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Annual Report 2013/2014

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Annual Report 2013/2014 evolutione l uuttit i o n Hemas Holdings PLC Annual Report 2013/14 www.hemas.com Hemas Annual Report 2013/14 online www.hemas.com HemasHeHemaas HoldingsHoldi PLC Annual Report 2013/14 This report is available as a PDF download on our website. Cover image - Vector Graphic by DryIcons Contents Our Purpose 2 > Financial information Financial Highlights 3 Statement of Directors’ Responsibility 84 Independent Auditor’s Report 85 > Performance Review Income Statement 86 Chairman’s Statement 4 Statement of Other Comprehensive Income 87 Chief Executive Officer’s Review 8 Statement of Financial Position 88 Financial Review 10 Statement of Changes in Equity (Group) 89 FMCG 16 Statement of Changes in Equity (Company) 90 Healthcare 20 Statement of Cash Flows 91 Leisure 24 Notes to the Financial Statements 92 Transportation 28 Share Information 154 Power 32 Five Year Summary 157 Glossary 158 Sustainability Report 36 Notice of Meeting 159 Corporate Governance 42 Notes 160 Risk Management 51 Form of Proxy 163 Hemas’ Board Remuneration Committee 55 Audit Committee Report 57 Report of the Nominations and Governance Committee 59 The Board of Directors 60 Senior Management 66 Group Operating Committee 68 Annual Report of the Directors 70 Directors’ Interest in Contracts with the Company 78 For over sixty five years Hemas Holdings PLC has been one of the nation’s fastest growing blue-chip conglomerates, delivering an award-winning range of diversified products and services to all Sri Lankan consumers. Through healthcare, leisure, transportation, power generation and a broad portfolio of reputed FMCG products, we are proud to serve over a million loyal customers every day. Today Hemas is evolving in many exciting ways. This report describes how the Group moves to the next phase of our development, through the acquisition of J.L. Morison Son & Jones (Ceylon) PLC and welcoming our new Chief Executive Officer Mr Steven Enderby to the Board as part of a managed succession plan. These changes will see your Company increase in strength and stature, bringing greater focus to corporate sustainability, value building and good governance as our evolution continues into the years ahead. 2 HEMAS HOLDINGS PLC Annual Report 2013/14 Our purpose To passionately deliver outstanding products and services thus enriching the lives of our customers and creating superior value to our shareholders. We will do this by: • Being a national leader in personal care and healthcare solutions • Investing in growth industries with potential for superior value creation • Establishing a regional footprint through a team of passionate, capable and empowered people. Our values Hemas reveres its moral compass: its values. It is our values that hold us together in meeting success, in providing our customers with quality products and services that they deserve. • Passion for customers • Obsession for performance • Driven by innovation • Concern for people We are a business that has grown, and developed companies and products which compete with leading global players and are very much focused on profitability, while maintaining a high level of social consciousness We are building capability and leadership among our people and attracting some of the best talent in the market place u Financial Highlights 3 Financial Highlights Year Ended 31 March Change 2014 2013 % Operating Results Group Revenue Rs '000s 32,833,249 26,098,362 25.8 Operating Profit Rs '000s 3,378,598 2,436,994 38.6 Profit Before Taxation Rs '000s 3,047,239 2,409,541 26.5 Profit After Taxation Rs '000s 2,560,905 1,935,843 32.3 Profit Attributable to the Parent Rs '000s 2,409,276 1,659,660 45.2 Gross Dividend Paid Rs '000s 429,409 314,900 36.4 Cash from Operations Rs '000s 2,895,800 1,863,616 55.4 Financial Position Total Assets Rs '000s 34,378,889 26,007,658 32.2 Equity Attributable to Equity Holders of the Parent Rs '000s 14,300,524 12,153,342 17.7 No. of Shares No. '000s 515,291 515,291 - Gearing % 30.7 25.5 20.5 Shareholder Information Return on Equity % 18.2 14.6 25.1 Earnings per Share Rs. 4.68 3.22 45.2 Dividend per Share Rs. 0.75 0.55 36.4 Dividend Payout % 16.0 17.1 (6.1) Net Assets per Share Rs. 27.8 23.6 17.7 Market Capitalisation Rs '000s 19,426,456 13,912,847 39.6 Price Earnings Ratio Times 8.1 8.4 (3.8) Market Price as at 31 March Rs. 37.70 27.00 39.6 Group Revenue Profit Attributable to the Parent Rs. Mn Rs. Mn 09/10 14,997 09/10 902 10/11 18,067 10/11 1,210 11/12 21,533 11/12 1,165 12/13 26,098 12/13 1,660 13/14 32,833 13/14 2,409 Cash from Operations Equity Attributable to Equity Holders of the Parent & ROE Rs. Mn Rs. Mn 09/10 1,408 09/10 12.3% 7,692 10/11 1,995 10/11 14.6% 8,728 11/12 1,096 11/12 12.0% 10,650 12/13 1,864 12/13 14.6% 12,153 13/14 2,896 13/14 18.2% 14,301 4 Performance Review u Chairman’s Statement HEMAS HOLDINGS PLC Annual Report 2013/14 Chairman’s Statement Dear Shareholder, of goods & services played a bigger role by contributing 4.5% It gives me great pleasure to address you for the first time to the 7.3% GDP growth. On the other hand, the growth as Chairman of your Company, Hemas Holdings PLC, which in domestic consumption was just 3.2%, the lowest since completed another successful and eventful financial year. 2001. In this respect, 2013 was an unusual year in that a reasonably high level of economic growth was coincided with The year under review marks the end of a defining era a rather lackluster performance of the consumer markets. for Hemas, with the retiring of our former Chairman Both public and private-sector investments recorded healthy Deshamanya Lalith De Mel, whose stewardship and growth levels with public-sector investments growing faster. leadership over a decade was instrumental in transforming However, the current high levels of liquidity in the banking a family-run private enterprise into a professionally- system due to poor credit demand, despite the historically managed public-listed organization. The latter part of the low costs of borrowing, may be an indication that private- year signified the beginning of what we would call the "next sector investments may have slowed down. stage" of our evolution, with the appointment of Steven Enderby to the post of Chief Executive Officer, effective Healthcare and FMCG sectors represent a key part of 1 April 2014. the Company’s business. The year under review saw the Company strengthening its position in this space through As the outgoing Chief Executive Officer, my message will the acquisition of a 90% stake in J.L.Morison Son & Jones cover the highlights of the year under review, whilst Steven (Ceylon) PLC (JLM) and also the opening of our third would elaborate on our plans and prospects going forward. Hospital at Thalawathugoda. Your Company has posted Consolidated Net Earnings of Rs The acquisition of JLM in May 2013 for a consideration of 2,409Mn, a 45.2% year-on-year growth and Operating Profits Rs 2.3Bn, gives us a strategic entry into Pharmaceutical of Rs 3,379Mn, a growth of 38.6%. This year, Net Earnings and Over the Counter (OTC) manufacturing. Apart from have been impacted by several favorable and unfavorable manufacturing facilities and a substantial land bank, JLM one-off items such as a capital gain due to the transfer of is a well-recognized supplier of generic pharmaceuticals, to our Peace Haven hotel land to a joint-venture, fair value both the private and state sectors. Further, Morisons Gripe appreciation of investment property and the impairment of Water, Valmelix cough syrup and Lacto Calamine lotion are thermal assets. After adjusting for such one-off items, the well known brands in the OTC category, with significant Operating Profit of the Group shows a growth of 19.0%. potential for growth. Following a smooth transfer of control (barring the loss of two Consumer agencies), the company is The Sri Lankan economy grew by 7.3% in 2013 with interest in the process of modernizing its operations, and planning rates and inflation declining sharply and the currency for growth. holding steady. Unlike in previous years, where GDP growth had been traditionally driven by domestic consumption demand, in 2013 construction-led investments and exports Revenue Rs. Profit After Tax Rs. Market Capitalisation Rs. 32,833Mn 2,561Mn 19,426Mn 5 Our Pharmaceutical distribution business reinforced its Healthcare and FMCG sectors market leading position, increasing its share of the private market to 21% (IMS). Revenues grew by 18.0%, despite represent a key part of the sluggish industry growth which stood at 1.32% for 2013 Company’s business. The year (IMS). During the year, the industry faced several regulatory hurdles including the ambiguity surrounding the setting up under review saw the Company of a new National Drugs Authority, and the imposition of strengthening its position in this Price regulation by the Consumer Affairs Authority. Whilst we whole heartedly support legislation aimed at improving space through the acquisition of a public accessibility to quality pharmaceuticals at affordable 90% stake in J.L.Morison Son & prices, we hope that such policies would not have a negative impact on consumer choice and availability of new drug Jones (Ceylon) PLC (JLM) and also discoveries to the Sri Lankan public.
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