DOCSLIB.ORG

2017/2018 Location Land Extent Buildings Value Cost / No of Extent in Revaluation a R P Units ( Sq

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2017/2018 Location Land Extent Buildings Value Cost / No of Extent in Revaluation a R P Units ( Sq For over a century DCSL, has been renowned for their exquisitely distilled, fine blended spirits. This dedication to quality coupled with our dynamic and definitive corporate culture has propelled us to the summit of our industry and amongst the foremost blue chip companies in Sri Lanka. We are determined not to rest on our laurels, and will strive to improve and refine our products to compete with the best in the world. DCSL; Determined, Dynamic & Definitive. CONTENTS Company Overview Financial Highlights 3 Historical Perspective 4 The Story of Arrack 6 Chairman’s Statement 16 Board of Directors 20 DCSL Management 24 Governance Reports Corporate Governance 28 Enterprise Risk Management 40 Board Audit Committee Report 44 Remuneration Committee Report 46 Board Related Party Transactions 47 Review Committee Annual Report of the Board of 48 Directors Financial Reports 52 Statement of Directors Responsibility 53 Independent Auditors’ Report 56 Statement of Profit or Loss and Other Comprehensive Income 57 Statement of Financial Position 58 Statement of Changes in Equity 59 Statement of Cash Flow 60 Notes to the Financial Statements 91 Statement of Value Added 91 Details of Real Estate 92 Shareholder Information 93 Ten Year Summary Suplimentary Information 94 DCSL Management Team and Unit Management Team 96 Notice of Meeting 97 Form of Proxy 99 Attendance Slip 100 Notes DISTILLERIES COMPANY OF SRI LANKA PLC | Financial Highlights 2018 2017 SUMMARY OF RESULTS Gross Revenue Rs. Mn 90,387 90,273 Excise Duty Rs. Mn 61,204 63,254 Net Revenue Rs. Mn 29,183 27,019 Profit After Tax Rs. Mn 4,349 4,975 Shareholders' Funds Rs. Mn 5,713 2,235 Working Capital Rs. Mn (1,422) (6,826) Total Assets Rs. Mn 24,118 22,852 Staff Cost Rs. Mn 1,610 1,552 No. of Employees 1,060 1,121 PER SHARE Basic Earnings Rs. 5.64 (233.42) Net Assets Rs. 1.24 7.45 Dividends Rs. 0.67 1.75 Market Price High Rs. -** 294.00 Low Rs. -** 208.00 Year End Rs. -** -** RATIOS Price Earnings times -** -** Return on Shareholders' Funds % 76.60 222.61 Current Ratio times 0.91 0.65 Interest Cover times 10 6 Stock Turnover (Finished Goods) days 27 17 Debt to Equity % 93 328 Debt to Total Assets % 22.02 32.12 Dividend Payout % 70.50 -** Dividend Yield % -** -** **Market values were not available since the shares of DCSL PLC were not trading from 30 September 2016 to 31 March 2018. Annual Report 2017/18 3 | DISTILLERIES COMPANY OF SRI LANKA PLC Historical Perspective 4 Annual Report 2017/18 DISTILLERIES COMPANY OF SRI LANKA PLC | Touching lives for over a century Present in Sri Lanka for over a century The Distilleries Company of Sri Lanka PLC (DCSL), is among the most profitable and well respected corporate entities in the country. Its proud tradition, august heritage and proven credentials have made the Company a beacon of inspiration for others. Over the past 100 years, our corporate DNA has been strengthened refinement of product quality. Plants areas are able to enjoy the best DCSL with our values of tradition, quality, and machinery were upgraded to products, delivered island wide. innovation, resilience and the modern international standards and determination to succeed. DCSL’s new technology developed by world These improvements contributed roots can be traced back to 1913, renowned experts was introduced. towards higher production efficiencies when the Excise Department of Large investments have also been across the supply chain. Employees Ceylon, which was initially created as made in Research and Development are regularly trained in the best the enforcement authority to distribute (R&D) and in upgrading laboratories. international practices, in locations and sell liquor products in Sri Lanka, The best experts in the spirit industry famed for high quality alcohol, such branched out into the distillation and were tasked with ensuring that all as France, Scotland and Ireland. Over manufacture of liquor products. In the spirits marketed by DCSL were the years, we have not only grown to 1974, the State Distilleries Corporation up to international quality standards. become Sri Lanka’s largest distiller, was incorporated by statute, to take These improvements have equipped but have also been recognised as a over this venture, while the Excise the Company with top of the line leading corporation with the highest Department rearranged its operations facilities enabling it to produce quality standards. Despite these to function as the monitoring body. beverages, which are world class. achievements and our strong position of business leadership, we continue Thus, DCSL has the distinction Furthermore, storage facilities and to look for ways to improve and of being the pioneer distiller in Sri grow. Since 1992, the Company has Lanka. In 1989, under a government expanded production and diversified policy decision, the State Distilleries Today, we are present in into other industries now under the Corporation was converted into a all parts of the country, umbrella of Melstacorp. limited liability company. This transfer operating under the principle of ownership took place at the Today, we are present in all parts of the Colombo Stock Exchange (CSE) in of providing the highest country, operating under the principle 1992, making it the largest transaction of providing the highest standard of in the history of the CSE at that time. standard of products to the products to the people. We aim to expand our presence further into the Under new private management, people. global market and in doing so, render the company entered an era of our brand internationally ubiquitous. modernization that encompassed product distribution systems have The newly installed, ultra-modern, the upgrading of machinery and been upgraded to modern standards state-of-the-art, fully automated plant, equipment, the introduction of with fully computerized systems. A will ensure that only products of the modern management, systems fleet of modern vehicles ensure that highest quality reach the consumer. & processes and the continuous even customers in the most remote Annual Report 2017/18 5 | DISTILLERIES COMPANY OF SRI LANKA PLC The Story of Arrack “Sri Lankan coconut arrack is undeniably one of the purest naturally derived alcoholic beverages in the world, distilled through a natural fermentation process. Sri Lanka has perfected the technique of making coconut arrack through the years. 6 Annual Report 2017/18 DISTILLERIES COMPANY OF SRI LANKA PLC | The Sri Lankan flavour that lingers on... old vocation which is culturally renowned distillation process is usually completed The pristine ambrosia-like qualities of and passed down from father to son. within 24 hours. The purified spirit comes Sri Lanka’s unique coconut arrack can Toddy tapping is as much an intricate out with the distinctive flavour of arrack, be traced back thousands of centuries, art as it is a science. Toddy tappers ready to be savoured. The contents of finding mention in early literature – “ … manually extract the toddy from coconut the wooden vats are mixed diligently liquor drawn from the coconut flower”. This trees, which are coupled and girdled every fortnight for better aeration and to renowned beverage is steeped in legend by skilfully rappelling from tree to tree. increase contact with the wood. Herbs and tradition, making it one of the most Coconut sap or toddy is obtained by and spices from ancient recipes are also celebrated offerings from Sri Lanka to the tapping the unopened coconut flower for added at particular stages, to enhance world. its nectar. Thereafter the toddy is collected flavour and mellow the liquor during the in earthenware pots. This toddy when crucial maturation process. The maturation Sri Lankan coconut arrack is undeniably fresh contains much sugar, but yeasts, process is completed after flavour one of the purest naturally derived microscopic vegetable organisms soon enhancing and smoothening, while ageing alcoholic beverages in the world, distilled find their way into it, act on the sugar in the wooden vats. through a natural fermentation process. present and produce alcohol. This process Finally spirits of different ages and flavours Sri Lanka has perfected the technique of of converting the sugar into alcohol is are blended to create the various DCSL making coconut arrack through the years. called fermentation. After a minute filtration brands, all under the careful supervision of Today, it has acquired the perfect balance process, this liquor is poured into massive an experienced connoisseur and Master for the discerning palate and coconut casks made of Halmilla wood and carefully Blender. As the largest coconut arrack arrack reigns as the alcoholic beverage of transported to our factories for distillation. choice in the country. distillery in Sri Lanka, possibly even in the The process of distillation involves two world, this golden-brew remains our pride The initial step in the process of making stages; continuous distillation (patent and flagship product. coconut arrack is toddy tapping, an age- still distillation) and pot distillation. This Annual Report 2017/18 7 | DISTILLERIES COMPANY OF SRI LANKA PLC Tradition Served with Pride Extra Special Arrack A blend of coconut spirits and imported neutral spirits bringing Double Distilled herbal flavours with a distinctively Arrack rich taste and smooth aroma Twice distilled in pot stills and matured slowly in Halmilla vats giving a remarkable taste and aroma Old Arrack A 100% coconut spirit, refined, aged and matured in Halmilla vats - giving a woody & natural flavour Very Special Old Arrack A blend of 100% aged coconut spirits, well-matured in Halmilla vats to give a taste of oak Coconut Arrack Superior blend of mellow 100% coconut arrack full of character and a distinctive flavour stemming from 8 Annual Report 2017/18 the traditional process of maturing DISTILLERIES COMPANY OF SRI LANKA PLC | White Label Arrack Crystal clear and an absolutely pure blend of coconut arrack and neutral spirits giving a tint of fresh lime with a slight burning sensation on your tongue Narikela A 100% pure coconut spirit, which brings out the full-bodied taste and aroma of desiccated coconut with a subtle sweetness.
Load more

Recommended publications
  • Annual Report 2016/17 MELSTACORP PLC Annual Report 2016/17
    Annual Report 2016/17 MELSTACORP PLC Annual Report 2016/17 MELSTACORP IS THE CULMINATION OF DECADES OF BUSINESS ACUMEN COMBINED WITH A SHARED VISION OF SUSTAINABLE GROWTH. IN THE LONG TERM, WE ENVISION GROWTH THAT CREATES VALUE FOR ALL. AS A CONGLOMERATE OUR GOALS AND BENCHMARKS ARE HIGH, AND OUR COMMITMENT TO ALL OUR STAKEHOLDERS UNCONDITIONAL. OUR MISSION IS TO ETHICALLY CREATE VALUE WITH SUSTAINABLE GROWTH. Melstacorp PLC became the latest listed conglomerate in the Colombo Stock Exchange on 30th December 2016. During the financial year DCSL PLC ventured into a restructure arrangement under Part ‘X’ of the Companies Act No. 07 of 2007, seeking approval for a share swap that would result in the shareholders of DCSL PLC becoming shareholders of Melstacorp. Consequent to the necessary approval from the Court and with the overwhelming approval of the shareholders the 180 degree share swap was completed during the fourth quarter of 2016. DCSL PLC together with other subsidiaries are now subsidiaries of Melstacorp PLC. The restructure will bring multitude of benefits to the shareholders including unlocking of Group’s value due to DCSL PLC acquiring beverage sector multiples and through the establishment of an umbrella brand that can be extended to subsidiaries. MELSTACORP PLC Annual Report 2016/17 MELSTACORP IS THE CULMINATION OF DECADES OF BUSINESS ACUMEN COMBINED WITH A SHARED VISION OF SUSTAINABLE GROWTH. IN THE LONG TERM, WE ENVISION GROWTH THAT CREATES VALUE FOR ALL. AS A CONGLOMERATE OUR GOALS AND BENCHMARKS ARE HIGH, AND OUR COMMITMENT TO ALL OUR STAKEHOLDERS UNCONDITIONAL. OUR MISSION IS TO ETHICALLY CREATE VALUE WITH SUSTAINABLE GROWTH.
    [Show full text]
  • TSUNAMI a Study on Disaster Response in Sri Lanka
    TSUNAMIClaudia von Braunmühl, Reinhardt Bolz, A study on disaster Linus Jayatilake, Kath Noble, Shreen Saroor with a complement on the situation in Thailand response in Sri Lanka by Karl Segschneider and Walaitat Worakul Bread for the World medico international Heinrich Böll Foundation TSUNAMI A study on disaster response in Sri Lanka Juli 2006 Claudia von Braunmühl, Reinhardt Bolz, Linus Jayatilake, Kath Noble, Shreen Saroor with a complement on the situation in Thailand by Karl Segschneider and Walaitat Worakul Bread for the World, Heinrich Böll Foundation, medico international Gemeinsam herausgegeben von: Heinrich-Böll-Stiftung Rosenthaler Str. 40/41, 10178 Berlin Tel: +49 (0) 30-28534-0, Fax: +49 (0) 30-28534-109 [email protected], http://www.boell.de/ Brot für die Welt Staffl enbergstraße 76, 70184 Stuttgart Tel: +49 (0) 711-2159-0, Fax: +49 (0) 711-2159-110 [email protected], http://www.brot-fuer-die-welt.de medico international Burgstraße 106, 60389 Frankfurt /Main Tel. +49 (0) 69-94438-0, Fax +49 (0) 69-436002 [email protected], http://www.medico.de Juli 2006 Spendenkonten: Brot für die Welt, Konto-Nr. 500 500-500, Postbank Köln, BLZ 370 100 50 Heinrich-Böll-Stiftung, Konto-Nr. 100 200 30, Bank für Sozialwirtschaft, BLZ 100 20 500 medico international, Konto-Nr. 1800, Frankfurter Sparkasse, BLZ 500 502 01 Redaktion: Thomas Seibert, Christiane Molt, Layout: Ingo Thiel Alle Fotos medico international oder Fact Finding Mission Table of contents Preface 8 1. Introduction 12 1.1 Background 12 1.2 Work process 14 2. Economic, social and political situation one year after the tsunami 16 2.1 Neo-liberal reforms 16 2.2 Socio-economic situation 18 2.3 Reconstruction problems 19 3.
    [Show full text]
  • Browns-Beach-Hotels-PLC-Annual
    CONTENTS Notice of Meeting ......................................................................................................................................... 02 Corporate Information ................................................................................................................................ 04 Chairman’s Review ...................................................................................................................................... 05 The Board of Directors................................................................................................................................. 06 Risk Management ........................................................................................................................................ 09 Corporate Governance ................................................................................................................................ 08 Remuneration Committee Report ............................................................................................................. 23 Audit Committee Report ............................................................................................................................ 25 Annual Report of the Board of Directors .................................................................................................. 27 Statement of Directors’ Responsibilities ................................................................................................... 33 Independent Auditors’ Report ..................................................................................................................
    [Show full text]
  • Annual Report 2010 Corporate Information
    Federation of Chambers of Commerce and Industry of Sri of Commerce of Chambers Lanka Report Annual Federation 2010 FEDERATION OF CHAMBERS OF COMMERCE AND INDUSTRY OF SRI LANKA “Federation House”, 53, Vauxhall Lane, Colombo 02, Sri Lanka Federation of Chambers of Commerce Tel: +94-11-2304253/4 Fax: +94-11-2304255 and Industry of Sri Lanka Email: [email protected], [email protected] Web: www.fccisl.lk, www.blog.fccisl.lk Annual Report 2010 Corporate Information Name of the Company : Federation of Chambers of Commerce and Industry of Sri Lanka Legal Form : Company Limited by Guarantee Company Registration No. : GA 446 dated 27/10/2009 Registered Office : Federation House, 53, Vauxhall Lane, Colombo 02, Sri Lanka Nature of Business : Trade Promotions and Providing Services to the Business Community Board of Directors : Mr. Tissa Jayaweera, Mr. Kumar Mallimaratchi Mr. Ajith Wattuhewa, Mr. Kosala Wickramanayake Mr. Nawaz Rajabdeen, Mr. S T S Arulananthan Mr. W K H Wegapitiya, Mr. Shiran Karunaratne Branch Offices : Chamber Academy Kurunegala No. 56, Town Centre Building, Mihindu Mawatha, Colombo Road, Kurunegala Chamber Academy Kandy No. 155, 2nd Floor, William Gopallawa Mawatha, Kandy Chamber Academy Vavuniya Sathya Building, 1st Cross Street, Vavuniya Chamber Academy Gampaha 2nd Floor, Gampaha Pradeshiya Saba Building Miriswatte Junction, Mudungoda Handwerk Centre Western Province – Kalutara Dodangoda Road, Malegoda, Payagala, Kalutara Handwerk Centre Eastern Province – Thirukkovil Near Udaysooriyan Ground, Thirukkovil 01 Gampaha District Chamber of Commerce, Industry and Agriculture 2nd Floor, Pradeshiya Saba Building, Miriswatta Junction, Mudungoda Bankers Commercial Bank of Ceylon PLC Seylan Bank PLC Sampath Bank PLC People’s Bank Hatton National Bank PLC Auditors KPMG Ford, Rhodes, Thornton & Co.
    [Show full text]
  • Melstacorp Limited Introductory Document
    MELSTACORP LIMITED INTRODUCTORY DOCUMENT Listing of 1,165,397,072 Voting Ordinary Shares To be Listed on the Main Board of the Colombo Stock Exchange At a Reference Price of LKR 69.00 Financial Advisors and Managers to the Introduction: CT CLSA Capital (Pvt) Ltd (A CT Holdings Group and CLSA Group Company) # 4-15A, Majestic City, 10, Station Road, Colombo 04. Tel : +94 11 250 3523 : +94 11 258 4843 Fax : +94 11 258 0181 i Registration of the Introductory Document A copy of this Introductory Document has been delivered to the Registrar General of Companies in Sri Lanka for registration. The following documents were also attached to the copy of the Introductory Document delivered to the Registrar General of Companies. 1) The written consent of the Financial Advisors and Managers to the Introduction The Financial Advisors and Managers to the Introduction have given and have not before the delivery of a copy of the Introductory Document for registration withdrawn their written consent for the inclusion of their name as Financial Advisors and Managers to the Introduction and for the inclusion of their statements/declarations in the form in which it is included in the Introductory Document. 2) The written consent of the Auditors and Reporting Accountants to the Company The Auditors and Reporting Accountants to the Company have given and have not before the delivery of a copy of the Introductory Document for registration withdrawn their written consent for the inclusion of their name as Auditors and Reporting Accountants to the Company and for the inclusion of their report/statements in the form and context in which it included in the Introductory Document.
    [Show full text]
  • Aitken Spence PLC (SPEN)
    Sri Lanka | Diversified Holdings EQUITY RESEARCH Initiation of coverage 10 July 2013 Aitken Spence PLC (SPEN) A play on tourism and power Aitken Spence PLC (SPEN), the third-largest conglomerate listed on the Key statistics Colombo Stock Exchange (CSE) by market cap, has operations in the tourism, CSE/Bloomberg tickers SPEN.N0000/SPEN SL power, logistics and services industries, as well as smaller interests in a Share price (9 July 2013) LKR124 number of other businesses. We forecast SPEN to post a revenue CAGR of No. of issued shares (m) 406 3.4% over FY14E-FY16E. This modest revenue growth partly reflects the Market cap (USDm) 384 company’s significant exposure to the power sector, where the potential non- Enterprise value (USDm) 458 renewal of power purchasing agreements (PPAs) could hurt SPEN’s growth Free float (%) 40% prospects. However, growth in SPEN’s tourism segment should offset the 52-week range (H/L) LKR139/108 decline in its power operations. Our DCF valuation analysis and P/E analysis Avg. daily vol (shares, 1yr) 324,148 suggest a valuation range of LKR110-157, compared with the share price of Avg. daily turnover (USD 301 LKR124 as of 9 July 2013. ‘000) We expect SPEN’s revenues to increase at a 3.4% CAGR over FY14E-FY16E. Source: CSE, Bloomberg The group’s top-line growth should be fuelled mainly by the tourism segment, which Note: USD/LKR = 128.7 (avg. for the 1 year ended 9 July 2013) comprises hotels in Sri Lanka, the Maldives, Oman and India. A 13.8% addition to room inventory, a 430bps increase in blended occupancy levels and rising average Share price movement room rates (ARRs) should boost the segment’s revenue over the forecast period.
    [Show full text]
  • Aitken Spence PLC | Annual Report 2014 - 2015
    Annual Report 2014 - 2015 Aitken Spence PLC | Annual Report 2014 - 2015 Aitken Spence PLC is one of Sri Lanka’s oldest and most successful diversified conglomerates with a history going back for over 150 years. Today we have expanded our reach and influence to become a model of corporate excellence, combining the strength of our heritage with our solid commitment to organic expansion, to deliver our promise of increasing returns each year. There are many reasons for the myriad accomplishments we record here today, yet chief among them is our unrivalled passion for innovation; the ground-breaking ideas and pioneering enterprises that add such distinctive value to the diverse industry sectors we now operate in. In this integrated annual report, we analyse in detail all that we have achieved in the year under review as we navigate the fast changing business environment we operate in today; the strategies and philosophies we rely on to keep your company strong, relevant and progressive. We are strengthened by our proven ability to chart a steady course through stormy waters and the years that we have spent confidently piloting your company through the challenges we have encountered on the way to becoming the icon of stability and resilience we are today. Annual Report 2014 - 2015 1 Contents An Introduction to the Contents of this Report 12 Chairman’s Statement 4 12 15 15 Managing Director’s Review Group Overview Chairman’s Statement Managing Director’s 22 Management Discussion and Analysis 142 Financial Statements Review We are pleased to present to our stakeholders the integrated annual 22 118 142 report for the year ended 31st March 2015.
    [Show full text]
  • Most Admired Leaders of Sri Lanka 2019
    1 CONTENT MOST ADMIRED LEADERS OF SRI LANKA 2019 ................................................. 3 INTRODUCTION ............................................................................................. 3 CATEGORIES .................................................................................................. 3 NATIONAL CONTRIBUTION ....................................................................... 3 BUSINESS ACCOMPLISHMENTS................................................................. 4 SPECIAL AWARDS CATEGORY .................................................................... 4 MOST ADMIRED LEADERS OF SRI LANKA 2019 CITATIONS .............................. 5 His Eminence Malcom Cardinal Ranjith ........................................................ 5 Desabandu Karu Jayasuriya .......................................................................... 6 Desamanya D.H.S Jayawardena .................................................................... 6 Mr Dhammika Perera .................................................................................... 6 Mr Chandra Schaffter .................................................................................... 6 2 MOST ADMIRED LEADERS OF SRI LANKA 2019 INTRODUCTION The Most Admired Leaders of Sri Lanka awards are for outstanding Sri Lankans. The four people selected are exceptional and are driven by a powerful sense of purpose both in their individual lives and in relation to the world at large. This year the awards will be made under four categories - Peace and Reconciliation,
    [Show full text]
  • Red Alert by Health Experts
    THURSDAY, MAY 7, 2020 www.themorning.lk epaper.themorning.lk Maintain Distance, Stay Safe www.aruna.lk epaper.aruna.lk SEEKER, EMPTY THE BOAT, LIGHTEN THE LOAD, BE FREE OF CRAVING AND JUDGMENT AND HATRED, AND FEEL THE JOY OF THE WAY. LORD BUDDHA LACK OF ADEQUATE TESTING AND OPENING UP Red alert by health experts z 85% infected show mild or BY MAHEESHA MUDUGAMUWA However, the top health official have warned that it is too early to warned that there was a possibility scale down stay-at-home orders. no symptoms Amidst preparations to relax public health restrictions of infected persons being amongst Meanwhile, the Government z on the activities of people and businesses, health experts society while not showing any Medical Officers’ Association WISHING ALL OUR READERS A Over 25,000 tests done for warn that the country still lacks adequate testing to track symptoms right now, and this (GMOA) also previously HAPPY VESAK population of 22 million and contain potential coronavirus outbreaks. could only be ruled out after insisted that the testing of first testing for Covid-19. contacts traced through Covid- z At least 500,000 tests Speaking to The Morning, a to at the very least evaluate the According to experts, a lack of 19-positive patient evaluation top health official, who wished impact of reopening the country. testing is a critical issue; at least should be completed before required before opening up to remain anonymous, revealed According to statistics, the around 500,000 tests should be taking any decision with regard that the country’s testing rate lags country has so far conducted conducted in order to gradually to the resumption of economic FOREIGN AID FOR CORONA FUND z Public must be informed of far below the standard amount only around 25,000 tests for its restart the country’s economy, activities.
    [Show full text]
  • NIS SL 2010.Pdf
    NATIO N AL AL IN TEGRITY NATIONAL INTEGRITY SYSTEM ASSESSMENT S Y S TEM TEM SRI LANKA 2010 ASS E SS ME N T No 06, 37th Lane, Queen’s Road, Colombo 03 Tel: 011 436 9781-3 Fax: +94 11 2506419 SRI L A N KA 2010 ISBN: 578-955-1281-44-1 NATIONAL INTEGRITY SYSTEM ASSESSMENT SRI LANKA 2010 www.tisrilanka.org ISBN: 978-955-1281-44-1 © Transparency International Sri Lanka Every effort has been made to verify the accuracy of the information contained in this report. All information was believed to be correct as of April 2011. Nevertheless, Transparency International Sri Lanka cannot accept responsibility for the consequences of its use for other purposes or in other contexts. NATIONAL INTEGRITY SYSTEM | SRI LANKA 2010 TABLE OF CONTENTS TABLE OF CONTENTS .................................................................................................................. II LIST OF TABLES AND CHARTS ................................................................................................. IV CONTRIBUTORS TO THE STUDY .............................................................................................. V ABBREVIATIONS AND ACRONYMS ........................................................................................ VI FOREWORD ..................................................................................................................................... X OVERVIEW OF THE PROCESS ................................................................................................. XII I INTRODUCTION ........................................................................
    [Show full text]
  • Discover Ann Aauutheentic Destinnattion Experiiennce
    Discover an authentic destination experience. Aitken Spence Hotel Holdings PLC Annual Report 2013/14 8LI ÁWLMRK GSQQYRMXMIW XLEX PMZI EPSRK XLI western and south western coastlines of Sri Lanka have traditionally owned a wealth of customs and crafts, some of which can still be observed in practice today. Of these regional traditions, Ambalangoda is particularly famous for the crafting of the diverse masks that play a central role in local theatre and dance as well as the ceremonial rituals that are part of the day- to-day life of Sri Lankans across the island. The best known of these are the kolammaduwa and the rituals performed in the exorcism of demons. Traditional masks fall roughly into three types; Kolam, Raksha and Sanni. Kolam masks are quaint and often humorous, used in story-telling performances that revolve around well-known myths and fables. Raksha or demon masks are used to ward off evil and are used in ritual exorcisms, festivals and processions, while Sanni masks are used in healing ceremonies. Although these customs are deeply rooted in local culture, the art of carving masks is a dying one. At Heritance Ayurveda Maha Gedara, we strive XSOIITEPMZIXLMWVMGLERHQEKRMÁGIRXEVXJSVQ as part of our efforts to preserve and enrich the unique natural and cultural heritage of our land. Intense. Magical. Awe inspiring. This is the real Sri Lanka - the authentic experience of a very different island that we offer every guest who visits our amazing chain of hotels. Aitken Spence Hotel Holdings PLC is a company that long ago understood the value of creating long-term strategies in order to achieve long- term success.
    [Show full text]
  • Distilleries Company of Sri Lanka PLC Equity Research Initiation Coverage
    Distilleries Company of Sri Lanka PLC Equity Research Initiation Coverage Leveraging on inelastic consumption growth BUY Arrack has been a lifestyle alcoholic beverage in Sri Lanka over many years while LOLC SEC Valuation LKR 291.30 experiencing an inelastic demand from a strong habitual consumption amongst Sri Lankans. 12M Tgt Price (excl.dividend) LKR 264.80 DIST being the market leader since its inception supplying Arrack to the local market, we Share Price LKR 216.00 expect the company to reap benefits from the expected per capita income rise backed by Upside/(Downside) 35% inelasticity of the industry and measures taken by 2016 Budget to curtail down illicit and Risk Level Medium illegal liquor. Excessive levies on liquor producers will also barricade small scale liquor (refer page 22 for recommendation) producers to operate in the industry while benefiting DIST. Share Details Investment Considerations Bloomberg Ticker DIST SL Inelastic proxy for consumption growth: Local liquor industry has been a resilient CSE Sector Beverage, Food & Tobacco GICS Sector Consumer Staples performer historically, despite continuous tax hikes. With expected GDP per capita income Market Cap (LKR Mn) 64,800 rise and demand inelasticity, we expect liquor consumption to post modest 1.7% CAGR in Issued Quantity (Mn) 300 medium term while mitigating the risk of possible consumption downturn based on price 30-day avg T/O (LKR Mn) 12.71 hikes. We believe that illicit/illegal liquor consumption to be cut down on tight regulatory Beta (6 months) 1.02 measures while big players will benefit on increased volumes. Accordingly, DIST being the leading Arrack producer could leverage on inelastic consumption growth of Arrack and record strong performance in bottom-line.
    [Show full text]