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ANNUAL REPORT 2018 Contents ANNUAL REPORT 2018 Contents Vision, Mission, Quality Policy,Health, Safety and Environmental Policy 02 Corporate Profile 03 Financial Highlights (Company) 04 The Operational Impact of 365 days 05 Chairman’s Review 06 Managing Director / CEO’s Review 09 Board of Directors 12 Corporate Management 15 Financial Review 18 Corporate Governance 22 Risk Management 27 Shareholder Information 31 Financial Report Financial Calender 2018/2019 35 Annual Report of The Board of Directors on the Affairs of the Company 36 Related Party Transactions Review Committee Report 41 Statement of Directors’ Responsibilities 42 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 43 Independent Auditors’ Report 44 Statement of Profit or Loss and Other Comprehensive Income 48 Statement of Financial Position 49 Statement 0f Changes In Equity 50 Statement of Cash Flows 52 Notes to the Financial Statements 54 Ten Years Financial Summary 102 Notice of Annual General Meeting 103 Form of Proxy 107 Corporate Information Inner Back Cover “As we look back on the year under review, we acknowledge the rough seas that tested our skills and leadership, was instrumental in forging new bonds, and helped us discover ventures that strengthened our company to achieve our targets. We are celebrating our journey while also being grateful to all those who made our big plans become a reality and a resounding step in affirming our capabilities. While we sail to new destinations and unveil one of our largest projects to date, we are hopeful for the future and what it holds in store. We are on board for a year that will reap much in terms of growth and progress, as we lay the keel for a new course towards more fortuitous waters.” 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 Asia 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: 02 Quality Policy We are committed to; • Satisfying our customers by consistently understanding and meeting their requirements in a cost effective manner and, • Strive to exceed their expectations by continually improving the effectiveness of our quality management system whilst complying with all applicable statutory and regulatory requirements. 2018 T Health, Safety and Environmental Policy POR RE Colombo Dockyard PLC is committed to provide a healthy and safe working environment at its every work AL location and strive to protect the environment in accordance with applicable Legal & other requirements. ANNU Colombo Dockyard PLC shall: | • Provide safe machinery, plant, equipment and competencies to prevent injury, ill health and environmental impacts. • Minimize probable impacts to the environment through pollution prevention and other specific commitments including reduction of natural resource consumption through reduction, recycle and reuse of waste. • Set Health Safety and Environmental objectives, analyse outcomes and continually improve processes through an effective management system. COLOMBO DOCKYARD PLC PLC DOCKYARD COLOMBO Corporate Profile Colombo Dockyard PLC (CDPLC) established its operations way back in 1974 and at present operates as Sri Lanka’s largest engineering facility leading in the business of ship repairs, shipbuilding, heavy engineering and offshore engineering with a Japanese collaboration. CDPLC Group includes two subsidiaries namely Dockyard General Engineering Services (Pvt) Ltd and Ceylon Shipping Agency (Pte) Ltd in Singapore to deal with heavy engineering for local customers and as a supply channel for material imports respectively. CDPLC is a public quoted Company listed in the Colombo Stock Exchange. It is also a licensed enterprise of the Board of Investment of Sri Lanka. CDPLC is conveniently located within the port of Colombo, the hub of all major shipping lanes connecting the West, the Middle East, the Far East, as well as Africa and Australia, CDPLC has a strategic advantage to conduct both dry dock and afloat operations. Colombo Dockyard, as a state of the art engineering entity, operates four graving dry docks with a maximum capacity of 125,000 DWT and extensive repair berth facilities. 03 Colombo Dockyard, in existence for over four decades, continues to keep its eyes on the horizon, pre- empting trends and preparing for transformation. While the Company remains medium scale ship yard in the Asian region, our differentiation lies in the way we do business. Five core values that have helped Colombo Dockyard in its odyssey: Flexibility Innovation Being Customer Centric Environmentally Friendly People Focused Colombo Dockyard’s niche position in building some of the world’s most unique vessels holds the Company in good stead. The emphasis on absolute quality and the infusion of green initiatives (some of 2018 them, pioneering features in this region) as well as our processes, give us a competitive stance that is far T ahead of those established in the South Asian region. POR RE This has resulted in improving our capabilities of effecting difficult and sometimes unique processes, AL building techniques and repairs, that have helped us carve out our own niche in this industry. ANNU | COLOMBO DOCKYARD PLC PLC DOCKYARD COLOMBO Financial Highlights (Company) 2018 2017 Change Rs. Mn Rs. Mn Rs. Mn % Results for the Year Revenue Ship Repairs 5,928 5,943 (15) (0.25) Shipbuildings 6,870 6,038 832 13.78 Heavy Engineering 371 71 300 422.54 13,169 12,052 1,117 9.27 Export Revenue 12,195 11,614 581 5.0 Local Revenue 974 438 536 122.4 Gross Profit 877 1,445 (568) (39.3.) Profit before Tax 172 (73) 245 335.6 Taxation (27) (69) 42 60.9 04 Net Profit after Tax 145 (143) 288 201.4 Company Value Addition 4,654 4,193 461 10.99 Company Value Addition % 33 34 (1) (2.94) Local Value Addition 7,142 6,102 1,040 17.04 Employees Salaries & Benefits 3,942 3,716 (226) (6.08) Financial Position Total Assets 15,054 16,705 (1,651) (9.88) Total Liabilities 6,086 7,867 1,781 22,64 Share Holders’ Fund 8,967 8,838 129 1.46 Net Cash & Cash Equivalents 4,115 4,642 (527) (11.35) Information Per Ordinary Share Earnings (Rs.) 2.01 (1.98) 3.99 201.52 2018 T Net Assets (Rs.) 124.79 122.99 2 1.46 Market Value (Rs.) 55.60 88.50 (33) (37.18) POR RE AL Market Capitalization Rs. Mn 3,995 6,359 (2,364) (37.17) ANNU Financial Ratios | Net Profit after Tax (%) 1.1 (1.2) 2.3 191.76 Return On Investment (%) 1.0 (0.9) 1.9 207.2 Return On Assets (%) 0.3 (1.6) 1.9 118.75 Interest Cover (Times) 0.4 (1.8) 2.2 122.22 Return On Equity (%) 1.6 (1.6) 3.2 200.00 COLOMBO DOCKYARD PLC PLC DOCKYARD COLOMBO The Operational Impact of 365 days Commitments to Company Vision and Core Values and Successful Execution of Strategic Initiatives deliver Results in Key Operational Highlighting Figures. Total Revenue Foreign Revenue Direct Employment Rs. 13 Bn 93 % 3,000 The Company managed to reach Export earnings generated in 2018 The Company provides direct total revenue of Rs. 13.2 Bn as was over 92.6% of the total Revenue. employment for over 3,000 against Rs.12.0 Bn recorded for This represents 100% foreign employees including Permanent, last year. generated Shipbuilding revenue. Project basis, Trainees and Subcontract employees. 05 Employee Retention Completion of Ship Repairs Local Value Addition 99.5 % 159 Repairs Rs. 7,142 Mn Despite many economic downturns Successfully completed 159 Company operation generates over both locally and globally, we have ship-repair jobs during the year 50% local value additions. had few employee resignations compared to 145 recorded for 2017. during 2018. Total Revenue (Rs. Mn) Profit after tax (Rs. Mn) Total Assets (Rs. Mn) Shareholders Funds (Rs. Mn) 2018 T 16,000 400 25,000 12,000 POR RE 200 20,000 12,000 AL 0 8,000 15,000 ANNU 8,000 200 | 10,000 400 4,000 4,000 5,000 600 0 800 0 0 1514 16 17 18 1514 16 17 18 1514 16 17 18 1514 16 17 18 COLOMBO DOCKYARD PLC PLC DOCKYARD COLOMBO Chairman’s Review 06 CDPLC is aiming at orders for high-density, high-tech vessels with high value addition, small to mid-size due to 2018 T the dock size restrictions for new shipbuilding. The target POR of new shipbuilding market is a special construction/ RE support vessels (such as cable laying vessels, an offshore AL support vessels, dredgers, and fishing boats etc.), small- ANNU mid size passenger boats, coastguard patrol boats, small | size LNG storage facilities in the market zone of Europe, Middle East, Japan, and Southwest Asia etc.; COLOMBO DOCKYARD PLC PLC DOCKYARD COLOMBO Dear Shareholders, flag, required high quality and advanced function. The ship design is made by I am pleased to present the Annual Norwegian ship-design company, which is a cutting-edge and sophisticated Report and the Financial Statements European design. By including this new vessel into our construction record, of Colombo Dockyard PLC (CDPLC) CDPLC is able to differentiate other competing shipyards by high quality for the financial year ended 31st and advanced shipbuilding capability. We are quite confidence that this new December 2018 for the 36th Annual vessel reputation would attract the worldwide market attention. Also, the fact General Meeting of the Shareholders. of CDPLC’s export of high-tech vessel to Japanese customer, will become a significant epoch in the export strategy of Sri Lanka.
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