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With Innovative Textures SCAN to Access Full Integrated Annual Report with Innovative Textures BLUEPRINT of VALUE

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With Innovative Textures SCAN to Access Full Integrated Annual Report with Innovative Textures BLUEPRINT of VALUE BLUEPRINT OF VALUE HAYLEYS FABRIC PLC | ANNUAL REPORT 2018/19 with Innovative Textures www.hayleysfabric.com SCAN to access full Integrated Annual Report with Innovative Textures BLUEPRINT OF VALUE At Hayleys Fabric, we have always believed that planning means ‘bringing the future into the present so that you can do something about it, now’. We have been planning ahead for several years now, constantly improving what we do today in order to deliver better value tomorrow. We have worked hard to overcome the challenges of a few difficult years and become who we are today; a vibrant and profitable company fully empowered to choose our goals and future direction. The excellent results recorded in this report clearly reflect the value of our commitment to long-term strategies and sustainable growth. Your company is now a strong and dynamic centre of excellence. Innovation, agility, productivity and passion will remain key factors in our success story as we continue to apply forward thinking to everything we do, continuously evolving our business model into an enduring blueprint of value. CONTENTS 50 04 Management Discussion & Introduction Analysis About the Report ......................................................... 06 Focus on Strategy ....................................................... 52 Awards During the Year ............................................... 07 Statement of Value Added ........................................... 59 About Us ..................................................................... 08 Operating Environment ................................................ 60 Vision, Mission & Values .............................................. 09 The Capitals Report ..................................................... 64 Performance Highlights ............................................... 10 Way Forward ............................................................... 92 Our Commitment to Sustainability................................ 14 Managing Risk ............................................................. 94 Chairman’s Message ................................................... 18 GRI Index .................................................................. 100 Managing Director’s Review ......................................... 22 Independent Assurance Report ................................. 104 Board of Directors ....................................................... 26 Management Team ...................................................... 31 Corporate Governance ................................................ 34 106 Financial & 18 Statutory Reports Report of the Audit Committee .................................. 110 Chairman’s Message Report of the Remuneration Committee..................... 112 Report of the Related Party Transactions Review Committee ........................................................... 113 Responsibility Statement of Managing Director/CEO and Chief Financial Officer .................................... 114 Annual report of the Board of Directors on the Affairs of the Company .............................. 115 Board of Directors’ Statement on Internal Control ...... 120 Statement of Directors’ Responsibilities for 22 Financial Statements ........................................... 121 Managing Director’s Financial Calendar 2018/19 ....................................... 122 Review Independent Auditors’ Report .................................... 123 Financial Statements ................................................. 126 Financial Statements translated into LKR ................... 159 Ten Year Summary .................................................... 161 Glossary of Financial Terminology .............................. 162 Investor Information ................................................... 164 Notice of Meeting ..................................................... 166 Form of Proxy ............................................................ 167 Corporate Information ................................................ IBC TARGETS FOR 2020 Increase profitability (PBT) by 20% Innovate over 10 new products Increase employee productivity by 25% Reduce water intensity by 5% 94% 32% 9% 58% Employee Renewable raw Water recycled Training retention material & reused coverage of employees OUR PARTNERS HAYLEYS FABRIC PLC | ANNUAL REPORT 2018/19 3 Introduction 4 ANNUAL REPORT 2018/19 | HAYLEYS FABRIC PLC About the Report ......................................................... 06 Awards During the Year ............................................... 07 About Us ..................................................................... 08 Vision, Mission & Values .............................................. 09 Performance Highlights ............................................... 10 Our Commitment to Sustainability................................ 14 Chairman’s Message ................................................... 18 Managing Director’s Review ......................................... 22 Board of Directors ....................................................... 26 Management Team ...................................................... 31 Corporate Governance ................................................ 34 HAYLEYS FABRIC PLC | ANNUAL REPORT 2018/19 5 ABOUT THE REPORT We are pleased to present our fifth Integrated Annual Report which sets out the performance for the financial year ending 31 March 2019. 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 fourth consecutive integrated Annual Report for the previous financial year ending on 31 March 2018, this year’s report has been further refined to enhance readability. It includes an overview of how we nurtured our capitals to deliver value to our stakeholders. 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 • Sri Lanka Accounting & Auditing Standards Act No.15 • GRI Standards “In Accordance - Core” Option of 1995 • Sri Lanka Financial Reporting Standards Information set out in this report have been sourced from the following sources: Information Source Financial statements including accounting policies and Hayleys Fabric PLC notes to the accounts Operational and sustainability information Hayleys Fabric PLC Information on the Global economy and market trends World Economic Outlook April 2019 published by International Monetary Fund Euro monitor reports Information on the Sri Lankan economy, apparel and Central Bank of Sri Lanka website and Joint Apparel textile 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 KPIs 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. Ruwan Rohitha Bandara : Director - Finance [email protected] Finance Department, Hayleys Fabric PLC, Narthupana Estate, Neboda, Sri Lanka. 0094 -34- 2297100 www.hayleysfabric.com 6 ANNUAL REPORT 2018/19 | HAYLEYS FABRIC PLC AWARDS DURING THE YEAR Won the Silver award for the 1st time, after winning bronze awards during the past 3 consecutive years, in the Manufacturing sector above Rs.5 Bn Revenue category at the Annual Report Awarding Ceremony – 2018, organized by CA Sri Lanka and Colombo Stock Exchange Won the Bronze award under the Category of Textile and Textile Processing Industry at Presidential Environment Awards Ceremony - 2018, organized by the Central Environment Authority of Sri Lanka Won the certificate of Merit for the third consecutive year in 2018 at the excellence in Integrated Reporting Award Ceremony held in Pune - India, organized by SAFA (South Asian Federation of Accountants) HAYLEYS FABRIC PLC | ANNUAL REPORT 2018/19 7 ABOUT US Hayleys Fabric PLC manufactures innovative high value fabric to quality conscious global fashion brands. A pioneer in the field, we were also the first to develop our own branded range of fabric “Inno”, as we forecast fashion trends to develop fashion forward fabric that capture our clients’ interest. A passion for innovation drives our growth and performance which turned around as we achieved a paradigm shift in our business model to sell fabric that are conceptualized and manufactured by us. A subsidiary of Hayleys Group, we build on a legacy of sound corporate governance and visionary leadership to create value for our stakeholders. A PARADIGM SHIFT Pioneer fabric Pioneer manufacturer of Leading manufacturer of Launch of "Inno" range manufacturer in polyester fabric in nylon fabric in Sri Lanka in 2014 which now Sri Lanka since 1993 Sri Lanka Since 2000 2016 accounts for 7.7% of GP in current year KEY
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