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Annual Report 2012 There Is a Lot That Goes Into Creating a Masterpiece That Stands the Test of Time

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Annual Report 2012 There Is a Lot That Goes Into Creating a Masterpiece That Stands the Test of Time Creating Quality… Delivering Greatness “... An Odyssey of Excellence...” Annual Report 2012 There is a lot that goes into creating a masterpiece that stands the test of time. Commitment, expertise and team work have been our forte and our internal strength and processes have ensured excellence. Our innovative products have been proven to be technically superior, with us delivering Creating Quality… well over 13 ships to Asian shipping giants over the last five years. The cynosure of this is our latest innovative design; a 3,600 DWT MPSV with Delivering Greatness added capacity and oil recovery capabilities and state of the art unique control system delivered to Greatship, one of the leading ship owners in South Asia. Our connection and long term partnership with such leading fast growing entities means that together, we are creating and delivering upon greatness in the region which travels all over the world. Creating Quality…Delivering Greatness 2 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Contents Vision & Mission 3 Quality Policy & Environment Policy 4 Safety Policy 5 Financial Highlights (Company) 6 Significant Milestones 7 Corporate Profile 8 Chairman’s Message 12 Managing Director/CEO’s Review 18 Board of Directors 24 Group Management Profile 26 A Snapshot on the Global Economy and Shipping Environment 30 Management Discussion and Analysis 34 Financial Review 46 Corporate Governance 51 Risk Management 57 Corporate Milestones 61 The Operational Impact of 365 days 63 Sustainability Report 66 Financial Calendar 2012/2013 110 Annual Report of the Board of Directors on the Affairs of the Company 112 Statement of Directors’ Responsibilities 117 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 118 Independent Auditors' Report 119 Statement of Comprehensive Income 120 Statement of Financial Position 121 Statement of Changes in Equity 123 Statement of Cash Flow 124 Notes to the Financial Statements 126 Ten Years Financial Summary 179 Notice of Annual General Meeting 182 Form of Proxy 183 Creating Quality…Delivering Greatness 3 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk 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: • To be the most competitive and viable business entity in South in Shipbuilding, Shiprepairs, Heavy Engineering and allied activities. • To efficiently and effectively manage all our resources. • To achieve sustainable growth. • To enhance the interests of our Stakeholders, and thereby contribute to the pursuit of our vision. Creating Quality…Delivering Greatness 4 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Quality Policy We always satisfy our customers’ requirements consistently and cost effectively, strive to exceed their expectations and add value to the interests of our other stakeholders in a viable corporate environment. Environment Policy Our policy is to conduct our present and future operations in an environmentally friendly manner as befitting a good corporate neighbor and citizen, through the implementation of an Environmental Management System. To meet our commitment, we shall, • Meet or exceed applicable legislation and regulations as well as industry standards and practices. • Periodically review established environmental objectives and targets in order to continually improve our Environmental Management System performance. • Effectively communicate with employees, customers, neighbors and other stakeholders regarding our Environmental Management System and its performance. Creating Quality…Delivering Greatness 5 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Safety Policy Colombo Dockyard PLC recognizes its corporate responsibility to provide a safe and healthy work environment for all personnel who have legitimate business in such work environment. Colombo Dockyard PLC shall: • Provide safe plant, machinery, equipment and systems of work. • Ensure compliance with relevant statutory regulatory requirements; and • Provide procedures, information, instructions training and supervision to employees, contractors, customers and visitors to ensure their safety. Creating Quality…Delivering Greatness 6 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Financial Highlights (Company) Heavy Engineering - Local 16,500 2012 2011 Change Rs. 95 Mn 13,500 Rs. Mn Rs. Mn Rs. Mn % (0%) 10,500 Results for the Year 7,500 Revenue Shiprepair - Foreign, 4,500 Shiprepairs 4,620 4,406 214 4.86 Rs. 4,358 Mn (28%) 1,500 Shibuildings 11,013 7,682 3,331 43.36 Total Heavy Engineering 94 107 (13) (12.15) 0 Revenue 08 09 10 11 12 15,727 12,195 5,532 29.00 for 2012 Shiprepair - Local, Total Revenue (Rs. Mn) Rs. 15,727 Mn Rs. 261 Mn Export Revenue 15,466 11,464 4,002 34.91 (2%) 2,400 Local Revenue 356 731 (375) (51.30) Gross Profit 2,699 2,031 668 32.89 Shipbuilding - Foreign, 2,000 Rs. 11,013 Mn Operating Profit 1,903 1,396 507 36.32 (70%) 1,600 Taxation (14) 43 57 132.56 1,200 Net Profit after Tax 1,889 1,439 450 31.27 800 Profit Available for Appropriation 9,273 7,829 1,444 18.44 Company Value Addition 5,590 4,824 766 15.87 400 Company Value Addition % 35 38 (3) 7.90 0 Our Global Presence 08 09 10 11 12 Local Value Addition 6,510 6,310 200 3.17 Profit After Tax (Rs. Mn) Employees Salaries & Benefits 3,189 2,886 (303) (10.50) 12,000 Balance Sheet Total Assets 17,547 14,214 3,333 23.00 10,000 Total Liabilities 7,550 5,692 1,858 32.64 8,000 Share Holders’ Fund 9,998 8,522 1,476 17.32 6,000 Net Cash & Cash Equivalent 3,863 3,845 18 0.46 4,000 Information Per Ordinary Share 2,000 Earnings (Rs.) 27.60 21.03 6.57 31.24 0 Net Assets (Rs.) 139.96 124.53 15 12.39 08 09 10 11 12 Shareholders Funds (Rs. Mn) Market Value (Rs.) 224.00 238.80 (15) (6.20) Dividends Approved (Rs.) 8.00 6.00 2.00 33.33 7,500 Market Capitalization (Rs. Mn) 16,096 16,343 (247) (1.51) 6,000 Shiprapairs Shipbuildings Heavy Engineering Financial Ratios 4,500 Bangladesh India Philipene Cyprus Maldives Net Profit after Tax (%) 12.0 11.8 0.2 1.79 Belgium Japan Singapore India Sri Lanka 3,000 Return On Investment (%) 10.8 10.2 0.6 5.90 China Korea Sri Lanka Maldives Return On Assets (%) 10.8 10.2 0.6 5.90 Dubai Maldives Thailand Samoa 1,500 France Netherlands Turkey Singapore Interest Cover (Times) 22.2 20.1 2.1 10.40 Germany Norway UAE Sri Lanka 0 Return On Equity (%) 18.9 16.9 2.0 11.89 08 09 10 11 12 Greece Panama USA Gearing Ratio (%) 0.10 0.40 0.30 75.00 Hong Kong Poland Vietnam Net Working Capital (Rs. Mn) Creating Quality…Delivering Greatness 7 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Significant Milestones 20 YEARS of Collaboration with Japan, Onomichi Dockyard Co. Ltd. It is noteworthy that 20 years of this journey has been in joint collaboration with our Japanese partner Onomichi Dockyard Co., Ltd. This collaboration made in 1993 has triggered a remarkable change and marked a complete transformation, bringing in Japanese values and ethics such as quality consciousness and assured promise on time delivery into the local business culture along with various other means of cost effective waste minimising management and production practices, introduction of cutting edge technology etc… EXPANDING YARD CAPACITY During the year 2012, the Company introduced a new Dock-side crane with maximum lifting capacity of 160 tons at Dock Center (26m radius), making a significant milestone in the history of CDPLC. Before the Company introduced this project, CDPLC had only 50 ton maximum crane capacity (restricted to 32 ton at Dock Center). As the Company has been concentrating more on building new ships to the international market since 2003, at present CDPLC is well reputed in building high quality ships that meet stipulated international standards within a shorter time period. Thereby, the tendency towards building more complex, bigger vessels by the Company demanded higher crane capacity to handle quite larger units of newly constructed vessels. The Company expects a notable productivity and efficiency improvement in Shipbuilding with the increase of crane capacity up to 160 tons and total investment for the project was over Rs. 800 Mn. Creating Quality…Delivering Greatness 8 Colombo Dockyard PLC Annual Report 2012 www.cdl.lk Corporate Profile Colombo Dockyard PLC (CDPLC) established its Five core values that have helped Colombo Dockyard operations in 1974 and at present operates as in its odyssey: Sri Lanka’s largest engineering facility leading in the business of Shiprepairs, Shipbuilding, Heavy- • Flexibility engineering and offshore engineering with a majority • Innovation Japanese collaboration. CDPLC Group includes two • Being customer centric subsidiaries, namely Dockyard General Engineering • Environment friendly Services (Pvt) Ltd. and Ceylon Shipping Agency (Pte) • People focused Ltd. in Singapore to deal with heavy engineering for local customers and as a supply channel for material Colombo Dockyard’s niche position in building some of imports respectively. CDPLC is a public quoted the world’s most unique vessels holds the Company in Company listed at Colombo Stock Exchange. It is also good stead. The emphasis on absolute quality and the a licensed enterprise of the Board of Investment of Sri infusion of green initiatives (some of them pioneering Lanka. features in this region) as well as its processes, give a competitive stance that is far ahead of those CDPLC is conveniently located within the Port established in the South Asian region. of Colombo, the hub of all major shipping lanes connecting the West, the Middle East, the Far East, This has resulted in improving capabilities of effecting as well as Africa and Australia.
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