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LAUGFS Gas PLC Annual Report 2012 CHOSEN

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LAUGFS Gas PLC Annual Report 2012 CHOSEN LAUGFS Gas PLC Annual Report 2012 CHOSEN. CHOSEN. At LAUGFS, we believe that we represent the true spirit of Sri Lanka: forthright, creative and passionate. Whatever we choose to do, (and we do a lot), we think creatively, work harder and deliver more. This is how our products and services have become the preferred choice of thousands of Sri Lankans all across the island. Our customers’ loyalty is the backbone of our success because our distinctive product offering is created around their preferences. We have touched their lives in numerous ways, bringing comfort, convenience and reliability to people and communities, wherever we go. And so, we shall continue to bring the unique values of LAUGFS to every customer, shareholder, employee and business associate we partner, for many years to come. LAUGFS. Renowned. Iconic. Chosen. “At LAUGFS, we always had a burning desire to build a home-grown business that embodies a truly Sri Lankan identity. We have fulfilled that desire with a highly diversified business conglomerate in a relatively short span of time. We built it with our uncanny ability to espy opportunities, that others may not - and more importantly being able to convert such insights into new arms of its diversified interests. These endeavours will continue into the future since opportunities are limitless...” W. K. H. Wegapitiya, Chairman Vision To be the most preferred and trusted Sri Lankan Multinational that touches the day-to-day lives of people in Sri Lanka and beyond, through a diverse group of companies. Mission r 5PCFUIF-FBEFSJOUIFNBSLFUTFHNFOUTXFPQFSBUFJO r *OUSPEVDFMBUFTUJOOPWBUJPOT UFDIOPMPHZBOETPMVUJPOTUPBEEWBMVF to the consumer r 1SPNPUFBA4BGFUZDVMUVSF FODPNQBTTJOH1FPQMF 1SPEVDUTBOE 1SPDFTTFT r &OTVSFGBJSSFUVSOTUPBMMPVSTUBLFIPMEFST r -FBECZFYBNQMFBTBOFYFNQMBSZ4SJ-BOLBOFOUJUZ Contents The Industry Segments 02 'JOBODJBM*OGPSNBUJPO Financial Highlights 04 Annual Report of the Board of Directors 92 Chairman’s Message 08 Statement of Directors' Responsibilities 96 Managing Director’s Message 16 Independent Auditors' Report 97 Board of Directors 22 Balance Sheet 98 Management team 26 Income Statement 99 Management Discussion and Analysis 31 Statement of Changes in Equity 100 Sustainability Report 57 Cash Flow Statement 101 Corporate Governance 77 Notes to the Financial Statements 102 Risk Management 81 Share Information 135 Audit Committee Report 86 Five Year Summary 140 Remuneration Commmitee Report 88 Real Estate Portfolio 141 Investment Committee Report 89 Notice of the Meeting 144 Management Committee Report 89 Form of Proxy (Voting) 145 Form of Proxy (Non Voting) 147 LAUGFS Gas PLC Annual Report 2012 1 The industry segments &/&3(: 4&37*$&4 This segment covers the Under this sector the Company importation, storage, filling, engages in testing and distribution and sale of Liquefied certification of vehicle emissions. 1FUSPMFVN(BT -1( GPSEPNFTUJD 5IJTXBTNBEFNBOEBUPSZGPS industrial and auto gas users. the issuance of vehicle revenue 5IF$PNQBOZIBTBOJTMBOEXJEF MJDFOTFJOUIFJTMBOEFYDFQU TBMFTOFUXPSLPGEJTUSJCVUPSTBOE JOUIF/PSUIBOEPQFSBUJPOT EFBMFSTBOEUIFUPUBM-1(NBSLFU are presently carried out in a in the country is presently shared duopoly market. XJUIPOFNPSFQMBZFS 5IFIZESPQPXFSQSPKFDU VOEFS-"6('41PXFS-UEJTJO progress at Balangoda area in the 4BCBSBHBNVXB1SPWJODF r-"6('4(BT1-$ r-"6('4&DP4SJ 1WU -UE r-"6('41PXFS-UE 569mn 302mn /FUQSPàU /FUQSPàU 2 LAUGFS Gas PLC Annual Report 2012 -&*463& 1301&35: This sector engages in 1SPQFSUZEFWFMPQNFOUBOESFBM management and operations estate is covered under this PGIPUFMTPGXIJDITPNFBSF segment. under construction. The DPOTUSVDUJPOPGBMVYVSZIPUFM The construction of a fully JO$IJMBXJOUIF/PSUI8FTUFSO fledged serviced apartment 1SPWJODFJTJOQSPHSFTT BOE DPNQMFYGPSSFOUJOHQVSQPTFT UP the Company also acquired a foreign tourists and local guests QSPQFSUZJO8BTLBEVXBJOUIF is in progress in Colombo 06. 8FTUFSO1SPWJODFBOEàOBMJTFE negotiations on the property BU1BTJLVEIBJOUIF&BTUFSO 1SPWJODF 5IF$PNQBOZXBTFOHBHFEJOUIF NBOBHFNFOUPGUXPIPUFMTBU *OEVSVXBJOUIF4PVUIFSODPBTU r-"6('4-FJTVSF-UE r-"6('41SPQFSUZ%FWFMPQFST 1WU -UE r-"6('4)PUFM.BOBHFNFOU4FSWJDFT 1WU -UE r.BH$POTVMUBOUTBOE"HFOUT 1WU -UE 1,314mn 511mn /PO$VSSFOU"TTFUT /PO$VSSFOU"TTFUT LAUGFS Gas PLC Annual Report 2012 3 'JOBODJBM highlights Group Company For the year ended 31 March 2012 2011 2012 2011 3T Rs.’000 Change 3T Rs.’000 Change 4VNNBSZPG0QFSBUJPOT 3FWFOVF 9,176,744 7,061,563 30% 8,395,844 6,495,219 29% Gross Profit 1,660,111 1,357,213 22% 1,137,714 1,001,272 14% Profit from Operations 585,810 826,483 -29% 313,471 625,873 -50% Other Income 380,241 318,360 19% 443,974 314,990 41% Negative Goodwill on Acquisition 174,907 - - - - - Earnings Before Interest, Tax and Depreciation (EBITD) 1,451,143 1,399,736 4% 987,646 1,121,304 -12% Finance Cost 1,422 104,042 -99% 1,400 75,071 -98% 1SPàU#FGPSF5BY 1,139,537 1,040,801 9% 756,045 865,791 -13% Taxation 202,237 189,823 7% 186,665 189,823 -2% Profit / (Loss) from Discontinued Operation (6,960) 1,723 -504% - - - 1SPàU"GUFS5BY 930,340 852,700 9% 569,380 675,968 -16% 4VNNBSZPG'JOBODJBM1PTJUJPO Property, Plant & Equipment 6,182,602 4,998,630 24% 4,462,087 4,082,403 9% Other Non Current Assets 437,603 423,409 3% 1,718,505 1,039,711 65% Intangible Assets 53,203 52,928 1% - - - Current Assets 3,962,637 3,590,580 10% 3,484,686 3,367,194 3% Total Assets 10,636,045 9,065,548 17% 9,665,278 8,489,308 14% Non Current Liabilities 1,846,087 1,592,041 16% 1,839,995 1,588,756 16% Current Liabilities 2,387,406 1,414,274 69% 2,303,318 1,360,947 69% Total Liabilities 4,233,493 3,006,315 41% 4,143,314 2,949,703 40% 4 LAUGFS Gas PLC Annual Report 2012 Group Company For the year ended 31 March 2012 2011 2012 2011 3T Rs.’000 Change 3T Rs.’000 Change 4IBSFIPMEFST*OUFSFTU Stated Capital 3,285,000 3,285,000 0% 3,285,000 3,285,000 0% Revaluation Reserve 1,036,450 1,061,401 -2% 686,273 692,794 -1% Retained Earnings 2,081,102 1,712,832 22% 1,550,691 1,561,811 -1% Net Assets (Equity) 6,402,552 6,059,233 6% 5,521,964 5,539,605 0% Return on Equity 15% 14% 7% 10% 12% -17% /FU"TTFUT7BMVFQFS4IBSF 3T 16.54 15.66 6% 14.27 14.31 0% Leverage Long Term Debt - 375 -100% - 375 -100% Gearing 33% 17% 94% 38% 18% 111% Interest Cover (Times) 802 11 7,191% 541 13 4,062% 'JOBODJBM3BUJP Gross Profit Margin 18% 19% -5% 14% 15% -7% EBITD Margin 16% 20% -20% 12% 17% -29% Net Profit Margin 10% 12% -17% 7% 10% -30% Earnings / (Losses) per Share from Discontinued Operation(Rs.) (0.02) 0.01 -300% - - - Earnings per Share from Continuing Operation(Rs.) 2.42 2.84 -15% 1.47 2.26 -35% Assets Turnover (Times) 0.86 0.78 10% 0.87 0.77 13% Equity to Assets (Times) 0.60 0.67 -10% 0.57 0.65 -12% Current Ratio (Times) 1.66 2.54 -35% 1.51 2.47 -39% Quick Ratio (Times) 1.40 2.33 -40% 1.25 2.27 -45% Long term Debt to Total Debt (Times) 0.00 0.00 0% 0.00 0.00 0% LAUGFS Gas PLC Annual Report 2012 5 $)04&/ “At home and at work....LAUGFS remains part of our lives every day. It is our first choice every time...” 6 LAUGFS Gas PLC Annual Report 2012 Chosen Chairman’s message >> LAUGFS Gas PLC Annual Report 2012 7 $IBJSNBOT message 8 LAUGFS Gas PLC Annual Report 2012 It is with immense pleasure that I present before you the Annual Report and Financial Statements of LAUGFS Gas PLC and its subsidiaries for the financial year ended 31st March 2012. It has a special significance this year since it presents the performance of your Company for the full year of business operations after the historic IPO conducted in December 2010. On behalf of all of us at LAUGFS Gas PLC and its subsidiaries, I thank you once again for joining with us to “Share the Golden Harvest”. Your team here had been working very hard to earn the business of customers and win the confidence of investors like you, over the period, and their unstinted efforts will certainly be continued into the future to add value to your investment. #VTJOFTTBOE'JOBODJBM1FSGPSNBODF Your Company was on the move as has been always, amidst the gloom and doom in the external environment and our overall report is indicative of very solid performances with Earnings Before Tax of Rs. 1.14 billion for the year under review which is a 10% growth over the corresponding period last year. What’s just as compelling to me, is the story behind the numbers. It reveals how we are addressing the challenges and positioning your Company for sustainable profitable growth. The Group Revenue of Rs. 9.18 billion recorded significant growth over 30%, compared to previous year and it also earned a Gross Profit of Rs. 1.66 billion whilst maintaining a comfortable Gross Margin of 18%, at Group level. However, the Group Earnings Before Tax would have been much more attractive, if not for the substantial negative impact made by the depreciation of the Sri Lankan Rupee against the United States Dollar, on the business operations of LAUGFS Gas PLC, from the commencement of the last quarter of the financial year. As you are aware, your Company imports major portion of its LP Gas requirements from overseas destinations and this makes it vulnerable to the adverse exchange What’s just as compelling to me, is the story behind the numbers. It reveals how we are addressing the challenges and positioning your Company for sustainable profitable growth. LAUGFS Gas PLC Annual Report 2012 9 $IBJSNBOT message continued rate fluctuations, especially from the time since the Central Bank allowed greater flexibility in the exchange rates with its limited interventions in the domestic foreign exchange market, from the beginning of last quarter of the financial year.
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