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Annual Report 2019/20

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Annual Report 2019/20 Hayleys PLC Annual Report 2019/20 Hayleys PLC was founded in 1878 and has grown to be one of Sri Lanka’s biggest multinational business conglomerates, owning a remarkable portfolio of key industry sectors, including manufacturing, agriculture and services. The Group is internationally recognised as a leader in innovation, with manufacturing facilities in Indonesia, India and Thailand, marketing operations in Australia, India, Bangladesh, Italy, Japan, the Netherlands, UK and USA, offering transportation and logistics solutions in Maldives, Myanmar, India, Singapore, Indonesia and Malaysia. The Group accounts for approximately 3.2% of Sri Lanka’s export income, and 3.6% of tea and 3.9% of rubber production. Vision Mission Values 2 To be Sri Lanka’s corporate inspiration at all times Delivering superior shareholder value by unleashing the full potential of our people and achieving leadership in all our domestic and global businesses H - Honesty and Integrity - ethical and transparent in all our dealings. A - Accountability - holding ourselves responsible to deliver what we promise. Y - Yes, WE can! (Team Work) - working with each other and with our partners across boundaries, to make things happen. L - Love for humanity - treating everyone with respect and dignity, providing for the development of our people and rewarding them for good performance. E - Enduring Customer Value - enhancing experiences for every customer, from the rural farmer to the global consumer. Y - Yes, we WILL WIN! (a Will to win) - exhibiting the will to win that which is important to Hayleys and its shareholders. S - Social Responsibility as a Good Corporate Citizen - caring for the communities in which we work, actively supporting their growth and being environmentally responsible in all we do. I - Innovation& - transforming ideas into products and services to create economic, social and environmental value in the pioneering spirit of Hayleys. 3 Hayleys PLC Annual Report 2019/20 Contents 1 2 3 Overview Leadership Governance About Our Annual Report 6 Chairman’s Message 14 Corporate Governance 28 Hayleys at a Glance 7 Board of Directors 20 Risk Management 46 Consolidated Statement of Financial Group Management Committee 24 Performance 8 Non-Financial Performance 9 Snapshot of Our Businesses 10 4 5 Sector Performance Financial Statements Eco Solutions 54 Independent Auditor’s Report 90 Hand Protection 55 Statement of Profit or Loss 94 Purification 56 Statement of Comprehensive Income 95 Textiles 57 Statement of Financial Position 96 Construction Materials 58 Statement of Changes in Equity 98 Plantations 59 Statement of Cash Flows 103 Agriculture 60 Notes to the Financial Statements 105 Consumer & Retail 61 Ten Year Summary 212 Leisure 62 Indicative US Dollar Financial Statements 213 Industry Inputs & Power and Energy 63 Value of Real Estate 216 Transportation and Logistics 64 Quarterly Analysis 220 Others 65 Share Information 221 Group Companies 224 Our People 66 Group Value Addition and Distribution 227 Community Engagement 68 Glossary of Financial Terms 228 Environmental Commitment 69 Corporate Information 230 Consolidated Statement of Financial Notice of Meeting 232 Performance 71 Form of Proxy 233 Investor Feedback Form 235 4 Agile and responsive 1 Overview About Our Annual Report 6 Hayleys at a Glance 7 Consolidated Statement of Financial Performance 8 Non-Financial Performance 9 Snapshot of Our Businesses 10 5 Hayleys PLC Annual Report 2019/20 About Our Annual Report The Hayleys PLC Group’s Annual Report for 2019/20 presents a concise and high- level overview of the Group’s financial, operational, social and environmental performance for the period ending 31st March 2020 The Group’s decision to produce a Report of this nature reflects the considerable financial and operational challenges posed by COVID-19 pandemic and our efforts to optimise resources during these difficult times. Content included in this Report has been carefully selected and structured to ensure that the most relevant information is presented to stakeholders while complying with all relevant statutory reporting requirements. In addition to details on strategy and performance, the Report focuses on the short, medium and long-term impacts of COVID-19 on our operations, performance and people. We also provide information on how we are adapting to new ways of working and our plans for the future. Scope and Reporting Report Boundary Standards Structure The Report covers the operations of • Sri Lanka Financial Reporting Hayleys at a Glance Hayleys PLC and 177 affiliates in 12 Standards Overview of the Group and snapshot of business Sectors. The non-financial key businesses information reflects Hayleys PLC and its • Companies Act No. 7 of 2007 Chairman’s Message Subsidiaries and excludes Associates and • Listing Requirements of the Colombo Leadership insight for 2019/20 and Joint Ventures. Stock Exchange beyond Both the financial and non-financial • Code of Best Practice on Corporate Corporate Governance information presented in the narrative Governance issued by CA Sri Lanka How the Group is governed report reflects the Group’s domestic and (2017) Financial Performance international operations, unless specifically Review of Group’s financial performance mentioned otherwise Performance of business sectors Social Performance Our People and Communities Environmental Performance Review of Group’s environmental commitment 6 Overview I Leadership I Governance I Sector Performance I Financial Statements Hayleys at a Glance Hayleys PLC is one of Sri Lanka’s most diversified conglomerates, with a deeply rooted presence across 12 industry sectors, value chains and communities. Serving over 10 mn customers across 5 continents the Group has built strong global market positions in key industries through relentless focus on innovation, customer satisfaction and sustainability. The Group is also one of the country’s largest private sector employers and among Sri Lanka’s most socio-economically impactful organisations. Hayleys is globally reputed for its sustainable approach to value creation and is one of Sri Lanka’s most respected corporate entities. Market Position Diversification of Revenue Fulfills 5% of global demand for 3% 3% household and industrial gloves 8% Eco Solutions Consumer & Retail 21% Hand Protection Leisure 11% Purification Products Industry Inputs, Leader in Sri Lanka’s Power & Energy Transportation and Logistics 3% 6% Textiles 2% industry 2% Construction Materials Transportation and Logistics 6% Plantations Others World’s largest producer of 6% Agriculture coconut shell based activated 29% carbon Sri Lanka’s largest Economic Impact manufacturer and supplier of consumer durables 31,029 Employees Rs.12.5 bn Generates 3.6% and 3.9% Tax paid of Sri Lanka’s tea and rubber Suppliers output respectively >19,000 Sri Lanka’s largest exporter of Indirect Rs.99.8 bn processed agricultural food >19,000 employments FOREX income generated Commitment to the Planet Financial Performance and Strength Environmental Commitment GROUP REVENUE TOTAL ASSETS Rs. mn Rs. mn 56% of water recycled/internally treated 250 300 250 180,334 trees planted 200 200 58,493 MWh renewable energy generated 150 150 8% of water reused 100 100 63% reliance on renewable energy 50 50 65% of Group carbon footprint reduced due to 0 0 biomass energy applications 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 7 Hayleys PLC Annual Report 2019/20 Consolidated Statement of Financial Performance Financial Capital 2020 Change % 2019 2018 Earnings Highlights and Ratios Revenue Rs. mn 210,307 (4.05) 219,182 163,249 Earnings before interest, taxes, depreciation & amortisation Rs. mn 23,379 11.24 21,017 15,482 (EBITDA) Results from operating activities Rs. mn 16,473 3.03 15,989 11,403 Profit before tax Rs. mn 5,504 0.51 5,476 5,763 Profit after tax Rs. mn 2,895 5.27 2,750 3,272 Profit attributable to owners of the parent Rs. mn 372 40.34 265 1,024 Dividends Rs. mn - (100.00) 375 375 Gross profit margin % 23.85 6.73 22.34 21.96 Operating profit margin % 7.83 7.37 7.29 6.99 Net profit margin % 1.38 9.72 1.25 2.00 Earnings per share (basic) Rs. 4.97 40.34 3.54 13.65 Return on assets (ROA) % 1.17 (1.75) 1.19 1.56 Return on capital employed (ROCE) % 8.84 (3.19) 9.13 7.48 Interest cover No. of times 1.39 (5.10) 1.47 1.77 Financial Position Highlights and Ratios Total assets Rs. mn 248,309 7.15 231,747 209,767 Total debt Rs. mn 123,555 9.07 113,284 92,641 Equity attributable to equity holders of the parent Rs. mn 39,705 (1.33) 40,242 39,649 Gearing % 66.28 2.49 64.67 60.77 Debt/equity % 196.57 7.37 183.07 154.90 Equity asset ratio % 25.31 (5.19) 26.70 28.51 Net assets per share Rs. 529.40 (1.33) 536.56 528.65 Current ratio No. of times 1.04 5.18 0.99 0.97 Quick asset ratio No. of times 0.67 5.04 0.64 0.64 No. of Shares in issue No. mn 75 0.00 75 75 Market / Shareholder Information Market value per share Rs. 123.60 (26.43) 168.00 200.7 Dividend per share Rs. 0.00 (100.00) 5.00 5.00 Company market capitalisation Rs. mn 9,270 (26.43) 12,600 15,053 Group market capitalisation Rs. mn 39,998 (18.86) 49,295 63,602 Price earnings ratio No. of times 24.89 (47.58) 47.48 14.7 Dividend yield ratio % - (100.00) 2.98 2.49 Dividend payout ratio % - (100.00) 141.30 36.62 Dividend Cover No. of times - (100.00) 0.71 2.73 Others Economic Value Generated* Rs. mn 58,695 1.75 57,684 46,572 Economic Value Distributed* Rs. mn 53,428 0.51 53,159 42,223 Government* Rs.
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