Gestetner of Ceylon : ANNUAL REPORT 2021/2022

CONTENTS

01

02

03

05

08

11

12

14

18

19

25

26

27

28

29

66

67

68

69

Group Highlights

Chairman's Review

Board of Directors

Management Discussion and Analysis

Corporate Governance

Report of The Board Audit Committee

Related Party Transactions Review Committee Report Annual Report of The Board of Directors

Statement of Directors' Responsibilities Independent Auditor's Report

Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Risk Management

Ten Year Summary

Investor Information

Notice of Meeting

ANNUAL REPORT 21/22

GROUP HIGHLIGHTS

		2021/22		2020/21
Results for the year (Rs. Mn)
Group revenue
1,054	833
Profit from operations
56	39
Profit / (Loss) before tax
(13)	18
Profit / (Loss) attributable to equity holders of the Company				14.5
	(8.2)
As at 31st March
Total Assets (Rs Mn)
895	676
Total Liabilities (Rs Mn)
578	351
Current Ratio (times)
1.16	1.29
Return on Equity (%)
(2.6)	4.5
Per share (Rs.)
Earnings / (Loss) per share
(3.59)	4.96
Net asset value per share as at 31st March
119.19	122.29
Market price per share as at 31st March
66.1	85.0

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G E S T E T N E R O F C E Y L O N P L C

ANNUAL REPORT 21/22

CHAIRMAN'S REVIEW

I have pleasure, on behalf of the Board of Directors, to present you the Annual Report and Accounts of Gestetner of Ceylon PLC for the year ended 31st March 2022.

An Overview

The Group's turnover for the current financial year increased by 27% to Rs. 1,054.2 million from Rs. 832.5 million in the previous financial year. However, the Group recorded a loss of Rs. 9.5 million for the current financial year. The exchange loss of Rs.52 million attributable to the exorbitant devaluation of the Rupee was the main reason for the Group loss.

Dividends

The Directors are not proposing the payment of any dividends for the year under review.

Conclusion

My sincere thanks to the other Directors for support and assistance and to all the employees at all levels for their dedicated and committed service. I also wish to express my appreciation for the continued support from our shareholders, overseas principals, bankers, suppliers and other stakeholders.

S J M Anzsar FCA

Chairman

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G E S T E T N E R O F C E Y L O N P L C

ANNUAL REPORT 21/22

BOARD OF DIRECTORS

Mr. S J M Anzsar was appointed to the Board of Gestetner of Ceylon PLC on 07th January 1997 and as the Chairman on 12th December 1997.

He is a Chartered Accountant with a career span of over forty years that included Partnership at an international professional firm; senior management roles at a UK based conglomerate specializing in Africa. Since the mid-nineties he has been engaged in the private equity sector focusing in Africa and Sri Lanka.

Non - Executive Director

Prof. L R Watawala was appointed to the Board of Gestetner of Ceylon PLC on 07th November 1996.

Prof. Watawala is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka (FCA), Fellow of the Institute of Certified Management Accountants of Sri Lanka (FCMA), Fellow of the Chartered Institute of Management Accountants of UK (FCMA UK), Chartered Global Management Accountant (CGMA) and Fellow of the Institute of Chartered Professional Managers of Sri Lanka (FCPM).

He served his articles and as a Qualified Assistant at Turquand Youngs & Co. (Ernst & Young), was Chairman and Managing Director of the Ceylon Leather Products Corporation, Chairman and Managing Director of the State Mining & Mineral Development Corporation, Chairman of the People's Bank, Chairman of the People's Merchant Bank, Chairman and Director General of the Board of Investment of Sri Lanka (1991- 1993) and (2005-2007), Advisor to the Ministry of Finance, Chairman of Pan Asia Bank Ltd, Director South Asia Informatics Computer Institute Ltd (Singapore), Director Richard Peiris PLC, Abans Electricals PLC and Chairman of the National Insurance Trust Fund.

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He currently serves on the Company Directorates of, Lanka IOC PLC, Lake House Printers & Publishers PLC.

He is the President of the Institute of Certified Management Accountants of Sri Lanka (CMA), President Institute of Chartered Professional Managers of Sri Lanka (CPM), Past President of the Association of Management Development Institutes of South Asia (AMDISA), Past President of the Institute of Chartered Accountants of Sri Lanka and South Asian Federation of Accountants (SAFA), Founder President of the Association of Accounting Technicians of Sri Lanka (AAT) and Past President of the Organization of Professionals Association of Sri Lanka (OPA).

He was installed in the Hall of Fame of the Institute of Chartered Accountants of Sri Lanka. A proud receiver of the National Honours Sri Lanka Sikhamani conferred for distinguished services of a general nature by the President of Sri Lanka in 2019. Adjunct Professor Deakin Business School, Department of Accounting, Faculty of Business and Law at Deakin University Melbourne, Australia.

Ms. S A J Goonetilleke was appointed to the Board of Gestetner of Ceylon PLC on 01st October 1997.

Ms. Goonetilleke is a Fellow Member of Chartered Accountants of Sri Lanka, Fellow Member of Chartered Institute of Management. Accountants (UK) and holds an MBA from Postgraduate Institute of Management - Sri Jayewardenapura.

She started her career at Ernst & Young and then served in several companies such as Chemanex Ltd, GTE Directories (Pvt) Ltd and presently serves as a Director in Reditune Ceylon (Pvt) Ltd.

G E S T E T N E R O F C E Y L O N P L C