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Colombo Dockyard PLC Annual Report 2019

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Colombo Dockyard PLC Annual Report 2019 Colombo Dockyard PLC Annual Report 2019 Weathering the rough seas of macroeconomic upheavals and cloudy horizons of uncertainty, Colombo Dockyard PLC endured a stormy course in the year under review. Despite the storms however, with unwavering focus and resolute determination, key milestones were achieved: laying a new keel, completing 10,000 vessel repairs and building the 250th vessel - launching the ‘Make in Sri Lanka’ concept which proudly proclaims to the world that Colombo Dockyard is ready, willing and able to carve a name for itself in the global shipbuilding industry. Colombo Dockyard PLC approaches the new decade with hope, confidence and keen anticipation of new journeys in a bid to expand its horizons and charter new courses. 02 COLOMBO DOCKYARD PLC Annual Report 2019 CONTENTS Vision and Mission 03 Quality Policy, Health, Safety and Environmental Policy 03 Corporate Profile 04 Financial Highlights (Company) 05 The Operational Impact of 365 days 06 Chairman’s Review 08 Managing Director / CEO’s Review 11 Board of Directors 14 Corporate Management 17 Financial Review 20 Corporate Governance 24 Risk Management 29 Shareholder Information 33 Financial Report Financial Calender 2019/2020 37 Annual Report of the Board of Directors on the Affairs of the Company 38 Related Party Transactions Review Committee Report 43 Statement of Directors’ Responsibilities 44 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 45 Independent Auditors’ Report 46 Statement of Profit or Loss and Other Comprehensive Income 50 Statement of Financial Position 51 Statement of Changes In Equity 52 Statement of Cash Flow 54 Notes to the Financial Statements 56 Ten Years Financial Summary 103 Notice of Annual General Meeting 104 Notes 105 Form of Proxy 107 Corporate Information Inner Back Cover COLOMBO DOCKYARD PLC Annual Report 2019 03 OUR VISION QUALITY POLICY We pursue excellence and superior We are committed to; performance in all what we do to enhance the • Satisfying our customers by consistently long-term interests of all our stakeholders in a understanding and meeting their socially responsible manner. requirements in a cost effective manner and, • Strive to exceed their expectations by continually improving the effectiveness of our quality management system whilst OUR MISSION complying with all applicable statutory and WE STRIVE: regulatory requirements. • To be the most competitive and viable business entity in South Asia in Shipbuilding, Shiprepairs, Heavy Engineering and allied activities HEALTH, SAFETY AND • To efficiently and effectively manage all our ENVIRONMENTAL POLICY resources Colombo Dockyard PLC is committed • To achieve sustainable growth to provide a healthy and safe working • To enhance the interests of our environment at its every work location Stakeholders, and thereby contribute to the and strive to protect the environment in pursuit of our vision accordance with applicable Legal & other requirements. Colombo Dockyard PLC shall: • Provide safe machinery, plant, equipment and competencies to prevent injury, ill health and environmental impacts. • Minimize probable impacts to the environment through pollution prevention and other specific commitments including reduction of natural resource consumption through reduction, recycle and reuse of waste. • Set Health Safety and Environmental objectives, analyze outcomes and continually improve processes through an effective management system. 04 COLOMBO DOCKYARD PLC Annual Report 2019 CORPORATE PROFILE Colombo Dockyard PLC (CDPLC) established its operations way back in 1974 and at present operates as Sri Lanka’s largest engineering facility leading in the business of ship repairs, shipbuilding, heavy engineering and offshore engineering with a Japanese collaboration. CDPLC Group includes three subsidiaries namely Dockyard General Engineering Services Dockyard Technical Services (Pvt) Ltd and Ceylon Shipping Agency (Pte) Ltd in Singapore to deal with heavy engineering for local customers and as a supply channel for material imports respectively. CDPLC is a public quoted Company listed in the Colombo Stock Exchange. It is also a licensed enterprise of the Board of Investment of Sri Lanka. CDPLC is conveniently located within the port of Colombo, the hub of all major shipping lanes connecting the West, the Middle East, the Far East, as well as Africa and Australia, CDPLC has a strategic advantage to conduct both dry dock and afloat operations. Colombo Dockyard, as a state of the art engineering entity, operates four graving dry docks with a maximum capacity of 125,000 DWT and extensive repair berth facilities. Colombo Dockyard, in existence for over four decades, continues to keep its eyes on the horizon, preempting trends and preparing for transformation. While the Company remains medium scale ship yard in the Asian region, our differentiation lies in the way we do business. Five core values that have helped Colombo Dockyard in its odyssey: • Flexibility • Innovation • Being Customer Centric • Environmentally Friendly • People Focused Colombo Dockyard’s niche position in building some of the world’s most unique vessels holds the Company in good stead. The emphasis on absolute quality and the infusion of green initiatives (some of them, pioneering features in this region) as well as our processes, give us a competitive stance that is far ahead of those established in the South Asian region. This has resulted in improving our capabilities of effecting difficult and sometimes unique processes, building techniques and repairs that have helped us carve out our own niche in this industry. COLOMBO DOCKYARD PLC Annual Report 2019 05 FINANCIAL HIGHLIGHTS (COMPANY) 2019 2018 Change Rs. Mn Rs. Mn Rs. Mn % Results for the Year Revenue Ship Repairs 5,773 5,928 (155) (3) Shipbuildings 4,267 6,870 (2,603) (38) Heavy Engineering 105 371 (266) (72) 10,145 13,169 (3,024) (22) Export Revenue 8,710 12,195 (3,485) (28) Local Revenue 1,435 974 461 47 Gross Profit 107 877 (770) (88) Profit /(Loss) before Tax (1,812) 172 (1,984) (1,154) Taxation (123) (27) 96 355 Net Profit/(Loss) after tax (1,935) 145 (2,080) (1,434) Company Value Addition 2,713 4,654 (1,941) (42) Company Value Addition % 26 33 (7) (21) Local Value Addition 5,651 7,142 (1,491) (21) Employees Salaries & Benefits 3,958 3,942 16 0.4 Financial Position Total Assets 14,626 15,054 (428) (3) Total Liabilities 7,800 6,086 1,714 28 Share Holders’ Fund 6,825 8,967 (2,142) (24) Net Cash & Cash Equivalents 3,986 4,115 (129) (3) Information Per Ordinary Share Earnings (Rs.) (27) 2 (29) (1,450) Net Assets (Rs.) 95 125 (30) (24) Market Value (Rs.) 62 56 6 11 Market Capitalization Rs. Mn 4,455 3,995 460 12 Financial Ratios Net Profit after Tax (%) (19) 1.1 (20) (1818) Return On Investment (%) (47) 1.0 (48) (4,800) Return On Assets (%) (13) 0.3 (13) (4,333) Interest Cover (Times) (12) 0.4 (12) (3,100) Return On Equity (%) (28) 1.6 (29) (1,812) 06 COLOMBO DOCKYARD PLC Annual Report 2019 THE OPERATIONAL IMPACT OF 365 DAYS Commitments to Company Vision and Core Values and Successful Execution of Strategic Initiatives deliver Results in Key Operational Highlighting Figures Total Revenue Foreign Revenue Direct Employment Rs. 10 Bn 86 % 3,000 The Company managed to reach total Export earnings generated in 2019 was The Company provides direct revenue of Rs. 10.1 Bn as against over 86% of the total Revenue. employment for over 3,000 employees Rs.13.1 Bn recorded for last year including Permanent, Project basis, Trainees and Subcontract employees Employee Retention Completion of Ship Repairs Local Value Addition 99.5 % 205 Repairs Rs. 5,651 Mn Despite many economic downturns Successfully completed 205 ship-repair Company operation generates over 50% both locally and globally, we have had jobs during the year compared to 159 local value additions. few employee resignations during 2019. recorded for 2018 COLOMBO DOCKYARD PLC Annual Report 2019 07 Total Revenue (Rs. Mn) Profit after tax (Rs. Mn) 16,000 500 14,000 0 12,000 (500) 10,000 8,000 (1,000) 6,000 (1,500) 4,000 (2,000) 2,000 0 (2,500) 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Total Assets (Rs. Mn) Shareholders Funds (Rs. Mn) 20,000 10,000 18,000 9,000 16,000 8,000 14,000 7,000 12,000 6,000 10,000 5,000 8,000 4,000 6,000 3,000 4,000 2,000 2,000 1,000 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 08 COLOMBO DOCKYARD PLC Annual Report 2019 CHAIRMAN’S REVIEW Dear Shareholders, As we concluded the year 2019 with most adversely performed financial year in our journey, being the new Chairman, it is with great pleasure to present my very first Annual Report and Financial Statements of Colombo Dockyard PLC (CDPLC) for the financial year ended on 31st December 2019. During this year, we fuelled our future growth through reinforcing our strategic plans and we are confident that we are able to recover these hardships and to propel the Company towards a new era gradually. GLOBAL OVERVIEW Due to the slowdown of global economic growth and low oil prices, the global ship building industry witnessed a challenging year particularly with bottom level pricing for new ships. Further, factors such as uncertain regulatory landscape, volatile nature of the Chinese economy, geopolitical tension amongst major global economies, trade embargoes and Brexit. However, the global shipbuilding industry is expected to change gear and to grow in tandem with improving seaborne trade, demand for The industry should be watchful eco-friendly shipping services specially in the market “Small Eco Bulk Market” in Europe and the growth in the nautical of certain new factors that tourism sector. The industry should be watchful of certain new could hinder growth such as factors that could hinder growth such as cyber breaches and changing environmental regulations.
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