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Annual Report 2011

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Annual Report 2011 11 Annual Report 20 “... An Odyssey of Excellence...” Colombo Dockyard PLC | Annual Report 2011 “... An Odyssey of Excellence...” Corporate Information Name of Company Auditors Colombo Dockyard PLC KPMG Ford, Rhodes, Thornton & Co. Chartered Accountants Legal Form 32A, Sir Mohamed Macan Markar Mawatha, Colombo 3, A Public Quoted Company with Limited Liability. Incorporated Sri Lanka. and domiciled in Sri Lanka. Accounting Year End Company Registration Number 31st December PQ 50 Founded 1974 Registrars BOI Registration Number P & W Corporate Secretarial (Pvt) Ltd, A Licensed Enterprise under section 17 of the Board of No. 3/17, Kynsey Road, Colombo 8. Investment of Sri Lanka (formerly GCEC) Law No. 4 of 1978 Subsidiary Companies Registration No. 91/17/03/1983. Dockyard General Engineering Services (Pvt) Ltd. 223, Jayantha Mallimarachchi Mawatha, Colombo 14, Sri Lanka. Tax Registration Numbers VAT - 124085896-7000 Ceylon Shipping Agency (Pte) Ltd Income tax - 124085896-0000 No. 35, Selegie Road # 09-16, Parklane Shopping Mall ESC - 124085896-8000 Singapore - 188307. NBT - 124085896-9000 Bankers Directors Bank of Ceylon A. Nakauchi - Chairman 04, Bank of Ceylon Mawatha, Colombo 1, Sri Lanka. Sarath De Costa - Vice Chairman People’s Bank Mangala P. B Yapa - Managing Director/CEO 75, Sir Chithampalam A Gardiner Mawatha, Colombo 2, Lalith Ganlath Sri Lanka. H.A.R.K Wickramathilake Y. Kijima Commercial Bank of Ceylon PLC T. Nakabe Commercial House, 21, Bristol Street, Colombo 1, Sri Lanka. Janaki Kuruppu State Bank of India P. Kudabalage No. 16 Sir Baron Jayathilake Mawatha Y. Imai - Alternate Director P O Box 93, Colombo 1. N. Nishida - Alternate Director Sampath Bank PLC Company Secretary No. 110, Sir James Pieris Mawatha, Colombo 2 Mrs. Manori P. Mallikarachchi National Development Bank PLC Graving Docks, Port of Colombo, Colombo 15, Sri Lanka 103 A, Dharmapala Mawatah, Colombo 7. Group General Management The Hongkong & Shanghai Banking Corporation Limited Mangala P. B. Yapa - Managing Director/CEO 24, Sir Baron Jayathilake Mawatha, Colombo1, Sri Lanka. D.V. Abeysinghe - General Manager Hatton National Bank PLC (Projects & Engineering) Level 17 - HNB Towers, R. Wijegunawardana - General Manager (Finance) 479, T. B. Jayah Mawatha, Colombo 10, Sri Lanka. /Acting GM (Logistic) N.M.K.B. Nayakarathna - General Manager (Commercial) Contact Details Shantha Perera - General Manager (Production) P O Box 906, Port of Colombo, Colombo 15, Sri Lanka. Mangala De Silva - General Manager (Human Recourse Development Tele : 94 112429000 & Administration) Fax : 94 11 2446441, 94 11 2471335 T.G. Weerasinghe - General Manager (DGES) Email : [email protected] Internet : www.cdl.lk Produced by Copyline (Pvt) Ltd Printed by Gunaratne Offset Ltd 1 Annual Report 2011 Colombo Dockyard PLC Made with innovation and eye for detail Made with precision in a locale that is a marine hub Made by a team that is committed to quality and service Made by a company that possesses the blueprint for success and the vision to become the best Excellence… that is made with trust. Made in Sri Lanka 2 Annual Report 2011 Colombo Dockyard PLC Content Vision & Mission 2 Quality Policy, Environment Policy & Safety Policy 3 Financial Highlights 6 Corporate Profile 7 Chairman’s Review 8 Managing Director/CEO’s Review 16 Board of Directors 26 Group Senior Management 28 A Snapshot on the Global Economy and Shipping Environment 32 Management Discussion & Analysis 35 Financial Review 48 Corporate Governance 54 Risk Management 60 Corporate Milestones 64 Achievements 2011 66 The Operational Impact of 365 days 68 Sustainability Report 72 Financial Calendar 2011/2012 112 Annual Report of the Board of Directors on the Affairs of the Company 114 Statement of Directors’ Responsibilities 119 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 120 Independent Auditors’ Report 121 Income Statement 122 Balance Sheet 123 Statement of Changes in Equity 124 Cash Flow Statement 125 Accounting Policies 126 Notes to the Financial Statements 136 Ten Years Financial Highlights 156 Notice of Annual General Meeting 157 Form of Proxy 159 Vision We pursue excellence and superior performance in all what we do to enhance the long-term interests of all our stakeholders in a socially responsible manner. Mission We strive: s 4OBETHEMOSTCOMPETITIVEANDVIABLEBUSINESSENTITYIN3OUTH!SIAIN3HIPBUILDING 3HIPREPAIR (EAVY Engineering and allied activities: s 4OEFlCIENTLYANDEFFECTIVELYMANAGEALLOURRESOURCES s 4OACHIEVESUSTAINABLEGROWTH s 4OENHANCETHEINTERESTSOFOUR3TAKEHOLDERS ANDTHEREBYCONTRIBUTETOTHEPURSUITOFOURVISION 3 Annual Report 2011 Colombo Dockyard PLC Quality Policy Safety Policy We always satisfy our customers’ requirements Colombo Dockyard PLC recognizes its corporate consistently and cost effectively, strive to exceed their responsibility to provide a safe and healthy work expectations and add value to the interests of our other environment for all personnel who have legitimate stakeholders in a viable corporate environment. business in such work environment. Environment Policy Colombo Dockyard PLC shall: s /URPOLICYISTOCONDUCTOURPRESENTANDFUTURE s 0ROVIDESAFEPLANT MACHINERY EQUIPMENTAND operations in an environmentally friendly manner systems of work; as befitting a good corporate neighbor and citizen, through the implementation of an Environmental s %NSURECOMPLIANCEWITHRELEVANTSTATUTORYAND Management System. regulatory requirements; and s 4OMEETOURCOMMITMENT WESHALL s 0ROVIDEPROCEDURES INFORMATION INSTRUCTIONS training and supervision to employees, s -EETOREXCEEDAPPLICABLELEGISLATIONAND contractors, customers and visitors to ensure regulations as well as industry standards and their safety. practices s 0ERIODICALLYREVIEWESTABLISHEDENVIRONMENTAL objectives and targets in order to continually improve our Environmental Management System performance s %FFECTIVELYCOMMUNICATEWITHEMPLOYEES customers, neighbors and other stakeholders regarding our Environmental Management System and its performance 4 Annual Report 2011 Colombo Dockyard PLC 5 Annual Report 2011 Colombo Dockyard PLC 6 Annual Report 2011 Colombo Dockyard PLC Financial Highlights (Company) Total Revenue (Rs. Mn) 2011 2010 Change 15,000 Rs. Mn Rs. Mn Rs. Mn % 12,000 Results for the Year Revenue 9,000 Shiprepairs 4,406 4,217 189 4.48 6,000 Ship Buildings 7,682 9,566 (1,884) (19.69) Heavy Engineering 107 274 (167) (60.95) 3,000 12,195 14,057 (1,862) (13.25) 0 07 08 09 10 11 Export Revenue 11,464 13,419 (1,955) (14.57) Local Revenue 731 637 94 14.76 Profitr After Tax (Rs. Mn) Gross Profit 2,075 3,079 (1,004) (32.61) 2,500 Net Finance Income 170 174 (4) (2.30) Operating Profit 1,692 1,822 (130) (7.14) 2,000 Tax (Expense)/ Reversal 15 193 (178) (92.23) 1,500 Net Profit after Tax 1,707 2,015 (308) (15.29) Profit Available for Appropriation 7,989 6,810 1,179 17.31 1,000 Company Value Addition 5,130 5,385 (255) (4.73) 500 Company Value Addition % 40 37 3 8.10 Local Value Addition 6,327 7,324 (997) (13.61) 0 07 08 09 10 11 Employees Salaries & Benefits 2,886 2,717 (169) (6.22) Interest Costs (73) (55) (18) (32.73) Net Working Capital (Rs. Mn) 8,000 Balance Sheet Total Assets 14,074 14,193 (119) (0.84) 6,000 Total Liabilities 5,400 6,678 (1,278) (19.14) Share Holders’ Fund 8,674 7,515 1,159 15.42 4,000 Net Cash & Cash Equivalent 3,845 5,339 (1,494) (27.98) 2,000 Information Per Ordinary Share Earnings (Rs.) 24.94 29.44 (5) (15.29) Net Assets (Rs.) 126.74 109.81 17 15.42 0 07 08 09 10 11 Market Value (Rs.) 238.80 275.00 (36) (13.18) Shareholders Funds (Rs. Mn) Dividends Approved (Rs.) 6.00 8.00 (2) (25.00) 10,000 Market Capitalization Rs. Mn 16,343 18,820 (2,477) (13.16) 8,000 Financial Ratios 6,000 Net Profit after Tax (%) 14.0 14.3 (0.3) (2.12) Return On Investment (%) 12.1 14.2 (2.1) (14.59) 4,000 Return On Assets (%) 11.0 11.7 (0.7) (5.98) 2,000 Interest Cover (Times) 20.7 29.8 (9.1) (30.54) Return On Equity (%) 19.7 26.8 (7.1) (26.60) 0 07 08 09 10 11 Gearing Ratio (%) 0.4 0.8 0.4 50.00 7 Annual Report 2011 Colombo Dockyard PLC Corporate Profile Colombo Dockyard PLC (CDPLC) established its operations s Flexibility way back in 1974 and at present operates as the Sri s Innovation Lanka’s largest engineering facility leading in the business s Being customer centric of shiprepairs, shipbuilding, heavy engineering and offshore s Environment friendly engineering with a majority Japanese collaboration. CDPLC s People focused Group includes two subsidiaries namely Dockyard General Engineering Services (Pvt) Ltd. and Ceylon Shipping Agency Colombo Dockyard’s niche position in building some of the (Pte) Ltd. in Singapore to deal with heavy engineering for world’s most unique vessels holds the Company in good local customers and as a supply channel for material imports stead. The emphasis on absolute quality and the infusion of respectively. CDPLC is a public quoted Company listed in green initiatives (some of them, pioneering features in this Colombo Stock Exchange. It is also a licensed enterprise of region) as well as our processes, give us a competitive stance the Board of Investment of Sri Lanka. that are far ahead of those established in the South Asian region. CDPLC is conveniently located within the port of Colombo, the hub of all major shipping lanes connecting the West, the This has resulted in improving our capabilities of effecting Middle East, the Far East, as well as Africa and Australia, difficult and sometimes unique processes, building techniques CDPLC has a strategic advantage to conduct both dry dock and repairs, that have helped us carve out our own special and afloat operations. Colombo Dockyard, as a state of the position in this industry. art engineering entity, operates four graving dry docks with a maximum capacity of 125,000 DWT and extensive repair berth facilities. Colombo Dockyard, in existence for over three decades, continues to keep its eyes on the horizon, pre-empting trends and preparing for transformation.
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