Freight & Logistics

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Freight & Logistics LOOK SEE About this report This is our first Integrated Report. Through it we wish to demonstrate the strategies that shaped the business during the reporting period and the opportunities we look to garner to create greater value and wealth across stakeholder groups. As our business re-shaped through strategic reconfiguration in 2013/14, the discussions and disclosures in our Annual Report pivot around them. As such, the performance highlights, management discussion, sustainability, governance & risk reports illustrate our position consequent to the re- configuration. This Integrated Report has been prepared in accordance with the GRI G4 guidelines and has been externally audited for GRI compliance. Our Integrated Annual Report has been prepared to assist all stakeholders – our shareholders, potential investors, the broader investment community, employees, customers, valued business partners and the society at large – understand our strategic trajectory and make informed assessments of Expolanka’s potential to garner and sustain value. This Report is available on CD format and on our website www.expolanka.com Forward Looking Statements This Integrated Annual Report contains forward looking statements that relate to the financial position and operations of the Group based on the vivacity of the global and local economies. The statements are purely based on projected economic performances and by their nature involve risk and uncertainty as they relate to events and depend on circumstances that may occur in the future. These forward- looking statements have not been reviewed or reported on by the Group’s External Auditors. 010 LOOK SEEHaving a vision doesn’t just mean that we look at the future and formulate our plans, we really SEE the possibilities, and what it has to offer. In this Annual Report we invite you to not just look at our eventful year, but to see what we have achieved. To look beyond the numbers and see what lies at the heart of our performance; the passion of our team and the pioneering spirit that unites us and not merely look at our business but to really see what we stand for, what drives us and what lies ahead as we take on the world. Annual Report 2013/14 02 EXPOLANKA HOLDINGS PLC | Annual Report 2013/14 CONTENTS Key Milestones of Expolanka Group 04 MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL REPORT Expolanka Global Offices06 Introduction to Management Annual Report of the Board of Directors News Highlights 09 Discussion 80 on the Affairs of the Company166 Operating Environment 82 The Statement of Directors’ CONTEXT Freight & Logistics 86 Responsibilities 170 Report Approach 12 Travel & leisure 102 Audit Committee Report 171 The Strategic Approach 13 International Trading & Independent Auditor’s Report 174 Chairman’s Statement 19 Manufacturing 112 Statement of Financial Position 175 CEO’s Review 22 Investments and Services 122 Income Statement 176 Incoming Chairman’s Message 25 Sector Snapshot 128 Statement of Comprehensive Board of Directors 26 Financial Review 134 Income 177 Executive Council 30 Statement of Changes in Equity 178 Merging Sustainability: The Strategy 34 STEWARDSHIP Statement of Cash Flows 179 Management Approach to Core Corporate Governance 143 Notes to the Financial Statement 180 Sustainability Agenda 42 Risk Management Report 158 Product Responsibility 46 Remuneration Committee Report 163 Group Real Estate Portfolio 216 Environment Policy 51 5 Year Summary 217 Engaging for Inclusiveness 52 Share Information 218 G4 Index in Accordance “Core” 72 Notice of Meeting 222 Independent Assurance Report 78 Form of Proxy 223 COVENANT WHO WE ARE “Building a great business with a dare to do spirit” The story of Expolanka starts in 1978 as the Sri Lankan economy was liberalised and the flagship Company Expolanka Limited was established. 03 EXPOLANKA CORE VALUES Initially a pioneer exporter of fresh produce, Expolanka was EXPOLANKA HOLDINGS PLC one of the first winners of the prestigious Presidential Award in We will always follow ethical business principles this category. Emerging unobtrusively as a strong and dynamic in transacting & managing business group of companies, Expolanka has been gradually but steadily consolidating and sustaining growth. Caring for stakeholder’s interests The Group has diversified into exports, imports and trading, Commitment to Excellence freight forwarding & logistics, manufacturing, airline representation & operation, travels & tours and information | Annual Report 2013/14 Innovation & Entrepreneurship technology over the years. Today, Expolanka is a market leader in some of these fields with strong international connections. Customer service excellence, high business ethics and a committed workforce has brought Expolanka success today. We believe that sustaining these will build up resilient growth tomorrow. This sound philosophy has enhanced our excellent industry standing and reputation which continues to mature. EXPOLANKA 360° Expolanka has been in operation since 1978 We are headquartered in Colombo, Sri Lanka Our workforce is 2,789 and growing Our network spans more than 17 countries in Asia, Africa, USA and the Middle East We live by the covenant of “Building a great business with a dare to do spirit” OUR CULTURE Since inception, an ambience of tradition and integrity has been the bedrock of all our business activities. As a result, this strong heritage endures today with honesty and reliability strongly embedded into our working culture. As a forward looking organisation, our dare-to-do spirit has added dynamism to this ethical bias. Our commitment to being a relentless learning organisation adds a competitive edge to our businesses as we strive to be a value champion to our stakeholders. KEY MILESTONES OF EXPOLANKA GROUP 1978 1995 ɴ Expolanka commences operations with the ɴ The Group moves into the Garment Incorporation of Expolanka (Pvt) Limited to Manufacture Industry with Denshun export Fresh Produce Industries 04 1982 1998 EXPOLANKA HOLDINGS PLC ɴ Expolanka ventures into the Transportation ɴ Expolanka Receives the GSA for Royal Sector with Expolanka Freight Limited (Sri Jordanian Airlines Lanka) 1999 1986 ɴ Virgin Atlantic Passenger, KLM & Czech ɴ Expolanka diversified into the Airline Airlines grant Cargo GSA’s in Sri Lanka to Representation business with the Expolanka | establishment of International Airline ɴ Annual Report 2013/14 Incorporation of BAX Global (Pvt) Limited Services (Pvt) Ltd which represented Virgin ɴ Expolanka moves into Education Sector Airlines Cargo operations forming APIIT Lanka ɴ Sri Lanka’s first ever call centre Hello 1989 Corporation (Pvt) Ltd incorporated ɴ Diversifies into the Tea Export business with ɴ Expolanka Pharmaceuticals Incorporated Expolanka Teas (Pvt) Ltd 2003 1990 ɴ Expolanka invests in India through Expo ɴ Commences Retail & Wholesale Commodity Freight India Distribution with Expolanka Commodities ɴ Virgin Atlantic appoints Expolanka as their Cargo GSA in Dubai Expolanka has come a long way on 1993 an incredible journey of success. Thirty ɴ Expolanka incorporates Bio Extracts to 2004 four years ago, Expolanka started out venture into Herbal Pharmaceuticals ɴ Expolanka invests in Bangladesh through as a fruit and vegetable exporter and ɴ Incorporation of Neptune Papers with a Expolanka Bangladesh since then the Group has expanded vision towards Recycled Paper ɴ Expolanka invests in Pakistan through into various industries and made its Expolanka Pakistan (Pvt) Ltd steady mark in the global arena. These 1994 ɴ Expolanka becomes the Cargo GSA for Saudi Key Milestones indicate important ɴ Expolanka ventures into the Travel Agency Air in Bangalore, Trivandrum and Cochin India by investing in International Sky Services junctures in our journey. business with the incorporation of Classic Travel (Pvt) Ltd ɴ Expolanka commences operation of airlines ɴ Expolanka Plantations incorporated with Expo Aviation ɴ Expolanka Freight (Pty) Ltd (South Africa) ɴ Expolanka is awarded the GSA of Saudi Air incorporated Cargo & Incorporates Globe Air Limited ɴ Expolanka Freight Limited (Kenya) incorporated ɴ Investment into Expolanka Freight ɴ Establishment of Ecologi Foundation to 2012 Madagascar carry out various CSR & Environment related ɴ Expolanka Freight rebrands as “efl” ɴ Investment into Expolanka Freight Limited activities ɴ Expolanka Commodities initiates Madagascar Mauritius ɴ Expolanka signs a joint venture agreement operation with Airline Cargo Resources & represents ɴ Expolanka Freight opens offices in USA, China 05 Virgin Cargo in Bangladesh 2005 and Hong Kong ɴ Expolanka represents Virgin Passenger EXPOLANKA HOLDINGS PLC ɴ Re-Structure of Organisation through Share operations in Bangladesh after entering Swap into a joint venture agreement with Airline 2013 ɴ Expolanka is Sri Lanka’s First, Microsoft Services Limited ɴ Classic Travel expands operations to Dynamix CRM3.0 implemented Company ɴ Expolanka enters into a joint venture Katunayake and Ratnapura with new branch ɴ Expolanka becomes the Cargo GSA for Air agreement with Cross Freight & represents openings France Cargo in Sri Lanka Swiss Air Cargo in Bangladesh ɴ Expo Freight (EFL) initiates their Maldivian ɴ Expolanka Signs a joint venture agreement operation with the opening of their new 2006 office in the Maldives with Freight Care & represents Air France & | Annual Report 2013/14 ɴ Investment into Expolanka Freight FZCO KLM in Bangladesh ɴ Crescent opens its “Norfolk Fine Foods” Dubai, which represents American Airlines ɴ Expolanka receives Microsoft Dynamic Rating
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