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Teejay Annual Report 2016-17

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Teejay Annual Report 2016-17 ENDURING BONDS TEEJAY LANKA PLC | ANNUAL REPORT 2016/17 :HKDYHQDPHGRXUJUDSKLFGHYLFHWKH7HHMD\'1$,WLVD¾XLGDQGG\QDPLFUHSUHVHQWDWLRQRIZKRZHDUHDQGZKDWZHVWDQGIRU :KLOHWKH7HHMD\'1$HQVXUHVWKDWRXUFRPPXQLFDWLRQLVXQLWHGDQGHDVLO\LGHQWL½DEOHLWLVD¾H[LEOHJUDSKLFGHYLFHWKDWFDQEHXVHG LQGLIIHUHQWZD\VDFURVVGLYHUVHDSSOLFDWLRQV ENDURING BONDS In November 2016, Textured Jersey Lanka PLC was re-branded as 7HHMD\/DQND3/&DVLJQL½FDQWVWHSLQOLQHZLWKRXUYLVLRQWRHYROYH LQWRD86'0LOOLRQFRPSDQ\E\2XUQHZORJRDQGEUDQG UH¾HFWWKHG\QDPLVPDQGHQHUJ\RIRXU\RXQJDQGSDVVLRQDWHWHDP 7KLVHYROXWLRQZLOODOVREHDSSDUHQWLQRXUSODQVWRLQYHVWGHHSHULQWR GLJLWDOLVDWLRQ5 'VWDWHRIWKHDUWHTXLSPHQWDQGFDUERQQHXWUDO SURGXFWV ´(QGXULQJ%RQGVµGHVFULEHVKRZZHµUHWUDQVIRUPLQJ\RXUFRPSDQ\E\ EXLOGLQJVWURQJUHODWLRQVKLSVZLWKRXUFXVWRPHUVVXSSOLHUVDVVRFLDWHV DQGRWKHUVWDNHKROGHUVWKHERQGVRILQWHJULW\DQGFUHDWLYLW\WKDWPDNH XVZKRZHDUHWRGD\ :HµUHFUHDWLQJV\QHUJLHVRIIDEULFDQGIDVKLRQWKDWZLOOHQGXUHRYHU WLPHEULQJLQJWKHVSLULWHQHUJ\DQGYDOXHRIWKH7HHMD\EUDQGWRWKH WKRXVDQGVRIVWDNHKROGHUVSDUWQHUVDQGFRPPXQLWLHVZHVHUYH Contents 01 INTRODUCTION 05 FINANCIAL REPORTS Our Philosophy and Direction /3 Statement of the Director’s Responsibility for Milestones /4 Financial Reporting /84 Financial Highlights /12 Auditor’s Report /85 Income Statement /86 02 EXECUTIVE INFORMATION Statement of Comprehensive Income /87 Chairman’s Message /14 Statement of Financial Position /88 CEO/Managing Director’s Review /18 Statement of Changes in Equity /89 Board of Directors /22 Statement of Cash Flows /91 Leadership Team /26 Notes of Financial Statements /92 Shareholder Information /152 03 MANAGEMENT DISCUSSION AND ANALYSIS Notice of Meeting /155 Overview /32 Form of Proxy /159 Financial Capital /38 Corporate Information /Inner Back Cover Manufactured Capital /42 Intellectual Capital /44 Human Capital /48 Social & Relationship Capital /56 Natural Capital /60 04 GOVERNANCE Corporate Governance /63 Enterprise Risk Management /72 Audit Committee Report /74 Remuneration Committee Report /76 Related Party Transactions Review Committee Report /77 Annual Report of the Board of Directors /79 2 | ANNUAL REPORT 2016/17 INTRODUCTION Our Philosophy and Direction $1,1129$7,9( :25/'&/$66.1,7)$%5,&62/87,21 3529,'(5:+2,67+(5(*,21 6/$5*(67 *52:7+7+528*+$352),7$%/(352'8&70,; SPEED 3$571(5,1* &267()),&$&< 6867$,1$%,/,7< 6(59,&((;&(//(1&( ,1129$7,9(1(66 +,*+/<&203(7(17:25.)25&( 48$/,7<$1'27'7+528*+23(5$7,21$/()),&,(1&< At Teejay, we aspire to become an innovative world-class At the core, we believe in bringing cutting edge Innovation to knit fabric solutions provider who is the region’s largest. the selected customers we focus on. We continue to invest These lofty aspirations are built upon some fundamental and bring organisational alignment to support this thrust, pillars which we hold dear as we journey ahead. At the heart with the hope of bringing excitement and prosperity to the of everything, we believe in developing a deep customer entire industry. Partnerships are things we actively seek, and centric understanding of global fashion trends and the we drive our resources to harvest these combined synergies. required value propositions, which we consciously strive to Continued investment in technology and active focus on deliver at the desired expectations. At the core of our service process improvements and wastage reduction, lie at the core lies Speed which will be driving us in all what we do to give RIRXUHIIRUWVWRFRQWLQXDOO\GHOLYHU&RVW(I½FDF\ an incomparable experience to our customers. The journey to bring inspiration and value to our stakeholders, can only This is the new identity of Teejay. Modern and futuristic, yet be through engaging in ethical business practices. For us, embracing the goodness of a rich heritage which is built respecting and protecting the environment is essential, and upon shared values, discussion and consultation. These so Sustainability has become a way of life. Environmental collective energies will help us journey towards becoming consciousness is ingrained into the conduct of our business. one of the Top of the Mind Brands in South Asia. To these ends, and in our efforts to deliver Operational Excellence, Quality and On-Time Delivery, we will keep growing and developing our team competencies and skill sets. ANNUAL REPORT 2016/17 | 3 INTRODUCTION Milestones 2000 Textured 2001 Jersey Lanka is LQFRUSRUDWHG &RPPHUFLDO 2006 3URGXFWLRQ &RPPHQFHV )LUVWSKDVH RIH[SDQVLRQ RI FDSDFLW\ 2004 2007 3DFL½F7H[WLOH +ROGLQJVHQWHUV as a joint venture SDUWQHUZKLOH Textured Jersey 8.H[LWVWKH &KDQJHVWRWKH joint venture VKDUHKROGLQJ VWUXFWXUHZLWK 3DFL½F7H[WLOHV owning 60% and Brandix Lanka owning 40% RIWKH&RPSDQ\ 4 | ANNUAL REPORT 2016/17 2008 2015 2016 6HFRQGSKDVHRI 5HEUDQGHGDV H[SDQVLRQ “Teejay” RIFDSDFLW\ Teejay Lanka ,QWURGXFWLRQRI PLC - Teejay energy saving Lanka Prints HTXLSPHQWDQG (Private) Limited ODXQFKRI $FTXLVLWLRQRI - Teejay India ²*UHHQ 2FHDQ,QGLD Private Limited Initiatives” in Pvt Ltd Winner OLQHZLWKRXU $FTXLVLWLRQRI RI)RUEHV FRPPLWPHQWWR Quenby Lanka $VLDµV VXVWDLQDELOLW\ Prints (Pvt) Ltd Best Under a %LOOLRQ'ROODU &RPSDQ\ &RPPHUFLDO /DXQFKRIWKH ½UVW6\QWKHWLF )DEULF 2011 2014 7KLUGSKDVH H[SDQVLRQ °RI Textured FDSDFLW\ Jersey Lanka LVOLVWHGRQ WKHPDLQ ERDUGRIWKH &RORPER6WRFN ([FKDQJH ANNUAL REPORT 2016/17 | 5 SPEED QUICK TURNAROUND TIMES AND A COMMITMENT TO BEING AHEAD OF DEADLINES ENSURE THAT WE ARE ALWAYS DEPENDABLE IN DELIVERING AN INCOMPARABLE EXPERIENCE TO OUR CUSTOMERS. WE’RE AHEAD OF OUR TIME. 6 | ANNUAL REPORT 2016/17 ANNUAL REPORT 2016/17 | 7 8 | ANNUAL REPORT 2016/17 INNOVATION TEEJAY OFFERS COMPLETE SOLUTIONS IN DYEING, FINISHING, PRINTING, AND LACE DYEING TOGETHER WITH KNIT SOLUTIONS IN COTTON, COTTON BLENDS, AND SYNTHETIC SOLUTIONS. WE CONSTANTLY INNOVATE ACROSS OUR PRODUCTS AND PROCESSES, LOOKING FOR NEW PRODUCT DEVELOPMENT AND IMPROVED QUALITY, SERVICE AND SPEED IN ALL THAT WE DO. OUR INVESTMENTS IN STATE OF THE ART TECHNOLOGY GIVE US THE ADVANTAGE ACROSS OUR INDUSTRY. ANNUAL REPORT 2016/17 | 9 10 | ANNUAL REPORT 2016/17 ENVIRONMENTAL RESPONSIBILITY ETHICAL BUSINESS PRACTICES REMAIN AT THE CORE OF WHAT WE DO. SUSTAINABILITY IS A WAY OF LIFE AT TEEJAY AND ENVIRONMENTAL CONSCIOUSNESS IS INGRAINED INTO THE CONDUCT OF OUR BUSINESS. WE’RE THINKING OF THE FUTURE. ANNUAL REPORT 2016/17 | 11 INTRODUCTION Financial Highlights $OO$PRXQWVLQ6UL/DQND5XSHHV7KRXVDQGV 2016 2017 &KDUJH Operations Turnover 17,820,179 22,137,641 24.2% 3UR½WIURPRSHUDWLRQV 2,167,608 1,992,405 (8.1%) 1HW½QDQFHLQFRPH 43,456 18,965 (56.4%) 3UR½WDIWHUWD[DWLRQ 2,170,667 1,959,175 (9.7%) Statement of Financial Position Non current assets 6,710,361 7,897,650 17.7% Current assets 8,266,947 8,981,687 8.6% Current liabilities 4,268,127 4,569,094 7.1% Non current liabilities 572,838 1,133,019 97.8% Capital and reserves 10,136,343 11,177,224 10.3% Per Share Data (Rs.) Earnings per share 3.24 2.81 (13.3%) Closing market value per share 31.7 37 16.7% P/E Ratio 9.78 13.17 34.7% Net assets per share 14.56 16.00 9.9% Ratios *URVVSUR½WPDUJLQ 16.81 13.89 1HWSUR½WPDUJLQ 12.18 8.85 Return on equity - % 25.28 18.38 Return on assets - % 18.30 12.30 Return on capital employed - % 24.00 16.13 Total debt : equity - % 5.65 10.14 Current ratio 1.94 1.97 REVENUE VS NP MARGIN SHAREHOLDER RETURN SHAREHOLDER VALUE LKR Bn % Share LKR Share LKR DPS 25 15 20 40 2.0 20 12 15 30 1.5 15 9 10 20 1.0 10 6 5 10 0.5 50 3 0 0 0 0 0.0 2013 2014 2015 2016 2017 20122013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 Revenue NP Margin Net Assets Per Share DPS Share Price DPS Net Assets Per Share Growth DPS Growth Share Price Growth 12 | ANNUAL REPORT 2016/17 $OO$PRXQWVLQ6UL/DQND5XSHHV7KRXVDQGV )LYH<HDU)LQDQFLDO6XPPDU\ 2013 2014 2015 2016 2017 Trading Results Turnover 10,951,455 12,724,715 13,678,462 17,820,179 22,137,641 3UR½W%HIRUH7D[DWLRQ 1,014,333 1,193,087 1,361,544 2,228,947 2,011,370 Current Taxation 1,710 (40,315) (29,385) (58,280) (52,195) 3UR½WDIWHU7D[DWLRQ 1,016,043 1,152,772 1,332,159 2,170,667 1,959,175 Statement of Financial Position Stated Capital 2,797,229 2,797,229 2,849,899 3,853,024 3,942,686 ESOP Fund - 19,473 19,473 42,283 63,746 Revenue Reserves 2,044,071 2,461,922 2,925,111 4,150,852 4,724,786 Other Reserves 908,971 1,092,244 1,240,168 2,090,184 2,446,003 5,750,271 6,370,868 7,034,651 10,136,343 11,177,221 Non Current Assets 2,490,879 3,107,846 3,415,789 6,710,361 7,897,650 Net Current Assets 3,382,224 3,457,338 3,865,147 3,998,821 4,412,591 Non Current Liabilities (122,832) (194,316) (246,285) (572,838) (1,133,019) 5,750,271 6,370,868 7,034,651 10,136,344 11,177,221 Key Indicators Annual Growth in Turnover % (11.4) 16.2 7.5 30.3 24.2 *URVV3UR½W0DUJLQ 11.6 11.4 11.9 16.8 13.9 1HW3UR½W0DUJLQ 9.3 9.1 9.7 12.2 8.8 Gearing Ratio % 6.3 0.8 0.3 8.9 18.7 Earning Per Share (LKR) 1.6 1.8 2.0 3.2 2.8 Dividend Per Share (LKR) 1.0 1.1 1.3 1.4 2.0 Net Assets Per Share at year end (LKR) 8.8 9.7 10.6 14.6 16.0 Dividend Pay Out % 65.8 61.4 64.3 43.2 71.2 Return on Equity % 18.1 19.0 19.9 25.3 18.4 Return on Assets % 13.2 14.1 15.5 18.3 12.3 REVENUE NET PROFIT 24% Growth Share price has year on year 22Bn grown by 17% 2Bn ANNUAL REPORT 2016/17 | 13 EXECUTIVE INFORMATION Chairman’s Message ²&RWWRQSULFHVKLNHGGRXEOHGLJLW GXULQJ+DQGUHPDLQDWVLPLODU OHYHOV%XWWKDQNVWRRXUSUHYLRXV JURZWKVWUDWHJLHVDQGFRVW FRQWDLQPHQWZHUHPDLQHGILUPO\ SURILWDEOHDQGUHSRUWHG3URILW DIWHUWD[RI5V%LOOLRQ³ :LQJ7DN%LOO/DP &KDLUPDQ +2::28/'<28'(6&5,%(7+( ©$1'7((-$<µ63(5)250$1&(" Q:*/2%$/%86,1(66$1',1'8675< Q: (19,5210(17'85,1*7+(<($5" A: Teejay’s Topline grew the past year by a strong 24%, A : During the year under review, your Company, as well as despite major global uncertainty in most markets.
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