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Annual Report 2018/19

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Annual Report 2018/19 Annual Report 2018/19 Ceylon Tea Brokers has always been a frontrunner in the industry since its very inception. Therefore our strategy has always been one of tactical speed and aggression in order to capitalise on all the opportunities that were presented to us. However, with a growing focus on sustainability, we are hitting pause on chasing the seemingly impossible to navigate our way through the possible, which involves a heavy investment in an action plan which could achieve sustainable development in the long run by creating a positive impact on our social, natural and economic environment. Whilst we are heading into yet another year, we are highlighting the possibilities that lie ahead in our quest to become more sustainable in the long run. GRI 2016: 102-16 CONTENTS 01. BUSINESS OVERVIEW 03. STEWARDSHIP Vision, Mission and Our Values 02 Board of Directors 76 Introduction To The Report 04 Corporate Management 82 Who We Are 06 Corporate Governance 84 Milestones 07 Report of the Audit Committee 88 Financial Highlights 08 Report of the Related Party Non-Financial Highlights 10 Transactions Review Committee 90 Chairman’s Message 12 Report of the Risk Management Chief Executive Officer’s Review 17 Committee 91 Report of the Remuneration Committee 92 02. MANAGEMENT DISCUSSION Report of the Nomination Committee 93 AND ANALYSIS Directors’ Statement on Internal Control 94 Operating Environment 20 Summary of Compliance 95 Our Strategy 28 Annual Report of the Board of Directors Our Business Model 30 on the Affairs of the Company 110 Stakeholder Relationships Enterprise Risk Management (ERM) 113 and Materiality 32 Chief Operating Officer’s Statement 03. FINANCIAL REPORTS On Sustainability 37 Financial Calendar 120 Capital Management Report 40 Statement on Directors’ Responsibilities Financial Capital 40 for Preparation of Financial Statements 121 Manufactured Capital 44 Independent Auditor’s Report 122 Intellectual Capital 46 Consolidated Statement Human Capital 48 of Profit or Loss 125 VISION Social and Relationship Capital 54 And Other Comprehensive Income 125 To be a dynamic and leading service Natural Capital 58 Consolidated Statement of organisation. Operational Performance Review 60 Financial Position 126 Future Outlook 62 Consolidated Statement of Independent Assurance Report 64 Changes in Equity 127 MISSION GRI 2016 - Content Index 67 Consolidated Statement of Cash Flows 128 Investor Relations 71 Notes to the Consolidated In our core business of Tea broking, to be the Financial Statements 129 preferred choice of the industry. Provide a professional and fully-integrated 05. SUPPLEMENTARY INFORMATION service, thus adding value to our clients, employees, shareholders and the country. Notice of Meeting 176 Form of Proxy 177 Be a socially responsible corporate citizen. Corporate Information IBC OUR VALUES Ability | Credibility | Integrity | Unity BUSINESS OVERVIEW BUSINESS BUSINESS OVERVIEW AND ANALYSIS AND MANAGEMENT DISCUSSION MANAGEMENT STEWARDSHIP 01. FINANCIAL REPORTS FINANCIAL INFORMATION SUPPLEMENTARY SUPPLEMENTARY 03 Ceylon Tea Brokers PLC | Annual Report 2018/19 GRI 2016: 102-45,102-46, 102-50, 102-54 BUSINESS OVERVIEW INTRODUCTION TO THE REPORT Our vision is to be a dynamic and leading service organisation, which we aim to achieve through stakeholder engagement, reducing our environmental impact, developing our people, and creating sustainable value through our business model. Our annual report (hereinafter referred to as the ‘report’) demonstrates our continued commitment to conducting business in a responsible and sustainable manner. Our focus is on creating sustainable value in our economy, society and environment. This report consists of both financial and non-financial reporting disclosures regarding our economic, social and environmental performance for the year 2018/19 and future outlook. REPORTING SCOPE AND BOUNDARIES The contents of this report relate to the operations of Ceylon Tea Brokers PLC “Company” including its fully owned subsidiary, Logicare (Pvt) Ltd. collectively referred to as “Group”. The Company does not have any other subsidiaries, associates, joint ventures, overseas operations or other businesses for the purpose of reporting except for Logicare (Pvt) Ltd. The Company’s shareholding structure, operations and its geographical presence are disclosed on page 06 and 74 respectively. REPORTING FRAMEWORK Integrated Reporting International Integrated Reporting (IIR) Framework issued by the International Integrated Reporting Council (IIRC) in December 2013 ‘A Preparer’s Guide to Integrated Corporate Reporting’ in year 2015 and relevant Supplement in year 2017 issued by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Financial Reporting The Sri Lanka Financial Reporting Standards (SLFRS) and Sri Lanka Accounting Standards (LKAS) issued by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Corporate Governance Reporting Laws and Regulations of the Companies Act No. 7 of 2007 Listing Rules of the Colombo Stock Exchange Code of Best Practices on Corporate Governance issued jointly by CA Sri Lanka & Securities and Exchange Commission of Sri Lanka Sustainability Reporting GRI Sustainability Reporting Standards 2016 UNGC Principles and UN Sustainable Development Goals “This report has been prepared in accordance with the GRI Standards: Core option.” 04 Ceylon Tea Brokers PLC | Annual Report 2018/19 GRI 2016: 102-48, 102-49, 102-51, 102-52, 102-53, 102-54 REPORTING CYCLE The Annual Report 2018/19 of Ceylon Tea Brokers PLC reports for the 12 months period from 1st April 2018 to 31st March 2019. This period is consistent with the Company’s usual annual reporting cycle. DETERMINING MATERIALITY Materiality analysis is a key process that enables the Company to define key triple bottom line issues that are vital to our business and stakeholders, both internal and external. Our OVERVIEW BUSINESS focus on materiality is based on material aspects recognised by both internal and external stakeholders. This process is crucial to drive performance, improve our sustainability framework and use the corporate governance practices at all levels of the Group. The Company conducts regular external stakeholder engagement in ascertaining aspects material to its significant stakeholders. In addition, materiality is also assessed internally in ascertaining the aspects material to the Company and to fine-tune and streamline its strategy and processes to manage these material issues. AND ANALYSIS AND EXTERNAL ASSURANCE MANAGEMENT DISCUSSION MANAGEMENT We believe that third party assurance is vital in establishing credibility and transparency of our report. External assurance on the Financial Statements and Sustainability Reporting has been provided by Messrs. KPMG, Chartered Accountants. RESTATEMENTS AND SIGNIFICANT CHANGES FROM THE PREVIOUS REPORT AND DATE OF MOST RECENT PREVIOUS REPORT The Company’s most recent report was for the financial year 2017/18. There have not been STEWARDSHIP any changes in reporting scope and/or boundaries from the previous year. The Company has restated numbers and statements of 2017/18 wherever necessary, to conform to the current year’s presentations. The Company has adopted the GRI Standards at ‘‘Core’’ application level. FEEDBACK AND FURTHER INFORMATION AND SUGGESTIONS The Company has strived to respond to your comments and suggestions received during the previous financial year, and welcome your comments and suggestions on this Report. FINANCIAL REPORTS FINANCIAL Contact Us Mr. Nishantha Adhikari Financial Controller Ceylon Tea Brokers PLC Level 7, ‘Millennium House’ 46/58, Nawam Mawatha This Annual Report is published within three Colombo 02 months of the date of the Consolidated Sri Lanka. Statement of Financial Position. The web Tel: 011 460 7730 INFORMATION version is also published online on the same SUPPLEMENTARY date as the date of issue of this Annual Report at www.ceylonteabrokers.com/key-financials Ceylon Tea Brokers PLC | Annual Report 2018/19 05 GRI 2016: 102-2, 102-3, 102-4, 102-6 BUSINESS OVERVIEW WHO WE ARE The first stand-alone Tea broking Company to be listed on the Colombo Stock Exchange. Today we are one of the well respected entities in the field, having achieved considerable growth in a short period of time. Proudly holding our own and competing against the might of long established broking firms, we continue to grow in strength and stature supported by a solid management team. Commitment, experience and expertise being our guiding principles, our success is driven by a team of talented young people, whose enthusiasm and know-how has marked them out as some of the best in the trade. Currently we handle produce of over 160 Tea factories in the country which amounts to around 13.5% of the total volumes sold at the Colombo Tea Auction. Having earned the confidence of our clients, we continue to strengthen our relationships with them, while actively venturing out to gain and secure new ones to further our progress in the future. BUSINESS ACTIVITIES / KEY SERVICE AREAS We are a licensed Produce Broker for Tea registered under Sri Lanka Tea Board bearing License No. PB/102/2019. Tea Broking / Marketing Act as an intermediary between Tea Producers and Tea Buyers. Warehousing Providing warehousing solutions to the producer clients (Tea Factories) for their Teas pending sales and providing Third Party Logistics Services (3PL). Manufacturing Advisory Services Provided manufacturing advises and personalised services to producer clients (Tea
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