C. W. MACKIE PLC
ANNUAL REPORT 2021/22
ii | COMPANY/GROUP OVERVIEW | Annual Report 2021/22 C. W. MACKIE PLC |
As we commemorate a milestone year for governance and reporting, we look back on our legacy while celebrating our unhindered progress amid uncertainty.
During the year under review, we embarked upon and successfully steered a growth strategy that helped sustain our diverse operations. While the economy braced itself in unpredictable times, we played to our strengths and was able to maintain
our status among leading exporters, developing our segments to adapt and perform with a concentrated effort. The significance of what we have achieved now and over the decades, therefore, as recorded over the years, extends to
our teamwork and our passion for excellence and we credit this strategy as the stepping stone for our continued ascent. Here's to many more years of resilient growth.
The theme in this report uses a continuous line, meant to denote continuous improvement; an ongoing effort to improve all elements of an organisation, its processes, tools, products, services, etc. Sometimes those improvements are big, at times they are small. But most importantly they are frequent, giving tranformational results, building a competitive edge and a continued ascent.
2 | COMPANY/GROUP OVERVIEW |
CONTENTS
COMPANY/GROUP OVERVIEW
Our Values
Our Timeline
Our Beginning
Group Structure and Principal Activities
What We Do
Year in Review
STEWARDSHIP
Chairman/Chief Executive Officer's Review Board of Directors
Group Management
CERTIFICATIONS, AWARDS AND BRANDS
Accreditations and Certifications
Awards
Strong Brands
BUSINESS/SECTOR REVIEW
Business Overview
FMCG
Rubber-based Products Manufacturing
Export Trading
Sugar Trading
Refrigeration and Air-Conditioning
Lightweight Machinery and Welding Electrodes
Hempel Paints
CAPITAL MANAGEMENT REVIEW
Value Creation Model
Financial Capital
Intellectual Capital
Manufacturing Capital
Social and Relationship Capital
Natural Capital
Human Capital
GOVERNANCE
Annual Report of the Board of Directors
Statement of Directors' Responsibility
Corporate Governance
Risk Management
Report of the Nomination Committee
Report of the Remuneration Committee
Report of the Related Party
Transactions Review Committee
Report of the Audit Committee
Annual Report 2021/22 C. W. MACKIE PLC
3 | 12 | |
4 | ||
5 | ||
6 | Chairman/Chief Executive | |
7 | ||
8 | Officer's Review | |
12 | 24 | |
17 | ||
20 | ||
22 | Strong Brands | |
23 | ||
24 | 31 | |
31 | ||
36 | ||
42 | Business Overview | |
45 | ||
48 | 86 | |
51 | ||
53 | ||
55 | ||
58 | Corporate Governance | |
59 | ||
63 | ||
65 | FINANCIAL REPORTS | |
67 | Independent Auditor's Report | 100 |
72 | Statement of Profit or Loss and | |
75 | other Comprehensive Income | 105 |
Statement of Financial Position | 106 | |
80 | Statement of Changes in Equity | 107 |
Statement of Cash Flows | 109 | |
85 | Notes to the Financial Statements | 110 |
86 | ||
91 | SUPPLEMENTARY INFORMATION | |
95 | Ten Year Historical Summary | 168 |
96 | Consolidated Statement of Value Added | 169 |
97 | Investor Information | 171 |
Notice of Meeting | 173 | |
98 | Form of Proxy | 175 |
Corporate Information | Inner Back Cover |
C. W. MACKIE PLC Annual Report 2021/22
OUR VALUES
VISION
To be recognised as one of the top ten trading houses in Sri Lanka.
MISSION
The primary purpose of C. W. Mackie PLC and its subsidiary companies (CWM Group) is to maximise financial returns on investments in the best interests of all its stakeholders whilst fulfilling an obligation to contribute, over the long term and to the fullest extent possible, to greater efficiency and growth of the total economy of the country.
COMPANY/GROUP OVERVIEW | 3 |
GOALS
Each company within the CWM Group will accomplish the primary objective by:
Achieving financial, technical and commercial independency by operating separate business power clusters as an ongoing, self-sustaining and viable entity;
Maintaining market competitive advantages, both locally and internationally, by operating in a sound business manner, manufacturing and selling quality products and services at the best possible cost;
Maintaining financial, technical and commercial competence and optimising operating efficiencies;
People centric approach to attract, build and retain best-in-class human resources to serve business productively; and
Business expansion and diversification involving the development of profitable value-added products and services for export, import substitution and local consumption by optimising the use of existing and potential strengths and resources available.
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C W Mackie plc published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 11:02:17 UTC.