Singer Sri Lanka : Annual Report 2021/2022

Home of

Ingenuity.

Singer (Sri Lanka) PLC | Annual Report 2021/22

Home of

Ingenuity.

Your home is a safe heaven of love and loyalty. For over 145 years, we at Singer have shared your vision of loyalty, creating possibilities for you to thrive on. Today, with a formidable presence across

the nation, Singer has built a reputation as the home of ingenuity; driven by the future of innovation at the pace of your dreams. Today, Singer has embarked upon a vibrant chapter in its journey, centred on a brand promise which curates unique experiences to

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Forward in thinking and clever in their approach, our team has navigated the past year with noteworthy resilience. As we reshape our perspective of the future upon the foundation of our recently launched values, we are well positioned to leverage our fresh brand qualities and strengths in pursuit of enhanced growth to consolidate our presence within each industry in which we operate. The

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Today, we pride ourselves on being the home of ingenuity, because your home is at our heart.

CONTENTS

05

Vision

Mission

Values

Chairman's Message

06

07

12	10
12

About this Report

Performance Highlights 2021/22

Awards and accolades

Year at a glance

Group CEO's Review

14

Overview
About this Report.......................................................	5
Financial Highlights ....................................................	7
5VUÄUHUJPHS/PNOSPNO[Z..............................................	8
Strategic Direction .....................................................	9
Awards and accolades.............................................	10
Chairman's Message................................................	12
.YVW*OPLM,_LJ[P]L6ѝJLY»ZYL]PL^......................	14
Singer at a glance ....................................................	18
Product portfolio ......................................................	19
Our Journey.............................................................	20
Group Structure .......................................................	22
Socio-economic impact ...........................................	23
Generations of possibility .........................................	25

Management Discussion and Analysis

Value Creation Model ...............................................	26
Product Portfolio......................................................	26
Stakeholder Relationships ........................................	28
Operating landscape................................................	30
Determining materiality.............................................	33
Our Strategy ............................................................	37
Sustainability Reporting at Singer .............................	40
Financial Capital.......................................................	46
Human Capital .........................................................	58
Social & Relationship Capital ....................................	67
Manufactured Capital ...............................................	76
Intellectual Capital ...................................................	81
Natural Capital .........................................................	84

Financial
Reports
Financial Calendar......................................................................	122
Annual report of the Board of Directors
VU[OLHќHPYZVM[OL*VTWHU`.................................................	123
Statement of Directors' Responsibility ........................................	129
Independent Auditor's Report.....................................................	130
:[H[LTLU[VM7YVÄ[VY3VZZHUK6[OLY*VTWYLOLUZP]L ...0UJVTL 134
Statement of Financial Position .................................................	135
Statement of Changes in Equity .................................................	136
Capital Reserves ........................................................................	138
Other Component of Equity........................................................	138
Statement of Cash Flows ...........................................................	139
Notes to the Financial Statements ..............................................	141

Stewardship		Supplementary Information
Board of directors ....................................................	94	Parent, subsidiaries and related companies ................................	234
Management team .................................................	100	A Decade in Perspective ............................................................	236
Corporate governance ..........................................	103	Horizontal and Vertical Analysis ..................................................	238
Risk Management .................................................	112	Share information.......................................................................	244
Audit committee report ..........................................	116	Compliance with Corporate governance Frame Works ...............	248
Remuneration Committee report ............................	117	Independent Assurance on Integrated Reporting ........................	291
Nomination committee report .................................	118	Independent Assurance on Sustainability Reporting ...................	293
Related party transactions		GRI Content Index .....................................................................	295
review committee report .....................................	119	Distribution Network ..................................................................	300
The future through nurture......................................	120	Service Network ........................................................................	303
		Glossary ....................................................................................	306
		Note .........................................................................................	307
		Notice of Annual General Meeting ..............................................	308
		Shareholder Feedback Form ......................................................	309
		Form of Proxy ............................................................................	311
		Corporate Information .................................................................	IBC