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It Begins with You IT BEGINS WITH YOU Annual Report 2019/20 Scan this QR Code with your smart device to view this Annual Report online IT BEGINS WITH YOU At LAUGFS Gas PLC, every step we’ve taken towards the future, began with the strength of your trust. For over 20 years, we have worked towards making our company a leader in the industries we operate in, with a pioneering vision and deeply-ingrained local values. This report takes a deeper look at how we have re-aligned our focus, strategies and organisational processes to be more customer-centric, thereby ushering in a new era of growth. It also details how our broad presence across the value chain provides us with significant advantages to drive forward our vision of becoming the most preferred Sri Lankan multinational, while delivering enduring value to the thousands of stakeholders we serve. At LAUGFS Gas, our inspiration to move forward begins with you, because our journey is about serving you better. 02 LAUGFS GAS PLC Annual Report 2019/20 LAUGFS Group Vision LAUGFS Group Mission LAUGFS Group Values To be the most preferred and Be the leader in the market Customer centricity trusted Sri Lankan multinational segments we operate in. that touches the day-to-day lives Integrity Introduce latest innovations, of people in Sri Lanka and beyond, technology and solutions to add through a diverse Group of Responsible corporate citizen value to the consumer. companies. Promote a ‘Safety’ culture, Innovativeness encompassing People, Products and Processes. Teamwork Ensure fair returns to all our stakeholders. Lead by example as an exemplary Sri Lankan entity. CONTENTS Vision, Mission and Values 02 About Us Management Discussion Financial Statements About the Report 03 and Analysis Independent Auditor’s Report 121 About Us 04 Business Line Reviews Statement of Profit or Loss 124 Our Strategic Timeline 07 Energy 39 Statement of Other Financial Highlights 08 Transportation and Logistics 44 Comprehensive Income 125 Non-Financial Highlights 09 SLOGAL 47 Statement of Financial Position 126 Property 49 Statement of Changes in Equity 128 Strategic Report Statement of Cash Flows 130 Capital Management Report Group Chairman’s Message 10 Notes to the Financial Statements 132 Group Deputy Financial Capital 51 Chairman’s Message 14 Social & Relationship Capital 56 Supplementary Information Focus on Strategy 18 Manufactured Capital 62 Five Year Summary 202 Delivering Value to Intellectual Capital 64 Real Estate Portfolio 204 all our Stakeholders 20 Human Capital 68 Share Information 205 Our Corporate Strategy 22 Natural Capital 74 Value Added Statement 210 Materiality 24 GRI Content Index 78 Our Reach 211 A review of the LPG market 32 Independent Assurance Report 82 Notice of Meeting 212 Form of Proxy - Voting 213 Stewardship Form of Proxy - Non-Voting 215 Board of Directors 86 Corporate Management 91 Corporate Information - Inner Back Cover Corporate Governance 94 Statutory Reports Investment Committee Report 105 Management Committee Report 106 Remuneration Committee Report 107 Audit Committee Report 109 Report of the Related Party Transaction Review Committee 111 Annual Report of the Board of Directors 113 Statement of Directors’ Responsibilities 117 LAUGFS GAS PLC Annual Report 2019/20 About Us 03 ABOUT THE REPORT Over the last 10 years, LAUGFS Gas PLC has made good progress in presenting our strategic thinking, performance and prospects in a holistic manner to support OUR REPORTING FRAMEWORK stakeholders make an informed assessment of our performance and value creation over the short, medium and long-term. Matters considered most material to our value Scope and Boundaries creation and the sustainability of the Group are highlighted in the report. The company The report covers the operations of didn’t have any significant changes to the organisation for the financial year. LAUGFS Gas PLC and its subsidiaries as disclosed on page 04. There were By following best practices in corporate reporting, we have enhanced the quality of no restatements of information or our report every year in line with the guiding principles specified in the International changes to reporting during the year. Integrated Reporting Framework (IIRC) as described below. Reporting cycle : Annual Strategic Thinking and Future Orientation Reporting period : Refer Pages 18 to 19 April 2019 – March 2020 Date of the most recent report : Connectivity of Information 01 April 2018 – 31 March 2019 Used navigating icons to improve connectivity through Regulatory Framework Applied the report. Companies Act No.7 of 2007 Continued Listing Requirements of the Colombo Stock Exchange Stakeholder Relationships Sri Lanka Accounting & Auditing Refer Pages 20 to 21 Standards Act No.15 of 2015 Sri Lanka Financial Reporting Standards Voluntary Frameworks Applied Materiality Integrated Reporting Framework Refer Pages 24 to 31 issued by the International Integrated Reporting Council This report has been prepared in accordance with the GRI standards – Core Option Reliability and Completeness Code of Best Practice on Both financial and non-financial Corporate Governance issued information are audited by the by the Institute of Chartered external auditors, Ernst & Young. Accountants. The Securities and Exchange Commission of Sri Consistency and Comparability Lanka and The Colombo Stock Exchange We present both financial and non-financial information for the current year and Communicating Sustainability comparable periods. issued by the Colombo Stock Exchange BOARD ACKNOWLEDGEMENT Memberships The Management of LAUGFS Gas PLC has prepared and reviewed the contents of all World LPG Association reports and recommended the report to the Group’s Board Audit Committee for its approval. The Board acknowledges its responsibility to ensure that the Annual Integrated LPG Association of Bangladesh Report provides a balanced overview of performance. For any queries on the report, please contact Legal Officer LAUGFS GAS PLC No 101, Maya Avenue, Colombo - 06 04 LAUGFS GAS PLC Annual Report 2019/20 ABOUT US LAUGFS Gas PLC is a LAUGFS GAS PLC Refilling and marketing of LPG in pioneer in Sri Lanka’s Sri Lanka and providing related Power and Energy consultancy services Holding company of downstream Sector with the broadest ventures and LAUGFS Bangladesh presence across the value chain in the country for the import, LAUGFS Gas (Bangladesh) Ltd. Refilling and marketing of LPG in distribution and storage Bangladesh and providing related of Liquefied Petroleum consultancy services. Gas (LPG) in Sri Lanka and Bangladesh. Our brand, ‘LAUGFS GAS’ is a recognised household LAUGFS Maritime Services name in the market and (Pvt) Ltd. Owns and operates three gas is the market leader for tankers to transport LPG. supply of LPG to the industrial sector. We guard our reputation for quality, safety and LAUGFS Terminals Ltd. Owns and operates the largest reliability zealously, LPG storage terminal in South Asia using our considerable in the Hambantota port. expertise in providing high quality engineering services, which has supported our growth SLOGAL Energy DMCC Based in Dubai, this is the over the past few years. trading arm of the Group. LAUGFS Gas PLC is a venture of LAUGFS Holding Limited, a diversified conglomerate LAUGFS Property with ventures across a Developers (Pvt) Ltd. range of industry sectors. Owns and manages 88,082 sq.ft of office space that houses the parent company, LAUGFS Holdings Ltd., and its subsidiaries. LAUGFS GAS PLC Annual Report 2019/20 About Us 05 Key Numbers Relevance to Economy Rs. 27Bn Only private sector player in LPG Group Revenue Rs. 1.9Bn Group EBITDA Meeting their domestic energy needs Sri Lanka Bangladesh Rs. 39.7Bn Total Assets Investment during the year Rs. 2,067Mn in Sri Lanka 409 Employees 8,231 Creating direct employment Distributors & Dealers opportunities in Sri Lanka 304 in Sri Lanka 12,150 Distributors & Dealers in Bangladesh 38,150 MT Storage Capacity 06 LAUGFS GAS PLC Annual Report 2019/20 ABOUT US OUR CONTRIBUTION TO THE GLOBAL SUSTAINABILITY DEVELOPMENT GOALS (SDGS) LAUGFS Gas PLC plays an active socio-economic role in developing sustainable communities and improving the lifestyles and livelihoods of people, especially in rural areas, by providing safe, affordable and a cleaner alternative for cooking fuel as a substitute for firewood. To our industrial and commercial customers, we support their growth and contribution to the economy by ensuring a consistent supply of sustainable energy alternatives. To the economy, our role is bigger, as one of the only two operators in the LPG industry, we have in place a sound infrastructure to serve the regional energy needs with our own fleet of ships and storage terminals, propelling Sri Lanka’s vision to become a regional energy hub. Energy Infrastructure Invested in creating a secure value chain to We served 27.3% of the deliver LPG solutions to customers in both Sri Lankan LPG demand Sri Lanka and Bangladesh Commissioned the largest storage terminal in South Asia in May 2019 The female participation rate in Rs. 3,479Mn our cadre is 10% Economic value addition LAUGFS GAS PLC Annual Report 2019/20 About Us 07 OUR STRATEGIC TIMELINE Established Gas Auto Lanka (Pvt) Ltd. and entered auto gas conversion business. Obtained World LPG Association Membership. 1994 Obtained BOI approval and signed agreement for 1998 LAUGFS Gas. Incorporated LAUGFS Gas (Pvt) Ltd. 2000 Entered the LPG domestic industry. Tripartite Agreement signed between CPC, Ministry of Finance and LAUGFS Gas for the purchase of CPC produced LPG. 2001 The first LPG vessel - LAUGFS Wega - was registered under the flag of Sri Lanka. 2002 Agreement signed between Consumer Affairs Authority and LAUGFS Gas for the price formula. 2007 2010 Listed in the Colombo Stock Exchange. 2014 LAUGFS Maritime Services (Pvt) Ltd. acquired LPG vessel ‘Gas Challenger’. Acquired the LPG LAUGFS became the first Commenced 2015 vessel Gas Success, Sri Lankan energy brand to become a construction further strengthening multinational with the acquisition of of LAUGFS the vessel fleet of Petredec Elpiji Ltd., and established LPG Terminal. 2017 LAUGFS Maritime.
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