Raigam Wayamba Salterns : Annual Financial Report 2021/22

AGAINST THETIDE

ANNUALREPORT2021/2022

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WEATHERING THE

SOCIOECONOMIC

AND POLITICAL ROIL

First it was a storm cloud in the form of the coronavirus pandemic that forced Sri Lankan citizens into deprivations they had never experienced before. Next it was a torrential downpour of citizen worry and doubt that resulted in a confused and confounded citizenry. Finally, it was a growing wave of serious trouble for the future coming in the form of trade imbalances, debt servicing issues and dollar dearth that could very well lead to a total societal collapse of such historic proportions that could destroy the very idea of Sri Lanka as a nation.

Such was the state of the nation by the time the dust settled on the year from April 2021 to March 2022.

Anyone would pity a country that had to deal with such serried ranks of disasters and forgive any company operating under such dire circumstances for throwing in the towel. Raigam Salterns however, is not your typical company nor does

it think for one moment that Sri Lanka is an impossible country in which to do business. It knew well in advance that its operational circumstances would only get worse as the country slid further and further into an unfathomable political and socioeconomic nadir. It also knew its own resilience and that of the people of the country.

Understanding that in the darkest of hour the €nest qualities of an organization must shine forth to move itself and, by extension, the greater cloud of Sri Lankans out of the national economic hole, Raigam Salterns moved swiftly in a number of directions to mitigate near impossible situations. Knowing that disaster was also another word for opportunity, it reimagined some of its business approaches, went directly to production sources, reduced its cost of sales, optimized its human resource e"ciency and consolidated its core businesses to push the company quickly away from any possibility of ever having to deal with an internal business crisis.

Knowing that it would have to pull all stops to weather the effects of combined crises, the company manned-up to the task, with every single employee resolute and committed to never give up,

to take on every challenge,

€ght against all odds,

and, most importantly, steer the company

Raigam Wayamba Salterns PLC | ANNUAL REPORT 2021 - 2022 3

CONTENTS

Overview

Report Rationale	5
Unprecedented success against unprecedented	6
challenges!
Product improvement and process e•ciency of salt	7
About Us	8
Our Journey	10
Corporate Information	12
Key Performance Signs - Group	14
Financial Highlights - Group	15
Key Performance Signs - Company	16
Financial Highlights - Company	17
A Brief about the Group	18
Our Presence	20

Our Leadership

Message from the Chairman	22
CEO's Review	24
Board of Directors	28
Senior Management Team	36

Business Model & Operating Context

Operational Highlights	37
The Process	38

Value Creation

The Creation of Value	43
Manufactured Capital	45
Human Capital	46
Social and Relationship Capital	47
Intellectual Capital	48
Natural Capital	49
Management Discussion and Analysis	50

Corporate Governance

Stakeholder Engagement	57
Corporate Governance	67
Annual Report of Board of Directors	83
Statement of Directors Responsibility	87
Responsibility Statement of Chairman, Chief	88
Executive O•cer and Chief Financial O•cer
Report of the Audit Committee	89
Report of the Remuneration Committee	94
Report of the Related Party Transaction Review	92
Committee
Disclosure of Related Party Transactions	93

Risk Management	94
Financial Statements
Financial Calendar	98
Independent Auditor's Report	100
Statement of Financial Position	104
Statement of Prošt & Loss	105
Statement of Comprehensive Income	106
Statement of Changes in Equity	107
Statement of Cash Flows	108
Notes to the Financial Statements	109
Annexes
Investor Information	151
Value Added Statement- Group	154
Value Added Statement- Company	155
Group Ten Year Summary	156
Group Real Estate Portfolio	157
Notice of Meeting	158
Form of Proxy	159