SETTING THE
BENCHMARK
LANKA MILK FOODS (CWE) PLC | ANNUAL REPORT 2021/22
The Cover Story
This cover features a milking cow of the European breed Ayrshire, reared at the Ambewela Dairy Farms amid a subtropical cool and misty climate, with fresh air, and clean water. Always fed with scientic feed rations including "Alfalfa" imported from Spain and "Rye Grass"from our own lush green elds. We continue to maintain the highest standards for our cows to ensure their health, well-being, and productivity.
We have consistently improved and upgraded the quality of our herd by meticulously selecting the best semen from pedigreed bulls from Europe, resulting in the exceptional size and weight of our cows and the amount of milk they produce exponentially.
When we took over the farms in the year 2001 the average weight of a cow was only 450kg. Today, their average weight stands at approximately 650kg and the quantity of milk produced has also increased from 9 litres to 30 litres per cow, per day. The total production of milk increased from 3000 to 35,000 litres per day.
These exceptional animals such as the one pictured on the cover page regularly produce over 50 litres of milk per day.
Together, these eorts ensure that the highest standards in dairy products, beginning from the source itself, are maintained from the udder to the consumer.
This Ayrshire cow produces an average of 50Lts milk per day.
50 LITRES
MILK/PER DAY
One of the reasons why Ambewela fresh milk is always your best choice.
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Ambewela
Daily
SETTING THE
BENCHMARK
Having nourished the nation for more than half a century with our exceptional dairy products, we have had a positive effect for generations making sure that every family has the best possible experience with our products. The best value from our farms to your home bring our locally based flagship brands to you. We continue to expand and grow, making Lanka Milk Foods
a recognised and revered household name. This creates extra value for every stakeholder as we continue our mission to deliver the best taste and the most trusted quality. Our passion for what we do which has worked for us for more than 5 decades speaks for itself, thereby setting a benchmark.
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LANKA MILK FOODS (CWE) PLC
ANNUAL REPORT 2021/22
CONTENTS
GROUP OVERVIEW
Vision, Mission, About this Report | 4 | ||
Group Structure | 5 | ||
Our Range of Products | 6 | ||
Financial Highlights | 10 | ||
LEADERSHIP | |||
Chairman's Message | 14 | ||
Group Chief Executive Officer's Message | 18 | ||
Board of Directors | 21 | ||
MANAGEMENT DISCUSSION & ANALYSIS | |||
Value Creation Model | 26 | ||
Key Pillars of Our Vision and Focus | 28 | ||
Shared Growth Through | |||
Stakeholder Engagement | 29 | ||
Operating Environment | 31 | ||
Financial Capital | 33 | ||
Company Performance | 35 | ||
Social & Relationship Capital | 37 | ||
Human Capital | 39 | ||
Manufactured Capital | 42 | ||
Intellectual Capital | 44 | ||
Natural Capital | 46 | ||
GOVERNANCE | |||
Corporate Governance | 50 | ||
Enterprise Risk Management | 60 | ||
Report of The Audit Committee | 64 | ||
Report of The Remuneration Committee | 65 | ||
Related Party Transaction | |||
Review Committee Report | 66 | ||
Annual Report of the Board of Directors | 67 | ||
Statement of Directors' Responsibilities | 71 | ||
FINANCIAL STATEMENTS
Independent Auditor's Report | 74 | ||
Statement of Profit or Loss and Other | |||
Comprehensive Income | 78 | ||
Statement of Financial Position | 79 | ||
Statement of Changes In Equity | 80 | ||
Statement of Cash Flows | 82 | ||
Notes to the Financial Statements | 84 | ||
SUPPLEMENTARY INFORMATION | |||
Shareholder and Investor Information | 139 | ||
Ten Year Summary | 141 | ||
Notice of Meeting | 146 | ||
Form of Proxy | 147 | ||
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LANKA MILK FOODS (CWE) PLC
ANNUAL REPORT 2021/22
14
50
CORPORATE
CHAIRMAN'SGOVERNANCE
MESSAGE
18 74
FINANCIAL
STATEMENTS
GROUP CEO'S
MESSAGE26
MANAGEMENT DISCUSSION & ANALYSIS
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