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Annual Report 2018/19

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Annual Report 2018/19 Nawaloka Hospitals PLC | Annual Report 2018/19 Nawaloka Hospitals PLC Annual Report 2018/19 2 Nawaloka Hospitals PLC Annual Report 2018/19 iqÿ ySkeá Sudu Heenati fmdlald,s Pokkali l=re`M ;=v Kurulu Thuda Èla Dik ù Vee Maeud Veeù iqj`±,a Suwandel fnfy;aBeheth Heenati ySkeá Kalul`M Heenati ySkeá uv;jd¨ Madathawalu 3 Healthcare in Sri Lanka is encouragingly setting its sights on pre-emptive health protocols that promote healthy living whilst state of the art medical and surgical interventions continue to be offered to fortify these the new trends. This “repository” of holistic healthcare makes Sri Lanka a potential “granary” of wellbeing. History tells us that, during the reign of King Parakramabahu the Great, Sri Lanka was known as the “Granary of the East”. The land was bountiful and food plentiful, particularly indigenous strains of rice, of which there were over 500 varieties. Today, indigenous grain is making a “comeback” in market places around the country, with all their attendant nutritional benefits. 4 Nawaloka Hospitals PLC Annual Report 2018/19 Our Integrated Report 2018/19 Report structure Compliance For the seventh consecutive year Nawaloka Hospitals PLC is This Report reflects the Companies’ compliance with the following presenting its performance in the form of an integrated report. The regulatory and legislative enactments and guidelines. Report concisely covers all aspects of the Company’s performance, • The Companies Act No. 07 of 2007 and the subsequent amendments including key functions, main business lines, business processes, and strategic investments. It also includes materiality analysis, value • The listing rules of the Colombo Stock Exchange (CSE) creation process, approach to strategy, governance, compliance, and • Recommendations and guidelines of the Sri Lanka Accounting sustainability. Standards (SLAS) applicable for financial periods beginning or after Through its businesses processes, and using its resources 1 January 2012. Nawaloka creates sustainable value for itself as well as all its stakeholders. Nawaloka is very conscious of its commitment to The integrated Annual Report draws on the concepts, principles and sustainability and this is reflected in the integrated nature of the guidelines given in the following where applicable: Report with sustainability considerations weaved in to complement • Global Reporting Initiative (GRI) Sustainability Reporting financial reporting. Guidelines GRI Standards (www.globalreporting.org) • The International Integrated Reporting Framework (IIRC) Reporting period and boundary (www. theiriirc.org) The period which the Nawaloka Annual Report 2018/19 covers is the • Smart Integrated Reporting Methodology 12 months from 1 April 2018 to 31 March 2019. The previous annual (www.SmartAnnualReport.com) report covered the period from 1 April 2017 to 31 March 2018 and is consistent with the Company’s usual annual reporting cycle. The precautionary principle The boundary of this Report covers the activities of Nawaloka The Company is mindful of potentially adverse impacts on society Hospitals PLC and its four subsidiaries – New Nawaloka Hospitals and environment by our actions. We follow the precautionary (Private) Ltd., New Nawaloka Medical Centre (Private) Ltd., principles in taking appropriate steps to mitigate risks and integrating Nawaloka Medicare (Private) Ltd. and Nawaloka Green Cross such risks into operational and planning activities. Laboratories (Private) Ltd. The Report focuses on aspects that have a material impact on the Company’s ability to create value in the short, medium and long term. There are no significant changes in the scope Queries and aspect boundaries, and there are no significant restatements of Any queries or questions regarding this report should be addressed to: information provided in previous reports. The Accountant Nawaloka Hospitals PLC No. 23, Deshamanya H K Dharmadasa Mawatha, Colombo 00200, Sri Lanka. e-mail: [email protected] Tel: +94 11 557 7111 5 Contents 06 About Nawaloka Hospitals 125 Financial Reports 10 Milestones 126 Financial Calendar 127 Independent Auditors’ Report 12 Highlights 2018/19 130 Statement of Profit or Loss and Other Comprehensive Income 14 Strategy 131 Statement of Financial Position 14 Chairman/CEO’s Message 133 Statement of Changes in Equity 16 Director/General Manager’s Review 134 Cash Flow Statement 20 Operating Environment 135 Notes to the Financial Statements 25 SWOT Analysis 26 Stakeholders and Materiality 30 Strategic Direction 197 Supplementary Information 34 Risk Management 198 Ten Year Statistical Summary 200 Quarterly Statistics 201 Independent Assurance Report 38 Value Creation 203 GRI Content Index 38 Our Business Model 207 Corporate Information 42 Financial Capital 208 Notice of Meeting 45 Intellectual Capital 47 Investor Capital 52 Customer Capital Enclosures 65 Business Partner Capital Form of Proxy 67 Human Capital 76 Social and Environmental Capital 88 Governance 88 Board of Directors 92 Management Team 95 Executive Clinical Management Team 97 Corporate Governance 111 Annual Report of the Board of Directors 118 Remuneration Committee Report 119 Audit Committee Report 121 Related Party Transactions Review Committee Report 122 Directors’ Responsibility in Financial Reporting 123 Senior Independent Director’s Statement 124 Chief Executive Officer’s and Head of Finance Statement of Responsibility 6 Nawaloka Hospitals PLC Annual Report 2018/19 About Nawaloka Hospitals Nawaloka Hospital has spearheaded the development of private We believe that all Sri Lankans should have access to quality medical care in Sri Lanka since its establishment in 1985 by our healthcare. We cater to customers from different walks of life and are founder Chairman Deshamanya H K Dharmadasa. Starting as a committed to offering world-class affordable healthcare to all of them. small hospital we have now expanded to be the private healthcare institution of choice. Our Group Our founding ethos was “Arogya Parama Laba” or “good health is Nawaloka Hospitals group includes four subsidiaries – New Nawaloka supreme wealth”. Hospitals (Private) Limited, New Nawaloka Medical Centre (Private) As the first fully-fledged private hospital in Sri Lanka we were Limited, Nawaloka Medicare (Private) Limited and Nawaloka Green in the vanguard of private healthcare development in the country. Cross Laboratories (Private) Limited. Nawaloka Hospitals was listed We have continuously sought to improve our services and the on the Colombo Stock Exchange in 2004. contribution we make to the healthcare sector of the country. We strive to keep abreast of the latest developments in the medical field, whether in equipment, treatments or drugs. During our journey, we recorded many firsts; introducing the CT scanner, MRI scanner, and mammography unit introducing the flat panel-angiography system with state-of-the-art technology. We were also the pioneers in laser eye surgery in the country. Our Purpose Our Vision is We’re working in a rapidly changing healthcare “to be the hospital of tomorrow”, environment. With the input of a multidisciplinary to provide quality and safe healthcare to team of faculty and staff, Nawaloka Hospitals PLC the people whilst maintaining leadership developed a strategic plan to lead the change. and excellence in the healthcare facility. The plan guides our business strategies and decisions with a focus on five strategic priorities in Our Mission is which we’ll invest our time and resources – “Healing with Feeling”, to provide the – Strengthen Safety and Quality best quality healthcare in accordance with – Drive Innovation, Technology and Research international standards to the needy in a cost – Enable Our People effective, timely and professional manner. – Plan for a Sustainable Future – Achieve Financial Health Nawaloka Hospitals PLC Fully Owned Subsidiaries New Nawaloka New Nawaloka Nawaloka Medicare Nawaloka Green Hospitals (Pvt) Ltd. Medical Centre Private Limited Cross Laboratories Private Limited Private Limited About Nawaloka Hospitals >> 7 nqi, Bushel is primarily used to measure grain in the threshing floor as well as to refer to the extent of land over which a particular amount of grain could be sown. This is made of wood and take the shape of a box with an open top. It can contain approximately 22kg of paddy. 8 Nawaloka Hospitals PLC Annual Report 2018/19 fmdlald,sPokkali High in protein content, with significant anti-bacterial properties, this variety of rice is a source of control for oxidative stress. About Nawaloka Hospitals >> 9 10 Nawaloka Hospitals PLC Annual Report 2018/19 Milestones 1985 2005 2010 • Established as the first fully-fledged private • We made significant advances in Neuro • Introduced 16 slice CT Scanner with all hospital in Sri Lanka Surgery and Cardiac Surgery accessories • First Intensive Care Unit in a private hospital • Introduced Laser Eye Surgery • Introduced New 4D Scanner for Radiology • Introduced a very successful IVF Treatment and Gynaecology 1987 Centre together with our Indian affiliates • Introduced Ultrasonic Defector • Introduced the first CT Scanner in Sri Lanka 2006 2011 • Commenced construction of the new • Commissioned first state-of-the-art 3 1992 building providing modern surgical units TESLA MRI Scanner in Sri Lanka • Established the first Mammography Unit • Computerised the entire operation of the • Awarded ISO 9001:2008 Certification in Sri Lanka Hospital • Inaugurated Weight Management Centre • Inaugurated Breast Cancer Screening Centre 1993 2007 • Introduced
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