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Annual Report 2016/17 MELSTACORP PLC Annual Report 2016/17

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Annual Report 2016/17 MELSTACORP PLC Annual Report 2016/17 Annual Report 2016/17 MELSTACORP PLC Annual Report 2016/17 MELSTACORP IS THE CULMINATION OF DECADES OF BUSINESS ACUMEN COMBINED WITH A SHARED VISION OF SUSTAINABLE GROWTH. IN THE LONG TERM, WE ENVISION GROWTH THAT CREATES VALUE FOR ALL. AS A CONGLOMERATE OUR GOALS AND BENCHMARKS ARE HIGH, AND OUR COMMITMENT TO ALL OUR STAKEHOLDERS UNCONDITIONAL. OUR MISSION IS TO ETHICALLY CREATE VALUE WITH SUSTAINABLE GROWTH. Melstacorp PLC became the latest listed conglomerate in the Colombo Stock Exchange on 30th December 2016. During the financial year DCSL PLC ventured into a restructure arrangement under Part ‘X’ of the Companies Act No. 07 of 2007, seeking approval for a share swap that would result in the shareholders of DCSL PLC becoming shareholders of Melstacorp. Consequent to the necessary approval from the Court and with the overwhelming approval of the shareholders the 180 degree share swap was completed during the fourth quarter of 2016. DCSL PLC together with other subsidiaries are now subsidiaries of Melstacorp PLC. The restructure will bring multitude of benefits to the shareholders including unlocking of Group’s value due to DCSL PLC acquiring beverage sector multiples and through the establishment of an umbrella brand that can be extended to subsidiaries. MELSTACORP PLC Annual Report 2016/17 MELSTACORP IS THE CULMINATION OF DECADES OF BUSINESS ACUMEN COMBINED WITH A SHARED VISION OF SUSTAINABLE GROWTH. IN THE LONG TERM, WE ENVISION GROWTH THAT CREATES VALUE FOR ALL. AS A CONGLOMERATE OUR GOALS AND BENCHMARKS ARE HIGH, AND OUR COMMITMENT TO ALL OUR STAKEHOLDERS UNCONDITIONAL. OUR MISSION IS TO ETHICALLY CREATE VALUE WITH SUSTAINABLE GROWTH. Melstacorp PLC became the latest listed conglomerate in the Colombo Stock Exchange on 30th December 2016. During the financial year DCSL PLC ventured into a restructure arrangement under Part ‘X’ of the Companies Act No. 07 of 2007, seeking approval for a share swap that would result in the shareholders of DCSL PLC becoming shareholders of Melstacorp. Consequent to the necessary approval from the Court and with the overwhelming approval of the shareholders the 180 degree share swap was completed during the fourth quarter of 2016. DCSL PLC together with other subsidiaries are now subsidiaries of Melstacorp PLC. The restructure will bring multitude of benefits to the shareholders including unlocking of Group’s value due to DCSL PLC acquiring beverage sector multiples and through the establishment of an umbrella brand that can be extended to subsidiaries. MELSTACORP PLC MELSTACORP PLC Annual Report 2016/17 Annual Report 2016/17 CONTENTS HIGHLIGHTS OF THE YEAR Highlights of the Year 3 Financial Highlights 4 Our Businesses 6 Chairman’s Statement 10 Board of Directors 14 JULY 2016 Melsta Regal Finance was reaffirmed A+ (lka) / Group Management 18 Stable by Fitch. Thus, signifying a very high credit SEPTEMBER 2016 Management Discussion and Analysis 20 rating for a finance company. Fitch Rating has placed DCSL a National Long-Term Rating of Sustainability Report 29 AAA (lka) on Rating Watch Negative (RWN). Corporate Governance 41 Enterprise Risk Management 54 Board Audit Committee Report 58 Remuneration Committee Report 60 Board Related Party Transactions Review Committee 61 Annual Report of the Board of Directors 62 Statement of Directors Responsibility 66 Independent Auditors’ Report 67 Income Statement 68 Statement of Profit or Loss and Other Comprehensive Income 69 Statement of Financial Position 70 Statement of Changes in Equity 72 NOVEMBER 2016 DECEMBER 2016 Statement of Cash Flows 76 DCSL was ranked No. 07 in the Business Today • Consequent to the restructure arrangement under Part ‘X’ of the Notes to the Financial Statements 78 ‘Top Thirty’. This was the 18th consecutive year Companies Act No.07, Melstacorp became the flagship Company of DCSL PLC together with other subsidiaries. Statement of Value Added 169 DCSL was listed among corporate heavy weights in the rankings. • Melstacorp PLC became the latest listed conglomerate in the Shareholder Information 170 Colombo Stock Exchange on 30 December 2016. Summarised Financial Information 172 Details of Real Estate 173 Group Directory 175 Notice of Meeting 180 Form of Proxy 183 Attendance Slip 185 APRIL 2017 Fitch Rating has upgraded National Insurer Finance Rating & National Long-Term Rating of Continental Insurance Lanka Limited to A (lka)/stable from A- (lka) / stable. FEBRUARY 2017 DCSL celebrated 25 years of excellence after privatisation. Scan the QR Code with your smart device to view this report online : http://www.melsta.com/group_financials.php 2 3 MELSTACORP PLC MELSTACORP PLC Annual Report 2016/17 Annual Report 2016/17 CONTENTS HIGHLIGHTS OF THE YEAR Highlights of the Year 3 Financial Highlights 4 Our Businesses 6 Chairman’s Statement 10 Board of Directors 14 JULY 2016 Melsta Regal Finance was reaffirmed A+ (lka) / Group Management 18 Stable by Fitch. Thus, signifying a very high credit SEPTEMBER 2016 Management Discussion and Analysis 20 rating for a finance company. Fitch Rating has placed DCSL a National Long-Term Rating of Sustainability Report 29 AAA (lka) on Rating Watch Negative (RWN). Corporate Governance 41 Enterprise Risk Management 54 Board Audit Committee Report 58 Remuneration Committee Report 60 Board Related Party Transactions Review Committee 61 Annual Report of the Board of Directors 62 Statement of Directors Responsibility 66 Independent Auditors’ Report 67 Income Statement 68 Statement of Profit or Loss and Other Comprehensive Income 69 Statement of Financial Position 70 Statement of Changes in Equity 72 NOVEMBER 2016 DECEMBER 2016 Statement of Cash Flows 76 DCSL was ranked No. 07 in the Business Today • Consequent to the restructure arrangement under Part ‘X’ of the Notes to the Financial Statements 78 ‘Top Thirty’. This was the 18th consecutive year Companies Act No.07, Melstacorp became the flagship Company of DCSL PLC together with other subsidiaries. Statement of Value Added 169 DCSL was listed among corporate heavy weights in the rankings. • Melstacorp PLC became the latest listed conglomerate in the Shareholder Information 170 Colombo Stock Exchange on 30 December 2016. Summarised Financial Information 172 Details of Real Estate 173 Group Directory 175 Notice of Meeting 180 Form of Proxy 183 Attendance Slip 185 APRIL 2017 Fitch Rating has upgraded National Insurer Finance Rating & National Long-Term Rating of Continental Insurance Lanka Limited to A (lka)/stable from A- (lka) / stable. FEBRUARY 2017 DCSL celebrated 25 years of excellence after privatisation. Scan the QR Code with your smart device to view this report online : http://www.melsta.com/group_financials.php 2 3 MELSTACORP PLC MELSTACORP PLC Annual Report 2016/17 Annual Report 2016/17 FINANCIAL HIGHLIGHTS Group Company Taxes Paid - Group Total Assets - Group For the year ended 31 March, 2017 2016 2017 2016 Rs. Mn Rs. Mn SUMMARY OF RESULTS Gross Turnover Rs. Mn 108,999 88,865 193 186 72,500 Excise Duty Rs. Mn 68,806 55,025 - - 70,000 120,000 111,919 60,233 Net Turnover Rs. Mn 40,193 33,840 193 186 99,306 60,000 100,000 Profit After Tax Rs. Mn 6,800 5,670 2,866 1,184 50,000 Shareholders Funds Rs. Mn 68,080 63,206 61,006 88,995 80,000 40,000 Working Capital Rs. Mn (3,241) (1,574) 7,501 630 60,000 Total Assets Rs. Mn 111,919 99,308 89,602 49,803 30,000 40,000 Staff Cost Rs. Mn 4,553 4,364 46 46 20,000 No. of Employees 11,976 12,692 19 16 10,000 20,000 0 0 PER SHARE 2015/162016/17 2015/162016/17 Basic Earnings Rs. 6.29 5.12 3.03 4.46 Net Assets Rs. 58.42 238.11 76.36 180.03 Dividends Rs. 1.00 - 1.00 - TAXES PAID - GROUP TOTAL ASSETS - GROUP Market Price - High * Rs. 69.50 - 69.50 - Low * Rs. 54.90 - 54.90 - Rs. 72,500Mn Rs.111,919Mn Year End * Rs. 59.20 - 59.20 - RATIOS Price Earnings * times 9 - 20 - Gross Turnover - Group Profit After Tax - Group Return on Shareholders Funds % 10.77 2.15 3.96 2.48 Current Ratio times 0.90 0.94 16.04 1.33 Rs. Mn Rs. Mn Interest Cover times 9.5 14.4 38.1 13.1 Debt to Equity % 26.93 21.77 0.12 0.00 120,000 8,000 Debt to Total Assets % 17 15 0.1 0.0 108,999 7,000 6,800 Dividend Payout % 15.89 - 33.04 - 100,000 88,865 Dividend Yield *% 1.69 - 1.69 - 6,000 5,670 80,000 5,000 * Since Melstacorp PLC was listed in Colombo Stock Exchange on 30 December 2016 the comparative figures are not 60,000 4,000 presented. 3,000 40,000 2,000 20,000 1,000 0 0 2015/162016/17 2015/162016/17 GROSS TURNOVER - GROUP PROFIT AFTER TAX - GROUP Rs.108,999Mn Rs. 6,800Mn 4 5 MELSTACORP PLC MELSTACORP PLC Annual Report 2016/17 Annual Report 2016/17 FINANCIAL HIGHLIGHTS Group Company Taxes Paid - Group Total Assets - Group For the year ended 31 March, 2017 2016 2017 2016 Rs. Mn Rs. Mn SUMMARY OF RESULTS Gross Turnover Rs. Mn 108,999 88,865 193 186 72,500 Excise Duty Rs. Mn 68,806 55,025 - - 70,000 120,000 111,919 60,233 Net Turnover Rs. Mn 40,193 33,840 193 186 99,306 60,000 100,000 Profit After Tax Rs. Mn 6,800 5,670 2,866 1,184 50,000 Shareholders Funds Rs. Mn 68,080 63,206 61,006 88,995 80,000 40,000 Working Capital Rs. Mn (3,241) (1,574) 7,501 630 60,000 Total Assets Rs. Mn 111,919 99,308 89,602 49,803 30,000 40,000 Staff Cost Rs.
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