Page 46 - Interloop Sustainability Report 2019

TARGETS 2021

Target 2021

Direct economic value to be generated by 2021 Economic Value Distributed 2019Economic Value Distributed 2019 Economic Value Distributed 2018Economic Value Distributed 2018
(PKR in Millions) (PKR in Millions) (PKR in Millions) (PKR in Millions)
US$ 450 million (Rs. 65,000 million) 22,755 22,755

19,513 19,513
Performance till 2019
Direct economic value achieved in 2019 (Rs. 37,524 million)

Healthy and sustainable returns are targets may be annual, or, in the case We have zero tolerance for corruption
vital for pursuing sustainability and of expansions, acquisitions and new in our operations as well as in
creating shared value. Our economic business ventures, may be spread our relationship with our business 105 105
performance is guided by our mission, over a longer term. Currently, our partners. Our Code of Conduct clearly 426 426
vision and values, along with targets economic performance is guided by restrains our employees to engage 350 544 350 544 1,428 1,428
set by the management for delivering our vision: “To double our turnover by in any such practice. Additionally, 7,898 7,898
3,591 3,591 6,853 6,853
exceptional results with high quality 2020 through value addition, process our internal audit department carries Operating cost Operating cost Payment to governmentPayment to government Operating cost Operating cost Payment to governmentPayment to government
products, exceeding customer improvement and nourishing talent.” out audit of all activities and reports Employee wages and benefilts Community Investments Community Investments Employee wages and benefilts Community Investments Community Investments
Employee wages and benefilts
Employee wages and benefilts
Payment to providers of capitalPayment to providers of capital Payment to providers of capitalPayment to providers of capital
expectations. Our operations have The Chief Executive Officer along with to the Board Audit Committee. The
both direct and indirect economic the management team is responsible Board Audit Committee reviews the
impacts in the form of return to for underlying activities to meet the report and corrective action is taken The economic performance is performance is available in financial of actuarial valuation. Interloop also
investors; payments to suppliers, targets. At Interloop, while pursuing the as per requirement. During the year, periodically reviewed against the set statement section of the Annual Report offers contributory benefit in form of
employees and the government; and targets, we have the policy to procure all operations were assessed for financial targets at Board meetings and 2019. provident fund to its employees. A
creation of livelihood opportunities maximum raw materials, process risks related to corruption and no corrective measures are taken through separate fund is maintained where
in the supply chain, along with materials and other available products incidence of corruption was recorded process improvement and cost savings Interloop offers market competitive Interloop contributes 7.5% while
socioeconomic development of the and services locally, to strengthen at Interloop. to meet the defined targets. salaries and benefits to its workforce employees contribute 7.5% to 12.5% of
surrounding communities. The Board local suppliers and create employment and regularly monitors the remuneration basic salaries. The participation in the
defines the targets for economic opportunities. The Company has shown marvelous for relevance and compliance. Apart contributory benefit plan is voluntary.
performance for the year. Goals and results in the current financial year by from salaries, Interloop offers defined The liability for defined benefit plan was
reporting the revenue of PKR 37,524 benefit in the form of gratuity to its PKR 2,842.62 million in 2019 compared
million against revenue of PKR 31,169 employees where no contribution is to PKR 1,925.61 million in 2018.
DIRECT ECONOMIC VALUE GENERATED AND DISTRIBUTED million in 2018 and securing net profit required from the employees. Interloop
of PKR 5,195 million against net does not maintain a separate fund
profit of PKR 3,886 million in 2018. for gratuity and the liability for defined
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015
The detailed information on financial benefit plan is calculated on the basis
Rupees in million
Economic Value Generated 37,524 31,169 26,550 26,426 24,213
Revenues*
Economic Value Distributed
Operating Cost 22,755 19,513 16,851 16,585 16,218
Employee Wages and Benefits 7,898 6,853 5,778 5,016 4,225
Payment to Providers of Capital 3,591 1,428 1,377 1,045 1,703
Payment to Government 544 426 381 582 347
Community Investments 350 105 200 160 87
Economic Value Retained 2,386 2,844 1,963 3,038 1,633
Revenues as per the requirement of GRI Economic Performance 201:2016 disclosure 201-1 which requires inclusion of revenue from financial investments and
sales of assets.
44 Interloop Limited Sustainability Report 2019 45