Introduction to the Company 1

Message from the Chairman 2

Group Chief Executive’s Review of Operations 6

Board of Directors 17

Corporate Management Team 23

Business and Financial Review 28

Corporate Governance Report 46

Report of the Board Audit Committee 53

Report of the Related Party Transactions

Review Committee 55

DIAL Share Information 56

Our VisionTo be the undisputed leader in the provision of multi-sensory connectivity resulting always, in the empowerment

and enrichment of Sri Lankan lives and enterprises.

Our MissionTo lead in the provision of technology enabled connectivity touching multiple human sensors and faculties, through

committed adherence to customer-driven, responsive and flexible business processes, and through the delivery of

quality service and leading edge technology unparalleled by any other, spurred by an empowered set of dedicated

individuals who are driven by an irrepressible desire to work as one towards a common goal in the truest sense of

team spirit.

Dialog Values Service from the Heart

Create the Future

Champions of Change

Exceptional Performance

Uncompromising Integrity

Responsible Leadership

One Team

Financial Information

Annual Report of the Board of Directors for

the year ended 31 December 2019 62

The Statement of Directors’ Responsibility 67

Independent Auditor’s Report 68

Statement of Financial Position 74

Statement of Comprehensive Income 75

Consolidated Statement of Changes in Equity 76

Company Statement of Changes in Equity 77

Statement of Cash Flows 78

Notes to the Financial Statements 79

US Dollar Financial Statements 150

Group Value Added Statement 152

Five Year Summary 153

Group Real Estate Portfolio 154

Corporate Information Inner Back Cover

Corporate Information

NAME OF COMPANYDialog Axiata PLC

COMPANY REGISTRATION NO.PQ 38

REGISTERED ADDRESS475, Union PlaceColombo 02Sri Lanka Telephone: +94 777 678 700Website: www.dialog.lk

LEGAL FORMA public quoted company with limited liability.Incorporated as a private limited liability company on 27th August 1993 and subsequently converted to a public limited liability company on 26th May 2005. Listed on the Colombo Stock Exchange in July 2005.

STOCK EXCHANGE LISTINGThe Ordinary Shares of the Company are listed on the Colombo Stock Exchange of Sri Lanka.

BOARD OF DIRECTORSDatuk Azzat Kamaludin - ChairmanMr. Supun Weerasinghe - Group Chief Executive Dr. Hans Wijayasuriya Mr. Mohamed MuhsinMr. James MaclaurinDeshamanya Mahesh AmaleanMr. Willem Lucas TimmermansDato’ Mohd Izzaddin IdrisMr. Vivek SoodMr. David Lau Nai PekDato Dr Nik Ramlah Nik Mahmood

GROUP COMPANY SECRETARYMs. Viranthi Attygalle

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Digital Plates & Printing by Softwave Printing and Publishing (Pvt) Ltd

Contents AUDITORSMessrs. PricewaterhouseCoopersChartered Accountants100, Braybrooke PlaceColombo 02, Sri Lanka

CONTACT FOR SHAREHOLDER SERVICESGroup Corporate ServicesTelephone: +94 773 908 929Fax: +94 117 694 350E-mail: cosecunit@dialog.lk

CONTACT FOR INVESTOR RELATIONSGroup Investor RelationsTelephone: +94 777 080 748 E-mail: ir@dialog.lk

CONTACT FOR MEDIAGroup Corporate CommunicationsTelephone: +94 777 088 412E-mail: corporate.communications@dialog.lk

SUBSIDIARY COMPANIES1. Dialog Broadband Networks (Pvt) Ltd - 100% Telecard (Pvt) Ltd – 100% Digital Realty (Pvt) Ltd – 35%

2. Dialog Television (Pvt) Ltd - 100% Communiq Broadband Network (Pvt) Ltd - 100%

3. Digital Holdings Lanka (Pvt) Ltd – 100% Digital Commerce Lanka (Pvt) Ltd (together with

Dialog’s direct shareholding) – 100% Digital Health (Pvt) Ltd – 53.20% Headstart (Pvt) Ltd – 50.59% Dialog Axiata Digital Innovation Fund (Pvt) Ltd - 25%

4. Dialog Device Trading (Pvt) Ltd - 100%

5. Dialog Business Services (Pvt) Ltd – 100%

6. Dialog Finance PLC – 98.88%

7. Dialog Network Services (Pvt) Ltd – 100%

ASSOCIATE COMPANIES1. Firstsource-Dialog Solutions (Pvt) Ltd - 26%

Scan the QR Code to directly access the Dialog Annual Report 2019 online

Annual Report 2019 1

Introduction to the Company

Dialog Axiata PLC, a subsidiary of Axiata Group Berhad

(Axiata), operates Sri Lanka’s Leading Quad-Play

Connectivity Provider. The Company ranks among

the largest listed companies on the Colombo Stock

Exchange in terms of market capitalisation. Dialog, is

also Sri Lanka’s largest Foreign Direct Investor (FDI) with

cumulative investments totalling USD 2.7 Billion.

The winner of six Global Mobile Awards, Dialog has the

distinction of being voted by Sri Lankan Consumers as

the Telecom Service Provider of the Year and Internet

Service Provider of the Year for the eighth and seventh

consecutive years respectively at the SLIM-Nielsen

Peoples Awards. The Company was awarded Sri Lanka’s

‘Most Valuable Consumer Brand 2019’ and ‘Top

Telecommunications Brand’ in the Brand Finance league

table. It also won the ‘Industrial IoT Initiative of the

Year’ award at the Global Telecoms Awards 2019.

Dialog is an ISO 9001 certified company and has

received numerous local and international awards,

including awards for ‘Inclusion & Empowerment’

at the e-Swabhimani Digital Social Impact Awards,

the National Quality Award, the Sri Lanka Business

Excellence Award, and endorses the worldwide

Sustainable Development Goals (SDGs) which aim to

build a sustainable future for all by 2030.

Dialog has been at the forefront of innovation and

digitisation in the mobile industry in Sri Lanka since

the late 90’s, propelling the nation’s mobile telephony

infrastructure to a level of advancement on par with

the developed world. The company delivers advanced

mobile telephony and high speed mobile broadband

services to a subscriber base of 14.9 Million Sri Lankans,

via 2.5G and 3G/3.5G and 4G/4.5G networks.

The Company forayed into new digital frontiers,

spearheading technology firsts in South Asia and Sri

Lanka with the commissioning of South Asia’s first

fully functional and standards compliant 5G pilot

transmission, showcasing next generation technology

that will propel Sri Lanka into the future.

Dialog Axiata supplements its market leading position

in the Mobile Telecommunications sector with a robust

footprint and market presence in Sri Lanka’s Fixed

Telecommunications and Digital Pay Television markets

through its fully-owned subsidiaries, Dialog Broadband

Networks (Private) Limited (DBN), Dialog Television

(Private) Limited (DTV) and Digital Holdings Lanka

(Private) Limited. DBN is Sri Lanka’s second largest Fixed

Telecommunications service provider, serving residential

and enterprise customers with voice, broadband, leased

lines and customised telecommunication services.