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Aitken Spence PLC - Annual Report 2018 - 2019

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Aitken Spence PLC - Annual Report 2018 - 2019 Future Fit Aitken Spence PLC - Annual Report 2018 - 2019 The Aitken Spence Group has a long and distinguished history and last year we celebrated our 150th anniversary. This remarkable milestone demonstrates how indomitable and experienced your company now is, for today we are one of the nation’s most respected conglomerates with thriving business interests in major industry sectors in Sri Lanka and beyond. We remain undeterred by the many challenges we have faced in recent times for we fi rmly believe that our inherent resilience will see us grow and thrive in any and all circumstances. We have created a vibrant business enterprise by being astute and far-sighted and now we are adept at perceiving where the best avenues for value creation lie. Today, we are a diversifi ed conglomerate that is truly ‘Future Fit’; one that is agile and adaptable yet strong and stable, guaranteeing that our pledge of stakeholder value will endure, both now and in the years to come. FUTURE FIT CONTENTS 04 57 OUR APPROACH TO REPORTING MANAGEMENT DISCUSSION AND ANALYSIS About Our Report 4 Group Capital Management Reviews Financial Highlights 6 Financial Capital 59 About Us 8 Human Capital 65 Supporting Economic Growth 11 Social and Relationship Capital 73 Performance Highlights 12 Natural Capital 82 History 14 Manufactured Capital 92 Key Events 16 Intellectual Capital 95 Sector Reviews Tourism 100 Maritime and Logistics 112 Strategic Investments 122 Services 132 17 EXECUTIVE REVIEWS Chairman’s Message 19 Deputy Chairman and Managing Director’s Message 24 The Board of Directors 30 Group Supervisory Board 34 Board of Management 36 Senior Management Committee 42 Strategic Report 45 Value Creation 46 Operating Environment 48 Engaging with Stakeholders 50 Group Strategy 54 Determining Material Issues 56 2 Aitken Spence PLC Annual Report 2018-2019 141 319 GOVERNANCE AND RISK MANAGEMENT SUPPLEMENTARY INFORMATION Corporate Governance 143 Ten Year Summary 321 Nomination Committee Report 162 Sustainable Development Goals 322 Remuneration Committee Report 163 GRI Index 323 Audit Committee Report 164 Independent Assurance Statement 332 Related Party Transactions Review Group Companies and Directorate 335 Committee Report 166 Awards and Accolades 345 Board of Director's Statement on Internal Controls 168 Glossary of Terms 346 Annual Report of the Board of Directors 170 Corporate Information 349 Managing Risk and Opportunities 175 Notice of Meeting 352 Investor information 184 Form of Proxy 353 Shareholder Feedback Form 355 191 FINANCIAL STATEMENTS Financial Calendar and Quarterly Financial Highlights 193 Index to the Financial Statements 195 Statement of Director’s Responsibilities 196 Independent Auditor’s Report 197 Financial Statements 201 Consolidated Financial Statements in USD 316 Tourism Maritime and Logistics Strategic Investments Services Pg. 100 Pg. 112 Pg. 122 Pg. 132 3 FUTURE FIT ABOUT OUR REPORT This is the 36th annual report of Aitken Spence PLC which has transformed over the years, embracing international best practice in corporate reporting. It is our eighth Integrated annual report and covers the performance during the fi nancial year ended 31st March 2019 and its position as of that date. Moving beyond legal and regulatory compliance, the report contains information for providers of fi nancial capital and is of interest to other stakeholders as well as it contains information on material issues impacting our performance. Our aim is to communicate relevant material information in a concise but comprehensive manner, providing a balanced review of our performance. Frameworks Applied We have applied the following frameworks in preparing this report. Collectively, they form the scope of this report, providing guidance on matters to be disclosed. Frameworks Group Group Assurance Group AppliedStrategy Strategy Companies Act No.7 of 2007 Assurance has been provided by KPMG on Sri Lanka Financial Reporting Standards issued by the Institute of Chartered the Financial Statements Accountants of Sri Lanka including the Notes to STATUTORY the Accounts. Code of Best Practice on Corporate Governance issued by the Institute of DNV has provided Chartered Accountants of Sri Lanka assurance that the report is “In Accordance-Core” Guided by the IR Framework issued by the International Integrated Reporting with the GRI Standard. Council GRI Standards “In Accordance – Core” UN Global Compact VOLUNTARY Women’s Empowerment Principles Communicating Sustainability issued by the Colombo Stock Exchange ++ http://www.aitkenspence.com/annualreport/ Our Annual Report is also available online. Please visit our website at www.aitkenspence.com to access the report. 4 Aitken Spence PLC Annual Report 2018-2019 Scope & Boundaries The Board and other preparers of the annual report provide this Financial information is presented in accordance with regulatory information without recourse or any liability whatsoever due to requirements and presents a view of the entire Group including the relatively high levels of uncertainty regarding the complex all subsidiaries and equity accounted investees. Non-fi nancial matrix of variables and assumptions used to forecast the same. information presented within the report covers the operations in all countries we operate in other than Bangladesh and Feedback & Inquiries Mozambique as the sustainability information gathering has not A feedback form is provided on page 355 and we would been implemented fully in these countries. appreciate your feedback on the annual report using this form which can be handed over at the Annual General Meeting or Forward Looking Statements mailed to the Company Secretaries with “Annual Report 2019 - The report contains forward looking statements which inherently Feedback” marked on the top left hand corner of the envelope. involve varying degrees of uncertainty as they relate to future The form is also available online on www.aitkenspence.com/ events, outcomes and impacts which are beyond our control. annualreport and these responses will be automatically fed to our This information has been provided as we believe they are annual report team. We value your feedback as it would assist us valuable to assess the future potential of the Group and we in improving the quality of the information in the annual report in have provided the same using reliable sources of information. the year that has commenced. Navigation to locate disclosures Information for specifi c material topics within sections of this report can be found in the information map given at the end of the section. The following icons will indicate; Disclosures for material topics Page numbers of other sections within GRI from the GRI Standard the report with more detail on specifi c topics Links for specifi c information available online Information relevant to the in line with the requirements of reporting standards and/ or voluntary UNGC Principles endorsements and more detailed overviews not published in this volume Disclosures applicable to the Disclosures applicable to the tourism sector maritime and logistics sector Disclosures applicable to the Disclosures applicable to the strategic investments sector services sector Information Map A comprehensive shareholder feedback form is available at the end of the report on page 355 to obtain feedback about this report so that the disclosures in future reports can be improved to suit the reader’s needs better. Further our social media could also be used to communicate with us for feedback and comments. Please also visit our website at www. aitkenspence.com for more information. GRI 102-46 In this section; GRI 102-46: Defi ning report content and topic Boundaries. The Greenhouse Gas emissions associated with the production of this report have been reduced to net zero courtesy of initiatives by our green printing facility Aitken Spence Printing and Packaging (Pvt) Ltd. 5 FUTURE FIT FINANCIAL HIGHLIGHTS THE GROUP ACHIEVED ITS HIGHEST EVER PROFIT BEFORE TAX OF RS. 7.3 BILLION FOR THE YEAR UNDER REVIEW, AN INCREASE OF 14% OVER THE PREVIOUS YEAR. Inspired by the heritage and entrepreneurial journey, the priority of Aitken Spence is to be a sustainable and responsible business enterprise that delivers long term value to all stakeholders. In keeping with this, the Group was able to record its highest ever profi ts this year. The diversity of the Group’s business sectors and its geographical span, has been the corner stone of the Group’s success throughout the years. Investments that were strategically thought out and passionately executed has not only propelled it to greater heights but has also enabled it to withstand the fl uctuations of fortunes of the Sri Lankan and global economies. 28% Retained for reinvestments 10% To Governments Rs. Bn 7.3 41% To employees 5% To shareholders PROFIT 16% To lenders of capital BEFORE TAX DISTRIBUTION OF WEALTH CREATED 6 Aitken Spence PLC Annual Report 2018-2019 Dividend Per Share (Rs.) 3.0 2.5 2.0 215,749 1.5 Rs.125 Bn TRAINING HOURS 1.0 TOTAL ASSETS FOR THE YEAR 0.5 RS. 49.5 BN 0.0 2017 2018 2019 SHAREHOLDER'S WEALTH Rs. 55.7 Bn 14,133 REVENUE EMPLOYEES Rs.124 Mn FUNDS CHANNELLED FOR COMMUNITY DEVELOPMENT Rs.5.2 Bn RECIPIENT OF SRI LANKA’S BEST CORPORATE PAID AS DIRECT AND CITIZEN SUSTAINABILITY AWARD INDIRECT TAXES FOR THE SECOND CONSECUTIVE YEAR 7 FUTURE FIT ABOUT US VISION To achieve excellence in all our activities, establish high A diversifi ed conglomerate in operation for over 150 years growth businesses in and listed on the Colombo Stock Exchange since
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