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2019 Annual Report

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2019 Annual Report PAVING OUR LEGACY SERVING OUR NATION FOR ANOTHER 100 YEARS CEYLON TOBACCO COMPANY PLC ANNUAL REPORT 2019 PAVING PAVING OUR OUR LEGACY SERVING OUR NATION FOR ANOTHER 100 YEARS LEGACY SERVING OUR NATION FOR ANOTHER 100 YEARS Online references: http://www.ceylontobaccocompany.com Scan the QR Code with your smart device to view this report online. CEYLON TOBACCO COMPANY PLC ANNUAL REPORT 2019 At Ceylon Tobacco Company PLC, we epitomise value creation. Our legacy spans over 100 years, during which time we have embraced our mission PAVING to enrich the Nation, harnessed opportunities for national growth, and nurtured strong and sustainable relationships with employees, OUR business partners and communities. In short, we have continuously generated shared value for all LEGACY our stakeholders. SERVING OUR NATION We have continued to embrace an inclusive FOR ANOTHER 100 YEARS and empowering culture, creating a fulfilling and rewarding work environment for our next generation of leaders. Our commitment to protect the environment, enhance farmer livelihoods and support the communities where we operate has been pivotal to how we add value to society. We will continue to pave an enduring legacy – a service to the Nation that will last another 100 years and more. FOR ANOTHER 100 YEARS ERVING OUR NATION S PAVING OUR LEGACY PAVING 1 CONTENTS Strategy and Performance Governance and Risk Financial Statements 03 Our Evolved Strategy 62 Corporate Governance 86 Finance Director’s Review 08 Performance Highlights 71 Risk Management 88 Financial Calendar 1 09 Our Performance 6 74 Assessment of Going 7 89 Independent Auditor’s Concern Report 75 Statement of Internal 91 Statement of Profit or Loss Executive Reviews Controls and Other Comprehensive 10 Chairman’s Review 76 Report of the Directors Income 14 Managing Director and 79 Statement of Directors’ 92 Statement of Financial 2 CEO’s Review Responsibilities for Financial Position Statements 93 Statement of Changes in About Us 80 Report of the Board Equity 19 About the Company Audit Committee 94 Statement of Cash Flows 20 Our Products 82 Report of the Related 95 Notes to the Financial 3 Party Transactions Review Statements Committee Operational Review 83 Report of the Board Supplementary Information 22 Marketing Compensation and 130 Statement of Value Added 28 Operations Remuneration Committee 131 Share Information 4 38 Human Resources 84 Report of the Nomination 8 134 Notes 48 Legal and External Affairs Committee 137 Notice of Meeting 138 AGM 2020 Instructions Our Leadership to Shareholders 56 Board of Directors 139 Form of Proxy 60 Executive Committee 141 Appendices 5 IBC Corporate Information strategy as articulated in this section of the report. strategy asarticulatedinthissectionofthereport. strategyisalignedtotheGroup’s Company’s Ceylon Tobacco As amemberofBritishAmericanTobacco, andsociety. forconsumers,employees,shareholders willbuild‘ABetterTomorrow’ the Group foundations, meeting consumers’evolvingneedforenjoymentandsatisfaction.Bybuildingon strong thedevelopmentofitsportfoliointobacco,nicotineandbeyond, modelhasevolvedthrough growth foritsconsumers.TheGroup’s choiceofenjoyableandlessriskyproducts agreater offering through thehealthimpactofbusiness byreducing purposeistobuild‘ABetterTomorrow’ The Group imagined before. opportunities wehadnot uswithgrowth changing,providing taste evolve,whilesocietalattitudesare and change.Consumers’desires thatweliveinanageofrelentless recognises stakeholders. TheGroup forall a‘BetterTomorrow’ iscommittedtoproviding (theGroup) Group The BritishAmericanTobacco STRATEGY OUR EVOLVED ERVING OUR NATION FOR ANOTHER 100 YEARS ERVING OUR NATION S PAVING OUR LEGACY PAVING 3 OUR EVOLVED STRATEGY A Strategy for Accelerated Growth While combustible tobacco will be at the core of our business for some time to come, the Group aims to generate an increasingly greater proportion of its revenues from products other than cigarettes, thereby reducing the health impact of our business, and delivering ‘A Better Tomorrow’. OUR MISSION Stimulating the senses of new adult generations : Today, we see opportunities to capture consumer moments, which have, over time, become limited by societal and regulatory shifts, and to satisfy evolving consumer needs and preferences. Our mission is to anticipate and satisfy this ever-evolving consumer: provide pleasure, reduce risk, increase choice and stimulate the senses of adult consumers worldwide. ANNUAL REPORT 2019 - MUST WINS Driven by our unique and data-driven consumer By relying on a rigorous market prioritisation system insight platform (PRISM), we will focus on product (MAPS), we will focus the strengths of our unparalleled High Growth categories and consumer segments across our Priority retail and marketing reach, as well as our regulatory and Segments Markets global business that have the best potential for scientific expertise, on those markets and marketplaces long-term sustainable growth. with the greatest opportunities for growth. CEYLON TOBACCO COMPANY PLC CEYLON TOBACCO COMPANY 4 HOW WE WIN As one of the most long-standing and established consumer goods businesses in the world, we have a unique view of the consumer Inspirational across four product categories, which is increasingly driven by powerful data and analytics. These insights ensure that the development foresights and responsible marketing of our products is fit to satisfy consumer needs. Remarkable As consumer preferences and technology evolve rapidly, we rely on our growing global network of digital hubs, innovation super innovation centres, world-class R&D laboratories, external partnerships and an upcoming corporate venturing initiative to stay ahead of the curve. For over a century, we have built trusted and powerful brands that satisfy our consumers and serve as a promise for quality and Powerful enjoyment. We will focus on fewer, stronger and global brands across all our product categories, delivered through our deep brands understanding and segmenting of our consumers. Few companies can claim over 150 million daily consumers, over 11 million retail points of sale, as well as a network of expert and Connected skilled employees around the world. Staying connected to all of them, especially through digital means (including e-commerce), ensures better consumer connections, access to markets and innovations that offer sensorial enjoyment and satisfy consumer needs. Our highly-motivated people are being empowered through a new ethos that is responsive to constant change, embodies a learning People and culture and is dedicated to continuous improvement. But we cannot succeed on our own, and our partnerships with farmers, suppliers partnerships and customers are also key for ensuring sustainable future growth. The United States comprises nearly half of our global business. It is also the single largest economy in the world, the largest single US Focus centre for technology and the key driver of global consumer trends, and is where we have the deep consumer understanding and financial strength to support the delivery of our mission to stimulate consumer senses around the rest of the world. OUR PURPOSE FOR ANOTHER 100 YEARS ERVING OUR NATION S By stimulating the senses of new adult generations our purpose is to create ‘A Better Tomorrow’ for all our stakeholders as given below: • Consumers: By responsibly offering enjoyable and stimulating choices for every mood and every moment, today and tomorrow; • Society: By reducing the health impact of our business by offering a range of alternative products, as well as by reducing our environmental and social impacts; • Employees: By creating a dynamic, inspiring and purposeful place to work; and • Shareholders: By delivering sustainable and superior returns. PAVING OUR LEGACY PAVING 5 OUR EVOLVED STRATEGY OUR ETHOS A key driver of our ambition of building ‘A Better Tomorrow’ will be our ethos – an evolution of our guiding principles – which guides our culture and behaviours across the entire group. It has been developed with significant input from our employees, and ensures an organisation that is future fit for sustainable growth. We are We are We are We are We are BOLD FAST EMPOWERED DIVERSE RESPONSIBLE Dream big - with Speed Matters. Set Set the context for Value different Take action to reduce innovative ideas. clear direction and our teams and trust perspectives. the health impact of move fast. their expertise. our business. Make tough decisions Build on each other’s quickly and proudly Keep it simple. Focus Challenge each other. ideas, knowledge and Ensure the best stand accountable for on outcomes. Once in agreement, experiences. quality products for them. we commit our consumers, the Learn quickly and collectively. Challenge ourselves best place to work for Resilient & fearless to share learnings. to be open-minded our people and the beat the competition. Collaborate and recognising best results for our hold each other unconscious bias. shareholders. accountable to deliver. Act with integrity, never compromising our standards and ANNUAL REPORT 2019 ethics. - Our Sustainability Agenda Our Sustainability Agenda has evolved aligned to the Group strategy. We have a long and proud history of sustainability achievements and today we transition from being a business where sustainability has always been important, to one where it is front and centre in all that we do. As a company we have made significant progress on our sustainability journey over the past two decades. Yet our approach needs to constantly develop, much
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