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Download Report At Vallibel One we are on a journey; one which continues to inspire growth and progress along the way. Our path is always enlightened with values of foresight and forward-thinking which have paved the way for your Company to grow and prosper in the years ahead. Today as we progress as a guiding light to the people, we are seizing new opportunities as we walk into a future of hope. We believe in the collective strength and determination of our people, and that’s why we are empowering the nation by creating hope and inspiring belief towards a better tomorrow. Today as we leverage the trust and faith each stakeholder has placed in the potential of our conglomerate; we are serving them through a multitude of sectors to enhance the way they live. We are directing our hopes and ambitions towards achieving progress and growth, with the power to inspire success and achievement. As we share every milestone with our valued stakeholders who are at the heart of all we do - your Company aspires to serve the people of Sri Lanka through any eventuality. VALLIBEL ONE PLC Contents About our 5th Integrated Driving Strategy through our Sectors Financial Reports Annual Report 12 Economic Review 48 Independent Auditor’s Report 154 Lifestyle Sector 51 Statement of Financial Position 157 Who We Are and What We Do 14 Finance Sector 59 Statement of Profit or Loss 159 Overview of the Group 15 Aluminium Sector 66 Statement of Other Our Portfolio of Businesses 16 Plantations Sector 72 Comprehensive Income 160 Group Structure 18 Leisure Sector 79 Statement of Changes in Equity 161 Our Presence 19 Consumer Sector 85 Consolidated Statement of Cash Flows 164 An Exemplary Journey 20 Investments and Others Sector 91 Notes to the Financial Statements 166 Value Creation and Sharing 21 Value Creation Impacts 22 Nurturing Our Capitals Annexes Our Commitment to the SDGs 23 Financial Capital 100 Five Year Summary - Company 276 Our Investment Case 25 Manufactured Capital 104 Group Value Added Statement 277 Human Capital 109 Shareholder Information 278 Snapshot of 2020/21 Intellectual Capital 119 Subsidiary/Associate Companies of Vallibel One PLC 280 Financial Highlights 26 Social and Relationship Capital 124 Sustainability Assurance Report 286 Non-Financial Highlights 27 Natural Capital 132 GRI Context Index 288 Glossary of Financial Terms 292 Chairman’s Message 28 Governance and Risk Management Notice of Annual General Meeting 296 Corporate Governance 140 Form of Proxy 297 Chief Executive Officer’s Review 30 Annual Report of the Board of Directors Investor Feedback Form 299 on the Affairs of the Company 145 Corporate Information IBC Directors’ Responsibility for Financial Board of Directors 34 Reporting 148 Report of the Related Party All About Strategy Transactions Review Committee 149 Report of the Audit Committee 150 Value Creation Model 36 Risk Management 151 Engaging with Stakeholders 38 Materiality Assessment 41 Group Strategy 43 Scan to view this Annual Report online at https://www.vallibelone.com 8 ANNUAL REPORT 2020/21 Sometimes all it takes is one idea; or a single action or step in the right direction to ensure positive change. At Vallibel One, we believe in the power of one relying on a spirit of togetherness and a single-minded focus on our vision, in order to achieve unmatched stakeholder wealth. Ours is an unstoppable journey in the pursuit of excellence. Even as we stand together with our stakeholders as a single entity, we are united with a purpose – driving growth and enriching lives across a nation. Strengthened by the core belief in our values, we are poised to venture into a future of change, helping people meet their aspirations and goals through a vast portfolio of products and services designed to meet the needs of the days and months and years ahead. Vallibel One. One Journey. One Belief. One Aspiration. 9 VALLIBEL ONE PLC GRI Disclosure : 102-16 VisionAchieve uniqueness through diversity, leadership, creativity and inspiration. MissionTo run healthy core businesses, leverage strengths into new ventures, work together with people to be Sri Lanka’s corporate leader. 10 ANNUAL REPORT 2020/21 Year AchievementsCountless 11 VALLIBEL ONE PLC About Our 5th Integrated Annual Report It is our pleasure to present the 5th integrated annual report - “One Journey, One Belief, GRI Disclosure : 102-12 to 56 and 102-51 One Aspiration”. The report seeks to extend a comprehensive and an impartial account on how we blend in integrated thinking into our operations to create value, overtime. V A L L A NNU A L R EPOR T 2 018/19 Annual Report IB E 2019/20 L The annual report for the preceding year 2019/20, was limited to mandatory areas ONE P L C A including the key operational and financial results of our business portfolio. However, NN U AL R EPO R T 2 V 0 given our commitment to uphold excellence in reporting, this year, once again, we 18 AL / 1 9 MAKING L IB E MAKING THINGS HAPPEN L picked up our integrated reporting process. O N E THINGS P L HAPPEN C This report herein seeks to bring in further improvements to content as well as to the Annual R presentation structure as per the guidelines set by the Integrated Reporting Framework, eport 2 Vallibel One PLC 019/ Level 29, West Tower, World Trade Centre, 2 published by the Integrated Reporting Council; along with the sustainabilityEchelon Square, reporting 0 Colombo 1. www.vallibelone.com guidelines set by the Global Reporting Initiative. REPORT SCOPE & BOUNDARY GRI Disclosure : 102-50, 102-52 GRI Disclosure : 102-46 Reporting Period The audited financial statements Reporting Boundary Following an annual reporting cycle, the and related notes are presented with The report covers Vallibel One PLC report covers the financial year from 1st comparative information and analysis of as the holding company along with its April 2020 to 31st March 2021. Wherever the preceding year. The future outlook and subsidiaries in seven sectors including applicable, we have benchmarked our plans are discussed with targets covering lifestyle, finance, aluminium, plantations, reporting year performance with the results the next financial year ending 31st March leisure, consumer and investments of the preceding financial year, 2019/20. 2022. and others. The report presents the consolidated results for the Vallibel One Group unless otherwise stated. GRI Disclosure : 102-54 Reporting Content and Scope Reporting Standards, Principles, Frameworks and Codes Narrative Reporting • Integrated Reporting Framework - International Integrated Reporting Council (IIRC) Sustainability Reporting • GRI Standards - ‘In Accordance - Core’ - Global Reporting • United Nations Sustainable Development Goals (SDGs) Initiative Financial Reporting • Sri Lanka Financial Reporting Standards - Institute of • International Financial Reporting Standards (IFRS) Chartered Accountants of Sri Lanka (SLFRS) • Continuous Listing Requirements of the Colombo Stock • Company’s Act No. 07 of 2007 Exchange Corporate Governance • Continuous Listing Requirements of the Colombo Stock • Laws and Regulations of the Companies Act No.07 of 2007 Exchange • Code of Best Practice on Corporate Governance, 2017 - The • Code of Best Practices on corporate Governance jointly Institute of Chartered Accountants of Sri Lanka, to extent of advocated by the Securities and Exchange Commission of Sri business exigency and as required by the Group Lanka(SEC) and the Institute of Chartered Accountants of Sri Lanka(CA Sri Lanka) 12 ANNUAL REPORT 2020/21 GRI Disclosure : 102-54 GRI Disclosure : 102-48 Following best practices in reporting, our on our value creation process and in meeting The report presents our business model, with integrated annual report content is developed stakeholder expectations over short, medium emphasis on how we integrate our capitals to in line with the recognised reporting and to long-term. Our stakeholder engagement, create value. Our strategy and performance, regulatory standards, principles, frameworks risk analysis, trends in our operating both at the group and at the sector level, are and codes. This report has been prepared backdrop along with the management insight discussed at length; whilst shedding light on in accordance with the GRI standard: underline the process of identifying and our efforts in risk management, compliance Core option. The content is based on the prioritising our material issues (refer page 41 and governance. There are no restatements materiality principle—focusing on matters for materiality assessment). of information given in period of report. that have considerable impacts or influences NAVIGATING THE REPORT Reporting Improvements Bringing greater clarity and structure to the report, we have introduced the following Capitals improvements to our report: Reporting Improvements in 2020/21 Financial Capital Manufactured Capital Report Content Improvements Structural Improvements • Strengthened the content development • Better connectivity - consistent use of process by collecting data and navigational icons information more systematically, using • Improved GRI reporting – use of GRI Human Capital Intellectual Capital the Vallibel One sustainability portal. references wherever applicable to • Obtained independent assurance on connect the content to the GRI Content sustainability reporting as set out on Index set out on page 288. Stakeholders page 286. • Improved tracking and reporting on the Social and Natural Capital • Improved the natural capital section with UN Sustainable Development Goals set Relationship Capital the report on the
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