Commercial Development : Annual Report for the year ended December 31, 2022



On a Positive Note

In times of challenge and strife, it is vital that one chooses to strike the "right notes"... the "positive notes" in enterprise, that give the best chance of riding the storm and emerging relatively unscathed. The year in review was one of great challenge both for the Company, our sole client Commercial Bank of Ceylon PLC and indeed the country as a whole. Positivity and hope are at the forefront of our efforts going forward.



Commercial Development Company PLC	1
Annual Report 2022

Contents

About the Company	4
About the Report	4
Financial Highlights	6
Chairman's Message	8
Managing Director's Review	10
Chief Executive Officer's Review	13
Context for Our Performance	16
Business Model for Sustainable Value Creation	17
Stakeholder Engagement	20

Management Discussion

and Analysis

Financial Capital	24
Intellectual Capital	26
Manufactured Capital	27
Human Capital	29
Social and Relationship Capital	32
Natural Capital	34

Governance and Risk

Management

Board of Directors and Profiles	38
Executive Management	42
Corporate Governance	43
Report of the Board Audit Committee	52
Report of the Board Remuneration Committee	54
Report of the Board Related Party Transactions
Review Committee	55
Directors' Statement on Internal Control	56
Annual Report of the Board of Directors	57
Statement of Directors' Responsibility for
Financial Reporting	63
Managing Director's and Accountant's
Responsibility Statement	65
Risk Management	66



Financial Reports

Financial Calendar 2022 and 2023	74
Independent Auditors' Report	75
Income Statement	78
Statement of Profit or Loss and Other
Comprehensive Income	79
Statement of Financial Position	80
Statement of Changes in Equity	81
Statement of Cash Flows	82
Notes to the Financial Statements	84

Supplementary Information

Investor Information	144
Decade at a Glance	149
Glossary	151
Alphabetical Index	154
Notice of Meeting	155
Enclosed Form of Proxy
Enclosed Stakeholder Feedback Form
Corporate Information (Inner Back Cover)

Commercial Development Company PLC

Annual Report 2022

Contents



Commercial Development Company PLC	3
Annual Report 2022