COL was awarded this certification by SGS Lanka, the Sri Lankan division of SGS, a global leader for inspection, verification, testing and certification. Radesh Daluwatte, Managing Director, COL, said, This certification is an endorsement of COLs continued commitment to ensuring world class manufacturing operations and adherence to best-in-class quality and safety standards. COL has been dedicated to serving Sri Lanka for more than 80 years and we will continue to ensure our products and services meet the highest international standards. Quality, continuous improvement and quality management are central to our business beliefs. Patient safety is of paramount concern to COL and we are committed to providing innovative, easy-to-use medicinal gas solutions with the highest levels of purity. This multi-site certification is a testament to COLs strict adherence to global healthcare standards, and the stringent manufacturing and operations processes at our world class air separation unit (ASU) plant in Sapugaskanda and production and distribution site in Colombo,Daluwatte added. (L-R) Chamika Wimalasiri, (Business Manager, Certification & Business Enhancement SGS Lanka), N. Sriram (Country Manager, SGS Lanka), Radesh Daluwatte (Managing Director, COL), Sanjeevi Jayatilake (Head of Safety, Health, Environment and Quality, COL), Lasitha Attygalle (Head of Merchant and Packaged Gases, COL) and Chamil Hapuarachchi, (Assistant Manager Quality Assurance, COL), receiving the ISO 9001:2015 certification from SGS Lanka. COL is the leading industrial and medical gas supplier in Sri Lanka since 1936. COL manufactures industrial, specialty and medical gases, distributes welding products and provides a range of related services including the installation of gas equipment, pipelines and associated engineering services.
The Company continues its actions on costs and efficiency ISO 45001 to lay the foundations for growth. We will continue to follow our vision and strategy for the future aggressively based on two parallel paths to gain new market share: Natuzzi Branded Retail Business and private label business. In pursuing the growth, Natuzzi will leverage on the unique and global sourcing and commercial platform we have been building for the last six decades. Read More Chief Financial Officer Vittorio Notarpietro added: We are quite pleased with the improvement in the operating margin and cash flow. In pursuing our retail strategy, we factored in the fourth quarter of 2016 the newly acquired stores in Florida and Italy, which needed to be restructured and have been re-launched. In 2017, we started seeing very first signs of potential for our new DOS strategy. Although it is still early in the year, we are optimistic about continued improvements in all metrics in 2017 and a return to profitability for the Group. ADOPTION OF NEW ACCOUNTING STANDARDS As a consequence of the application of the new legislation introduced by Legislative Decree no. 139 of August 2015, which endorsed the EU Directive 34/2013, in December 2016 the Italian Accounting Profession issued the new accounting standards applicable for annual reporting periods beginning on or after January, 1 2016. Therefore, the consolidated financial statements of the Company as of December 31, 2016 and 2015 have been prepared based on these new accounting standards that led only to changes in the classification of some financial statements captions, while there were no changes in the accounting policies. These changes have been applied using the retrospective method, as if the new classification had always been applied.
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