TOGETHER
with the
NATION
LANKA IOC PLC
ANNUAL REPORT 2021-22
For over two decades, we have demonstrated fortitude and resilience in the midst of challenges. The financial year 2021-22 was no exception as we recorded phenomenal financial performance despite an extraordinarily tumultuous environment. As we embraced opportunities and challenges we were able to create transformative progress across our business. As we stepped forward we proved our credibility and unstinted support to the nation, our business partners and every stakeholder who has placed unyielding trust in us. This report sets out our journey of holistic value creation harnessing the potential of our strengths and the contribution of our people. With a strong foundation of financial success underpinned by our zeal and devotion, we are committed and optimistic of our journey onwards to create and build a bright future
CONTENTS
CHAIRMAN'S 14MESSAGE
"Supported by the Line of Credit from the Government of India, CPC has been receiving regular shipments of Gasoil/Gasoline/ATF from Indian Oil Corporation Limited, the parent company of LIOC, which has ensured consistent availability of fuel for meeting the energy requirements of the country."
MANAGING
DIRECTOR'S 18REVIEW
"With our strong commitment to stand together with the nation as a reliable energy partner, over the last few months, LIOC has stepped up its activities towards attending to emergent needs of the nation."
OUR INTEGRATED ANNUAL REPORT | 4 |
ABOUT US
VISION & MISSION | 6 |
ABOUT LIOC PLC | 7 |
KEY BUSINESS VERTICALS | 8 |
MAJOR ACHIEVEMENTS AND HIGHLIGHTS 2021-22 | 9 |
FINANCIAL HIGHLIGHTS | 10 |
PERFORMANCE HIGHLIGHTS | 12 |
OUR LEADERSHIP
CHAIRMAN'S MESSAGE | 14 |
MANAGING DIRECTOR'S REVIEW | 18 |
BOARD OF DIRECTORS | 22 |
SENIOR MANAGEMENT | 26 |
OPERATING LANDSCAPE
AND STRATEGY
OPERATING ENVIRONMENT | 28 |
OUR STRATEGY | 30 |
SUSTAINABILITY AT LIOC | 33 |
ENGAGEMENT WITH STAKEHOLDERS | 34 |
MATERIAL MATTERS | 38 |
MANAGEMENT DISCUSSION AND
ANALYSIS
OUR VALUE CREATION MODEL | 42 |
SEGMENT PERFORMANCE OVERVIEW | |
AUTOMOTIVE FUELS | 44 |
BUNKERING AND OPERATIONS | 45 |
LUBRICANTS | 46 |
BITUMEN AND PETROCHEMICALS | 47 |
FINANCIAL CAPITAL | 48 |
MANUFACTURED CAPITAL | 52 |
INTELLECTUAL CAPITAL | 55 |
HUMAN CAPITAL | 58 |
SOCIAL AND RELATIONSHIP CAPITAL | 63 |
NATURAL CAPITAL | 68 |
CORPORATE GOVERNANCE AND
RISK MANAGEMENT
CORPORATE GOVERNANCE | 72 |
REPORT OF THE BOARD AUDIT COMMITTEE | 85 |
REPORT OF THE REMUNERATION COMMITTEE | 87 |
REPORT OF THE RELATED PARTY TRANSACTIONS | 88 |
REVIEW COMMITTEE | |
REPORT OF THE BOARD RISK MANAGEMENT | 89 |
COMMITTEE | |
RISK MANAGEMENT | 91 |
INDEPENDENT PRACTITIONER'S LIMITED | 97 |
ASSURANCE REPORT | |
ANNUAL REPORT OF THE BOARD OF DIRECTORS ON | 99 |
THE AFFAIRS OF THE COMPANY | |
FINANCIAL STATEMENTS
STATEMENT OF DIRECTORS' RESPONSIBILITY | 104 |
CHIEF EXECUTIVE OFFICER'S & CHIEF FINANCIAL | 105 |
OFFICER'S RESPONSIBILITY STATEMENT | |
INDEPENDENT AUDITOR'S REPORT | 106 |
STATEMENT OF COMPREHENSIVE INCOME | 108 |
STATEMENT OF FINANCIAL POSITION | 109 |
STATEMENT OF CHANGES IN EQUITY | 110 |
STATEMENT OF CASH FLOWS | 111 |
NOTES TO THE FINANCIAL STATEMENTS | 112 |
EXTENTS, LOCATIONS & THE NO. OF BUILDINGS OF | 149 |
LANKA IOC'S LANDHOLDINGS | |
SHAREHOLDER'S INFORMATION | 151 |
GRI CONTEXT INDEX | 154 |
CORPORATE INFORMATION | IBC |
https://www.lankaioc.com/
investors/
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