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  • ANNUAL REPORT 2010 OUR VISION AND MISSION

    1

    Sri Lanka Ports Authority

    VISION To consolidate Sri Lanka’s position as the premier maritime logistics centre of the Asian region.

    MISSION

    To increase our profitability and customer base by providing excellent service and world class facilities.

  • ANNUAL REPORT 2010 CONTENTS

    2

    Sri Lanka Ports Authority

    3 Our Goals and Corporate Objectives

    4 Operational Highlights

    6 Financial Highlights

    7 Our Ministers

    8 Chairman’s Review

    10 Profiles of Board of Directors

    15 Management Team and Audit Committee

    16 Business Development

    17 General Administration

    21 Operational Review

    56 Financial Review

    61 Corporate Social Responsibilities

    62 Human Capital

    65 Corporate Governance Report

    69 Port Statistics

    73 Milestones

    76 Financial Statements

    77 Report of the Board of Directors

    79 Directors’ Responsibilities for Financial Reporting

    80 Audit Committee Report

    81 Statutory Compliance Statement

    82 Operational and Financial Highlights

    87 Balance Sheet

    88 Income Statement

    89 Statements of Changes in Equity

    90 Cash Flow Statement

    91 General Accounting Policies

    100 Notes to the Financial Statements

    125 Ten Year Summary

    127 Key Results at a Glance

    128 Glossary of Financial Terms

    130 Auditor General’s Report

    141 Responses to the Auditor General’s Report

    151 Corporate Information

  • ANNUAL REPORT 2010 OUR GOALS AND CORPORATE OBJECTIVES

    3

    Sri Lanka Ports Authority

    GOALS

    To establish Sri Lanka as a Maritime Hub.

    To consolidate the position of the Port of Colombo as an international mega hub port for container operations and as a logistics centre in the South Asian Region.

    To project the Port of Galle as a preferred

    cruise vessel destination whilst offering commercial port services.

    To expand and develop the Port of

    Hambantota as an international Free Zone/Port and logistics hub whilst offering total services to the maritime industry.

    To develop the Port of Trincomalee as a Green Port with enhanced facilities for leisure and expanded facilities for industrial development.

    To develop regional Ports of Oluvil, Point Pedro and Kankasanthurai as gateways for the regions development.

    CORPORATE OBJECTIVES

    To develop and maintain state of the art facilities in the commercial Ports of Sri Lanka.

    To maintain effective and efficient Port Services.

    To provide a competitive edge to importers and exporters by ensuring a cost effective, efficient and reliable service.

    To ensure the safety and security of ships, cargo, Port users and Port infrastructure.

    To provide a conducive working and service environment for all stake holders.

    To contribute to the Consolidated Fund of

    the General Treasury for current and capital expenditure of the government.

    To maintain high levels of Productivity in order to ensure speedy turnaround of vessels.

    To improve maritime related ancillary services thus creating more opportunities for employment.

    To maintain a profitable operation of the

    Commercial Ports and to develop a good reputation as an efficient and reliable Port operator by providing a high quality customer service.

    To develop activities to provide a

    competitive and quality service for container operation with a view to attracting transshipment activities including relay cargo, entrepot trade and bonded activities.

    To contribute towards regional

    development of Sri Lanka by providing necessary Port facilities to act as a catalyst in hinterland development.

    To enhance the administration and

    organizational aspects of the Sri Lanka Ports Authority including the revision of cadres and assessment of manpower requirements. The practice of staff proceeding on No pay Leave for work over seas will once again be encouraged in view of its benefits to the country’s economy. Our Mahapola Training Center will further train and re-train staff to meet the requirements created by this scheme.

    To diversify the Port related activities

    such as offshore services, bunkering, fresh water supply, and container repairs, etc.

    To implement a management orientated

    financial reform with higher tax efficiency, better Portfolio management and more aggressive cost control.

  • ANNUAL REPORT 2010 OPERATIONAL HIGHLIGHTS

    4

    Sri Lanka Ports Authority

    SHIPS ARRIVAL (ALL PORTS)

    Description 2009 2010 Variance (%)

    Port of Colombo 4,114 3,910 -5.0

    Port of Trincomalee 310 109 -64.8

    Port of Galle 32 48 50.0

    KKS, Myliddy, PP & Karainagar 136 8 -94.1

    Total 4,592 4,075 -11.3

    CARGO THROUGHPUT OF PORT OF COLOMBO

    Description 2009 2010 Variance (%)

    Total Cargo Throughput (MT Mn) 49.0 61.3 24.9

    CONTAINER THROUGHPUT (TEUs) OF PORT OF COLOMBO

    Description 2009 2010 Variance

    (%)

    SRI LANKA PORTS AUTHORITY

    Imports 208,418 278,893 33.8

    Exports 204,667 284,456 39.0

    Transshipment 1,260,313 1,533,845 21.7

    Re-stowing 41,090 69,979 70.3

    Total 1,714,488 2,167,173 26.4

    SOUTH ASIA GATEWAY TERMINAL

    Imports 165,115 182,755 10.7

    Exports 173,792 186,140 7.1

    Transshipment 1,372,742 1,561,744 13.8

    Re-stowing 38,160 39,629 3.8

    Total 1,749,809 1,970,268 12.6

    PORT OF COLOMBO

    Imports 373,533 461,648 23.6

    Exports 378,459 470,596 24.3

    Transshipment 2,633,055 3,095,589 17.6

    Re-stowing 79,250 109,608 38.3

    Total 3,464,297 4,137,441 19.4

    CARGO DISCHARGED IN PORT OF COLOMBO (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Containerized 10,725 14,106 31.5

    Break Bulk 510 605 18.6

    Dry Bulk 2,097 2,551 21.6

    Liquid Bulk 4,007 4,130 3.1

    Total 17,339 21,392 23.4

  • ANNUAL REPORT 2010 OPERATIONAL HIGHLIGHTS

    5

    Sri Lanka Ports Authority

    CARGO LOADED IN PORT OF COLOMBO (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Containerized 9,784 12,328 26.0

    Break Bulk 139 22 -83.9

    Dry Bulk 0 4 -

    Liquid Bulk 19 28 45.4

    Total 9,942 12,382 24.5

    TOTAL CARGO HANDLED IN PORT OF COLOMBO (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Containerized 20,509 26,434 28.9

    Break Bulk 649 627 -3.3

    Dry Bulk 2,097 2,555 21.9

    Liquid Bulk 4,026 4,158 3.3

    Total 27,281 33,774 23.8

    CARGO HANDLED IN PORT OF TRINCOMALEE (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Discharged 1,904 1,960 2.9

    Loaded 334 194 -41.9

    Total 2,238 2,154 -3.8

    CARGO HANDLED IN PORT OF GALLE (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Discharged 166 317 91.0

    Loaded 1 1 -

    Total 167 318 90.4

    CARGO HANDLED IN PORTS OF KKS, MYLIDDY, PP & KARAINAGAR (IN THOUSAND TONNES)

    Description 2009 2010 Variance (%)

    Discharged 240 11 -95.4

    Loaded 7 0 -

    Total 247 11 -95.5

    TOTAL NUMBER OF EMPLOYEES

    Description 2009 2010 Variance (%)

    Port of Colombo 12,263 11,726

    Port of Trincomalee 591 598

    Port of Galle 513 500

    Total 13,367 12,824

  • ANNUAL REPORT 2010 FINANCIAL HIGHLIGHTS

    6

    Sri Lanka Ports Authority

    All Ports (Rs. Million)

    Description 2009 2010 Variance

    (%)

    Revenue and Expenditure

    Total Revenue 23,331.4 28,279.3 21.2

    Total Expenditure 21,389.7 23,892.4 (11.7)

    Operating Profit 1,941.7 4,386.9 125.9

    Foreign Loan Interest 1,159.4 1,225.2 (5.7)

    Foreign Exchange (Loss)/Gain 591.1 (4,409.8) (846.0)

    Profit Before Tax & After Foreign Exchange (Loss)/Gain

    1,373.4 (1,248.1) (190.9)

    Taxes

    Income Tax 463.9 156.9 66.2

    Deemed Dividend Tax 34.2 - 100.0

    Differed Tax 1,250.4 342.9 72.6

    Social Responsibility Levy 12.0 2.4 80.0

    Net Profit/Loss After Provision for Taxes 2,113.7 (1,064.5) (150.4)

    Balance Sheet

    Non Current Assets 148,187.5 185,834.0 25.4

    Current Assets 23,886.2 17,369.2 (27.3)

    Current Liabilities 14,915.7 12,913.6 13.4

    Equity and Other Capital 7,591.4 7,591.4 0.0

    Reserves & Provisions 78,166.1 78,795.1 (0.8)

    Non Current Liabilities 71,400.5 103,903.1 (45.5)

    Ratios

    Operating Profit to Revenue 8.3 15.5

    Annual Revenue Growth (7.2) 21.2

    Return on Capital Employed 1.2 2.3

  • ANNUAL REPORT 2010 OUR MINISTERS

    7

    Sri Lanka Ports Authority

    His Excellency Mahinda Rajapaksa President of Sri Lanka and

    Minister of Ports and Highways

    Hon. Rohitha Abeygunawardena Deputy Minister of Ports and Highways

    Hon. Nirmala Kothalawela Deputy Minister of Ports a

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