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Annual Report 2017 | 2018 Cargills (Ceylon) PLC Annual Report 2017 | 2018 Contents About this Report 02 Financial Report Annual Report of the Directors’ on the Overview Affairs of the Company 105 Vision 03 Statement of Directors’ Responsibility 109 Mission 03 Independent Auditor’s Report 110 Our Progress 04 Financial Performance 113 Vision to Transform : The Journey 06 Statement of Profit or Loss and The Group Structure 08 Other Comprehensive Income 114 Financial Highlights 12 Statement of Financial Position 115 Non-Financial Highlights 14 Statement of Changes in Equity – Group 116 Our Businesses 15 Statement of Changes in Equity – Company 117 Chairman’s Review 23 Statement of Cash Flows 118 Profile of Directors 25 Notes to the Financial Statements 120 Management Discussion and Analysis 28 Supplementary Information Five Year Financial Summary 192 Stewardship Group Real Estate Portfolio 193 Corporate Governance 34 Investor Relations Supplement 194 Enterprise Risk Management 58 Notice of Annual General Meeting 196 Notes 197 Sustainability Proxy Form 199 Sustainability Report 67 Corporate Information Inner Back Cover At the core of Cargills’ 174-year old story is our passion to be the helping hand the everyday heroes of our nation need to reach their fullest potential. Our relationship with our farmers who help us nourish the nation is strengthened by the various projects, scholarship programmes for farmers’ children and environmental initiatives we conduct to assist them in furthering their personal and business growth. Entrepreneurs form a critical part of our supply chain, bringing success to them selves while contributing to the local-economy. We take pride in helping them by investing in their ventures; encouraging entrepreneurship in the country and improving the quality of life enjoyed by the communities they impact. Our employees’ hard work and determination has consistently put smiles on the faces of our valued customers. We consider our employees’ our family and we make it a priority to provide them with opportunities for development in both their professional and personal lives. Our customers’ have facilitated the transformation of countless lives for the better with their unwavering loyalty towards us. In return, we reward them with quality products made accessible to all, at the best possible prices. Our farmers, entrepreneurs, employees and customers are all heroes who inspire us to transform the ordinary into the extraordinary and as such, are our heroes. We continue to take great pride in empowering them. Cargills (Ceylon) PLC Annual Report 2017 | 2018 About this Report Scope and Boundaries published by the International Integrated Integrated Reporting Approach In a progressive journey towards integrated Reporting Council (IIRC) and consolidated In adopting an integrated reporting format reporting Cargills (Ceylon) PLC presents its set of GRI standards. This is our 3rd Report we provide a concise communication of Annual Report for the year ended 31 March presenting information in accordance with the organization’s strategy, governance, 2018 covering the operations of Cargills the GRI Guidelines and where applicable performance and prospects, in the context (Ceylon) PLC (Company) and its subsidiaries we have compared performance with our of its external environment, leading to the as listed out in the inner back cover of the previous report published as at March 31st creation of value over the short, medium compilation (collectively addressed as the 2017. This report has been prepared in and long term. “Group”). All financial and non-financial accordance with the GRI Standards: Core reviewing is within the scope of sectoral Option. Assurance on the sustainability The integrated report also shows how the operations and where necessary and reporting was provided by M/s KPMG. organization uses and affects its important material the report details out business There were no re-statements of previously capitals as well as the trade-offs between units within sectors. The information reported economic, social or environmental the capitals, in its value creation process. covered is for the period from 1 April 2017 information. to 31 March 2018 which is the annual This report is an attempt to align the reporting cycle of the Cargills Group. The Report also adheres with the principles of International Integrated requirements of the Code of Best Practice Reporting Framework developed by the Financial Reporting on Corporate Governance issued jointly by The International Integrated Reporting the Chartered Accountants of Sri Lanka and The financial information have been Council (IIRC). the Securities and Exchange Commission prepared and presented in accordance of Sri Lanka. with the Sri Lanka Accounting Standards (SLFRS and LKAS) laid down by the Institute Reporting Structure of the Chartered Accountants of Sri Lanka in compliance with the requirements of The Reporting structure enables the the Companies Act No. 07 of 2007 and Group’s businesses to be reviewed by the listing rules of the Colombo Stock Sector in terms of operations, strategy In adopting an Exchange and have been audited by M/s and performance while GRI reporting is integrated reporting KPMG. compiled herein at Group level through a process of data gathering and review format we provide a Non-Financial Reporting by operation and by sector. Therefore concise communication the main entity for which the social and We present our non-financial information environmental information is presented of the organization’s for the finacial year 2017/18 with the aim in the narrative reports unless otherwise strategy, governance, of informing our stakeholders of our role stated at the Group level. in society related to our Vision of being performance and a “Global Role model in community- The material aspects and boundaries are prospects, in the friendly National Development” the based on internal assessments covering the core foundation of our business and context of its external Group’s operations in Sri Lanka. We have sustainability strategy and objectives. provided both quantitative and qualitative environment, leading We define ‘non-financial information’ as data and it has been our intention to to the creation of value information pertaining to the non-financial provide quantitative data where possible to issues emerging from our determination over the short, medium facilitate comparisons and further analyses. of materiality. The Report is based on and long term. the Integrated Reporting Framework 02 Cargills (Ceylon) PLC Annual Report 2017 | 2018 Vision To be a global corporate role model in Overview community-friendly national development. Mission Management Serve the rural community, our customers Discussion and Analysis and all other stakeholders, through our core business – food with love – and other related businesses, based on the three main principles of; Stewardship Reducing the cost of living Enhancing youth skills Bridging regional disparity Sustainability by enhancing local and global markets. Report Financial Financial Information Supplementary 03 Cargills (Ceylon) PLC Annual Report 2017 | 2018 Our Progress In 1844, William Miller to deliver products that suited In 2013, Cargills acquired the and David Sime Cargill the local palate. franchise license for TGIF and commenced a general opened its first restaurant at warehouse, import and Cargills began sourcing fruits Fort in October 2013. wholesale business and vegetables directly from in Colombo, Fort. The farmers in 1999 when it Cargills Bank commenced establishment was named established its first collection formal operations in 2014 the ‘House of Cargills’. centre in Hanguranketha. In and has since expanded it’s A successful bid by Sir 2002 it invested in a dairy branch network to 17. Chittampalam A. Gardiner processing plant and thereby saw the House of Cargills expanded its outgrower In the same year the being incorporated as a network to include dairy Company commenced Public Limited Liability farmers. Cargills Magic ice operations of Cargills Square Company on 1 March 1946. cream was the outcome of mini mall in Jaffna. this endeavor. In the same In 1981 Ceylon Theatres year Cargills diversified into In 2016, Cargills Agrifoods acquired controlling interest agri-processing with Cargills Limited acquired Ceylon of the Company and Mr. Kist which created further Agro Development Company Albert A. Page was appointed market opportunities for (Private) Limited. The the Managing Director. Mr. farmers. Company is engaged in the Albert Page went on to distribution of local and become the Chairman of In 2008 Cargills acquired imported seeds. Cargills on 26 November Millers Limited consolidating 1982. its marketing and distribution In 2017, Kotmale launched operation. its new Dairy plant in Under the new management, Banduragoda, which is Sri Cargills explored the potential In 2010 Cargills undertook an Lanka’s first fully integrated of innovating on its trading aggressive expansion plan in dairy processing facility. legacy. As a result, in 1983 the FMCG sector to ride the Cargills established the first growth potential of a growing In 2018, Cargills Foods supermarket chain in Sri economy. During that year Company Private Limited Lanka with the opening of its the Company expanded its launched its 350th first outlet at Staple Street. interests in the dairy sector by super market outlet in acquiring Kotmale Holdings Pilimathalawa. Cargills ventured into the PLC and entered another production of processed growing category with the meats
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