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Singer (Sri Lanka) Plc Annual Report 2015

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Singer (Sri Lanka) Plc Annual Report 2015 WINNER OF THE PEOPLE’S BRAND 2006 - 2015 SINGER (SRI LANKA) PLC ANNUAL REPORT 2015 SINGER (SRI LANKA) PLC ANNUAL REPORT 2015 01 A DECADE AS SRI LANKA’s It’s a staggering performance! For the tenth consecutive year Singer has been chosen Sri Lanka’s No.1 Brand at the SLIM Nielsen People’s Awards. Best Brand…Best Consumer Durables Brand…Best Youth Brand…the accolades keep pouring in…year after year. Could it be because…WE ARE THE BEST? 02 6 GROUP AT A GLANCE 7 FINANCIAL HIGHLIGHTS 8 CHAIRMAN’S LETTER 18 BOARD 12 GROUP CHIEF OF DIRECTORS EXECUTIVE OFFICERS’ REVIEW MANAGEMENT 23 TEAM 2015 ANNUAL REPORT 2015 ANNUAL REPORT 52 YEAR 30 SINGER ON A WINNING AT A GLANCE STREAK SINGER (SRILANKA)PLC 54 2015 PERFORMANCE FORMING A 62 IN CONTEXT SUSTAINABLE TOMORROW 114 DELIVERING ON STEWARDSHIP SINGER (SRILANKA)PLC 152 OUR PRUDENT BALANCING ACT AUDIT 161 COMMITTEE 162 REMUNERATION ANNUAL REPORT 2015 ANNUALREPORT REPORT COMMITTEE REPORT 163 165 BOARD NOMINATION FINANCIAL COMMITTEE REPORTS REPORT 241 SHARE INFORMATION 245 DISTRIBUTION NETWORK 246 SERVICE NETWORK AND FASHION ACADEMY NETWORK 247 GLOSSARY OF FINANCIAL TERMS 248 NOTICE OF ANNUAL GENERAL MEETING Enclosed FORM OF PROXY 03 04 2015 ANNUAL REPORT SINGER (SRI LANKA) PLC VISION To be the foremost appliance retailer in #UKC2CEKſE VALUES Consumers Shareholders Employees We live up to the expectations of a responsible We provide a reasonable We respect each other as organisation by contributing to the improvement return while safeguarding individuals and encourage in the quality of life of our customers through their investment cross functional teamwork while outstanding products and services providing opportunities for career development OBJECTIVES To be the market leader in our Product Provide our consumers with the Best Provide our Consumers with and Market Segment Service and Shopping Experience in Products of Latest Technology the Island SINGER (SRI LANKA) PLC ANNUAL REPORT 2015 05 MISSION To improve quality of life by providing comforts and conveniences at fair prices Suppliers Competitors Community Environment We develop our suppliers We respect our competitors We conduct our business We make every effort to be partners in progress and recognise their by conforming to the ethics to ensure that the and we share our growth contribution to market value of our country and share environment is protected with them the social responsibility of and conserved for future the less fortunate generations Develop our Employees to Provide our Shareholders Grow our Revenue and achieve their real Potential with steady Asset Growth and 3URʀWVDWDUDWHDERYH Return on Investment above the Industry Norm our Industry Norm 06 2015 ANNUAL REPORT SINGER (SRI LANKA) PLC GROUP AT A GLANCE Our Retail Presence Province Singer Mega Singer Plus Singer Homes Satellite Shops SISIL World Total Central 2 23 1 14 7 47 Eastern - 21 - 3 2 26 North Central - 18 1 11 2 32 North Western - 20 2 11 5 38 Northern - 12 1 4 17 Sabaragamuwa - 17 2 9 11 39 Southern - 29 1 15 6 51 Uva - 13 1 10 3 27 Western 18 77 7 12 24 138 Total 20 230 15 86 64 415 Singer Distribution Jaffna Kilinochchi Mullaitivu Vavuniya Market Mannar Trincomalee Capitalisation Puttalam Anuradhapura Rs. 17.3 billion Polonnaruwa Batticaloa Matale Kurunegala Ampara Kegalle Over 1 million Over 4.5 million 1,905 Kandy Gampaha Nuwara Eliya Badulla Online and Mobile Users Household Users Singer Staff Members Monaragala Colombo Ratnapura Kalutara Galle Hambanthota Matara 25.4 Rs. Billion 22.0 2012 16.0 2011 11.9 2010 2009 SINGER (SRI LANKA) PLC ANNUAL REPORT 2015 07 FINANCIAL HIGHLIGHTS Group Company 2015 2014 Increased/ 2015 2014 Increased/ Rs. ’000 Rs. ’000 (Decreased) Rs. ’000 Rs. ’000 (Decreased) %% Revenue - Net 38,710,834 29,699,602 30.3 33,311,395 27,130,594 22.8 Net Finance Cost 974,548 991,328 (1.7) 930,688 1,047,408 (11.1) 6KDUHRI3URʀWRI(TXLW\$FFRXQWHG Investees (Net of Income Tax) 2,042 1,963 4.0 – –– 3URʀWEHIRUH7D[ 1,895,275 1,155,608 64.0 1,195,682 660,261 81.1 3URʀWIRUWKH<HDU 1,236,039 781,634 58.1 859,705 463,631 85.4 7RWDO&RPSUHKHQVLYH,QFRPHIRUWKH<HDU 1,206,343 891,279 35.3 830,723 574,839 44.5 Stated Capital 626,048 626,048 – 626,048 626,048 – Revenue Reserve 4,728,455 3,842,675 23.1 3,612,779 3,082,301 17.2 Capital Reserve 857,580 870,358 (1.5) 857,580 870,358 (1.5) Statutory Reserves 73,318 136,128 (46.1) – –– Non-Controlling Interest 484,584 441,960 9.6 – –– Total Equity 6,769,985 5,917,169 14.4 5,096,407 4,578,707 11.3 Property, Plant & Equipment - Net 2,715,401 2,667,909 1.8 2,600,437 2,603,691 (0.1) Investments 71,893 72,250 (0.5) 1,656,545 1,201,545 37.9 Net-Current Assets 6,440,356 3,231,054 99.3 6,453,030 3,685,143 102.6 Gross Dividends* N/A N/A – 525,880 313,024 68.0 Dividend per Share - Rs. N/A N/A – 4.20 2.50 68.0 Dividend Payout Ratio - % N/A N/A – 61.14 67.56 (9.5) Earnings per Share - Rs. 9.21 5.70 61.6 6.87 3.70 85.7 Price Earnings Ratio - Times N/A N/A – 20.07 31.86 (37.0) Net Assets per Share - Rs. 50.20 43.73 14.8 40.70 36.57 11.3 Market Value per Share - 31st December - Rs. N/A N/A – 137.90 117.90 17.0 Net Income to Net Turnover - % 3.19 2.63 21.3 2.58 1.71 50.9 Return on Average Net Assets/Equity - % 19.48 13.90 40.1 17.77 10.42 (33.3) Debt Ratio - % 79.46 78.40 1.4 78.89 77.00 2.4 Gearing Ratio 0.69 0.65 6.2 0.71 0.68 4.4 Interest Cover - Times 2.94 2.17 35.5 2.28 1.63 39.9 Dividend Cover - Times N/A N/A – 1.63 1.48 10.9 Current Ratio - Times 1.42 1.21 17.4 1.60 1.30 23.1 Acid Ratio - Times 0.97 0.85 14.1 0.98 0.82 19.5 Net Debt to Equity Ratio - Times 2.10 1.67 25.6 2.79 2.16 29.2 * Includes proposed Final Dividends of the Company. 2015 29.7 25.5 2014 2013 38.7 CAGR of Group Net Revenue reported 21.7% from year 2009 to 2015 08 2015 ANNUAL REPORT SINGER (SRI LANKA) PLC Dear Shareholders, The year 2015 began with a change in the political regime in Sri Lanka. A new leader emerged and a new Government was established and further consolidated in the third quarter of the year. With the implementation of some of the promises made in the 100 day programme of the Government, there was a surge in people’s purchasing power. This was consequent to the wage increase in the public sector, reduction of fuel prices and the lessening of certain taxes on a basket of commodities. The relaxed monetary policy stance maintained by the Government throughout the SINGER (SRI LANKA) PLC ANNUAL REPORT 2015 09 85% amounting to Rs. 859 million. competitive. The challenge is to survive Singer (Sri Lanka) PLC’s Subsidiaries in this market, maintaining our brand Singer Finance and Singer Digital name through our superior customer Media (Pvt) Ltd., also showed service and branch network. Our VLJQLʀFDQWLQFUHDVHLQSURʀWV branch network continues to be a major strength. We are spread island- All segments recorded a commendable wide creating over 4,000 direct and performance, especially the consumer indirect employment opportunities. electronics and sewing category followed by the communication and the Singer Lifestyle Exhibition was a digital media segments. Exceptional resounding success which drew the growth was seen in the product lines largest crowd to BMICH. For the 5th of refrigerators (25%), panel TVs consecutive year, our vast product (24%) and sewing machines (15%). range was displayed under one roof. A surge in sales was seen in smart phones (138%), deep freezers (82%), With the aim of strengthening computers (50%), washing machines its corporate leadership, Singer (42%) and air conditioners (33%). (Sri Lanka) PLC acquired controlling year also supported this momentum. stakes of domestic consumer durable Consumer borrowing increased and Despite a 9% depreciation of the manufacturers Regnis (Lanka) PLC spending rose on account of the low Rupee vis-à-vis the US Dollar during and Singer Industries (Ceylon) PLC interest rate regime. All these factors the year, the exceptional overall from the Parent Company-Singer (Sri resulted in a consumption boom which performance was in my opinion due to Lanka) PLC B.V. in year 2016. These impacted the whole economy. Singer (Sri Lanka) PLC’s strong market companies now are Subsidiaries of standing in the country. Singer (Sri Lanka) PLC and promise to showcase stronger results in the Our Performance coming years. Expansion In this milieu, we pursued an and Restructuring aggressive growth strategy, including, Operations establishing of new shops, improving Gaining Recognition and renovating shops, securing new We have been increasing the number brands and the introduction of new of branches over the last year. products. These efforts enabled us Our network was augmented with I am proud of the fact that Singer to record a strong performance in the the addition of six Singer Plus, one (Sri Lanka) PLC won a number of Singer Mega and three SISIL World awards during the year under review, ʀVFDO\HDU showrooms.
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