HAYLEYS FIBRE PLC TRANSFORMATION
HAYLEYS FIBRE PLC
ANNUAL REPORT 2021/22
Contents
About this Report | 2 | Financial Reports | 101 |
Report Profile | Independent Auditor's Report | ||
About Us | 4 | Statement of Profit or Loss | 105 |
Financial Highlights | 6 | Statement of Comprehensive Income | 106 |
Management Reports | Statement of Financial Position | 107 | |
8 | Statement of Changes in Equity | 108 | |
Chairman's Message | Statement of Cash Flows | 110 | |
Message from the Managing Director | 12 | Notes to the Financial Statements | 112 |
Board of Directors | 18 | Supplementary Information | |
Profiles of Directors | 20 | 164 | |
Management Committee | 24 | Shareholder and Investor Information | |
Operational Review and Management Discussion | 25 | Statement of Value Added | 166 |
Awards and Recognition | 29 | Ten Year Summary - Group | 167 |
Our Product Portfolio | 30 | Notice of Meeting | 168 |
Capital Management Reports | Notes | 169 | |
39 | Form of Proxy | 171 | |
Financial Capital | Corporate Information | Inner Back Cover | |
Manufactured Capital | 44 | ||
Human Capital | 50 | ||
Social Relationship Capital | 60 | ||
Natural Capital | 69 | ||
Intellectual Capital | 73 | ||
Stewardship | 76 | ||
Corporate Governance | |||
Risk Management | 85 | ||
Committee Reports | 91 | ||
Statement of Directors' Responsibility | |||
Annual Report of the Board of Directors | |||
on the Affairs of the Company | 92 | ||
Responsibility Statement of Chairman, | |||
Managing Director and Chief Financial Officer | 96 | ||
Related Party Transactions Review Committee Report | 97 | ||
Remuneration Committee Report | 98 | ||
Audit Committee Report | 99 |
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The transformation of our brand, enhancing and streamlining our flow has been an instrumental aspect of this year. Not only did we facilitate the advancement of new ideas in cementing our unique workplace culture, we took measured steps in promoting our reputed brand to more markets, on an international scale. Our investment strategies in technology and infrastructure have helped us analyse and streamline our processes, in defining and fortifying our integrated supply chain that is vested in sustainability. And as always, the teamwork and passion of our team members were vital in ensuring that amidst challenging times, we will continue to look at better ways to streamline our work, with a greater focus on building our technological capacity. As we look forward to strategic years ahead, we will continue to transcend, incorporating the best of men, machines and methods, in all aspects of our business.
Report Profile
Overview
The report reviews the operations of Hayleys Fibre and its respective subsidiaries during the financial year from 1st April 2021 to 31st March 2022, complying with all the due financial and non-financial prerequisites. The report herein presents the Group's strategy, operational performance and stakeholder management processes which contribute significantly to its sustainable growth journey and pave the way for the Group to achieve its strategic objectives within identified boundaries. Hayleys Fibre PLC, publishes its financial performance
on quarterly and on annual basis while the non-financial performance is published on an annual basis, the most recent report published was for the financial year 2020/2021.
The Company upholds the core values of Transparency, Accountability, Governance and Sustainability (TAGS) in creating value to all its stakeholders.
Boundaries to reporting
The report covers operations of the Group and its subsidiaries at its head office and factories located within the territory of Sri Lanka.
Reporting Guidelines and Scope
This is the first integrated Annual Report produced by Hayleys Fibre PLC. This report has been prepared in accordance with the Integrated Reporting Framework, as prescribed by the Integrated Reporting Council.
The financial statements appearing in this report have been prepared in accordance with the Sri Lanka Accounting Standards (LKASs/SLFRSs) in conjunction with Annual Financial Statements for the year ended 31st March 2022, issued by the Institute
of Chartered Accountants of Sri Lanka. The Group operates in compliance with the requirements of the Companies Act No.07 of 2007 and the listing rules of the Colombo Stock Exchange.
Endorsement or Subscription to externally developed Charters and Principles
In addition to all the relevant legal and regulatory frameworks and charters, Hayleys Fibre also endorses and/or subscribes to the following,
- Code of Best Practices on Corporate Governance issued jointly by the Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.
Material Aspects
The report content is developed on identified materiality in relation to the business, placing focus on economic, social and environmental impacts of the business on its stakeholders. The business model depicts the mechanism in which the Group generates value while optimising our core capitals to create value in the short, medium and long-term for our stakeholders.
The report covers the Group's capital management strategies and outcomes in relation to the significant impact on the stakeholders through such management, while also presenting comprehensive reports on corporate governance, internal controls and risk management for a comprehensive overview of the Group's performance during the review year.
The information and data for the report are collected and compiled by respective departments including the subsidiary operations. The information may also reflect the essence of the Corporate Plan 2021/2022, management reports and quarterly progress reviews produced to the Board. The financial information is based on the audited financial statements and the related notes. The report content materiality and completeness are validated by the corporate management of the Group.
Combined Assurance
Combined assurance approach has been followed to establish the credibility of this report, ensuring that there are no material misstatements. Accordingly, the overall reporting process and the reliability and quality of the content are assured internally, by the senior management and the Board of Directors. The financial reporting including the financial statements and related notes as well as sustainability reporting have been assured by external and independent auditors, Messrs. Ernst & Young, Chartered Accountants, as set out in pages 101 to 104.
2 | HAYLEYS FIBRE PLC | ABOUT THIS REPORT | Report Profile | 2 |
Annual Report 2021/22 | About Us | 4 | ||
Financial Highlights | 6 | |||
Themes of Previous Annual Reports
FY 2020/21 | FY 2019/20 | FY 2018/19 |
Stepping Up | Integral | Filaments of |
Integration | Progress | |
Forward-looking Statements
The report herein entails forward-looking statements and information on the Group's future outlook, plans, forecasts and targets. The Group has made such remarks based on the current assessment of the market conditions and is not liable to publicly update forward-looking statements to reflect the evolving macro-economic conditions that may affect the Group's performance during or after the publication date of this report, unless mandated by relevant statutory and regulatory authorities.
Board responsibility
The Board of Directors takes responsibility and assures the credibility of the inaugural integrated annual report 2021/2022 of Hayleys Fibre PLC. The Board assures that the report gives fair and transparent account of all material issues underlining the sustainability and performance of Hayleys Fibre PLC.
Feedback
With regard to concerns and clarifications on this integrated Annual Report, please contact:
Secretaries
Hayleys Group Services (Pvt) Limited
No. 400, Deans Road, Colombo 10, Sri Lanka.
Telephone : (94-11) 2627650
E-mail : info.sec@hayleys.com
Report Profile | 2 | ABOUT THIS REPORT | HAYLEYS FIBRE PLC | 3 |
About Us | 4 | Annual Report 2021/22 | ||
Financial Highlights | 6 | |||
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Disclaimer
Hayleys Fibre plc published this content on 03 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 10:31:03 UTC.
