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Annual Report 2018/2019

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Annual Report 2018/2019 CARGILLS (CEYLON) PLC ANNUAL REPORT 2018 | 2019 Contents About this Report 02 Overview Vision and Mission 03 Our Progress 04 Vision to Transform : The Journey 06 The Group Structure 08 Financial Highlights 11 Non-Financial Highlights 13 Our Businesses 14 Chairman’s Message 16 Profile of Directors 19 Management & Financial Review 22 Stewardship Corporate Governance 27 Enterprise Risk Management 55 Sustainability Report 63 Financial Statements Annual Report of the Directors' on the Affairs of the Company 103 Statement of Directors’ Responsibility 107 Independent Auditor’s Report 108 Financial Performance 112 Statement of Profit or Loss and Other Comprehensive Income 113 Statement of Financial Position 114 Statement of Changes in Equity - Group 115 Statement of Changes in Equity - Company 116 Statement of Cash Flows 117 Notes to the Financial Statements 119 Supplementary Information Five Year Financial Summary 191 Group Real Estate Portfolio 193 Investor Relations Supplement 195 Notice of Annual General Meeting 197 Notes 198 Proxy Form 199 Corporate Information Inner Back Cover (IBC) 01 At the core of Cargills’ over 170 years old story is our passion to be the helping hand the everyday heroes of our nation need to reach their fullest potential. Our relationship with our farmers who help us nourish the nation is strengthened by the various projects, schol- arship programmes for farmers’ children and environ- mental initiatives we conduct to assist them in further- ing their personal and business growth. Entrepreneurs form a critical part of our supply chain, bringing success to themselves while contributing to the local-economy. We take pride in helping encourage entrepreneurship in the country and improving the quality of life enjoyed by the communities they impact. Our employees’ hard work and determination has con- sistently put smiles on the faces of our valued custom- ers. We consider our employee our family and we make it a priority to provide them with opportunities for development in both their professional and personal lives. Our customers’ have facilitated the transforma- tion of countless lives for the better with their unwa- vering loyalty towards us. In return, we reward them with quality products made accessible to all, at the best possible prices. Our farmers, entrepreneurs, em- ployees and customers are all heroes who inspire us to transform the ordinary into the extraordinary and as such, are our heroes. We continue to take great pride in empowering them. CARGILLS (CEYLON) PLC Annual Report | 2019 2018 02 About this Report SCOPE AND BOUNDARIES by the International Integrated Report- INTEGRATED REPORTING In a progressive journey towards inte- ing Council (IIRC) and consolidated set APPROACH grated reporting Cargills (Ceylon) PLC of GRI standards. This is our 4th Report In adopting an integrated reporting for- presents its Annual Report for the year presenting information in accordance mat, we provide a concise communica- ended 31 March 2019 covering the op- with the GRI Guidelines and where ap- tion of the organization’s strategy, gov- erations of Cargills (Ceylon) PLC (Com- plicable we have compared performance ernance, performance and prospects, in pany) and its subsidiaries as listed out in with our previous report published as at the context of its external environment, the inner back cover of the compilation March 31st 2018. This report has been leading to the creation of value over the (collectively addressed as the “Group”). prepared in accordance with the GRI short, medium and long term. All financial and non-financial reviewing is Standards: Core Option. Assurance on within the scope of sectoral operations the sustainability reporting was provided The integrated report also shows how and where necessary and material the by M/s KPMG. the organization uses and affects its im- report details out business units within portant capitals as well as the trade-offs sectors. The information covered is for The Report also adheres with the re- between the capitals, in its value creation the period from 1 April 2018 to 31 March quirements of the Code of Best Practice process. 2019 which is the annual reporting cycle on Corporate Governance issued joint- of the Cargills Group. ly by the Chartered Accountants of Sri This report is an attempt to align the prin- Lanka and the Securities and Exchange ciples of International Integrated Report- FINANCIAL REPORTING Commission of Sri Lanka. ing Framework developed by the The In- The financial information has been pre- ternational Integrated Reporting Council REPORTING STRUCTURE pared and presented in accordance with (IIRC). the Sri Lanka Accounting Standards The Reporting structure enables the (SLFRS and LKAS) laid down by the In- Group’s businesses to be reviewed by stitute of the Chartered Accountants of Sector in terms of operations, strategy Sri Lanka in compliance with the require- and performance while GRI reporting is ments of the Companies Act No. 07 of compiled herein at Group level through a 2007 and the listing rules of the Colombo process of data gathering and review by Stock Exchange and have been audited operation and by sector. Therefore, the by M/s KPMG. main entity for which the social and envi- ronmental information is presented in the NON-FINANCIAL REPORTING narrative reports unless otherwise stated at the Group level. We present our non-financial information for the financial year 2018/19 with the The material aspects and boundaries are aim of informing our stakeholders of our based on internal assessments cover- role in society related to our Vision of be- ing the Group’s operations in Sri Lanka. ing a “Global Role model in community We have provided both quantitative and friendly National Development” the core qualitative data and it has been our inten- foundation of our business and sustain- tion to provide quantitative data where ability strategy and objectives. We define possible to facilitate comparisons and ‘non-financial information’ as information further analyses. pertaining to the non-financial issues emerging from our determination of ma- teriality. The Report is based on the Inte- grated Reporting Framework published CARGILLS (CEYLON) PLC Annual Report | 2019 2018 03 Vision Overview To be a global corporate role model in community – friendly national development. Mission Serve the rural community, our custom- ers and all other stakeholders, through our core business – food with love – and oth- er related businesses, based on the three main principles of; • Reducing the cost of living • Enhancing youth skills • Bridging regional disparity by enhancing local and global markets. CARGILLS (CEYLON) PLC Annual Report | 2019 2018 04 Our Progress In 1844, William Miller and David plant and thereby expanded its outgrow- In 2017, Kotmale launched its new Sime Cargill commenced a gener- er network to include dairy farmers. Car- Dairy plant in Banduragoda, which is al warehouse, import and wholesale gills Magic ice cream was the outcome Sri Lanka’s first fully integrated dairy business in Colombo, Fort. The es- of this endeavour. In the same year Car- processing facility. tablishment was named the ‘House gills diversified into agri-processing with of Cargills’. A successful bid by Sir Cargills Kist which created further market In 2018, Cargills Foods Company Pri- Chittampalam A. Gardiner saw the opportunities for farmers. vate Limited launched its 350th super House of Cargills being incorporated market outlet in Pilimathalawa. as a Public Limited Liability Company In 2008 Cargills acquired Millers Limited on 1 March 1946. consolidating its marketing and distribu- Cargills opened its first gourmet spe- tion operation. cialty supermarket, Cargills Food Hall, In 1981 Ceylon Theatres acquired at the Colombo City Centre Shopping controlling interest of the Company In 2010 Cargills undertook an aggres- Mall in December 2018. and Mr. Albert A. Page was appoint- sive expansion plan in the FMCG sector ed the Managing Director. Mr. Albert to ride the growth potential of a growing In 2019, Cargills established " Cargills Page went on to become the Chair- economy. During that year the Company Foundation" to undertake social devel- man of Cargills on 26 November expanded its interests in the dairy sector opment initiatives of the Group. 1982. by acquiring Kotmale Holdings PLC and entered another growing category with Under the new management, Cargills the acquisition of Diana Biscuits now explored the potential of innovating marketed under the Kist brand. on its trading legacy. As a result, in 1983 Cargills established the first In 2011, the Company secured a provi- supermarket chain in Sri Lanka with sional commercial banking license from the opening of its first outlet at Staple the Central Bank of Sri Lanka. Street. In 2013, Cargills acquired the franchise Cargills ventured into the production license for TGIF and opened its first res- of processed meats in 1993 when the taurant at Fort in October 2013. Company invested in its first manufac- turing facility Cargills Quality Foods, in Cargills Bank commenced formal opera- Mattakkuliya. tions in 2014. In the same year the Com- pany commenced operations of Cargills In 1996 Cargills acquired the fran- Square mini mall in Jaffna. chise license for KFC and innovated on its secret recipe to deliver products In 2016, Cargills Agrifoods Limited ac- that suited the local palate. quired Ceylon Agro Development Com- pany (Private) Limited. The Company is Cargills began sourcing fruits and engaged in the distribution of
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