitken Spence and Audit Committee Report 132 IBC Corporate Information for meaningful engagement with our stakeholders in the year ahead. Performance data Our Operating Environment 22 Remuneration Committee Report 134 WEP relevant to the Women’s Empowerment Principles Engagement with our stakeholders 26 Statement of Directors’ The financial statements are prepared in accordance with the Sri Lanka Accounting Standards Our Strategy 30 Responsibilities 135 (SLFRSs and LKASs) in alignment with the International Financial Reporting Standards (IFRS), the Our People 34 Annual Report of Directors 136 Companies Act No.07 of 2007, the Listing Rules of the Colombo Stock Exchange as well as the Code of Performance data Best Practice on Corporate Governance Principles 2013 and other related guidance. UNGC relevant to the UNGC Risk Management 39 Communication on Progress Board of Directors 44 Financial Statements A limitation in this report is that the sustainability performance is monitored for our operations only in Group Management Committee 48 Independent Auditors’ Report 142 Sri Lanka and the Maldives. Also, where sustainability systems are still in the implementation process, Senior Management Teams 53 Financial Statements 143 comprehensive data is not yet available. Our reporting process is driven and supervised entirely by the internal expertise of the Group and our short to medium term goal is to make the disclosures inclusive of Ten Year Summary 217 all operational activities, material and relevant to the impacts and risks within our systems and is focused Consolidated Financial on educating the stakeholders about the operations of Aitken Spence. A comprehensive shareholder www.aitkenspence.com Statements in USD 218 feedback form is available at the end of the report so that the disclosures in future reports can be improved to suit the reader’s needs better. Further our social media could also be used to get in touch with us for feedback and comments. 2 Aitken Spence PLC Annual Report 2014 - 2015 3 Group Highlights IN BUSINESS Business Geographies SINCE 1868 Ranked among the ten best corporate citizens of Sri Lanka for the 9th consecutive year, and Platinum rated for corporate accountability. Sri Lanka** Maldives* India* Location: Sri Lanka is an island nation state in the Location: A series of 1,190 coral islands grouped Location: Located in the south of the Indian Ocean. It is located 880 kilometres north of into 26 atolls located in the Indian Ocean. Asian continent, bordering the Arabian the equator, off the southern tip of India. Population: 345,023 Sea and the Bay of Bengal. Revenue Population: 20.7 million for the year ended 31st March GDP Growth: 3.7% Population: 1.25 billion GDP Growth: 7.4% Currency: Maldivan Rufiyaa (MVR) GDP Growth: 6.9% Rs.Mn Currency: Sri Lankan Rupee (LKR) *** USD Rate: 15.19 Currency: Indian Rupee (INR) USD Rate: 133.32** 35,823 35,319 *** 7000+ 35.3 35,059 USD Rate: 62.51 Total Employees Total Revenue (Rs. Bn) 40.4 65.4 2013 2014 2015 Market Capitalisation (Rs.Bn) Total Assets (Rs.Bn) Bangladesh* Oman* Mozambique* Fiji* Today, operations of Aitken Spence Total Assets Location: Situated in southern Asia, Location: The Sultanate of Oman Location: In southeast Africa, Location: Melanesian island group as at 31st March on the delta of the 2 largest rivers. borders the Arabian Sea, the Gulf of Mozambique borders the Mozambique located in the South Pacific at 175 are categorised under four sectors, It borders with India, Burma in the Oman, and the Persian Gulf and shares Channel and the Indian Ocean. To the degrees east longitude and 18 degrees Rs.Mn southeast, and with the Bay of Bengal borders with Yemen, the United Arab north of Mozambique lies Tanzania, south latitude. namely, Tourism, Maritime & in the south. Emirates, and Saudi Arabia. to the northwest Malawi and Zambia, Population: 881,065 65,433 to the west Zimbabwe, and to the 61,064 Population: 156.6 million Population: 3.6 million GDP Growth: 3.5% Logistics, Services and Strategic 55,889 southwest South Africa and Swaziland. GDP Growth: 6.0% GDP Growth: 5.1% Currency: Fijian Dollar (FJD) Population: 25.8 million Currency: Bangladeshi Taka (BDT) Currency: Omani Riyal (OMR) USD Rate: 2.06*** Investments.The Company's GDP Growth: 7.4% USD Rate: 77.80*** USD Rate: 0.38*** operations have a global reach Currency: Mozambican New Metical (MZN) *** spanning South Asia, the Middle USD Rate: 36.35 2013 2014 2015 East, Africa and the South Pacific. * Data as at 2013 (Source: World Bank) ** Data as at 2014 (Source: Central Bank Report -2014) *** Conversion rate to USD as at 31st March 2015 4 Aitken Spence PLC Annual Report 2014 - 2015 5 60.7% of total employees are below 35 years Total funds channelled for Rs. 140 Mn community development 32% of employees Gold Award are Females HRM 2014 S oc ia l 150,000+ hours of training of employees 2014/2015 2013/2014 Change % Rs. Mn Rs.Mn Results for the year Group revenue with equity-accounted investees 39,824 39,487 0.9 Group revenue 35,319 35,059 0.7 Profit from operations 5,657 5,504 2.8 Profit before tax 5,710 5,445 4.9 Profit attributable to equity holders of the Company 3,579 3,672
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