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Annual Report 2012/2013

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Annual Report 2012/2013 THE PURSUIT OF EXCELLENCE One hundred years of passion, hard work and perseverance have brought to where we are today: a highly respected, fast growing blue chip conglomerate with interests in several key growth industry sectors: beverages, telecommunications, plantations, hotels, textiles, finance, insurance, power genaration, media and logistics. And yet, we will not rest. Our story is far from over. Indeed, it has only just begun. Look to us for even greater achievements as we step into the next century of our lifetime, to build further upon our current successes. DCSL. 100 years in the passionate pursuit of excellence. Distilleries Company of Sri Lanka PLC | Annual Report 2012/13 1 Financial Highlights 2013 2012 2013 2012 Group Group Company Company Summary of Results Gross Turnover Rs Mn 65,790 63,125 51,549 49,136 Excise Duty Rs Mn 37,024 36,150 34,088 33,860 Net Turnover Rs Mn 28,766 26,975 17,461 15,276 Profit After Tax Rs Mn 5,258 6,052 6,873 4,297 Shareholders Funds Rs Mn 47,978 41,576 39,155 32,597 Working Capital Rs Mn (1,298) (3,234) (6,139) (21,374) Total Assets Rs Mn 78,245 73,355 55,942 62,563 Staff Cost Rs Mn 3,194 3,155 1,039 1,080 No. of Employees 18,674 18,158 1,343 1,389 Per Share Basic Earnings* Rs. 17.13 18.45 10.68 11.85 Net Assets Rs. 159.93 138.59 130.52 108.66 Dividends Rs. 3.00 3.00 3.00 3.00 Market Price - High Rs. 190.00 191.00 190.00 191.00 - Low Rs. 117.00 100.00 117.00 100.00 - Year End Rs. 166.50 145.00 166.50 145.00 Ratios Price Earnings* times 10 8 16 12 Return on Shareholders Funds* % 10.71 13.31 8.18 10.91 Current Ratio times 0.94 0.86 0.63 0.26 Interest Cover* times 5.9 14.3 5.1 19.2 Stock Turnover (Finished Goods) days 14 15 12 13 Debt to Equity % 23.25 29.75 21.90 29.88 Debt to Total Assets % 14.26 16.86 15.33 15.57 Dividend Payout* % 17.51 16.26 28.08 25.32 Dividend Yield % 1.80 2.07 1.80 2.07 * Company’s profit has been adjusted for intra-group capital gain on share transfer Taxes Paid - Group Total Asstes - Group Gross Turnover - Group Profit After Tax - Group Dividend Payout (Rs.Mn) (Rs.Mn) (Rs.Mn) (Rs.Mn) % - Company 0 6 5 78,245 7 39,850 73,355 65,79 8,33 39,07 63,12 28.1 26.7 1 25.3 59,616 1 29,004 8 6,052 46,45 25.3 6 2 1 2 5,25 40,83 39,810 19.9 37,65 21,07 20,64 0 35,32 3,43 2 2,15 09 09 09 09 09 2011 2012 2013 20 2010 2011 2012 2013 20 2010 2011 2012 2013 2011 2012 2013 20 2010 20 2010 2011 2012 2013 20 2010 Highlights of the Year October 2012 November 2012 Melsta Regal Finance Limited was DCSL was ranked No. 04 in the launched under the patronage of Business Today ‘Top Twenty Five’. Central Bank Governor Ajith Nivard This was the 14th consecutive year Cabraal. DCSL was listed among corporate heavy weights in the rankings. May 2013 Melsta Regal Finance was assigned A+ (lka) / Stable by Fitch. This signifies a very high credit rating for a finance December 2012 company. Global Rating agency Fitch assigns DCSL a national long term Rating of AAA (lka) / stable outlook - The best & highest entity credit rating for a corporate in Sri Lanka. Our Businesses Sector Function Company Beverages Distillation, manufacture DCSL, Periceyl & distribution of liquor products Telecommunications Telecommunications LB, TCF, BSL services Plantations Cultivation & processing of BPL tea & rubber Diversified Investment Investment holding Melstacorp company Financial Services Insurance Continental Finance Melsta Regal Logistics Automobile servicing & Melsta logistics Logistics Textiles Dyeing & printing fabrics Texpro Information Technology BPO, KPO & software BellVantage development Power Generation Hydro power generation Bogo Power Leisure Beach hotel BBH Manufacturing Manufacturing & selling of Pelwatte Sugar sugar & molasses Media Media buying & creative Splendor services 4 Annual Report 2012/13 | Distilleries Company of Sri Lanka PLC Historical Perspective A 100 years young and still growing have equipped the company with top of the line facilities The Distilleries Company of Sri Lanka PLC (DCSL) is among enabaling to produce beverages of international standard. a few unique companies in Sri Lanka that can boast of an Storage facilities and product distribution systems have been existence of 100 years. This proud heritage makes DCSL a upgraded to modern standards with fully computerised very special corporate entity and a specialist in the domestic systems. A fleet of modern vehicles ensures that customers business sector. Over the past 100 years, our corporate in even the remotest areas are able to enjoy the best DCSL DNA has been strengthened with the values of experience, products delivered island wide. maturity, innovation, fortitude and the will to succeed. These changes have contributed towards higher production Our origins can be traced back to 1913, when the Excise efficiencies across the supply chain. Our people are regularly Department of Ceylon, which was initially created as trained in the best international practices in locations famed the enforcement authority to distribute and sell liquor for high quality alcohol, such as France, Scotland and Ireland. products in Sri Lanka, branched out into the distillation and manufacture of liquor products. Later, in 1974 the State Over the years, we have not only grown to become Sri Distilleries Corporation was incorporated by statute, to take Lanka’s largest distiller, but have been recognised as a over this venture while the Excise Department realigned its leading corporate with the highest quality standards. operations as a monitoring body. Therefore, DCSL has the Despite these achievements and our strong position of rare distinction of being the pioneer distiller in Sri Lanka. business leadership, we continue to look for ways to improve and grow. Since 1992, the company has not only expanded In 1989, under a government policy decision, the State production, but has also diversified into other non-alcohol Distilleries Corporation was converted into a limited related activities. company. This transfer of ownership took place at the Colombo Stock Exchange (CSE) in 1992, making it the largest Today, we are present in all parts of the country, operating transaction in the history of the CSE. Under the new private under the principle of providing the highest standard of management the company entered an era of modernisation products and services for the people of Sri Lanka with a that saw upgrading of machinery and equipment and vision of up lifting the quality of life of our people. In the the introduction of modern management systems and coming years we look forward to expanding our footprint processes. Plant and machinery were upgraded to modern into international markets and making our brand an international standards and new technology developed by internationally recognised name. Our R&D Division is world renowned experts was introduced. Large investments working tirelessly to achieve this aim and we are confident have also been made in Research and Development that the DCSL heritage will soon become as loved and (R&D) and in upgrading laboratories. These improvements trusted internationaly as it is in Sri Lanka. Distilleries Company of Sri Lanka PLC | Annual Report 2012/13 5 THE STORY OF ARRACK ri Lankan coconut arrack is believed to Sbe one of the purest alcoholic beverages in the world distilled through a natural fermentation process 6 Annual Report 2012/13 | Distilleries Company of Sri Lanka PLC The unforgettable Sri Lankan flavour The Sri Lankan coconut arrack is believed to be one of the purest, naturally derived alcoholic beverages in the world distilled through a natural fermentation process. Sri Lanka’s early literature makes many references to “…liquor drawn from the coconut flower”, while toddy tapping, the first step in the process, is an age-old vocation, passed down from father to son. Over the years the technique has been perfected to produce that unsurpassed beverage, Sri Lankan coconut arrack. Today, coconut arrack remains the alcoholic beverage of choice in Sri Lanka. Coconut sap or toddy, is obtained by tapping the unopened coconut flower for its nectar. Toddy tappers manually extract the toddy by deftly rappelling from tree to tree. Once the toddy is collected in earthenware pots, a variety of naturally present wild yeasts and bacteria cause rapid fermentation. After a minute filtration process, this liquor is poured into massive casks made of Halmilla wood and are gently transported to our factories for distillation. The process of distillation comprises two stages; continuous distillation and a batch process known as ‘pot distillation’. This distillation process is usually completed within 24 hours. The purified spirit comes out with the distinctive flavour of arrack. Every fortnight the contents of the wooden vats are mixed methodically, for better aeration and to increase contact with the wood. Herbs and spices from ancient recipes are also added at particular stages, to enhance flavour and mellow the liquor during the crucial maturation process. The maturation process is completed after flavour enhancing and smoothening while still inside the wooden vats. Finally, spirits of different ages and flavours are blended to create the various DCSL brands, all under the careful supervision of an experienced connoisseur and Master Blenders. As the largest coconut arrack distillery in Sri Lanka, possibly even in the world, this golden brew remains our pride and flagship product.
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