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Expolanka Holdings Plc Annual Report 2017 2018

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Expolanka Holdings Plc Annual Report 2017 2018 EXPOLANKA HOLDINGS PLC Annual Report 2017 2018 With a dare to do spirit, anything is possible. That’s how we have sustained our growth from 1978, strategically leveraging Sri Lanka’s location as an emerging maritime hub to build a successful business in freight forwarding. We began expanding beyond our borders in 1992 by venturing into new and emerging markets. Today, we are a global logistics company with interests in leisure and investments. Each of our business units is collectively driven by our desire to evolve, innovate and always remain ahead of the curve. Our impressive financial performance is a testament to our dare to do spirit and approach we take in business. We look forward to making a bigger mark globally, by enhancing our solutions, growing in emerging markets and being customer- centric in every aspect of business. This annual report available on: Print CD Web Contents About the Report 02 Overview Compliance Reports Milestones and Mentions 05 Corporate Governance Report 85 Memberships and Certifications 07 Risk Management Report 106 Group Strategy 08 Related Party Transactions Review Committee Report 112 Financial Highlights 09 Remuneration Committee Report 114 Chairman’s Message 10 Group CEO’s Review 12 Financial Reports Board of Directors 15 Senior Management Team 18 Annual Report of the Board of Directors Group Performance 21 on the Affairs of the Company 117 The Statement of Directors’ Responsibility 122 Integrated Management Discussion and Analysis Audit Committee Report 123 Independent Auditor’s Report 126 Sustainability Strategy 25 Statement of Financial Position 129 Materiality Assessment 26 Statement of Profit or Loss 130 Supply Chain Analysis 27 Statement of Comprehensive Income 131 Stakeholder Engagement 28 Statement of Changes in Equity 132 Stakeholder Value Creation 32 Statement of Cash Flows 133 Capital Management Reports 33-58 Notes to the Financial Statements 134 Financial Capital 33 Manufactured Capital 34 Supplementary Information Intellectual Capital 36 Human Capital 40 Group Real Estate Portfolio 183 Natural Capital 51 Five Year Summary 184 Social and Relationship Capital 56 Share Information 185 GRI Index In Accordance With “CORE” 59 Notice of Meeting 188 Independent Assurance Report 61 Form of Proxy 189 Operational Review Corporate Information IBC Organizational Structure 65 Our Footprint 66 Business Report 68-82 Sector Logistics 68 Sector Leisure 75 Sector Investments 78 About the Report [GRI 102-10, 102-46, 102-49,102-50, 102-51, 102-52] This report has been prepared primarily GRI Standards and Reporting [GRI 102-54] for the benefit of current and prospective The report has been prepared in accordance with the GRI Standards: Core option investors, for representatives from government and regulatory authorities Materiality in Sri Lanka and for any other stakeholder who have an interest in the Group’s This Report focuses on those matters that we see as being most material to the Group’s performance. capacity to create value, and to deliver on its core purpose. Being a diversified Group with interests in logistics and leisure, the Group is currently in the process of establishing sector- Scope and Boundary specific materiality drivers that would enable more focused approach towards stakeholder value creation. Following an in-depth study to identify what freight customers consider This is the fourth integrated report as material issues their freight partner should focus on, the Group’s material aspects were prepared by Expolanka Holdings PLC, and revised in the year under review. A snapshot of these material issues can be found on page provides material information relating 26 of this Report. to the Group’s strategy and business model, operating context, material risks, Assurance stakeholder interests, performance, prospects and governance, covering the The content included in this Integrated Report has been approved by the respective financial year ended 31st March 2018. business heads and reviewed by the audit committee reviewed prior to submission to the Board of Directors for approval. This Integrated Annual Report covers business activities over which Expolanka In addition, Messrs.’ Ernst & Young, Chartered Accountants have provided an independent Holdings has operational control, including assurance statement that further verifies the Group’s compliance with the GRI Standards. those outside Sri Lanka. Entities that are not operationally controlled by the Group are Board Responsibility Statement not included in the scope of the Integrated The Board acknowledges its responsibility to ensure the integrity of the annual integrated Annual Report. The most recent report was report and is of the opinion that the report addresses all material issues that it believes to for the year 2016/17 have a bearing on the Company’s capacity to create value over the short, medium and long term. Although the Group’s operations have undergone expansion during the year, the Forward Looking Statements size, structure, supply chain, ownership This report contains certain forward-looking statements with respect to Expolanka and products and services offered are not Holdings PLC’s financial condition, results, operations and businesses. These materially different to those covered in the statements and forecasts involve risk and uncertainty as they relate to events and 2016/17 integrated annual report. depend on circumstances that occur in the future. There are various factors that could cause actual results or developments to differ materially from those expressed or Reporting Principles [GRI 102-12] implied by these forward-looking statements. The report has been prepared in compliance with the following frameworks; Feedback [GRI 102-53] 1. Listing rules of the CSE We value feedback and welcome questions and comments on our reporting. To obtain further information, feedback and queries, please contact; 2. Code of Best practices for Corporate Governance jointly issued by the Mushtaq Ahamed SEC and the Institute of Chartered Director Group Finance Expolanka Holdings PLC Accountants of Sri Lanka Address : 15A Clifford Avenue, Colombo 03. Email : [email protected] 02 EXPOLANKA HOLDINGS PLC Annual Report 2017 2018 Overview Milestones and Mentions 05 Memberships and Certifications 07 Group Strategy 08 Financial Highlights 09 Chairman’s Message 10 Group CEO’s Review 12 Board of Directors 15 Senior Management Team 18 Group Performance 21 Milestones and Mentions HR Awards Glory for EFL and Classic Travel - Sri Lanka EFL India Receives ISO 9001:2015 Certification - India Overview EFL and Classic Travel were awarded ‘Great Place to Work in Sri Lanka’ for the second consecutive year and third year respectively. The list evaluates the very best As part of the next phase the system employers that provide teams with an environment where they can thrive and upgrade at stations, EFL India received grow. ISO 9001:2015 standards certification, following full compliance with quality, Discussion & Analysis During the year, EFL also secured 2 additional accolades at the Best Employer safety and supply chain protocols. Management Integrated awards winning ‘Dream companies to work for’ in both Asia and Sri Lanka. Raising operational standards of the station, the certification adds a EFL Wins Gold for the 4th Year - Sri Lanka significant boost to EFL’s overall position EFL continued its long-standing winning streak at the National Business Excellence in the global logistics sphere. Awards (NBEA), once again brought home a Gold award in the Logistics and Review Transport category, for the 4th consecutive year. The NBEA recognized EFL as a Bigger than ever in China Operational top corporate performer with a dynamic operation that effectively covers the areas of leadership, corporate governance, capacity building, CSR, environmental sustainability and performance management. Reports Compliance Compliance EFL extended its presence in China, by opening two new offices in Guangzhou. Strategically located in close proximity to Hong Kong, and Macau, Guangzhou is a significant export hub in the region, Reports and is one of the busiest commercial Financial centres in the country as well as the largest metropolis in Southern China. The city has a long-standing history of being an important strategic port in China, providing quick access to India, South-East Asia, the Middle-East and EFL extended its presence in China, by opening one new office in Africa. Guangzhou. Information Supplementary EXPOLANKA HOLDINGS PLC Annual Report 2017 2018 05 Milestones and Mentions Classic Travel Opens Branch First QR Charter to Rickenbacker - EFL - Sri Lanka in Kandy - Sri Lanka In September 2017, EFL made yet another pioneering move by partnering with Qatar Airways Cargo to facilitate the first ever freight charter to Rickenbacker Airport in Columbus, Ohio. The shipment comprised of 100 tonnes of garments and was flown on a Boeing 777 freighter on behalf of a Fortune 500 listed US fashion retailer. The story has received a wave of international media coverage, putting EFL in the international spotlight and strengthening the company’s position at the forefront of the logistics industry. Classic Travel officially announced the opening of their Kandy Branch Office on 22nd of February 2018, marking the 4th Branch Office of Classic Travel in Sri Lanka. A State of the Art Factory by Tropikal Life (Pvt) Ltd - Sri Lanka Tropikal Life (Pvt) Ltd opened a state of the art dedicated coconut water processing factory on the 1st of August 2017 in Seeduwa. The 30,000
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