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John Keells Holdings PLC Annual Report 2014/15 CONTENTS 2

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John Keells Holdings PLC Annual Report 2014/15 CONTENTS 2 HELPING YOU TO SEE John Keells Holdings PLC John Keells Holdings PLC US MORE l Annual Report Annual 2014/2015 CLEARLY John Keells Holdings PLC Annual Report 2014/15 HELPING YOU TO SEE US MORE CLEARLY John Keells Holdings has never been a company that took the short-term view or the easy way out. Over the decades of our existence, we have relied on our solid foundations to withstand the challenges of a fast changing business environment; working towards our immediate business concerns whilst always keeping the long- term perspective in view. That’s how we have built a legacy of values that remain as relevant to contemporary Sri Lankans today as they were 145 years ago. Over those years of constant change and growing competition, our corporate agility, resilience and business adaptability have driven the successful diversification of our industry portfolio and the dynamism of our strategies. This Report is as always, a detailed and comprehensive one, in which we bring clarity and detail to the complex task of reporting on one year of business operations at John Keells Holdings; the business integrity, good governance, stakeholder value creation and sustainability that help you, our stakeholder, to see the John Keells Group and all its operations more comprehensively and clearly. John Keells Holdings PLC Annual Report 2014/15 CONTENTS 2 Group Highlights Financial Statements 3 Introduction to the Report 170 Annual Report of the Board Of Directors 4 About Us 178 The Statement of Directors’ Responsibility 5 Organisational Structure 179 Independent Auditors’ Report 6 Performance Highlights 180 Income Statement 8 Year at a Glance 181 Statement of Comprehensive Income 9 Chairman’s Message 182 Statement of Financial Position 183 Statement of Cash Flows Governance 185 Statement of Changes in Equity 18 Board of Directors 187 Notes to the Financial Statements 20 Group Executive Committee Supplementary Information 21 Group Operating Committee 23 Corporate Governance Commentary 272 Economic Value Statement 274 History of the John Keells Group Sustainability Integration and Risk Management 276 Decade at A Glance 48 Sustainability Integration 278 Indicative US Dollar Financial Statements 59 Risk Management 280 Sri Lankan Economy Management Discussion and Analysis 282 Group Real Estate Portfolio 284 Memberships Maintained by the Industry Groups 64 Group Financial and Sustainability Review 285 Independent Assurance Statement on Non-Financial Reporting 78 Capital Resources and Liquidity 290 Group Directory 81 Industry Group Analysis 296 GRI G4 Content Index 82 Transportation 300 Glossary of Financial Terms 88 Leisure 301 Notice of Meeting 97 Property 303 Proxy Form 104 Consumer Foods & Retail IBC Corporate Information 112 Financial Services 118 Information Technology 123 Other including Plantation Services 129 Portfolio Movement and Evaluation 133 Share and Warrant Information 144 Corporate Social Responsibility www.keells.com John Keells Holdings PLC Annual Report 2014/15 INTRODUCTION TO THE REPORT 3 The John Keells Annual Report discussion on the Group’s known as the Combined Code by the Institute of Chartered 2014/15 is as always a reflection of disclosures of management of 2010) to the extent they are Accountants of Sri Lanka (CA Sri the Group’s integrated approach approach is available on the applicable and practicable, in Lanka) and have been prepared of management, primarily corporate website at www.keells. the context of the nature of our on an accrual basis and under the focussed on a triple bottom com/sustainability. Similarly, diverse businesses and risk profiles. historical cost convention, unless line performance combined the Corporate Governance otherwise specifically stated, with business integrity, good Commentary of this Report is also All Group subsidiaries and with detailed discussions where governance, stakeholder value available online at www.keells. associate companies were applicable in order to ensure and sustainability. This Report com/governance-structure. Any considered in capturing its faithful representation, materiality, gives you a 360 degree view changes to such information financial performance. For relevance, accuracy and reliability. of the economic, social and available on the corporate website the purpose of reporting its environmental performance, will be updated, as and when sustainability performance, The sustainability information overall policies, strategies and such changes occur and where the Group has considered the contained in this Report is direction of the Company and such changes are relevant. companies in its sphere of prepared “In accordance"-Core Group thereby “Helping you to see influence which are the legal of Global Reporting Initiative us more clearly”. Being focussed on transparency entities for which the Group (GRI) G4 Sustainability Reporting and accountability, we confirm remains accountable and has Guidelines. In keeping this Report concise that the statutory/obligatory direct control. The companies and pertinent to the year information contained in this not included for reporting on As such, as you flip through the under review, whilst being Report is in compliance with sustainability performance pages of this Report, you will comprehensive and detailed, the laws and regulations of are companies in which the find a relevant, transparent and we have ensured that the the Companies Act No. 7 of Group does not exercise noteworthy value proposition commentaries in certain sections 2007, the Listing Rules of the significant management control, entrenched within the John Keells are limited to a helicopter view of Colombo Stock Exchange non-operational companies, Group that strives to achieve the events and progress within (CSE). The commentaries, and investment companies and the highest form of stakeholder the year, whilst the Group’s discussions, have considered the companies owning only land. satisfaction. standard policies, operating recommendations of the Code Such companies have been guidelines and management of Best Practices on Corporate clearly identified in the reporting Outlook statements, management approaches are available on the Governance jointly advocated boundary specified in the Group discussion and analyses represent corporate website. As such, the by the Securities and Exchange Directory 2014/15. the personal and group view of the Sustainability Integration section Commission of Sri Lanka (SEC) management which is dependent of this Report comprises the and the Institute of Chartered The financial statements in this on their interpretation of current Group’s management approach Accountants of Sri Lanka (CA Sri Report are prepared in accordance and future events. The reader is towards meeting its sustainability Lanka) and the UK Corporate with the Sri Lanka Accounting advised to seek expert professional impacts, while a more detailed Governance Code (formerly Standards (SLFRS/LKAS) issued advice in all such respects. This Report gives you a 360 degree view of the economic, social and environmental performance, overall policies, strategies and direction of the Company and Group thereby “Helping you to see us more clearly” Group Highlights l Governance l Sustainability Integration & Risk Management l Management Discussion and Analysis l Financial Statements l Supplementary Information ABOUT US 4 John Keells Holdings PLC (JKH) is the largest listed company on the Colombo Stock Exchange, with business interests primarily in Transportation, Leisure, Property, Consumer Foods & Retail, Financial Services and Information Technology, among others. Started in the early 1870s as a produce and exchange broking business by two Englishmen, Edwin and George John, the Group has been known to constantly re-align, re-position and re-invent itself in pursuing growth sectors of the time. JKH was incorporated as a public limited liability company in 1979 and obtained a listing on the Colombo Stock Exchange in 1986. Having issued Global Depository Receipts (GDRs) which were listed on the Luxembourg Stock Exchange, JKH became the first Sri Lankan company to be listed overseas. The Group’s investment philosophy is based on a positive outlook, bold approach, commitment to delivery and flexibility to change. JKH is also committed to maintaining integrity, ethical dealings, sustainable development and greater social responsibility in a multi-stakeholder context. JKH is a full member of the World Economic Forum and a member of the UN Global Compact. The Holding Company of the Group - John Keells Holdings PLC is based at 117, Sir Chittampalam A. Gardiner Mawatha, Colombo 2 and has offices and businesses located across Sri Lanka, India and the Maldives. Our Corporate Vision Building businesses that are leaders in the region Our Values Innovation - Changing constantly, re-inventing and evolving Integrity - Doing the right things always Excellence - Constantly raising the bar Caring - Fostering a great place to work Trust - Building strong relationships based on openness and trust John Keells Holdings PLC Annual Report 2014/15 ORGanisational Structure 5 Industry Groups, Sectors and Primary Brands Transportation Ports & Shipping Transportation Leisure* City Hotels Sri Lankan Resorts Maldivian Resorts Destination Management Hotel Management Property Property Development Real Estate Consumer Foods Consumer Foods Retail & Retail Financial Services Insurance Banking & Leasing Stock Broking Information Technology Information Office Automation Technology IT Enabled Services Other including Plantation Services
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