Colombo Land and Development : Annual Report 2023

PAINTING TOMORROW'S SUCCESS

COLOMBO LAND AND DEVELOPMENT COMPANY PLC ANNUAL REPORT 2023

PAINTING TOMORROW'S
SUCCESS	being of the landscape we operate in. After all, success is not
	We try to journey into spaces that encompass the overall well-
Our deliberate and visionary processes allow us to navigate	only measured in square footage, but in the partnerships that
even the harshest of conditions and that is why we end this	we support. Our commitment to painting tomorrow's success
year stronger, revitalised to excel in the coming year. Our	begins with an unwavering dedication to innovation and design
journey to transcending the ordinary will always be woven	excellence.
into the very essence of our communities.

CONTENT

OVERVIEW
08	09	10	14	17
Operational	Financial	Chairman's	CEO's Review	Board of
Highlights	Highlights	Review		Directors

10	14
CHAIRMAN'S	CEO'S REVIEW
REVIEW

MANAGEMENT DISCUSSION & ANALYSIS

22	24	26	28	30
Our Value	Our Business	Stakeholder	Management Discussion	Management of
Creation Model	Model	Engagement	& Analysis	Capital

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GOVERNANCE
44	59	61	62
Corporate Governance	Report of the Board	Report of	Report of the Board
Report	Audit Committee	the Board	Related Party
		Remuneration	Transaction Review
		Committee	Committee

63	67	68	69
Annual Report of the	Statement	Chairman &	Risk Management
Board of Directors	of Directors'	Accountant	Report
on the Affairs of the	Responsibilities	Responsibility
Company		Statement
FINANCIAL STATEMENTS
74	75	78	80
Financial	Independent	Statement	Statement of Profit
Calendar	Auditors'	of Financial	or Loss
	Report	Position

82	84	86
Statement of	Statement of	Notes to the
Changes in	Cash Flows	Financial Statements
Equity

SUPPLEMENTARY INFORMATION

126	127	129	130	131
Decade at a	Investor	Glossary of	Notice of	Form of Proxy
Glance	Information	Financial Terms	Meeting

Colombo Land and Development Company PLC | Annual Report 2023

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ABOUT US

Incorporated as a limited company on 8th December 1981 and listed on the Colombo Stock Exchange on 19th March 1986, Colombo Land and Development Company (CLDC) PLC is a pioneer in mixed development projects in the real estate and retail industry in Sri Lanka. Its principal activities are the development and leasing out of investment property under operating leases at Liberty Plaza consisting of retail, office and apartments, Food court; leading advertising spaces; and renting of vehicle car parks at both Liberty Plaza and Pettah locations. The Group also holds commercial space unmatched in terms of strategic location and land extent in the Central Business District of Pettah, which has been earmarked for ambitious development. Reflecting

its commitment to sustainable development through investments in environment-friendly sectors, its fully- owned subsidiary, Agri Spice (Pvt) Ltd., operates a 102-acre Mahogany, Rubber and Alstoniya plantation at Avissawella.

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VISION

"TO BE RECOGNIZED AS A PIONEERING REAL ESTATE DEVELOPMENT AND INVESTMENT PROPERTY LEASING COMPANY THAT BENCHMARKS WORLD-CLASS REAL ESTATE CONCEPTS IN BUILDING SUSTAINABLE LANDSCAPES AND COMMUNITIES, THEREBY CREATING GREATER VALUE FOR OUR STAKEHOLDERS."

VALUES

• Futuristic: We look beyond the present to deliver future value.
• Superior: We aim to exceed expectations in delivering superior quality, value and service.
• Knowledgeable: We strive to understand our markets and our customers' needs.
• Connected: Relationships mean everything to us; we connect and maintain a good rapport with all our stakeholders.
• Passionate: We love what we do. We believe in working with "all heart".
• Integrity: We conduct ourselves in the highest ethical standards, demonstrating honesty and sincerity.
• Conscious: We respect our social and physical environment around us.

Colombo Land and Development Company PLC | Annual Report 2023

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OVERVIEW

08	09	10	14	17
Operational	Financial	Chairman's	CEO's Review	Board of
Highlights	Highlights	Review		Directors

OPERATIONAL HIGHLIGHTS

TURNOVER

Rs.Mn.

500

400
300
200
100
0	2019	2020	2021	2022	2023

GROSS PROFIT

Rs.Mn.

400

300

200

100

0	2019	2020	2021	2022	2023

INCOME
Rs.Mn.
400
350
300
250
200
150
100
50
0	2021	2020	2021
	Rent	Advertising

2022 2023

Car Parks

REVENUE CONTRIBUTION

31%	36%	Liberty Plaza
NRP

	Food Court
	Advertising
2%	Car Parks
3%
28%

377	220
REVENUE (Rs.Mn)	GROSS PROFIT (Rs.Mn)
321	13,817
PAT (Rs.Mn)	TOTAL ASSETS (Rs.Mn)
1.61	8,314
EPS (Rs.)
	EQUITY (Rs.Mn)

8 Colombo Land and Development Company PLC | Annual Report 2023