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Against All Odds Resilience

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Against All Odds Resilience Against All Odds Resilience. That’s our strong point. In a year where, external pressures and challenges threatened the sustainability of our business, we stayed true to the CTC spirit, rallying our people and resources to realise our corporate goals. We strengthened and evolved our AGAINST long-term strategy, considering a myriad ALL ODDS of potential future challenges, and through precise planning and execution took our business to greater heights. With a legacy of over a century of operations in Sri Lanka, our commitment to the Nation and our stakeholders remains unchanged with a vision for value creation – AGAINST ALL ODDS… Contents About This Report / 2 Financial Statements Overview / 3 Financial Calendar / 106 Operational Highlights / 5 Independent Auditors’ Report / 107 Performance Highlights / 7 Statement of Profit or Loss and Other Comprehensive Income / 108 Chairman’s Message / 8 Statement of Financial Position / 109 Managing Director and CEO’s Message / 10 Statement of Changes in Equity / 110 Operating Environment / 14 Statement of Cash Flows / 111 Value Creation Model / 17 Notes to the Financial Statements / 112 Vision and Strategy / 18 Statement of Value Added / 140 Sustainability at CTC / 20 Shareholder Information / 141 Commitment to the Sustainable Development Goals / 21 Notes / 144 Defining Materiality / 22 Notice of Meeting / 145 Our Brands / 24 Form of Proxy / 147 Our Products / 26 Appendices / 149 Distribution and Retail / 27 Corporate Information / IBC People Management / 31 Safe Working Environment / 40 Product Responsibility / 42 Manufacturing and Operational Efficiencies / 44 Leaf and Non-leaf Suppliers / 46 Corporate Behaviour / 51 Tackling Illicit Trade and the Beedi Market / 55 Environmental Impacts / 57 Community Engagement / 61 Risk Management / 70 Board of Directors / 74 FEEDBACK Executive Team / 78 Corporate Governance / 80 We value your comments, feedback and suggestions on our Report. Assessment of Going Concern / 91 For further information, please contact, Statement of Internal Controls / 92 Report of the Directors / 94 Kawshika Abeykoon Statement of Directors’ Responsibilities / 97 Assistant Company Secretary Report of the Board Audit Committee / 98 Ceylon Tobacco Company PLC. Report of the Related Party Transaction Review Committee (RPTRC) / 100 Address : 178, Srimath Ramanathan Mawatha, Colombo 15 Report of the Board Compensation and Remuneration Committee / 101 Telephone : +94 11 2496200, +94 11 2496401 Finance Director’s Review 2017 / 102 Ceylon Tobacco Company PLC Annual Report 2017 About This Report This is our 3rd Integrated Annual Report priorities and plans for next year. The Report This year we have structured the narrative in a and through this Report we hope to show conforms to the reporting requirements of the manner that allows readers to swiftly and easily how Ceylon Tobacco Company PLC (CTC) Companies Act No. 7 of 2007, Listing Rules of identify the material issues that are most critical has developed and directed its strategy in a the Colombo Stock Exchange, Code of Best to our business and our stakeholders. These manner that balances and optimises value Practice on Corporate Governance issued jointly material topics are the anchor of the Report for all stakeholders. The Report includes a by the Institute of Chartered Accountants of and are discussed in detail from page 22 to 69. comprehensive yet concise discussion of Sri Lanka and the Securities and Exchange We believe this approach towards presenting the key factors that shaped the Company’s Commission of Sri Lanka. information has improved the readability and performance during the year, how we are meaningfulness of our Report while achieving responding to emerging risks and opportunities conciseness. in the operating landscape, our strategic How to read this Report Overview Operating Context and Strategy Material Matters Page 03 Page 14 Page 22 A high-level overview of A description of the external Discussion of all issues that were the key financial, social and factors that shaped the Company’s material to the Company and to environmental highlights of the performance during the year the stakeholders during the year, year, followed by reflections from and how we directed strategy to followed by a concise evaluation the Chairman and Managing respond to these dynamics. of the Company’s principal risk Director and CEO. factors. Risk Management Leadership and Governance Financial Information Page 70 Page 74 Page 105 An overview of the key risks Provides readers with an A comprehensive statement of that impact our business and assessment of how we are our financial performance and ability to generate sustainable governed and key governance- significant activities during the stakeholder value. related developments during the year under review. year. 2 | Ceylon Tobacco Company PLC - Annual Report 2017 Overview Our Business high-performing employees and the 20,000 take pride in the sustainable and responsible Ceylon Tobacco Company PLC (CTC) is the only tobacco farmers and 72,000 retailers we partner way our operations are run. The Company’s legal manufacturer of cigarettes in Sri Lanka with. Our deep involvement in the tobacco flagship Corporate Social Investment (CSI) and one of the country’s most economically supply chain has enabled us to empower over initiative, the Sustainable Agricultural impactful business entities. As the country’s 172,000 livelihoods across the country and is Development Programme (SADP) has enabled largest individual tax contributor, CTC accounts testament to our undeniable impact on the us to directly contribute towards alleviating for 7% of the Government’s total tax revenue. national economy. poverty and driving socio-economic progress of It is also the 2nd most valuable listed company 76,299 beneficiaries in 19,664 families across 16 As an Organisation operating in a controversial in the Colombo Stock Exchange. We are one of districts over the past decade. industry, we understand the added the country’s top employers and our successful responsibility placed on us to maintain the value creation story is only possible due to the highest standards of corporate conduct and passion and skills of our 271-strong team of Vision World’s best at satisfying consumer moments in tobacco and beyond. Mission Delivering our commitments to society, while championing informed consumer choice. Growth Productivity Developing brands, innovations Effectively deploying resources and products to meet customer to increase profits and generate needs. funds for investment. Strategy Winning Sustainability Organisation Ensuring a sustainable business Ensuring we have great people, that meets stakeholders’ great teams and a great place to expectations. work. Our People Our Brands Our Approach We employ 271 We have a portfolio Sustainability thinking high-performing of diverse brands and practices are professionals who to cater to evolving embedded at every WHAT drive our strategic consumer needs. level of our business. DIFFERENTIATES US ambitions. We also partner more than 20,000 tobacco farmers and 72,000 retailers island-wide. Ceylon Tobacco Company PLC - Annual Report 2017 | 3 An Indomitable Spirit In the face of growing challenges, we have persevered, working together to overcome adversity and take our business to greater heights. As we continue our journey of over a century, we keep challenging ourselves not just to deliver, but to be the best we can be. 0404 Overview of Our Business Operational Highlights 112 years of operations in Sri Lanka 2nd most valuable company listed on Rs.117.3 Bn the Colombo Stock Exchange as at 31 December 2017 contributed to government revenue thorough excise, levies and taxes Rs. 11.4 Bn Rs. 750 Bn infused into the local economy contributed through taxes to the throughout our value chain state over the past 10 years Delivering Value CTC is one of Sri Lanka’s most economically impactful business entities delivering value across its supply chain. Our history is deeply- rooted in the story of modern Sri Lanka and we continue to contribute significantly to the economic development of the country. Overview of Our Business Operational Highlights 43,000+ jobs created across our value chain 172,000+ 20,000+ livelihoods supported through our farming, persons involved in tobacco manufacturing and retailing operations farming using less than 0.01% of the country’s arable land Lives of Recorded 72,964 14 beneficiaries in 19,664 families years of zero accidents supported through SADP at our factory Sustainable Livelihoods For over a century CTC has maintained deep-rooted relationships with its employees, business partners as well as the communities it operates in. Overview of Our Business Performance Highlights 2017 2016 Gross Turnover Rs. million 139,041 121,525 Government Levies Rs. million 107,387 89,777 Net Revenue Rs. million 31,653 31,747 Profit Before Tax Rs. million 24,571 21,219 Profit After Tax Rs. million 14,586 12,559 Net Assets Rs. million 4,570 3,485 Interim Dividends Rs. million 12,363 11,389 Proposed Final Dividends (subject to approval at AGM) Rs. million 2,210 1,124 Total Value Added Rs. million 133,488 112,615 Capital Investment Rs. million 226 420 Market Capitalisation Rs. billion 188,167 151,077 Value Added Per Employee Rs. million 493 413 Financial Highlights Financial Permanent Employees Number 271 273 Dividend Pay-out Ratio % 99.90 99.60 Per Share Market Value Rs. 1,004.50 806.50 Net Assets Rs. 24.40 18.60 Earnings Rs. 77.87 67.05 Dividends (Interim and Proposed Final Dividend) Rs. 77.80 66.80 Total Employee Training Hours Hours 4,103 4,074 Investment in Training Rs. million 55 53 Female Participation in Management Roles % 18 16 Total Livelihoods Supported Number 172,000+ 178,000+ Payments to Tobacco Farmers Rs. million 1,060 875 Social Highlights Investment in SADP Rs. million 44.7 47 SADP Beneficiaries Number 76,229 72,964 Energy Consumption GJ 39,765 41,324 Energy Efficiency GJ / MCE 7.3 7.2 Water Consumption CuM 34,994 40,396, Water Efficiency CuM / MCE 6.4 7.1 GHG Emissions tCO2e 4,266 3,434 Emission Intensity tCO2e / MCE 0.8 0.6 Investment in EHS Initiatives Rs.
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