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Making Strides Teejay Lanka PLC - Annual Report 2018/19 - Annual Report PLC Lanka Teejay MAKING STRIDES Teejay Lanka PLC Block D8-D14, Seethawaka Export Processing Zone Avissawella, Sri Lanka www.teejay.com TEEJAY LANKA PLC - ANNUAL REPORT 2018/19 CORPORATE INFORMATION Name Auditors Teejay Lanka PLC PricewaterhouseCoopers, Chartered Accountants Legal Form A public quoted Company with limited Attorneys liability, incorporated on 12 July 2000. F J & G de Saram Attorneys-at-Law Company Registration No. 216, de Saram Place, PV 7617 PB/PQ Colombo 10. Sri Lanka Stock Exchange Listing The issued Ordinary Shares of the Bankers Company was listed on the Main Board Bank of Ceylon of the Colombo Stock Exchange of Commercial Bank of Ceylon PLC Sri Lanka on 9 August 2011. The Hongkong and Shanghai Banking Corporation Limited Registered Office Block D8 – D14, Seethawaka Standard Chartered Bank Export Processing Zone, People’s Bank Avissawella Deutsche Bank AG DFCC Bank PLC Directors Mr. Wing Tak Bill Lam – Chairman Investor Relations Mr. Mohamed Ashroff Omar Shrihan Perera Mr. Hasitha Premaratne Salman Nishtar Mr. Amitha Lal Gooneratne Teejay Lanka PLC Prof. Malik Kumar Ranasinghe Mr. Wai Loi Wan Mr. Kit Vai Tou Secretaries Corporate Services (Private) Limited 216, de Saram Place, Colombo 10. Sri Lanka. Scan the QR Code with your smart device to view this report online Our Annual Report is also available Designed & produced by online. Please visit our website at www.teejay.com to access the Digital Plates & Printing by Printage (Pvt) Ltd report MAKING STRIDES 18 years ago our journey began with the bold ambition to become the region’s preferred fabric solutions provider for branded clothing. We have made definitive strides towards that vision by becoming an industry leading fabric manufacturer with a strong reputation for game-changing innovation and relentless dynamism. We cater to the world’s leading fashion brands through our operations in Sri Lanka while our overseas expansion has extended our capabilities. Our strategic investments in the continuous development of our people and technologies are the foundation of our sustained progress. With foresight and fortitude, we are well positioned to continue our unrivalled performance. This year, our team strode forward by recording a remarkable 29% topline growth, and capitalised on opportunities to remain stable and resilient. It was a performance that belied the strains of business environment weighed down by unfavourable macro-economic conditions and high prices of raw material and utilities. As we stride into a new year that takes us closer to our vision, we stand inspired, confident and humble in our abilities and potential. CONTENTS About This Report 4 MANAGEMENT DISCUSSION Milestones 5 & ANALYSIS Our Philosophy and Direction 6 Overview 32 Performance Highlights 8 Financial Capital 37 Our Business 10 Manufactured Capital 41 Chairman’s Message 12 Human Capital 43 CEO’s Message 15 Intellectual Capital 49 Board of Directors 18 Social & Relationship Capital 53 Executive Committee 21 Natural Capital 57 Leadership Team 22 Factory Leadership Teams 26 2 GOVERNANCE FINANCIAL STATEMENTS Corporate Governance 64 Financial Calendar 104 Risk Management 85 Independent Auditor’s Report 105 Sustainability at Teejay 91 Income Statement 108 Audit Committee Report 92 Statement of Comprehensive Income 109 Remuneration Committee Report 94 Statement of Financial Position 110 Related Party Transactions Review Statement of Changes in Equity - Group 111 Committee Report 96 Statement of Changes in Equity - Company 112 Annual Report of the Board of Directors 97 Statement of Cash Flows 113 Statement of the Directors Responsibility for Notes to the Financial Statements 114 Financial Reporting 102 Nine Years Financial Summary - Group 170 Shareholding Information 172 GRI Index 175 Glossary of Financial Terms 177 Notice of Meeting 178 Form of Proxy 179 3 TEEJAY LANKA PLC Annual Report 2018/19 ABOUT THIS REPORT GRI 102-01 102-10 102-12 102-45 102-46 102-48 102-49 102-50 102-51 102-52 102-53 102-54 Welcome to our 8th Integrated Annual About the Chapters Group management audit and system Report in which we hope to share how the • Our Leadership Team (Page 22-25) review, who are engaged in our internal Group “Made Strides” in its value creation • Our Strategies to create an enhance audit function. The Company’s Audit journey during the year 2018/19 and how value (Page 32-36) Committee also monitors adequacy and we directed our strategies to stride ahead effectiveness of the financial reporting and how we will determine our strides • Value Creation through our Capitals and internal control systems. to create value in the future. The Report (Page 37-62) also intends to presents how we direct • Governance Structure (Page 64-84) strategy in an integrated manner as we aim to balance the often-competing Navigating our Report Available Form interests of our diverse stakeholders. To demonstrate interconnectivity of Teejay Lanka PLC information and facilitate ease of Annual Report 2018/19 Scope & Boundary navigation, we have used the following This Report covers the operations of icons throughout the report. Teejay Lanka PLC and its operating subsidiaries in Sri Lanka and India from April 1, 2018 to March 31, 2019.This Report presents the performance of the Online Available as PDF Group’s fabric manufacturing, operations, Financial Manufactured www.teejay.com non-financial and operational information Capital Capital presented herein (unless specifically mentioned) represents the same. There were no material restatements, significant changes to the group size, CD-Rom Posted to all structure or supply chain during the year. Human Intellectual Shareholders The Group follows an annual reporting Capital Capital cycle and our previous report for the Feedback financial year ending 31 March 2018 was We understand that Integrated covered in the 2017/18 Annual Report. Reporting is a journey of continuous improvement and would appreciate Standards and Principles Social & Natural any suggestions you may have in • Financial Information: Sri Lanka Relationship Capital terms of what you would like to see Financial Reporting Standards, Capital Company Act No. 07 of 2007, Sri Lanka in our next Report. Please direct your Auditing Standards. feedback to, Materiality • Narrative Report: Integrated Reporting In selecting the content to be included The Chief Financial Officer Framework of International Integrated in this Report we have adopted the Teejay Lanka PLC. Reporting Council. principle of materiality and structured the Block D8-D14, • Corporate Governance: Listing discussion based on the material issues Seethawaka Export Requirements of the Colombo Stock which matter most to our stakeholders Processing Zone, Exchange, Code of Best Practice and to our business. Avissawella. on Corporate Governance issued by E mail: [email protected] Securities and Exchange Commission External Assurance of Sri Lanka (2017). We adopt a combined assurance model to ensure the credibility and integrity of Tel: 036 4279500 • Sustainable Development Goals our reporting. External assurance on the Reporting. financial statements have been provided • Sustainability Report: Global Reporting by the Messers. PricewaterhouseCoopers Initiative GRI standards in Accordance while financial, compliance and Core option. operating controls are assessed by 4 2000 MILESTONES Textured Jersey Lanka is incorporated 2001 Commercial Production Commences 2004 Pacific Textile Holdings enters as a joint venture partner while 2006 Textured Jersey UK exits the 2007 joint venture First phase of Changes to the shareholding expansion structure with Pacific 100% of capacity Textiles owning 60% and Brandix Lanka owning 40% of the Company 2008 Second phase of expansion 100% of capacity introduction of energy saving equipment 2014 and launch of “Green 2011 Initiatives” in line with our Third phase commitment to sustainability Textured Jersey Lanka expansion is listed on the main 10 -12% of capacity board of the Colombo Stock Exchange 2015 Winning World Textile Awards Acquisition of Ocean India Private Ltd Acquisition of Quenby Lanka Prints (Private) Ltd 2016 Rebranded as “Teejay” 2018 Teejay Lanka PLC Teejay Lanka Prints (Private) Limited Expansion at Teejay India Teejay India Private Limited doubling the capacity Winner of Forbes Asia’s 200 Best which enhanced Group’s Under a Billion manufacturing capacity to USD 210 Mn Commercial launch of the first 2019 Synthetic Fabric Initiate the ‘Operational Excellence’ journey at Teejay 5 TEEJAY LANKA PLC Annual Report 2018/19 OUR PHILOSOPHY AND DIRECTION GRI 102-16 Our Vision Our Mission To be the preferred To become a USD300 Mn fabric solutions Company in 2021/22 providing provider for branded customers with world-class clothing. fabric solutions delivered through sustainable operations and best in class talent. Our Values Integrity Innovate to Lead Collaboration Togetherness. Our Culture We Breed Integrity. We are Collaborative and Team Driven. We are Operational Excellence Driven. We Focus on Speed, Innovation and Sustainability. ‘Integrity’ stands at the core in our culture. Doing the right thing always is our passion. ‘Innovate to Lead’ setting the benchmark to the industry while leading in an innovative deck is a way of life for us. ‘Collaboration’ is a practice at Teejay. We Collaborate with all our stakeholders for the well-being of everyone. ‘Togetherness’ is a norm for us. Team work is the success behind Teejay’s continual growth and performance. 6 GRI 102-16
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