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2010/2011 Saw a Significant Turnaround in Mn Signifying the Future Prospects for the Company

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The Legacy to Inspire The Legacy to Inspire A pioneering legacy has inspired us through the decades and illuminated our path towards achieving a pioneering presence as a leading blue chip company. Our success story has been inspired by our rich past, successful present and an even brighter future. Our journey of excellence continues as we move forward with our people and the nation, living our legacy to inspire. Highlights of the Year 2 1 Moving from Strength to Strength Acquired a 47% stake of Pelwatte Group for Rs. 884 million 2 1 Opening Doors to New Horizons Strengthened our 3 Striving towards presence in the Hotel the Pinnacle of Success and Travel Industry by DCSL was ranked amongst the increasing the holding in “Business Today Top 10” Browns Beach Hotels for the 12th consecutive year PLC to 48% 4 A Revolution in Taste 3 Periceyl (Pvt) Ltd. launched a line of Arrak products in Apple, Lemon and Mango flavours which are well received by discerning customers Distilleries Company of Sri Lanka PLC 4 Annual Report 2010/11 Financial Highlights 2011 2010 2011 2010 Group Group Company Company Summary of Results Gross Turnover Rs. Mn 46,752 39,810 38,987 29,964 Excise Duty Rs. Mn 26,579 19,762 25,464 18,979 Net Turnover Rs. Mn 20,173 20,048 13,522 10,985 Profit After Tax Rs. Mn 8,337 2,152 7,769 2,815 Shareholders’ Funds Rs. Mn 31,636 20,762 24,942 15,257 Working Capital Rs. Mn 6,942 591 4,999 1,344 Total Assets Rs. Mn 52,120 35,322 32,327 20,605 Staff Cost Rs. Mn 3,031 2,503 715 925 No. of Employees 19,954 14,400 1,340 1,324 Per Share Basic Earnings Rs. 27.08 7.12 25.90 9.38 Net Assets Rs. 105.45 69.21 83.14 50.86 Market Price - High Rs. 197.00 122.00 197.00 122.00 - Low Rs. 117.00 65.25 117.00 65.25 - Year End Rs. 180.00 118.00 180.00 118.00 Dividends Rs. 3.00 2.50 3.00 2.50 Ratios Price Earnings times 6.65 16.57 6.95 12.58 Return on Shareholders' Funds % 25.68 10.37 31.15 18.45 Current Ratio times 1.47 1.05 1.70 1.26 Dividend Yield % 1.67 2.12 1.67 2.12 Share Price Performance 2010/11 Share Price Rs. Index Level 200.00 9,000.00 180.00 8,000.00 160.00 7,000.00 140.00 6,000.00 120.00 5,000.00 100.00 4,000.00 80.00 3,000.00 April May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar DCSL ASPI Distilleries Company of Sri Lanka PLC Annual Report 2010/11 5 Story of Arrack Discovered as far back as the 5th Century A.D. in Sri Lanka, Coconut Arrack is a unique alcoholic beverage obtained by tapping the Cocos Nucifera or coconut palm. Lush coconut plantations in the island, spanning thousands of acres, were the inspiration for the tapping of toddy or coconut sap and its subsequent distillation to produce the much relished Coconut Arrack. Today, arrack is the most popular alcoholic beverage in Sri Lanka. Indeed, the transformation of coconut sap into an ambrosial beverage makes for a fascinating tale. The first step involves Tapping or extracting coconut sap or toddy, as it is popularly known, from the unopened flower of the coconut tree. Silhouetted against the early morning sun, toddy tappers manually extract toddy whilst rappelling from tree to tree adeptly. Distilleries Company of Sri Lanka PLC 6 Annual Report 2010/11 Once the toddy is collected in the earthenware pot, it undergoes rapid fermentation due to the natural variety of wild yeasts and bacteria. It is then poured into large wooden casks made out of Halmilla wood after a minute filtration process. These wooden casks are then gently transported to factories for distillation. There are essentially two processes of distilling; continuous distillation and the batch process, also called ‘pot distillation’. The distillation process is completed within 24 hours. Spirits obtained are purest and without impurities but leaves behind the authentic flavours with the spirits so that enhancing and smoothening will be done by the magical maturation process that takes place inside the Halmilla wooden vats. Here, the contents of the wooden vats/casks are mixed thoroughly every fortnight for better aeration and enhanced contact with the wooden surface. Herbs & spices from ancient recipes are also added to enhance the flavour and mellow the beverage at the appropriate times during this all-important maturation process. Coconut Arrack is a pure spirit, in that it contains not a trace of methanol. The fact that it is distilled from naturally fermented coconut toddy, makes it one of the most natural alcoholic beverages available in the world. Finally, spirits of different age groups are selected with different flavours and blended to manufacture the DCSL brands under the careful supervision of the well experienced connoisseur and Master Blender for bottling. As the first and largest coconut arrack distillery in Sri Lanka and perhaps the rest of the world, this golden brew is our flagship product. Distilleries Company of Sri Lanka PLC Annual Report 2010/11 7 Tradition Served with Pride A 100% coconut A blend of spirit, refined, aged coconut spirits and matured in and imported Halmilla vats - giving neutral spirits a woody & natural bringing herbal vanilla flavour Twice distilled flavours with a in pot stills and distinctively rich matured slowly taste and smooth in Halmilla aroma vats giving a remarkable taste and aroma Superior blend of mellow 100% A blend of coconut arrack full coconut and of character and a imported distinctive flavour neutral spirits stemming from the bringing a traditional process distinctively of maturing rich and smooth flavour Distilleries Company of Sri Lanka PLC 8 Annual Report 2010/11 A 100% pure coconut spirit, A blend of which brings out 100% aged the full-bodied coconut taste and aroma spirits, well- of desiccated matured in coconut with a Halmilla vats subtle sweetness. to give a taste Best served as a of oak A 100% coconut cocktail mixer spirit, matured in Halmilla vats, producing a woody character and exceptional smoothness Crystal clear and Finest blend an absolutely of matured pure blend of coconut arrack coconut arrack and neutral and neutral spirits spirits giving giving a tint of a rich and fresh lime with smooth flavour a slight burning sensation on your tongue Distilleries Company of Sri Lanka PLC Annual Report 2010/11 Drink Responsibly 9 World Class Blends, distinctly Sri Lankan A combination Unique premium of scotch and blended arrack, fine spirits to smooth on the produce a palate with rich blend of pleasant aromas whisky Unique variety of imported spirits that combines together to produce an international standard Vodka Fine spirits Exceptional blended with selection a rich recipe of spirits flavoured blended to with lemon establish a nice character rounded with perfect balance Distilleries Company of Sri Lanka PLC 10 Annual Report 2010/11 Premium aged fine French brandy matured in vats to enhance Exceptional the smooth Premium aged selection of characters of a finest French spirits blended superior brandy brandy coupled to create a great with fine spirits to rum, matching enhance and give international its elegance standards Premium blend A blend of finest of malts and fine French brandy spirits to produce merged with fine this classic whisky spirits to bring out a unique flavour that is incomparable Fine spirits blended with a rich recipe to international standards Distilleries Company of Sri Lanka PLC Annual Report 2010/11 Drink Responsibly 11 Premium Brands from around the World Distilleries Company of Sri Lanka PLC 12 Annual Report 2010/11 Distilleries Company of Sri Lanka PLC Annual Report 2010/11 Drink Responsibly 13 Premium Brands from around the World Distilleries Company of Sri Lanka PLC 14 Annual Report 2010/11 Distilleries Company of Sri Lanka PLC Annual Report 2010/11 Drink Responsibly 15 Introducing ... ...our new range of Arrak Chairman’s Message It gives me great pleasure to present the Distilleries growth of key sectors such as tourism, construction, Company of Sri Lanka PLC Annual Report and small and medium scale industries, agriculture, and the Financial Statements for FY 2010/11 on behalf of the development of the North & East, in tandem with rapid Board of Directors. The year under review was marked infrastructure development are expected to accelerate by consolidation of profits, increase in market share in Sri Lanka’s growth through the next few years. In this most of our sectors and expansion of brand presence backdrop an increase in consumer expenditure has across the country, all of which helped strengthen our significantly helped DCSL in its core business . brand equity further. "DCSL Group posted a turnover of Rs. 47 billion in FY 2010/11 an increase of 17% over the previous year." Local Economy Bounces Back Exceptional Performance by DCSL Group DCSL has done exceptionally well this year, and it is Responding to this vibrant economic backdrop in fair to say that the Company has performed beyond 2010/11, the DCSL Group posted a turnover of Rs. expectations. Sri Lanka is poised to take off. The latent 47 Bn in FY 2010/11, which marks an increase of potential of our people long hampered by war, has 17% over last year. The Group’s Net Profit after Tax of now been unleashed and we are on the brink of a fast Rs.
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