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Hayleys Fabric Plc Hayleys Fabric Plc | Annual Report 2019/20

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Hayleys Fabric Plc Hayleys Fabric Plc | Annual Report 2019/20 HAYLEYS FABRIC PLC HAYLEYS FABRIC PLC | ANNUAL REPORT 2019/20 REPORT | ANNUAL PLC FABRIC HAYLEYS PROGRESSIVE BY NATURE ANNUAL REPORT 2019/20 with Innovative Textures www.hayleysfabric.com “We continuously look at our business from fresh perspectives and take advantage of new ideas and technology to reduce our environmental footprint.” www.hayleysfabric.com SCAN to access full Integrated with Innovative Textures Annual Report ANNUAL REPORT 2019/20 | HAYLEYS FABRIC PLC 1 HAYLEYS FABRIC PLC | ANNUAL REPORT 2019/20 2 ANNUAL REPORT 2019/20 | HAYLEYS FABRIC PLC Our 25+ years of expertise in the local fabric manufacturing industry is defined by one signature trait-our progressive nature. At Hayleys Fabric we thrive on exploring the possibilities of tomorrow to deliver fashion- forward fabric loved by apparel giants worldwide. Today, we have shifted our focus towards sustainable innovation, further aligning our operations to become a socially responsible commercial entity with greater degree of transparency. As we move in to another chapter of our journey, we will continue to leverage on our advanced technology and vibrant team to expand our footprint across the globe with sustainable solutions that gives us an edge in the market - because we are progressive by nature. with Innovative Textures 3 HAYLEYS FABRIC PLC | ANNUAL REPORT 2019/20 CONTENTS Introduction Financial & Statutory Reports About the Report .............................................................. 8 Report of the Audit Committee ....................................110 Awards During the Year ................................................... 9 Report of the Remuneration Committee .....................112 About Us ...........................................................................10 Report of the Related Party Transactions Review Vision, Mission & Values .................................................11 Committee .......................................................................113 Performance Highlights ..................................................12 Responsibility Statement of Managing Director/CEO and Director-Finance /Chief Financial Officer ..............114 Chairman’s Message .......................................................17 Senior Independent Director's Statement ....................115 Managing Director’s Review ...........................................20 Annual Report of the Board of Directors on the Board of Directors ...........................................................24 Affairs of the Company .................................................116 Management Team ..........................................................30 Board of Directors’ Statement on Internal Control .....121 Corporate Governance ....................................................34 Statement of Directors’ Responsibilities for Financial Statements ............................................................122 Management Discussion & Analysis Financial Calendar 2019/20 ............................................123 Creating Value .................................................................51 Independent Auditors’ Report ......................................124 Operating Environment ..................................................54 Financial Statements .....................................................128 Determining Material Issues ..........................................59 Financial Statements Translated into LKR ..................159 Focus on Strategy .............................................................60 Ten Year Summary ........................................................161 Economic Value Added ...................................................62 Glossary of Financial Terminology ..............................162 Sustainable Shareholder Value .......................................63 Investor Information .....................................................164 Responsible Innovation ...................................................67 Notice of Meeting ..........................................................166 Respect for the Environment ..........................................71 Form of Proxy ................................................................167 Satisfying our Customers ................................................80 Corporate Information .................................................IBC An inspired Team ............................................................83 Advanced Technology ......................................................90 Strong Networks ..............................................................95 Way Forward ....................................................................99 Managing Risk & Opportunities ...................................101 GRI Index .......................................................................103 Independent Assurance Report ....................................107 “Driven by innovation and committed to global product commercialization, our goal is to provide our customers with fabric that enhance the value of everyday life.” 4 ANNUAL REPORT 2019/20 | HAYLEYS FABRIC PLC 5 HAYLEYS FABRIC PLC | ANNUAL REPORT 2019/20 “Progressive and innovative” Introduction 6 ANNUAL REPORT 2019/20 | HAYLEYS FABRIC PLC Hayleys Fabric PLC (formerly known as Hayleys Fabric’s manufacturing facility Hayleys MGT Knitting Mills PLC), is the is capable of Knitting, Dyeing, Printing, pioneer in textile manufacturing in Sri Lanka. Brushing, Sueding and Finishing pure and We are capable of providing a complete blended polyester and cotton fabric. Our portfolio of end- to end solutions from design laboratories are equipped with modern, state- to manufacturing of fabric made out of natural of-the art machinery to achieve 100% accuracy and synthetic fiber. We are proud to be the first in color and are accredited by Decathlon, apparel sector company to be listed on the Next, Limited Brands, NIKE, George, Tesco, Colombo Stock Exchange in 2003. and Marks and Spencer. Knitting section has a dedicated comprehensive Flat Knit section Hayleys Fabric is capable of producing 3 which produces Collars and Cuffs. Printing million meters of fabric per month. We are section is equipped with the latest CAD system proud to have some of the leading global from AVA CAD/CAM, which is specifically fashion brands, such as Victoria’s Secret, Pink, designed for textile and apparel sector. SAP- Intimissimi, Tezanis, Nike, Decathlon, Asics, ERP system is used to seamlessly integrate Tommy Hilfiger, Calvin Klein and Next as our all of our business functions and FastReact partners. Production planning tool which is specifically Our product range includes Single Jersey, designed for the textile and apparel industry Interlock, Pique, Rib, Fleece and Polar Fleece, is used to coordinate all production related Jacquard and Flat Knits, which are composed activities. using pure and blend of cotton, polyester, viscose, modal yarns, in both solid colors and in printed form. 7 HAYLEYS FABRIC PLC | ANNUAL REPORT 2019/20 ABOUT THE REPORT We are pleased to present our sixth Integrated Annual Report which sets out the performance for the financial year ending 31 March 2020. It presents a balanced review of our performance for covering financial, environmental and social performance, our governance framework and how we manage risk. Building on our fifth consecutive Integrated Annual Report for the previous financial year ending on 31 March 2019, this year's report has been further refined to enhance readability. The report has been structured to reflect our strategy which is a key change from the capitals structure adopted in the previous years. The following standards, frameworks and guidelines were used to prepare the report moving beyond regulatory compliance to incorporate international best practice in to our reporting processes. Regulatory Requirements Voluntary Frameworks • Companies Act No. 7 of 2007 • Code of Best Practice on Corporate Governance • Continued Listing Requirement of the Colombo Stock • Integrated Reporting Framework Exchange • This report has been prepared in accordance with the • Sri Lanka Accounting & Auditing Standards Act No.15 of 1995 GRI Standards: Core option • Sri Lanka Financial Accounting & Reporting Standards (LKASs/SLFRSs) Information set out in this report have been sourced from the following sources: Information Source Financial statements including accounting policies and notes to • Hayleys Fabric PLC the accounts Operational and sustainability information • Hayleys Fabric PLC Information on the Global economy and market trends • World Economic Outlook April 2020 published by International Monetary Fund • Euromonitor reports Information on the Sri Lankan economy, apparel and textile • Central Bank of Sri Lanka website and Joint Apparel sub-sector Association Forum websites This year’s report includes the following features to enhance readability: • Strategic focus of the report is facilitated by linking KPls and materiality to strategy • Connectivity of information with signposts to key areas through the value creation model and strategy • Clarity and conciseness has been further improved with the incorporation of relevant and material information • Comparable information is provided throughout the report using external sources where available • Reliability of information has been enhanced by assurance on both the financial statements and the sustainability information by the external auditors Ernst & Young For inquiries about this report, please contact: Mr.
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