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Ambeon Capital Plc Annual Report 2018/19

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Ambeon Capital Plc Annual Report 2018/19 AMBEON CAPITAL PLC ANNUAL REPORT 2018/19 VISTAS OF OPPORTUNITY ambeoncapital.com Journeying on an entrepreneurial success story, we seek to recreate realms of success with our far-sighted strategies. Moving with agility to seize new opportunities and explore the potential in every scenario is what we stand for in our corporate persona. We believe that this will create the right mix of strengths to evolve to the next level of opportunity. Contents About This Report | 4 FINANCIAL INFORMATION Milestone | 5 Independent Auditors’ Report | 57 Ambeon Group of Companies | 6 Statement of Profit or Loss |60 Financial Highlights | 8 Statement of Comprehensive Income | 61 Chairman’s Review | 13 Statement of Financial Position | 62 Group Managing Director/ Statement of Changes in Equity | 64 Chief Executive Officer’s Review | 16 Statement of Cash Flows | 67 Board of Directors | 23 Notes to the Financial Statements | 69 Our Story of Transformation & Growth | 26 Corporate Governance | 44 SUPPLEMENTARY INFORMATION Audit Committee Report | 49 Five Year Summary of Profit or Loss |152 Report of the Remuneration Committee | 51 Investor Information | 154 Related Party Transaction Review Committee Report | 52 Notice of Meeting | 156 Annual Report of the Board of Directors on the Affairs of Notes | 157 the Company - 2018/19 | 53 Form of Proxy | Enclosed Statement of Directors’ Responsibilities | 55 Corporate Information | Inner Back Cover OUR PURPOSE To take the leap that transforms latent opportunities into lucrative ventures that deliver sustained value. Moving First OUR We take the brave steps before anyone else to catalyse opportunities with our financial prowess, market instinct and CORPORATE utmost discipline. Channeling Teamwork VALUES The power of our people is what drives transformation, we harness the collective strength of their diverse minds and competencies to do this. Actioning Results Mind, body and soul – we are committed to our investments. We put all our energy into creating the necessary interventions for success. Seeing Beyond There’s no room for complacency. We constantly challenge ourselves to look beyond today, in search of the next frontier. AMBEON CAPITAL PLC 4 ANNUAL REPORT 2018/19 ABOUT THIS REPORT The Annual Report of Ambeon Capital PLC revolves around its story of value creation. We Navigating this Report strive to uphold best practices in elaborating • Snapshot of the business. Message by Chairman and Group MD/ CEO’s Message. our business strategy as an investment company. The Board’s stewardship brings • Our Story of Transformation and Growth – Synopsis of strategic framework and with it an obligation to be transparent and current positioning. accountable to potential investors who seek • Introduction to Strategic Business Units of the Company’s main subsidiary information relating to the value creating - Ambeon Holdings PLC. This section covers a detailed sectoral analysis of ability of Ambeon Capital PLC in the short to performance and way forward. long term horizons. • Corporate Governance disclosures and a brief overview of Enterprise Risk Reporting Standards & Principles Management. The financial statements included in this Annual Report have been prepared in • Detailed analysis of our financial results, with audited financial statements accordance with the Sri Lanka Accounting prepared in accordance with SLFRSs / LKASs and supplementary information. Standards (SLFRSs/LKASs) and have been duly audited by the external auditors of the Group. In addition, all information disclosed in this Annual Report complies with the Reporting Changes expectations, outlook, plans and forecasts. Companies Act No. 07 of 2007 and the Listing There have been no reporting changes or Shareholders and other stakeholders are Rules of the Colombo Stock Exchange (CSE). re-statement of information pertaining to the advised to be cautious in placing too much financial year 2017/18 included in this Annual emphasis on such statements, as the reality Corporate Governance related disclosures Report, apart from those clearly stated in the may materially differ with the projected adhere to the Code of Best Practice on Financial Statements. and anticipated information. The Company Corporate Governance 2017 issued jointly does not undertake to update publicly the by the Institute of Chartered Accountants of Forward Looking Statements forward-looking statements to reflect the Sri Lanka and the Securities and Exchange changes after the date of this report, except, The Annual Report herein contains forward- Commission of Sri Lanka. in compliance with the applicable rules and looking statements and information. regulations set by the relevant statutory and However, the operational landscape may Scope and Boundary regulatory bodies. require the Company to change its business To provide in-depth understanding of the different operational aspects of the Company, a section is dedicated to the review of operations of the Company’s main subsidiary, Ambeon Feedback and Queries Holdings PLC. (Refer pages 26 to 29). We welcome your comments in our journey of continuous improvement. The data and information included in the Please contact the undermentioned for any queries on the information provided in this Annual Report is predominantly relating to Annual Report or for providing any constructive feedback. business operations from 1st April 2018 to 31st March 2019. Haritha C. Perera Chief Financial Officer [email protected] 0115328162, 0777901396 5 MILESTONE 2018 June: Taprobane Holdings PLC transformed into Ambeon Capital PLC 2017 2015 December: Acquisition October: Galle Face Group, of Millennium IT ESP via Hirdaramani Group and Navitas Ambeon Holdings PLC Investments buy into Taprobane Holdings PLC 2014 March: Acquisition of Capital Trust Partners (Pvt) Ltd and Lanka Century Investments PLC becomes 2013 a subsidiary of the Group September: Managed Largest Non-Bank listed debenture issue 2012 May: Obtained Listing on the Colombo Stock Exchange 2011 November: Disposal of January: Browns Investments PLC Commenced Margin Trading November: A 29% Activities investment in Lanka Century Investments PLC (Ambeon Holdings PLC) 2010 2009 March: Commenced September: Corporate Finance Acquisition of Browns Activities Investments Limited 2006 September: Incorporated Taprobane Holdings Limited AMBEON CAPITAL PLC 6 ANNUAL REPORT 2018/19 Ambeon Group of Companies Ambeon Capital PLC Lexinton Resorts (Pvt) Ltd Ambeon Holdings PLC (100%) ( 81.43%) Palla & Co. Ceylon Leather Products South Asia Textiles Dankotuwa Porcelain PLC (99.90%) Ltd (99.90%) (Pvt) Ltd (97.67%) (77.51%) Ceylon Leather Products Royal Fernwood DPL Trading (Pvt) Ltd Distributors (Pvt) Ltd (100%) Porcelain Ltd (95.69%) (100%) Fernwood Lanka (Pvt) Ltd Lanka Decals (Pvt) Ltd (100%) (100%) Investment Footwear Textiles Porcelain AMBEON CAPITAL PLC ANNUAL REPORT 2018/19 7 Heron Agro Products (Pvt) Ltd (100%) Olancom (Pvt) Ltd EON Tech (Pvt) Ltd Colombo City Holdings PLC Taprobane Capital Plus (Pvt) Ltd (93.15%) (78..00%) (66.40%) (100%) Millennium IT ESP (Pvt) Ltd Lexinton Holdings (Pvt) Ltd (60.24%) (100%) Taprobane Wealth Plus Taprobane Securities Taprobane Investments Lexinton Financial (Pvt) Ltd (Pvt) Ltd (Pvt) Ltd Services (Pvt) Ltd (100%) (100%) (100%) (100%) Technology Property Financial Services AMBEON CAPITAL PLC 8 ANNUAL REPORT 2018/19 Financial Highlights Group 2018/19 2017/18 Statement of Financial Position (LKR) Cash 611,908,960 1,999,187,137 Other Financial Assets 1,916,753,871 2,409,055,752 Trade & Other Receivables 6,005,043,760 4,009,655,688 Total Current Assets 12,812,556,265 12,192,426,974 Total Long-Term Assets 10,217,822,249 8,742,731,759 Total Current Liabilities 12,439,599,383 11,830,995,476 Total Long-Term Liabilities 3,989,918,795 2,625,485,823 Total Shareholders’ Equity 6,600,860,336 6,478,677,434 Statement of Profit or Loss (LKR) Revenue 17,732,587,184 12,588,656,155 Gross Profit 3,922,607,372 2,500,905,084 EBITDA 2,324,326,252 1,468,567,982 Profit Before Income Tax from Continuing Operations 915,425,176 286,330,112 Profit for the Year from Continuing Operations 513,895,135 372,426,710 KEY RATIOS Profitability Ratios Return on Equity 7.79% 6% Return on Assets 2.23% 2% Gross Profit Margin 22% 20% Asset Turnover Ratio 77% 60% EPS 0.05 0.15 DPS 0.36 - Leverage and Liquidity Ratios Current Ratio 1.03 1.03 Quick or Acid Test Ratio 0.69 0.71 Long-Term Debt Ratio 0.38 0.29 Debt to Equity Ratio 2.50 2.20 NAV 3.49 4.04 Interest Coverage Ratio 1.90 1.35 AMBEON CAPITAL PLC ANNUAL REPORT 2018/19 9 Revenue Assets Equity Rs. Mn % Rs. Mn % Rs. Mn % 20,000 50 25,000 50 8,000 20 7,000 15 40 40 20,000 10 15,000 6,000 30 30 5 5,000 15,000 0 10,000 20 20 4,000 -5 10,000 3,000 10 10 -10 2,000 5,000 -15 5,000 0 0 1,000 -20 0 -10 0 -10 0 -25 2015/14 2016/15 2017/16 2018/17 2019/18 2015/14 2016/15 2017/16 2018/17 2019/18 2015/14 2016/15 2017/16 2018/17 2019/18 Revenue Revenue Growth Assets Assets Growth Equity Equity Growth Debt Segmental Revenue Prot/(Loss) for the year Rs. Mn % Rs. Mn 10,000 50 1,000 1% 3% 12% 500 8,000 40 37% 0 6,000 30 47% -500 -1,000 4,000 20 Manufacturing Footwear IT and related Services -1,500 Manufacturing Porcelain Financial Services 2,000 10 Manufacturing Textile Investment -2,000 Property 0 0 -2,500 2015/14 2016/15 2017/16 2018/17 2019/18 2015/14 2016/15 2017/16 2018/17 2019/18 Debt Debt Growth Revenue Group Revenue Group Profit After Tax Group Total Assets LKR LKR LKR 17,732 514 23,030 Mn Mn Mn AMBEON CAPITAL PLC 10 ANNUAL REPORT 2018/19 Our Economic Impact 2,950 9.4Bn 3.7Bn Export Revenue Direct Employment Market Capitalisation Our Investment Case and improved performance in all parameters and results-driven businesses.
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