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Nawaloka Hospitals PLC Annual Report 2019/20

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Nawaloka Hospitals PLC Annual Report 2019/20 Over the years, Nawaloka Hospitals PLC has accumulated vast stores of knowledge pertaining to cutting-edge, advanced patient care spanning all aspects of health and wellness. As the people’s hospital, Sri Lankans from all walks of life seek us out day after day; for our capacity and skill that extends across every aspect of our operations to deliver precision and care to world-class standards. In light of our continued commitment towards quality care and service, we are proud to announce that your hospital achieved the internationally acclaimed JCI accreditation during the year under review – a testament to the dedication, care and expertise that only a specialist can provide. Nawaloka Hospitals. The Healthcare Specialist. Download Revolutionary mobile application 2 NAWALOKA HOSPITALS PLC | Annual Report 2019/20 CONTENTS 14 38 4 About the Report 5 Who We Are Our Leadership 10 Our Journey 16 Board of Directors 12 Performance highlights 22 Management Team 14 Awards and Accreditations 26 Executive Clinical Management Team 28 Chairman's Message 30 Deputy Chairman’s Review 34 Director/General Manager's Statement 14 38 Operating Context Performance and and Strategy Value Creation 38 Value Creation Model 50 Value added statement 40 Stakeholder Engagement 51 Strategic Business Units 42 Determining Material Issues 54 Sustainable Shareholder Value 43 Our Operating Environment 58 Satisfied Customers 47 Implications of COVID-19 and Our response 64 Trusted Partnerships 68 Infrastructure and Technology 72 Expertise and nnovationI 76 Engaged Team 82 Respect for the Environment Annual Report 2019/20 | NAWALOKA HOSPITALS PLC 3 88 197 Risk and Governance Supplementary 86 Risk Management 91 Corporate Governance Information 108 Annual Report of the Board of Directors 212 Investor Information 114 The Board Remuneration Committee Report 215 Quarterly Statistics 115 Audit Committee Report 216 Ten Year Financial Summary 117 Related Party Transactions Review Committee Report 218 Corporate Information 118 Directors’ Responsibility In Financial Reporting 219 Hosting Annual General Meeting 119 Senior Independent Director’s Statement on Virtual/Hybrid Platform 120 Chief Executive Officer’s and 220 Notice of Meeting Head of Finance Statement of Responsibility 223 Form of Proxy 125 Financial Reports 122 Financial Calendars 123 Independent Auditors’ Report 128 Statement of Profit or Loss and Other Comprehensive Income 129 Statement of Financial Position 131 Statement of Changes in Equity 132 Cash Flows Statement 134 Notes to the Financial Statements 4 NAWALOKA HOSPITALS PLC | Annual Report 2019/20 ABOUT THE REPORT WE ARE PLEASED TO PRESENT SCOPE AND BOUNDARY REPORTING STRUCTURE OUR EIGHTH INTEGRATED The Report covers the activities of the We have structured the report to ANNUAL REPORT WHICH SETS Group - Nawaloka Hospitals PLC and provide an overview of how we nurtured OUT THE PERFORMANCE OF its four subsidiaries New Nawaloka our capitals to deliver value to our NAWALOKA HOSPITALS PLC AND Hospitals (Private) Ltd., New Nawaloka stakeholders. We aim to continually ITS SUBSIDIARIES (HEREIN AFTER Medical Centre (Private) Ltd., Nawaloka improve the quality of our reporting REFERRED TO AS THE “GROUP”) Medicare (Private) Ltd. and Nawaloka and this year’s report includes the FOR THE FINANCIAL YEAR ENDED Green Cross Laboratories (Private) Ltd. following features to enhance clarity and 31 MARCH 2020. THE REPORT for the period 1st April 2019 to readability. PROVIDES A BALANCED REVIEW 31st March 2020. An annual reporting • Increased strategic orientation in OF OUR FINANCIAL, SOCIAL AND cycle has been adopted and the most reporting ENVIRONMENTAL PERFORMANCE. recent report for the financial year ended AND PROVIDES CONCISE AND 31st March 2019 is available on our • Careful consideration of relevant and MATERIAL INFORMATION ON THE website www.nawaloka.com. material information GROUP’S OPERATING CONTEXT, STRATEGY, GOVERNANCE, RISK The report focuses on aspects deemed QUALITY ASSURANCE MANAGEMENT FRAMEWORK AND material to the Group’s operations and The Group has obtained an independent PROSPECTS. to our key stakeholders. All financial and opinion on the Financial Statements non-financial information presented from its External Auditors Messrs KPMG herein represents consolidated figures of (Chartered Accountants) which is set out the Company and its subsidiaries, unless on page 123 and 127 of this report. otherwise stated. There are no significant changes in the scope and aspect boundaries. Restatements of deferred taxation provided in previous reports, is explained in Note 33 – to the Financial Statements. REPORTING STANDARDS STATEMENT OF THE BOARD The following frameworks were used to prepare the report moving The Board acknowledges its beyond regulatory compliance to incorporate international best responsibility to ensure the integrity of practices into our reporting processes. the annual Integrated Report and is of the opinion that the report addresses Financial Narrative Corporate all material issues that it believes that Reporting Reporting Governance has a bearing on the Group’s capacity to create value over the short, medium and • Sri Lanka Financial • Integrated • Continued Listing long-term. The report was unanimously Reporting Reporting Requirements of approved by the Board and is signed on Standards Framework the Colombo Stock its behalf by Board. of the Exchange • Companies Act No. International 7 of 2007 • Code of Best Practice on Integrated Corporate Governance • Sri Lanka Reporting issued jointly by Accounting & Council (IIRC) CA Sri Lanka and SEC Auditing Standards 2013 Act No.15 of 1995 Annual Report 2019/20 | NAWALOKA HOSPITALS PLC 5 WHO WE ARE NAWALOKA HOSPITALS We offer state of the art technology GROUP IS A LEADING PLAYER and expert medical care benchmarked Our Vision to international standards. Established IN THE PRIVATE HEALTHCARE over 35 yeas ago as the country’s “To be the hospital of SECTOR PROVIDING PRIMARY, first private premier multi-specialist SECONDARY AND TERTIARY hospital, Nawaloka Hospital continues tomorrow”, to introduce pioneering technology to HEALTHCARE SERVICES. the healthcare industry. The hospital to provide quality and is reputed as a specialist centre of safe healthcare to the excellence and a preferred private healthcare institution in the country. people whilst maintaining leadership and excellence in OUR GROUP the healthcare facility. The Nawaloka Hospital was established in 1985 by our founder Chairman Deshamanya H K Dharmadasa. It has since expanded to a Group consisting of Nawaloka Hospitals PLC and four 100% owned subsidiaries. Nawaloka Hospitals Our Mission PLC was listed on the Colombo Stock Exchange in 2004. “Healing with NAWALOKA HOSPITALS PLC Feeling”, New Nawaloka New Nawaloka Nawaloka Nawaloka to provide the best quality Hospitals (Pvt) Ltd. Medical Centre Medicare Green Cross healthcare in accordance (Pvt) Ltd. (Private) Ltd. Laboratories (Private) Ltd. with international 100% 100% 100% 100% standards to the needy in a cost effective, timely and professional manner. Our Purpose FEEDBACK We are working in a rapidly changing healthcare environment. We welcome feedback on our Annual Report as it enables us to With the input of a multidisciplinary team of faculty and staff, continuously improve our integrated Nawaloka Hospitals PLC has in place instead of developed to lead reporting. Please do address your change and guide our business strategy and decisions. Our focus is on comments and suggestions to; five strategic areas in which we will invest our time and resources: Nalaka Niroshana Strengthen Safety and Quality Head of Finance and Corporate Planning Drive Innovation, Technology and Research NAWALOKA HOSPITALS PLC No. 23, Deshamanya Enable Our People H K Dharmadasa Mawatha, Colombo 02, Plan for a Sustainable Future Sri Lanka. Achieve Financial Health e-mail : [email protected] Tel : +94 11 557 7111 6 NAWALOKA HOSPITALS PLC | Annual Report 2019/20 WHO WE ARE JCI 600+ 14,603 ACCREDITATION CONSULTANTS SURGERIES 26,408 483,560 2,305 PATIENT CHANNEL EMPLOYEES ADMISSIONS APPOINTMENTS 525 2,500+ 400+ QUALIFIED TESTS BEDS AND TRAINED DIAGNOSTIC HIGHEST NO OF BEDS IN A NURSES CAPABILITIES SINGLE PRIVATE FACILITY ISLAND -WIDE LABORATORY NETWORK AND COLLECTION 2 HOSPITALS 12 OWNED COLLECTION CENTRES 10 CORPORATE MEDICAL CENTRES 800+ COLLECTION CENTRES 2 REGIONAL LABS 5 IN-HOUSE PHARMACIES 5 MINI LABS Western province Southern province North western Sabaragamuwa 1 Regional Lab 1 Regional Lab 1 Mini Lab 10 Collection Centres 2 Mini Labs 2 Mini Labs 40 Collection Centres 9 COCOs 3 COCOs 500 Collection Centres 250 Collection Centres Annual Report 2019/20 | NAWALOKA HOSPITALS PLC 7 CUTTING-EDGE TECHNOLOGY AT OUR FACILITIES The world’s fastest and most accurate Latest technology in bone density Fibro Scan - Non-invasive, pain-free 640 Slice CT scanner - Toshiba Aquilion scanning - DEXA (Dual Energy X-ray liver assessment technology. Nawaloka ONE. Nawaloka Hospitals PLC was the Absorptiometry). Hospitals PLC was the pioneer in first to introduce the technology to introducing this technology in Sri Lanka. Sri Lanka. World class Haemodialysis Unit. 3 TESLA and 1.5 TESLA MRI scanners World’s best 3D HOLOGIC Digital - Only hospital in Sri Lanka to have Mammogram Available at the Nawaloka two MRI machines in operation. First Breast Care Centre. hospital in Sri Lanka to commission this technology. STRONG DIAGNOSTIC AND LEADER IN CHANNELLING FULLY-FLEDGED NURSES PATHOLOGICAL SERVICES SERVICES
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