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The Colombo Fort Land & Building THE COLOMBO FORT LAND & BUILDING PLC Annual Report 2019 | 2020 Industrial Products Motors Consumer Products Services Leisure Investments Plantations Manufacturing Property Rental The Colombo Fort Land & Building PLC Annual Report 2019/20 Content Group Financial Highlights 02 Financial Statements Chairman’s Review 03 Independent Auditor’s Report 21 Directors’ Profiles 04 Statement of Profit or Loss & Other Comprehensive Income 27 Risk Management Review 05 Statement of Financial Position 28 Corporate Governance 06 Statement of Changes in Equity 29 Audit Committee Report 12 Statement of Cash Flows 30 Related Party Transactions Review Committee Report 14 Notes to the Financial Statements 32 Remuneration Committee Report 15 Group Financial Summary 158 Annual Report of the Board of Directors 16 Share Information 159 Notice of Meeting 161 Notes 165 Form of Proxy 167 Corporate Information Inner Back Cover Group Financial Highlights Financial Performance - For the year ended 31st March, 2020 2019 Change % Revenue - Consolidated Rs. million 36,231 41,689 (13) Gross Profit Rs. million 5,240 6,698 (22) Share of Results of Associates (Net of Tax) Rs. million 9.1 39.8 (77) Profit before Interest & Tax (EBIT) Rs. million (453) 117 (488) Profit/(Loss) before Tax Rs. million (3,709) (3,360) (10) Profit/(Loss) for the Year Rs. million (3,706) (3,165) (17) Profit/(Loss) Attributable to- Owners of the Company Rs. million (2,201) (2,174) (1) Non Controlling Interest Rs. million (1,505) (991) (52) Financial Position - As at 31st March, 2020 2019 Change % Total Assets Rs. million 46,609 48,741 (4) Total Shareholders’ Funds Rs. million 2,939 5,529 (47) Non Controlling Interest Rs. million 3,020 4,220 (28) Total Equity Rs. million 5,958 9,749 (39) Total Debt Rs. million 20,173 18,550 9 Total Capital Employed Rs. million 21,277 23,449 (9) Net Assets per Share Rs. 13.34 30.72 (57) Market/Shareholder Information - As at 31st March, 2020 2019 Change % Number of Shares in Issue million 220 180 - Market Price of Share Rs. 7.10 13.50 (47) Market Capitalisation Rs. million 1,562 2,430 (36) Price Earnings Ratio (PER) No. of times (0.60) (1.12) 46 Key Financial Ratios - As at 31st March, 2020 2019 Change % Gross Profit Margin % 14.46 16.07 (10) EBIT Margin % (1.25) 0.28 (547) Interest Cover No. of times (0.14) 0.03 (515) Net Profit Margin % (10.23) (7.59) (35) Earnings per Share Rs. (11.94) (12.08) (1) Return on Capital Employed % (2.13) 0.50 (528) Return on Equity % (62.21) (32.46) (92) Debt Ratio % 87.22 80.00 9 Total Assets Turnover No. of times 1.29 1.17 10 Current Ratio No. of times 0.61 0.67 (13) Dividend payout Ratio No. of times (0.03) (0.02) 1 02 The Colombo Fort Land & Building PLC - Annual Report 2019/20 Chairman’s Review On behalf of the Board of Directors it gives me great pleasure to present to you the Annual Report and the Audited Financial Statements for the year ended 31st March 2020. The Group’s performance during the year was impacted firstly by the events of the Easter Sunday terrorist attacks and subsequently by the COVID-19 pandemic. Both events have consequently led to a significant drop in the GDP growth rate to 2.3% in 2019 compared to 3.3% in the previous year. This fall in the growth rate reflects subdued consumer and investor sentiments, volatility in the foreign currency markets and generally weak economic conditions. On a positive note, a change in the monetary policy has led to a regime of lower interest rates as the new Government looked at ways to stimulate the economy. The lowering of the interest rates will have a beneficial impact in the subsequent financial years and it is our view that a regime of lower interest rates will improve the prospects for higher growth in the years ahead. Amidst these unprecedented challenges taking place during the year under review, the Group recorded a turnover of Rs.36.2 Billion compared to a turnover of Rs.41.7 Billion in the previous year. At Company level, the profit declined from Rs.22.7 Million to a loss of Rs.44.4 Million, mainly on account of the provisions carried out in relation to fall in value of investments and receivables. The overall volume growth of our FMCG cluster, the primary contributor towards the Group’s topline, was adversely affected by twin shocks that we witnessed during the year. Most telling was the lockdown ordered during March of 2020 during what is traditionally the busiest time of the year for the industry leading up to the New Year celebrations. The Plantation cluster was also affected negatively by the host of problems affecting the industry. Erratic weather patterns, global commodity price fluctuations, high fixed labor costs and low productivity have all impacted in the massive losses suffered by the sector. Additionally, a rapid depreciation of the Sri Lankan Rupee as at 31st March 2020 also caused additional losses as US Dollar loans were marked against the new exchange rates. Thankfully we have seen a substantial strengthening of the currency since then which has reversed some of those losses. The Group’s automobile segment witnessed one of the most difficult years’ in the recent past. The taxation model for motor vehicles having initially dampened the demand due to the prohibitive costs involved in buying a car, faced a second setback, when in the aftermath of the COVID-19 pandemic the Government implemented a strict policy to completely limit the importation of all motor vehicles. The above negative externalities drastically impacted the performance of our automobile segment which includes vehicle sales and the aftersales support segments. We believe our decision to dispose of our subsidiary KIA Motors (Lanka) Limited in August 2019 proved to be the correct approach given the current dynamics in the industry. The leisure sector too reported a drop in performance as tourist arrivals to Sri Lanka saw a decrease of 29% year on year on account of adverse travel advisories imposed by key tourism markets in the immediate aftermath of the Easter Attacks. Although by the third quarter, the sector showed signs of a recovery and had strong bookings for 2020, all our properties were in complete closure from mid-March 2020 in light of the global pandemic. Consequently, the management has actioned their respective business continuity plans relating to the leisure sector to ensure that the operations will turnaround, whilst focusing on a strategic drive to keep costs as low as possible until key markets open hopefully in the year 2021. Given the high leverage rates of certain companies in the Group, the prevailing lower interest rates will have a positive impact on their performances in the year ahead. The COVID-19 pandemic has forced all our group companies to take a strong look at their cost structures and business models and we are of the view that this inward look will have a beneficial impact in the year ahead. In these difficult times, the employees of the group continue to perform their roles with commitment and diligence despite the risks associated with the pandemic. On behalf of the Board I wish to thank these employees who have enabled the Group to keep functioning in these troubled times. In conclusion, I wish to extend my sincere appreciation to my colleagues on the Board for their wise counsel and guidance in determining the strategic direction of the group. I am humbled by the loyalty of our customers, many business partners and our valued shareholders for their trust and confidence placed in our business as we forge ahead in our endeavours. A. Rajaratnam Chairman 17th December, 2020 The Colombo Fort Land & Building PLC - Annual Report 2019/20 03 Directors’ Profiles A. Rajaratnam - Chairman C.P.R. Perera – Director FCA Mr. C.P.R. Perera was appointed to the Board in May 2013. He serves on the Boards of several subsidiaries of the CFLB Group and also Mr. A. Rajaratnam having joined the Board in 1994, was appointed holds directorships in other private and public companies. He is Chairman of the Company in November 2011. He also serves as a past Chairman of the Sri Lanka Tea Board, Sri Lanka Insurance Chairman on the Boards of certain subsidiaries of The Colombo Fort Corporation, PERC and Bank of Ceylon. He retired as Chairman of Land & Building PLC Group and holds other Directorships within the Forbes & Walker Ltd. and its subsidiary companies in June 2005 after Group. almost 44 years of service. He presently functions as the Chairman of Ceylon Tea Brokers PLC. Mr. Perera has served as a Committee S.D.R. Arudpragasam - Deputy Chairman Member of the Ceylon Chamber of Commerce, The Planters FCMA (U.K.) Association of Ceylon, and on the Committee of Management of the Mr. S.D.R. Arudpragasam joined the Board in the year 2000 and Ceylon Planters Provident Society. was appointed Deputy Chairman in November 2011. He serves as Chairman of several subsidiaries of The Colombo Fort Land & P.M.A. Sirimane – Group Finance Director Building PLC. Mr. Arudpragasam also holds the position of Chairman, FCA, MBA Lankem Ceylon PLC and functions as Chairman/ Managing Director Mr. P.M.A. Sirimane was appointed to the Board in May 2017 and of E.B. Creasy & Company PLC, in addition to serving on the Boards currently serves in the capacity of Group Finance Director, CFLB. He of other companies in The Colombo Fort Land & Building PLC Group.
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