Aitken-Spence-Hotel-Holdings-AR

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1 CONTENT

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2 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƏƑŊƑ ƐƏƑŊѵ

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3 About the Group

Realigning our Course

We’re adapng to changing condions by embarking on a new direcon of connued momentum and progress.

4 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ABOUT THIS REPORT

ƐƏƑŊƓѵ ƐƏƑŊƓѶ ƐƏƑŊƓƖ ƐƏƑŊƔƏ ƐƏƑŊƔƐ ƐƏƑŊƔƑ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 5 ABOUT THIS REPORT

ƐƏƑŊƔƒ ƐƏƑŊƔƓ

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Reporng Standards

Financial Reporng Sustainability Reporng Corporate Governance Narrave Report and Integrated Management Sri Lanka Accounng GRI Standards published Lisng Rules of the Discussion & Analysis Standards (SLFRS/LKAS) by the Global Reporng Colombo Stock issued by CA Sri Lanka Iniave – ‘Core’ Opon Exchange (CSE) and Integrated Reporng (IR) of Reporng subsequent revisions Framework of the to date Internaonal Integrated Companies Act No. 7 ESG Reporng Reporng Council of 2007 Guidelines issued by Code of Best Pracce on the Colombo Stock Corporate Governance Exchange issued by CA Sri Lanka Lisng Requirements of (2017) the Colombo Stock Exchange (CSE) and Sustainable Development subsequent revisions Goals (SDG) of the United to date Naons General Assembly

Gender Parity Reporng Framework of CA Sri Lanka

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3$-!£{'£!ধ329,-6 Financial Capital Human Capital Capital

Manufactured Capital Intellectual Capital Natural Capital

66 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 GROUP PERFORMANCE HIGHLIGHTS

ƑƏƐŊƐ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 7 OPERATIONAL HIGHLIGHTS

ƐƏƑŊƕ

Rs.Mn % vv;|uo|_ bm-m1b-Ѵ-rb|-Ѵ

2,100 14 1,800 12 1,500 10 !vĺƐƔĺƐƏ 1,200 8 ŐŊƒѵѷő 900 6 600 4 "_-u;ub1; 300 2 0 0 -300 -2 -600 -4 !vĺѵƏĺѵѵ -900 -6 2016 2017 2018 2019 2020 ŐŊƓѷő

uoC|[;u$- ! Őѷő ;|vv;|v;u"_-u;

Capital Expenditure Rs.Mn 7,000

6,000

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1,000

0 2018 2019 2020

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lrѴo;;(-Ѵ;77bঞom l-m-rb|-Ѵ Rs. Bn ƐķƑƐƕ 4 -Ѵ7b;v

3 lrѴo;;v

2 Ɛѵƕ m7b- 1

0 Ɛƒƒ 2019 2020 l-m

8 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƏƔŊƔ

ƒƏƔ -u7vş!;1o]mbঞomv ق قuor;u|-m7u-m7Ɛƕ ق;1;ѴѴ;m1 ѵourou-|;-u7vƑƑƖѴbm-u قѴ-oul!;1o]mbঞomvƐƑ"v|-bm-0Ѵ;$oubvlƒѵmѴbm; Ɣ|_;u-u7vş!;1o]mbঞomv ;-uv

AverageƔ Length of ƒƓ ";ub1;o=-m lrѴo;; ;uঞC1-ঞomv m|;ѴѴ;1|-Ѵ-rb|-Ѵ $u-;Ѵb=;oѴ7 ق""ņ ""ƑƑƏƏƏĹƑƏƏƔ ƐƓƏƏƐĹƑƏƐƔ" قbmv u;;m ق;uo71u]-mb1 m" ƔƏƏƏƐĹƑƏƐƐ" "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-Ѵ m;v|l;m|bm"! !vĺƐѶĺѵm Business Partners "rrѴb;u(-Ѵ;u;-ঞom Rs.Mn % $our;u-|ouv 18,000 67

15,000 65 ƕƖƏ

12,000 63 !;]bv|;u;7$u-;Ѵ];m|v 9,000 61

6,000 59 ƐķѵƑѶ

3,000 57 !;]bv|;u;7ourou-|;Ѵb;m|v om|u 0 55 2019 2020 ƐķƑƏƔ !;ru;v;m|-ঞomv Payments to Suppliers Purchases from Community ƑƏ

Carbon Footprint

42,000 46

36,000 44

30,000 42 Heritance Aarah - First 24,000 40

ƳƓѷ oѴ7 18,000 38 m;u] omvlrঞom ;uঞC;7uor;u| 12,000 36 in the Maldives 6,000 34

-|u-Ѵ-rb|-Ѵ 0 32 ŊƑƏѷ 2019 2020 )-|;u GHG Emissions (Scope 1 & 2) omvlrঞom GHG Emissions/Guest Night

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 9 CHAIRMAN’S REVIEW

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 11 CHAIRMAN’S REVIEW

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12 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 MANAGING DIRECTOR’S REVIEW

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 13 MANAGING DIRECTOR’S REVIEW

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 15 BOARD OF DIRECTORS

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16 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Deshamanya D.H.S. Jayawardena Dr. Dissanayake has also held positions in A graduate of St. James’ & Lucie Clayton Chairman the past that include, Chairman – Sri Lanka College and Keele University in the United Appointed in May 2003 Ports Authority (two stints), Chairman Kingdom, Ms. Jayawardena was the – Chartered Institute of Logistics and youngest intern to work under US Senator Deshamanya D.H.S. Jayawardena was Transport (Sri Lanka), Board Director of Hilary Rodham Clinton and the Former US appointed to the Board of Aitken Spence PLC, Urban Development Authority and Board President Bill Clinton in 2003. She was the on 1st April 2000 and has been the Chairman Director of Ceylon Shipping Corporation. Sri Lankan Ambassador for EY NextGen of the Company since 25th April 2003. Club for 2017 to 2019. During the period June 2004 to May 2017, A visionary with a good business acumen, he served as a Director of Aitken Spence At present Ms. Jayawardena leads a he has led many enterprises in very diverse PLC and the Chairman and CEO of its team of international professionals in fields to achieve great success. He is the Maritime and Freight Logistics Sector. strengthening the service foundations and Founder Director and current Chairman/ formulating a strategic road map for the Managing Director of the Stassen Group Dr. Dissanayake is an Alumni of the Tourism Sector of the Group. In 2017, Ms. of Companies, the Chairman of Lanka Milk University of Sri Jayawardenapura, NORAD, Jayawardena was recognized with the Hotel Foods (CWE) PLC, Browns Beach Hotels JICA, Business Alumni of the University & Hospitality Sector Gold Award at the Top PLC, Balangoda Plantations PLC, Madulsima of Oxford (UK) and a Fellow of Harvard 50 Professional & Career Women Awards in Plantations PLC, Melstacorp PLC, Ambewela Business School (EEP). Sri Lanka. Livestock Company Ltd, Lanka Bell Ltd and the Chairman of the Distilleries Company He is also Chairman of Elpitiya Plantations of Sri Lanka PLC. He is also a Director Mr. C.M.S. Jayawickrama PLC, Hon. Consul General of Fiji Islands and of several other listed and privately held Executive Director serves as a Professor in Maritime Studies Companies in Sri Lanka and is a former Appointed in April 2005 (visiting) at Shanghai Maritime University Director of Hatton National Bank PLC, the and Dalian Maritime University. Mr. Susith Jayawickrama is the Joint largest listed bank in Sri Lanka. Managing Director of Aitken Spence Hotel Managements (Pvt) Ltd, which manages all Ms. D.S.T. Jayawardena Mr. Jayawardena has been sought after to hotels of the Group. lead large public sector institutions and is Executive Director Appointed in July 2014 a former Chairman of Ceylon Petroleum He serves on the Boards of most hotel Corporation and Sri Lankan Airlines. Ms. Stasshani Jayawardena joined the companies in the Group including that Aitken Spence Group in January 2010 of Aitken Spence Hotel Holdings PLC. He is presently the Honorary Consul for as a Management Trainee. After gaining He is a Fellow member of the Chartered Denmark and on 9th February 2010, was experience in several of its key Strategic Institute of Management Accountants UK knighted by Her Majesty the Queen of Business Units and Group Companies, and has substantial experience in senior Denmark with the prestigious honour of she was appointed to the Board of Aitken management positions in the Group’s hotel ‘Knight Cross of Dannebrog’. Spence PLC., in December 2013 and to division, counting three decades of exposure the Board of Aitken Spence Hotel Holdings in the tourism industry in Sri Lanka and In 2005 Mr. Jayawardena was awarded PLC., in July 2014. She was appointed overseas. the prestigious title, ‘Deshamanya’ as Chairperson of Aitken Spence Hotel in recognition of his services to the Managements (Private) Limited in January Mr. Jayawickrama is a past Vice President of Motherland. 2016 and as Director of Aitken Spence the Tourist Hotels Association of Sri Lanka Aviation (Pvt) Ltd. in July 2017. Ms. (THASL). Dr. M.P. Dissanayake Jayawardena is overall responsible for the Managing Director Tourism Sector of the Group that includes Mr. J.M.S. Brito Appointed in March 2019 Hotels, Destination Management and Non-Executive Director Overseas Travel. Dr. Parakrama Dissanayake is the Managing Appointed in July 2001 Director of Aitken Spence Hotel Holdings She’s also a Director of Stassen Group and Mr. Brito joined the Board of Aitken Spence PLC, with effect from 15th March 2019. Lanka Milk Foods (CWE) PLC, Chairperson PLC. in April 2000, with a multi- discipline of Splendor Media (Private) Limited academic background and a wealth of Prior to this appointment he was Secretary (Subsidiary of Melsta Corp) experience from a career counting over 40 to the Ministry of Ports, Shipping and years that includes experience working with Southern Development. Ms. Jayawardena is also a member of the several international organisations. He was Executive Board of The Hotel Association then appointed as the Managing Director He was appointed as the first non-British of Sri Lanka (THASL) and was appointed to of Aitken Spence PLC, in December 2001 International President of the Institute of represent THASL at the Ceylon Chamber of and Deputy Chairman in April 2003 which Chartered Shipbrokers UK founded in 1911 Commerce committee meetings 2019/20 position he held until his retirement on 15th and Royal Charter conferred in 1920. (Hotel Sector). March 2019. After retirement, Mr. Brito continues to be a Non-Executive Director of Aitken Spence Hotel Holdings PLC.

About the Group | Management Discussion & Analysis | Governance | Financial Reports | Supplementary Information 17 BOARD OF DIRECTORS

uĺub|obv-m-11Ѵ-bl;7v;mbouruo=;vvbom-Ѵ uĺoom;-u7;m;1omঞm;v|oruv; ;-v(b1;u;vb7;m|o=|_;m|;um-ঞom-Ѵ bm0o|_|_;rub-|;-m7|_;r0Ѵb1v;1|ou _bvr-vvbom-|;bm|;u;v|bmruor-]-ঞm]|_; ;;Ѵorl;m|ollb;;=ouƐƔ;-uvķ bm7v|ub;vbm"ub-mh-ĺ;bv-=oul;u _b|_;u|omhmom-Ѵ;vo="ub-mh-Ľv o;uv;;bm]|_; uoƑƔm uor;-mb7 _-bul-mo= -mhķ lrѴo;uvĽ bm7b];mov=oo7v|_-|_-;;oѴ;7o;u|_; 7];|ĺ;-v|_;_-bul-mo=|_; & ;7;u-ঞomo=;Ѵomķ"ub-mh-mbuѴbm;vķ-m7 r-v|ƑķƔƏƏ;-uvĺ ou;-m;mbmvѴ- ;Ѵ;]-ঞomouhbm] _-v-Ѵvov;u;7om|_;o-u7o="ub-mh- |o-u7v-Ѵ-vঞm];-1;b|_ou|_ou;-ķ mvu-m1;ourou-ঞomĺ;_oѴ7v-m uĺ!ĺĺvbu-|_-l _-bul-mo=|_; &_bm-ķ &-m]Ѵ-7;v_ķ 7;]u;;=uol&mb;uvb|o=om7omķ-m m7;r;m7;m|omň ;1ࢼ; bu;1|ou &m7om;vb-ķ &-ml-u-m7 &m7b- 7;]u;;=uolom7omb|vbm;vv"1_ooѴ rrobm|;7bm";r|;l0;uƑƏƏƖ ub;m7v_bruorvbm$_; &-uѴb-l;m|-m7 -m7bv- ;ѴѴoo=|_;mvঞ||;o=_-u|;7 -vmolbm-|;70_bvroѴbঞ1-Ѵ]uor !|o 11om|-m|vo=0o|_"ub-mh--m7 m]Ѵ-m7 uĺvbu-|_-l-v-rrobm|;7|o|_; 0;|_;u;vb7;m|o=|_; uor;-m-uѴb-l;m| -m7)-Ѵ;vĺ o-u7o=b|h;m"r;m1;ĺķbm";r|;l0;u -m7-v|_;_-bul-mo=|_; & ;Ѵ;]-ঞom ƑƏƏƖĺ|ru;v;m|ķ_;bv|_;_-bul-mo=|_; |o|_;&;m;u-Ѵvv;l0Ѵĺ 7b|ollb;;-m7|_;!;Ѵ-|;7-u| uĺĺĺĺoom;-u7;m; $u-mv-1ঞomv!;b;ollb;;ķ-l;l0;u m7;r;m7;m|omň ;1ࢼ; bu;1|ou ou_bv|vm-lbu;Ѵb;=ouh_;-vl-7;- o=|_;!;lm;u-ঞomollb;;-m7|_; rrobm|;7bm-u1_ƑƏƐѶ _;-Ѵb;uo=|_;-|_oѴb1_u1_-m7(bv_- olbm-ঞomollb;;ĺ ;;u|_b"ub-mh-0_bl-mb0|_;77_bv| uĺ;lmoom;-u7;m;bv-m Ѵ;u]o="ub-mh-ĺ m7;r;m7;m|omŊ ;1ঞ; bu;1|ouo= ;-v|_;";mbou-u|m;u-m7om|u |_;o-u7o=b|h;m"r;m1;o|;ѴoѴ7bm] ;-7o==uolƑƏƏƐ|oƑƏƏѶĺ u|_;uķ Mr. C.H. Gomez ĺ;bv-Ѵvo|_;_-bul-mo=|_;$oubv| _;-v|_;_-bul-mo=|_;"|;;ubm] m7;r;m7;m|omň ;1ࢼ; bu;1|ou o|;ѴvѴ-vvbC1-ঞomollb;;ķ_-bm]v-| ollb;;=ou|_;"v|-bm-0Ѵ;$oubvl rrobm|;7bmѴƑƏƐƏ om|_;1ollb;;vbm1;ƐƖƖѶķ-m7ķ-v- uof;1|=m7;70|_;)ouѴ7-mh=ou|_; h;l;l0;uo=|_;|;-l_b1_7u-[;7|_; bmbv|uo=$oubvl-m7-v-Ѵvo-l;l0;u uĺ_-uѴ;vol;bv-=oul;u-mh;ub|_ m;$oubv|o|;ѴѴ-vvbC1-ঞomub|;ub-ņ o=|_;u;vb7;mঞ-Ѵollbvvbomom$--ঞomķ o;uƒƏ;-uv;r;ub;m1;bm|_;Cm-m1; b7;Ѵbm;"|-m7-u7v=ou_o|;Ѵvbm"ub-mh-ĺ -rrobm|;70bv 1;ѴѴ;m1|_;u;vb7;m| bm7v|uĺ;_-vouh;7=oul-fouCm-m1b-Ѵ 77bঞom-ѴѴ_;mov;u;v-v|_;_-bul-m o="ub-mh-ĺ;bvru;v;m|Ѵ|_;_-bul-mo= bmvঞ|ঞomvbm1Ѵ7bm]-u1Ѵ-v-mhĺķ o=)bmŊ"|om;uorĺ |_; bm-m1b-Ѵ"v|;lv"|-0bѴb|ollb;;o= Ѵo7v$"-mhĺķ-m7"-l0uovĺ |_;;m|u-Ѵ-mho="ub-mh- ;0ubm]v|o|_;olr-m-;-Ѵ|_o= oul;uѴ7ubm]_bv1-u;;ub|_b|h;m ;r;ub;m1;bmu;]-u7|obm|;um-ঞom-Ѵ "r;m1;_;-v(b1;u;vb7;m|ķu;vromvb0Ѵ; uĺvbu-|_-lbv- ;ѴѴol;l0;uo= Cm-m1b-Ѵl-uh;|vķCm-m1b-Ѵv;ub1;v =ou!;vou1;Ѵ-mmbm]ş ;;Ѵorl;m|ķ oo7 |_;mvঞ||;o=_-u|;u;711om|-m|vo= u;]Ѵ-ঞomvķ1olrѴb-m1;-m71om|uoѴv-m7 ş;;u-];";ub1;v-m7 -1bѴbঞ;vķ-v;ѴѴ-v "ub-mh--m7|_;_-bul-mo=|_;7b| b|-v|_uo]__bvbm|;u;mঞom|_-|l-fou - bu;1|ouo=b|h;m"r;m1;!;vou1;vŐ|ő ollb;;ĺ;bv-l;l0;uo=|_;o-u7o= bm;v|ouv;u;0uo]_|bm|ob|h;m"r;m1; |7u;vromvb0Ѵ;=ouo;uv;-v!;1ub|l;m|ĺ -m-];l;m|o=|_;ov|u-7-|;mvঞ||; ĺķ-m7|oo|_;u0vbm;vvv;1|ouvbm"ub ;_-v0;;m-mbm|;]u-Ѵr-u|-m7-h; o=-m-];l;m|ĺ;-Ѵvov;u;vom|_; -mh-ĺuĺol;bv- bu;1|ou-v;ѴѴ-v- l;l0;uo=|_;b|h;m"r;m1;uor o-u7vo= bѴl-_$;-";ub1;vĺķ!o-Ѵ r-u|om;uo=u;]Ѵ-|;7Cm-m1b-Ѵv;ub1;v 1om|ub0ঞm]vb]mbC1-m|Ѵbm"ub-mh--m7 ;u-lb1vĺķ;u1-mঞѴ;;u1_-m|-mhķ 1olr-mb;v0-v;7bmb0u-Ѵ|-uĺ;-Ѵvov;u;v -Ѵ7b;v|ob|vb1omb1ruor;uঞ;v=uol|_;bu -mho|-ou1;Ѵ-bmĺķoѴol0ob| om|_;o-u7vo==ou;b]m1olr-mb;v_b1_ bm1;rঞomķ=ou-u7rѴ-mmbm]ķ-m7or;u-ঞom oѴ7bm]vĺķuomv;-1_o|;Ѵvĺķ _-;bm;v|l;m|vouѴ7b7;ĺ |o1omঞm;77;;Ѵorl;m|ĺ -m7v;;u-Ѵo|_;u1olr-mb;vĺ uĺol;-v-rrobm|;7|o|_;o-u7 uĺoom;-u7;m;bv-u-7-|;o=|_; uĺĺĺ ;"bѴ- ;-7b|- o=b|h;m"r;m1;ĺķbmƑƏƏƑ-m7|o|_; ;Ѵomo|;Ѵ"1_ooѴķ-m7-ov|u-7-|; omň ;1ࢼ; bu;1|ou o-u7o=b|h;m"r;m1;o|;ѴoѴ7bm]vĺķ =uol|_;Ѵbm-umvঞ||;o=l;ub1-ĺ rrobm|;7bmѴƑƏƐƏ bmƑƏƐƏĺbvuoѴ;bm|_;1olr-mb;vbv|_-|o= ;bv- ;ѴѴoo=|_;;Ѵomo|;Ѵ"1_ooѴ -mm7;r;m7;m|omŊ ;1ঞ; bu;1|ouĺ; u-7-|;vvvo1b-ঞomŐ"ő-m7 uĺĺĺ ;"bѴ- ;-7b|-Őbuf ;-ő -Ѵvov;u;vbm|_;7b|ollb;;ķ!;Ѵ-|;7 |_;obm|Ŋom;m;uo=|_;m|;um-ঞom-Ѵ !"ķ-m7 fobm;7|_;o-u7o= -u|$u-mv-1ঞomv!;b;ollb;;-m7 $oubvl(oѴm|;;uvvvo1b-ঞomŐ$(őĺ bu;1|ouvbmƑƏƏѵņƏƕĺ;-v|_;Cuv|ov| |_;!;lm;u-ঞomollb;;ĺ )b|_;|;mvb;;rovu;ķ_-bm]ouh;7bm )-uvb-m0oumomv;u-ঞ;;l0;uo= &ĺ"ĺĺķ uor;-m7v|u-Ѵb--m71omঞm] |_;ubঞv_ov;o=ollomv-m7v;u;7 uĺol;bv-l;l0;uo=|_; ;1ঞ; lou;|_-mƓƔ;-uvo=-Ѵ-0Ѵ;;r;ub;m1;ķ bmo;uml;m|-v|_;-uѴb-l;m|-uub-|; ollb;;o=|_;b0u-Ѵ|-ul-|;u!obm] uĺoom;-u7;m;_-v0;;m-m;;lrѴ-u ";1u;|-u|o|_;"1oমv_L1;-[;u_b1_ vvo1b-ঞomĺ Ѵ;-7;u-m7l;m|ou-|b|h;m"r;m1;-m7|o _;-v;Ѵ;1|;7-v|_;Cuv|vb-m0oum |_;bm7v|u-v-_oѴ;ĺ ubঞv_;l0;uo=|_; uor;-m-uѴb-l;m|ķ u;ru;v;mঞm]o;uѶlbѴѴbomr;orѴ;bm $_;l-v|;ulbm70;_bm7ļ;ub|-m1; ;uhv_bu;ķ-lrv_bu;ķ1hbm]_-lv_bu;ķ bvbm;Ľ_;u;Ѵo1-Ѵbm]u;7b;m|v-m7 =ou7v_bu;ķ"uu;ķ"vv;-m7;m|=ouƑƏ |u-7bঞom-Ѵ|;1_mbt;v=v;|o];|_;ub|_ ;-uvĺ bm|;um-ঞom-Ѵ]-v|uomolb1-ѴbmY;m1;vķ

18 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 CORPORATE MANAGEMENT TEAM

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 19 CORPORATE MANAGEMENT TEAM

vĺ"|-vv_-mb---u7;m- uĺ-7_b-m-ঞѴ-h; Mr. Bjorn Van Der Horst ŐuoCѴ;omr-];Ɛƕő uĺ-7_b-m-ঞѴ-h;bv|_;_b;= uĺfoum(-m ;uouv|bv|_;(b1; r;u-ঞm]L1;uo=|_;7--u-m!;vou|v u;vb7;m|Ŋ oo7-m7;;u-];v=ou0o|_ uĺ"vb|_--b1hu-l- -m7;ub|-m1;-u-_ķ|_;-Ѵ7b;v";1|ou |_;Ѵo1-Ѵ-m7o;uv;-vv;1|ouvĺlѴঞrѴ; o=b|h;m"r;m1;o|;Ѵvĺ;bv-Ѵvo|_; b1_;ѴbmŊv|-uu;7_;=ķ_;_oѴ7v-;-Ѵ|_o= ŐuoCѴ;omr-];Ɛƕő (b1;u;vb7;m|-m7v;;uv-v- bu;1|ou|o ;r;ub;m1;or;mbm]-m70bѴ7bm]v11;vv=Ѵ &mbt;!;vou|vub-|;|7ĺ bm7;r;m7;m|-m70u-m7;7_o|;Ѵ-m7ķ=oo7 uĺ;;-h-);;u-hom; -m70;;u-];0vbm;vv;vbm;+ouhķ uĺ;;-h-);;u-hom;ķbv|_;_b;= ;bv-u-7-|;o=|_;;Ѵomo|;Ѵ om7om-m7|_;-Ѵ7b;vĺ)b|_-1-u;;u r;u-ঞm]L1;uņ(b1;u;vb7;m|=oub|h;m "1_ooѴĺruo=;vvbom-Ѵ_o|;Ѵb;u1omঞm] vr-mmbm]o;uƒƏ;-uvķuĺ(-m ;uouv| "r;m1;o|;Ѵvbm"ub-mh-ĺ o;u|o7;1-7;vo=;r;ub;m1;bm|_; bv- bu;1|ou-m7oŊ om7;uo=om;$;- _ovrb|-Ѵb|bm7v|uķbm1Ѵ7bm]v;mbou $ -vl-ѴѴ0|0u];ombm]tb1hv;ub1; omঞm]o;uƑѶ;-uvo=;r;uঞv;bm l-m-];ub-Ѵrovbঞomvķ_-m7Ѵbm]_o|;Ѵ u;v|-u-m|-m7u;|-bѴ0u-m7bm|_;&ķ-m |_;_ovrb|-Ѵb|bm7v|ubm"ub-mh--m7 or;u-ঞomvbm"ub-mh-ķl-m-m7 -7bvou|o|_; u;m1_ ou;b]m 1_-m]; o;uv;-vķ_;_-v;|;mvb;hmoѴ;7]; -Ѵ7b;vĺ ollbvvbom=ou|_;u;]bom-m7-m om|_;bm7v|uķruor;u|or;u-ঞomv-m7 omou-u;l0;uo=|_;_;=vbѴ7o= _l-mu;vou1;vĺubou|o|-hbm]o;u "ub-mh-ĺ _bv1uu;m|uoѴ;ķ_;_;Ѵ7|_;rovbঞomv Mr. Rohitha Rajaratne o= bu;1|our;u-ঞomv=oub|h;m uĺ!o_b|_-!-f-u-|m;bv|_;;-7o= "r;m1;o|;ѴvŊ"ub-mh-mv;1|ouķ(b1; m]bm;;ubm]=oub|h;m"r;m1;o|;Ѵ uĺ -llbh- h-m--h; u;vb7;m|Ŋr;u-ঞomv=ou|_;mou|_;um -m-];l;m|vb|_u;vromvb0bѴbঞ;vbmѴo1-Ѵ uĺ -llbh- h-m--h;bv|_;vv|ĺ(b1; v;1|ouķvvbv|-m|(b1;u;vb7;m|Ŋl-m -m7o;uv;-vruor;uঞ;vo=|_;uorĺ u;vb7;m| bm-m1;o=b|h;m"r;m1;o|;Ѵvĺ !;vou1;vķ;-umbm]-m7 ;;Ѵorl;m|=ou ;_-vo;u|o7;1-7;vo=;r;ub;m1; |_;;mঞu;_o|;Ѵv;1|ouķ ;1ঞ;;m;u-Ѵ bm|_;;m]bm;;ubm]v;1|ouķ0o|_"ub-mh- ;1om|vo;u|o7;1-7;vo=;r;ub;m1; -m-];u=ou;ub|-m1;-m7-Ѵ-l--m7 -m7-0uo-7ĺuĺ!-f-u-|m;bv-_-u|;u;7 bm|_;C;Ѵ7vo=-7bঞm]ķCm-m1;ķor;u-ঞomv ;m;u-Ѵ-m-];u=ou -uѴĽv!;];m1ĺ ;1_-mb1-Ѵ m]bm;;u0ruo=;vvbom-m7_-v -m7];m;u-Ѵl-m-];l;m|ķѴo1-ѴѴ-v;ѴѴ v;u;7bm"ub-mh--=ouo;u-7;1-7; -vbm|;um-ঞom-ѴѴĺ$_;Ѵ-;u-11om|v ;_oѴ7v-m-m7bv-]u-7-|;o= b|_;|;mvb;o;uv;-v|u-bmbm]-m7ouh =ouv;mboul-m-];l;m|rovbঞomvbm |_;"ub-mh-mvঞ||;o=$oubvlşo|;Ѵ ;r;ub;m1;bmv|u-Ѵb--m7;,;-Ѵ-m7ĺ lѴঞm-ঞom-Ѵvbm1Ѵ7bm]"_;ѴѴķ-m7 -m-];l;m|Ő"$őĸ-m7- ;ѴѴoo=|_; -v|uoѴbm 0-bķ-Ѵ-vb--m7m7b-ĺ ;Ѵomo|;Ѵ"1_ooѴu-7-|;vvvo1b-ঞom ;_oѴ7v-ov|]u-7-|;-ubm; Ő "őĺ;bv-Ѵvo-t-ѴbC;7omvѴ|-m| m]bm;;ubm]t-ѴbC1-ঞom=uol;ul-m ;o0|-bm;7_bv=uol&mb;uvb|o= =ou"ƖƏƏƏt-Ѵb|vv|;lĺ -m7-m=uol|_;&mb;uvb|o= oѴol0oĺ;bv- ;ѴѴo;l0;uo=|_; oѴol0oķ-Ѵom]b|_-"1ĺbm"v|-bm-0Ѵ; mvঞ||;o=_-u|;u;711om|-m|vo= uĺ);;u-hom;_-vv;u;7-v-m ;1ঞ; m]bm;;ubm]=uol&mb;uvb|o=$ "ub-mh--m7|_;mvঞ||;o=;uঞC;7 ollb;;;l0;uo=|_;!;]bom-Ѵ ";7;mĺ;bv-=;ѴѴo;l0;uo=|_; -m-];l;m|11om|-m|vo="ub-mh-ĸ 1omolb1 ;;Ѵorl;m|];m1Ő! ő mvঞ||;o= m]bm;;uv"ub-mh-ĺ -v;ѴѴ-v-mvvo1b-|;;l0;uo=|_; m7;u|_;;m|u-Ѵuobm1b-Ѵom1bѴ-m7 _-u|;u;7mvঞ||;o=-m-];l;m| -v-1ollb;;l;l0;uo=|_;"bm Mr. Darell De Crusz 11om|-m|v&ĺ;bv-]oѴ7l;7-Ѵbv| ƑƏƐƏĺ =uol|_;"ub-mh-mvঞ||;o=-uh;ঞm]o= uĺ -u;ѴѴ ;uv_-v_-7-1-u;;u _b1__;bv-mvvo1b-|;;l0;uĺ vr-mmbm]o;u|_u;;7;1-7;vb|_b|h;m Mr. Srinith De Silva "r;m1;ķfobmbm]b|h;m"r;m1;$u-;Ѵv ubou|o_bv-rrobm|l;m|-|b|h;m"r;m1; uĺ"ubmb|_ ;"bѴ-bv|_;_b;= ;1ঞ; bmbঞ-ѴѴbmƐƖѶƖķ|_;u;-[;u|u-mv=;uu;7|o o|;Ѵvķuĺ h-m--h;-v|_; bu;1|ou L1;uņ(b1;u;vb7;m|o=b|h;m"r;m1; v;|r1;$u-;Ѵvşom;mঞomvbmƐƖƖƒĺ vbm;vv7lbmbv|u-ঞom=ouŊ"" o|;ѴvĽl-m";1|ouĺ ;1omঞm;7_bv1-u;;u-|"$ঞѴѴƑƏƐѶ -mh-ķom;70|_;ouѴ7Ľv|_bu7Ѵ-u];v| -m7u;Ŋfobm;7|_;1olr-mbmƑƏƐƖ-v|_; 1om|-bm;ubv;7 u;m1_v_brrbm]1olr-m ;bv-u-7-|;o=|_;(b1|oub-&mb;uvb|ķ (b1;u;vb7;m|Ŋ;-7o="-Ѵ;vş-uh;ঞm] Ŋĺ ;Ѵ0oum;-m71om|vl-m;-uvo= =oub|h;m"r;m1;o|;Ѵ-m-];l;m|vĺ ;r;ub;m1;bmbm|;um-ঞom-Ѵ_o|;Ѵ1_-bmvķ )b|_o;uƒƐ;-uvo=;r;ub;m1;bm v1_-v!-Z;v"bm]-rou;ķ"_;u-|om-m7 |_;|oubvlv;1|ouķ_;rovv;vv;v-b7; vĺu-m7b)bf;]m--u7-m; "|-l=ou7o|;Ѵv-m7!;vou|vĺ hmoѴ;7];o=|_;|u-;Ѵ-m7_o|;Ѵbm7v|uĺ uvĺu-m7b)bf;]m--u7-m;bv|_; vvbv|-m|(b1;u;vb7;m|o=11ollo7-ঞom ;_-vo;uƑƓ;-uvo=;r;ub;m1;bm|_; uĺ ;uvbv-=;ѴѴol;l0;uo=|_; v;1|ou=ou"ub-mh--m7;uv;-vĺ"_;_-v _ovrb|-Ѵb|bm7v|ubmv;mboul-m-];ub-Ѵ v|u-Ѵb-mmvঞ||;o=-m-];l;m|Ŋ o0|-bm;7--ঞom-Ѵ brѴol-bm$u-bmbm]-m7 rovbঞomv_-m7Ѵbm]or;u-ঞomv-m7 v|u-Ѵb--m7_oѴ7v-m=uol|_;r;m l-m!;vou1;v ;;Ѵorl;m|Ő $! ő l-uh;ঞm]bm"bm]-rou;ķ"-7bu-0b-ķ &mb;uvb|o="ub-mh-ķbmm|;um-ঞom-Ѵ =uol-m7_oѴ7v-ollom;-Ѵ|_ v|u-Ѵb-ķm7b--m7"ub-mh-ĺ !;Ѵ-ঞomv=uol|_;&mb;uvb|o=oѴol0oķ =uol|_; ;r-u|l;m|o=-m-];l;m| "ub-mh--m7-0-1_;ѴouĽv7;]u;;bm "|7b;vo=|_;&"bmr-u|m;uv_br -m-];l;m|=uol|_;r;m&mb;uvb|o= b|_|_;ollom;-Ѵ|_o=;-umbm] "ub-mh-ĺ Őőbm(-m1o;uķ-m-7-ĺ"_;bv-

Ms. Dinali Alexander vĺ bm-ѴbѴ;-m7;ubv|_;;-7o="rrѴ 1_-bm=ouor;u-ঞomvbm"ub-mh-ķ-Ѵ7b;vķ m7b--m7l-mķ1ourou-|;l;u1_-m7bvbm] -m7;rou|vor;u-ঞomvĺ

;bv-ouѴ7u;1ou7_oѴ7;u-||_;Ѵbm-u )ouѴ7Ѵlrb1_-lrbomv_brbmƑƏƏƓ-m7 Ѵbm-u)ouѴ71rbmƑƏƏѵĺ;v;1u;7 ƑƖoѴ7ķƔ"bѴ;u-m7ƐƑuom;l;7-Ѵv=ou "ub-mh-|_uo]_m|;um-ঞom-ѴѴbm-u olr;ঞঞomvĺuĺl-u-vbm]_;_oѴ7v |_;ঞ|Ѵ;u;vb7;m|o=|_;_;=ĽvbѴ7o= "ub-mh-vbm1;ƑƏƐƑ|oƑƏƑƏ-m7_-vѴ;-7 lou;|_-mƕƕr-uঞ1br-m|v|ov;1u;ѵѶ oѴ7l;7-Ѵv-Ѵom]b|_l-mvbѴ;u-m7 0uom;l;7-Ѵv-|Ѵbm-uѴlrb1-m7 )ouѴ7rĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 21 ABOUT THE GROUP

ƐƏƑŊƓ ƐƏƑŊѵ

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Our Brands

140 150 Managed

"ub-mh- ƑѵƐ 236 l-m Ƒƒѵ

750 1,303

Owned 261

"ub-mh- ƐķƒƏƒ -Ѵ7b;v ƕƔƏ m7b- ƐƓƏ l-m ƐƔƏ

!vĺƕƓm !vĺƐƖm !vĺѶƖƓm ƒķƑƒƔ ƓķƓƑƒ ƳѶƔƏķƏƏƏ

22 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 AWARDS AND RECOGNITION

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Ŏ $u--_;mm-bĹļ;v|b|o|;ѴĽ-|m7b-$u-;Ѵ-u7vƑƏƐƖ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 23 GROUP STRUCTURE

ƐƏƑŊƓƔ

51% b|h;m"r;m1; o|;Ѵ-m-];l;m|v vb-Ő|ő|7ĺ

ƖѶĺƏƐѷ b|h;m"r;m1; o|;Ѵv|7ĺ ;ub|-m1; u;7-

100% u;v|"|-u Ő(ő|7ĺ

Aitken Spence Hotel Holdings PLC

51% b|h;m"r;m1; o|;Ѵv Őm|;um-ঞom-Ѵő Ő|ő|7ĺ

60% oub;m;v|l;m| Ő|ő|7ĺ 7--u-m";Ѵ;1| ;;7_rr-uņ ;ub|-m1;-u-_

24 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ѶƓĺƔƕѷ ƐƏƏѷ ƑƕĺѶƖѷ ƐƏƏѷ !oѴb7-ol;v ;ul0-Ѵ-l l;|_v|;bvu;Ő|ő|7ĺ -u-7bv;!;vou|v Ő|ő|7ĺŐm7b-ő !;vou|vŐ|ő|7ĺ Őm7b-ő -vvbh7-_Ő|ő|7ĺ l;|_v|!;vou| ƐƏƏѷ ѶĺƑƑѷ $u--!;vou|vŐ|ő|7ĺ $u---Ѵ|-u- Ѵo-|;Ѵvm7b-Ő|ő|7ĺ oo-uvѴ-m7!;vou| ƐƏƏѷ $u--Ő|ő|7ĺ ƐƏƏѷ $u---Ѵ|-u- ;ub|-m1;Ő|ő|7ĺ ƒƕĺƓƑѷ ƐƏƏѷ ѵƒѷ uomv;-1_o|;Ѵv ;]ol0o;-1_ uomv;-1_o|;Ѵ !;vou|vŐ|ő|7ĺ -m7-Ѵ-l-o|;ѴvŐ|ő|7ĺ ;ub|-m1;;]ol0o ;ub|-m1;-m7-Ѵ-l- ƐѵĺѵƏѷ b|h;m"r;m1;o|;Ѵ-m-];l;m|v Ő"o|_m7b-ő|ĺ|7ĺ ƖƔѷ $u--_;mm-b ;|-m$u-;Ѵ";ub1;voĺŐ|ő|7ĺ 7--u-mѴ0!-mm-Ѵ_b ƖƓĺƓƓѷ ;|_;uv;o|;Ѵv|7ĺ ;ub|-m1;$;- -1|ou

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ƐƏƏѷ ƐƏƏѷ bѴ-;ѴboѴb7-vŐ|ő|7ĺ &mbt;!;vou|vŐ|ő|7ĺ 7--u-mu;vঞ];(-7oo ƐƏƏѷ bѴ-;Ѵb!;vou|vŐ|ő|7ĺ ƐƏƏѷ b|h;m"r;m1;o|;Ѵ ";ub1;vŐ|ő|7ĺŐm7b-ő ƐƏƏѷ -ѴѴ;;ub|-];Ő|ő|7ĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 25 MILESTONES

2006

$_;olr-mĽvm; ļ;ub|-m1;Ľ0u-m7bv Ѵ-m1_;7ĺ

1994

1997 2005

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1995 1981 $_;olr-m-1tbu;v-l-foub| oll;m1;v1oll;u1b-Ѵ _oѴ7bm]bm;|_;uv;o|;Ѵv|7ĺķ|_; or;u-ঞomvo=$ub|omo|;Ѵ ombm]1olr-mo=$_;$;- -1|ou b|_ƐƑѵuoolvĺ o|;Ѵĺ 1986 $_;olr-m-1tbu;vb|vCuv|bvѴ-m7 $ub|omo|;Ѵbv--u7;7 bm|_;-Ѵ7b;vķ-|_-Ѵ-vѴ-m7!;vou|ķ b;Ŋ"|-uv|-|vĺ -m7|_;u;00;1ol;v|_;Cuv|"ub -mh-m_ovrb|-Ѵb|1olr-m|obm;v| o;uv;-vĺ

26 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 2017 2007 2011 b|h;m"r;m1;o|;Ѵvm;bѴv $_;olr-m;m|u;vbm|om7b- ;ub|-m1;-m7-Ѵ-l-ķbvu-|;7-v|_;;v| ļ;ub|-m1;;]ol0oĽķѴo1-|;7bm -m7bvv11;vv=Ѵbmv;1ubm] b;Ŋ"|-u!;vou|bm|_;bvѴ-m7=ou|_;|_bu7 1Ѵov;ruoblb||o|_;1b|-m7|_; l-m-];l;m|1om|u-1|v=ou=ou 1omv;1ঞ;;-u-m7bv;Ѵ1ol;7|o|_; m|;um-ঞom-Ѵburou|ķl-hbm]b|- u;vou|vĺ ru;vঞ]bov-ѴѴo= -l;ķ-||_;u;vb7;mঞ-Ѵ rorѴ-u_o|;Ѵ=ou|u-;ѴѴ;uvh;;m -u7v=ou$u-;Ѵ-m7$oubvlĺ |o0;m;-u|_;1b|-m7;rѴou;b|v olrѴ;|;vu;mo-ঞomv-m7m;bѴv -u-1ঞomvĺ ļ;ub|-m1;_m]-ѴѴ-Ľĺ 2013 ļo|;Ѵ!&Ľ"ub-mh-1oll;m1;7 $_;olr-m-1tbu;vb|v=ou|_ oѴ7;m"m!;vou|v-Ѵ|-u-ķbv or;u-ঞomvķm7;u|_;uorĽv u;vou|bm-Ѵ7b;vķļ7--u-m";Ѵ;1| u;=u0bv_;7-m7u;0u-m7;7-vļ$_; 1oѴѴ-0ou-ঞomb|_!&o|;Ѵv"r-bmĺ 7_u-m v_bĽĺ "-m7v0b|h;m"r;m1;o|;ѴvĽĺ

2009 2015 2019 7--u-mu;vঞ];(-7ooķ 1tbvbঞomo=-v|u-|;]b1v|-h;bm |_;Ѵ-|;v|-77bঞom|o|_; l;|_v|!;vou|-vvbh7-_ĺ $_;uorѴ-m1_;7b|v 7--u-m!;vou|v1oll;m1;v Cuv|ļ;ub|-m1;Ľruor;u| $_;olr-ml-7;=u|_;u or;u-ঞomvĺ o;uv;-vķb|_|_; bm;v|l;m|vbm-Ѵ7b;v|_uo]_ bm|uo71ঞomo=;ub|-m1; ";1u;7-l-m-];l;m| |_;-1tbvbঞomo=-u-_vѴ-m7bm -u-_bmƑƏƐƖĺ 1om|u-1|=ou-Ѵu7;v;u| !--|oѴѴĺ 1-lrbml-mĺ $_;uor-1tbu;v-ƐƓƒuool;7 u;vou|bm_;mm-bķm7b-ĺ

2010 2018 2020 $_;olr-m-1tbu;v $_;uor7b;v|;7 ;ub|-m1;-u-_ķ om;uv_bro=oѴ7;m"m b|vbm;v|l;m|bmo|;Ѵ |_;m;;v|f;;Ѵ !;vou|vķ-Ѵ|-u-ĺ bѴѴ|orbm";r|;l0;u bm|_;uorĽv 2014 ƑƏƐƕĺ rouoѴbo1oll;m1;v m|;u;7|o-fobm|;m|u; 1oll;u1b-Ѵ -]u;;l;m|b|_"r-mbv_ $_;uor0;1-l;|_; or;u-ঞomvĺ olr-m!&|o1omv|u1| l-m-]bm]-];m|vo= -uѴĽv 2008 -ƔƏƐuoolķ b;Ŋ"|-u !;];m|bm-m7ĺ $_;olr-ml-7;=u|_;u u;vou|-7fobmbm];ub|-m1; bm;v|l;m|vbm-Ѵ7b;v|_uo]_ _m]-ѴѴ-ĺ |_;-1tbvbঞomo=(-7oovѴ-m7 !;vou|ĺ 2016 $_;uor7b;v|;7b|v $_;uor-1tbu;vb|vvb|_ bm;v|l;m|bm-|_-Ѵ-vѴ-m7 bvѴ-m7bm-Ѵ7b;vķ!--=v_bbm !;vou|ĺ |_;oom|oѴѴĺ $_;olr-m;m|u;vbm|o l-m0v;1ubm]l-m-];l;m| -m1_o=ļ$u--_;mm-bĽķ|_; 1om|u-1|v=ou=ou_o|;Ѵvĺ Cuv|ruor;u|bmm7b-m7;u|_; 2012 uorĽvom;uv_brĺ ;r|m;m7;u]o;v- 1olrѴ;|;u;mo-ঞom-m7 ļ$u---Ѵ|-u-Ľ1oll;m1;v or;mv-v-vr;1b-Ѵbv;7 or;u-ঞomvb|_-mbm1u;-v;7 -u;7b1u;vou|ŋļ;ub|-m1; bm;m|ouo=ƑƏƏuoolvĺ u;7--_-;7-u-Ľĺ $_;uor-1tbu;vļѴ -Ѵ-f $_;olr-m-1tbu;v|o|-Ѵ o|;ѴĽbml-ml-hbm]b||_; om;uv_bro=ļo|;ѴbѴѴ|orĽķ uorĽvCuv|-1tbvbঞombm|_; -m7ĺ vѴ|-m-|;ĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 27 Management Discussion & Analysis

Revoluonising the Future

We’re transforming the face of hospitality to circumvent obstacles and journey beyond surrounding constraints.

28 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 OPERATING ENVIRONMENT

ƑƏƐŊƑ

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AWPLR 1 Year TB Rate

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 29 OPERATING ENVIRONMENT

Global Tourism Sri Lanka Tourism m|_;-[;ul-|_o=|_;rubѴ|;uuou--1hvķ $_;bm1u;-v;bm]Ѵo0-Ѵ|oubv|-uub-ѴvvѴo;7 $_;;-um7;uu;b;rov;7mru;1;7;m|;7 lov|_o|;Ѵor;u-|ouv-Ѵvovo]_||o-u-1| |oƓѷƑbmƑƏƐƖŐƑƏƐѶĹƳѵѷőu;Y;1ঞm] 1_-ѴѴ;m];v=ou|_;"ub-mh-m|oubvl 7ol;vঞ1|u-;ѴѴ;uv|_uo]_o@;ubm] v07;7]uo|_bm-7-m1;7;1omolb;vķ bm7v|uķ_b1_u;1ou7;7+o+7;1Ѵbm;vbm -u-1ঞ;7bv1om|v-m7ruoloঞomvķ_b1_ r-uঞ1Ѵ-uѴ uor;ĺ$_;7om|umbm|_; |oubv|-uub-Ѵv|_uo]_o||_;;-uĺuub-Ѵv bm|um_-7-1omvb7;u-0Ѵ;blr-1|om!!vĺ ]Ѵo0-Ѵ;1omol1orѴ;7b|_m1;u|-bm| 7;1Ѵbm;7v_-urѴbm|_;bll;7b-|;-[;ul-|_ omv;t;m|Ѵķ-Ѵ|_o]_o11r-m1Ѵ;;Ѵv vuuom7bm]u;b|blr-1|;7|_;]uo|_ĺ o=|_;rubѴ|;uuou--1hvķ-Ѵ|_o]_- bm1u;-v;7|o-u7v|_;Ѵ-;ur-u|o=|_;;-uķ $_;;-um7;uu;b;-Ѵvov-|_;1oѴѴ-rv; ]u-7-Ѵu;1o;u-vb|m;vv;7|o-u7v|_; b;Ѵ7v1omঞm;7|o0;ru;vvu;7ĸblr-1ঞm] o=]Ѵo0-Ѵ|u-;Ѵ]uorŊ$_ol-vooh-Ѵom] Ѵ-;ur-u|o=ƑƏƐƖĺ$_;v;]-bmvķ_o;;uķ o;u-ѴѴruoC|-0bѴb|ĺ b|_v;;u-ѴѴoŊ1ov|-buѴbm;vbm uor;ĺѴѴ ;u;1olrѴ;|;Ѵo@v;|=oѴѴobm]|_;u-rb7 u;]bomv7;lomv|u-|;7lo7;u-|;bm1u;-v;v vru;-7o=|_;r-m7;lb1ķ_b1_Ѵ;7|o|_; b;m|_;]Ѵo0-Ѵv1-Ѵ;o=|_;1ubvbv-m7 bm-uub-Ѵvķbm1Ѵ7bm]b77Ѵ; -v|ŐƳѶѷőķvb- 1Ѵovu;o=|_;"ub-mh-m0ou7;u|o=ou;b]m b|vvb]mbC1-m|;1omolb1blr-1|om0o|_ -1bC1ŐƳƔѷőķ uor;-m7=ub1-Ő0o|_ƳƓѷőĺ -uub-Ѵvbmlb7Ŋ-u1_-lb7v|]Ѵo0-Ѵ|u-;Ѵ 7;;Ѵorbm]-m7-7-m1;7;1omolb;vķ|_; u;v|ub1ঞomvĺ;u-ѴѴķ|oubv|-uub-Ѵvbm|o"ub u;1o;ubv;r;1|;7|o0;Ѵom]7u-mĺ$_; )_bѴ;b|bvru;l-|u;|o;-Ѵ-|;|_;;-1| -mh-=ou|_;Cm-m1b-Ѵ;-u;m7bm] 7ol;vঞ1l-uh;|bv;r;1|;7|ou;1o;u blr-1|o=( ŊƐƖom|_;]Ѵo0-Ѵ|oubvl ƒƐv|-u1_ƑƏƑƏu;1ou7;7-v_-ur7;1Ѵbm; Cuv|-v"ub-mh-_-vvo=-u0;;mv11;vv=Ѵ bm7v|uķ-||_;ঞl;o=ubঞm]|_bv!;rou|ĸ o=ƑƖѷĺ bmru;;mঞm]1ollmb|vru;-7-m7 ]b;mѴ-|;v|t-u-mঞm;l;-vu;vķ0ou7;u u;v|ub1ঞomv-u;]u-7-ѴѴ;-v;7ĺ;-m_bѴ; 1Ѵovu;v-m7|u-;Ѵ0-mv-v;ѴѴ-vr-;umv Monthly Tourist Arrivals - Sri Lanka -vlou;1om|ub;vv;;-Y-;mbm]o=|_; o=ru;bov1ubv;vķ|_;&mb|;7-ঞomv)ouѴ7 1u;-m7lo;|ou;or;m0ou7;uvb|_ $u-;Ѵu]-mbv-ঞomŐ&)$ő;vঞl-|;7 Rs.Mn -7;t-|;v-=;|l;-vu;vķ|_;u;-u;;-uѴ |_-|]Ѵo0-Ѵ|oubv|-uub-Ѵv1oѴ77;1Ѵbm;0 300,000 0|;m1ou-]bm]vb]mvo=u;1o;ubmo|_;u vou1;l-uh;|vĺ vol;ƑƏѷŊƒƏѷbmƑƏƑƏķ|u-mvѴ-ঞm]|o- 250,000 Ѵovvo=m;-uѴƐņƒo=bm|;um-ঞom-Ѵ|oubvl u;1;br|vbmƑƏƐƖĺ$_;u;-u;vol;;-uѴ;| 200,000 Maldives ;m1ou-]bm]vb]mvo=u;1o;ub|_1;u|-bm 150,000 $oubv|-uub-Ѵv|o|_;-Ѵ7b;vbm1u;-v;7 1om|ub;v;-vbm]u;v|ub1ঞomv-m7or;mbm] 0ƐƓĺƕѷ|ou;-1_-u;1ou7_b]_o=Ɛĺƕ 0ou7;uvbm-Ѵblb|;7l-mm;uĺ 100,000 lbѴѴbombmƑƏƐƖķ7ub;m0v|uom]]uo|_ =uol|_; uor;-mu;]bomŐƳƐƓĺѶѷő_b1_ 50,000 World Tourist Arrivals 1omঞm;v|o0;|_;Ѵ-u];v|vou1;l-uh;| 0 =ou-Ѵ7b;vĺ_bm-l-bm|-bm;7b|vrovbঞom Mn % July May June April -v|_;Ѵ-u];v|bm7bb7-Ѵvou1;l-uh;| March August January October February February

1,600 15 December November September b|_-v_-u;o=Ɛƕѷķ-Ѵ|_o]_-uub-Ѵv

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50,000 65 vrbub|-Ѵ;ѴѴm;vv-m7 ķ-lom]o|_;uvĺ $_;u;_-v0;;mv|uom]roѴb1vrrou||o

40,000 64 7;;Ѵor|_;1om|uĽv|oubvlbm7v|uķ bm1Ѵ7bm]o;uml;m|1ollb|l;m||o 30,000 63 7;;ѴorƐƕb1omb1|oubv|vb|;vķ|_;l;Ŋ 0-v;7|oubv|1bu1b|v-m7Ѵ-m1_o=v;;u-Ѵ 20,000 62 ruoloঞom-Ѵ-m70u-m7bm]1-lr-b]mvv1_ Occupancy No. of Beds of No. -vļm1u;7b0Ѵ;m7b-Ľĺ$oubv|-uub-Ѵv|om7b- 10,000 61 bm1u;-v;70ƒĺƑѷ|oƐƏĺѶƖlbѴѴbombmƑƏƐƖĺ

0 60 m7b-blrѴ;l;m|;7-m-ঞomŊb7;Ѵo1h7om 2016 2017 2018 2019 2020 bmrubѴķ_b1_bm|um_-v;m-0Ѵ;7b||o ;7vbmr;u-ঞomŐ;u-];ő 1om|uoѴ|_;vru;-7o=|_;r-m7;lb1|o Occupancy Rate -1;u|-bm7;]u;;ĺ$_;|oubvlbm7v|u _o;;uķ_-v0;;m0uo]_||o-1olrѴ;|; [bmbv|uo=$oubvlň-Ѳ7b;v v|-m7vঞѴѴķb|_1-m1;ѴѴ-ঞomvblr-1ঞmث;ou1" -ѴѴv0Ŋv;1|ouvo=|_;bm7v|u-m7_o|;Ѵv $_;blr-1|o=( ŊƐƖom;1omolb;v u;1ou7bm];uoņlbmbl-Ѵo11r-m1b;vĺ v1_-v-Ѵ7b;vķ_b1_-u;_b]_Ѵ 7;r;m7;m|om|oubvlbv;r;1|;7|o0; lou;ruomom1;7ķ-Ѵ|_o]_ru;l-|u;|o 0;-v1;u|-bm;7-||_bvrobm|ĺ$_;)ouѴ7 -mh_-v-Ѵu;-7]u-m|;7=m7bm]|o_;Ѵr -Ѵ7b;vru;;m|ķ7;|;1|-m7u;vrom7|o|_; r-m7;lb1-m7v|u;m]|_;mb|vr0Ѵb1_;-Ѵ|_ ru;r-u;7m;vvĺ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 31 GLOBAL TRENDS IN TOURISM

Demographics and Travel Trends b]b|-Ѵbv-ঞom-m7$;1_moѴo] Ŏ ;m;u-ঞomѴr_-Ő|_ov;0oum-[;uƑƏƐƏőbvrѴ-bm]-m mmru;1;7;m|;7Ѵ;;Ѵo=1omm;1ঞb||_uo]_omѴbm; bm1u;-vbm]ѴbmY;mঞ-ѴuoѴ;bm=-lbѴ|u-;ѴrѴ-mmbm]-m7 -m7lo0bѴ;|;1_moѴo]rѴ-oulv_-;|u-mv=oul;7 7;1bvbomvŐ r;7b-uorő _o];v|v0ooh|u-;Ѵ-m7v_-u;|_;bu|u-;Ѵ ;r;ub;m1;vĺ;-m_bѴ;ķѴ;bvu;v;1|ouor;u-|ouv-u; Ŏ m1u;-vbm]rorѴ-ub|o==-lbѴ_oѴb7-vŊ -lbѴb;v-u; 1olr;ѴѴ;7|o0;lou;|u-mvr-u;m|bm|_;burub1bm] ;l0u-1bm]|_;=u;;7ol|_-|1ol;vb|_=u;;Ѵ-m1;ouh v|u1|u;v]b;m|_;-v|--bѴ-0bѴb|o=1olr-u-0Ѵ; -m7_ol;v1_ooѴbm]Ő$u-;ѴѴ;uő bm=oul-ঞomom|_;bm|;um;|ĺ|_;u|;1_Ŋu;Ѵ-|;7 Ŏ u;=;u;m1;|o-u7v;rѴoubm]o|7oouv-m70;bm]-1ঞ; 7;;Ѵorl;m|v7bvurঞm]|_;v;1|oubm1Ѵ7;ķ Ő r;7b-uorő Ŏ uঞC1b-Ѵm|;ѴѴb];m1;-m7-1_bm;;-umbm]bm 36% l-uh;ঞm]|oubvl ]uo|_bmo?;-|;r;ub;m1;v Ŏ !;1o]mbঞom|;1_moѴo] Ŏ (bu|-Ѵu;-Ѵb|bm_b]_Ŋ;m7;m|;u|-bml;m| 38% -rrѴb1-ঞomv lou; +|ubrv Ŏ m|;um;|o=$_bm]v]bbm]ubv;|oļvl-u|Ľ_o|;Ѵuoolv 48% lou;rorѴ-ub|=ou;;h;m7|ubrv ubro0o$ث;ou1"

r;ub;mঞ-Ѵ$u-;Ѵ Eco Travel "v|-bm-0bѴb| $o7-Ľv|oubv|v-u;ruvbm]-|_;mঞ1 $_;u;bv]uobm]1om1;um-lom]|o7-Ľv $_;$oubvlv;1|ou_-v0;;m1-ѴѴ;7 -m7-7;m|uov;r;ub;m1;v_b1_-ѴѴo |u-;ѴѴ;uv=ouvv|-bm-0Ѵ;-m7;|_b1-Ѵ|oubvl rom|o1om|ub0|;|o-u7vvv|-bm-0Ѵ; ]u;-|;u;m]-];l;m|b|_|_;Ѵo1-Ѵ1Ѵ|u;ĺ orঞomvķb|_vo1b-Ѵ-m7;mbuoml;m|-Ѵ 7;;Ѵorl;m||_uo]_;@ou|v|oruolo|; o1-Ѵ;r;ub;m1;vv1_-vu;]bom-Ѵ=;vঞ-Ѵvķ 1omvb7;u-ঞomv;l;u]bm]-v1ubঞ1-Ѵ7ub;uvo= ;1omolb1ruovr;ub|ķvo1b-Ѵbm1Ѵvbom-v;ѴѴ Ѵo1-Ѵ1bvbm;v-m7_ol;v|-vb|_-_ov| 7;1bvboml-hbm]ĺ$_bv1oѴ7bm1Ѵ7;vblrѴ; -v1Ѵ|u-Ѵ-m7;mbuoml;m|-Ѵru;v;u-ঞomĺ =-lbѴ-u;]-bmbm]rorѴ-ub|ĺ$_;u;bv-Ѵvo 1_-m];vv1_-vu;Ѵb-m1;om]u;;m;m;u]ķ $_bvu;tbu;v-mbm|;]u-ঞomo=vv|-bm-0bѴb| -]u-b|-ঞom|o-u7vmrѴ]];7ķ|;1_Ŋ=u;; --bѴ-0bѴb|o=1-u0om1u;7b|v-v;ѴѴ-v 1ub|;ub-|o|_;bvbom-m70vbm;vvv|u-|;] ;r;ub;m1;vb|_-u;1;m|v|7u;;-Ѵbm] orrou|mbঞ;v|ooѴm|;;u-m7ņou;m]-]bm] |o;mvu;rovbঞ;1om|ub0ঞom|o|_; |_-|&bm|;um;|v;uv1ollomѴruv;- bm1omv;u-ঞomouh-lom]o|_;uvĺ vo1b;|-m7;mbuoml;m|ĺ 7b]b|-Ѵļ7;|oĽ0rমm]--7;b1;v-m7 ;m]-]bm]lou;-1ঞ;Ѵbm|_;buom-m7 55% o|_;uvĽѴb;vĺ ou;|u-;ѴѴ;uv-u;7;|;ulbm;7|ol-h; vv|-bm-0Ѵ;|u-;Ѵ1_ob1;v >77% &"bѴѴ;mmb-Ѵvv-;r;ub;m1;v1u;-|; 73% buu;rѴ-1;-0Ѵ;l;loub;v =]Ѵo0-Ѵ|u-;ѴѴ;uvbm|;m7|ov|-bm;1oŊ =ub;m7Ѵ-11ollo7-ঞom-|Ѵ;-v|om1; >55% oohbm]ĸ1olň"v|-bm-0Ѳ;$u-;Ѳ!;rou|ƏƍƎƔث;ou1" &"bѴѴ;mmb-Ѵvu;rou|vr;m7bm]lou;omѴb; ;;m|v-m7;r;ub;m1;v|_-m|_;v;7|o

m|0ub|;omvѲ|-m1; ث;ou1"

32 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 OPPORTUNITIES AND CHALLENGES

Ŏ oѴѴ;1ঞomo=mbt;ruor;uঞ;vruob7bm] Ŏ m1u;-v;7;rovu;|o0ouuobm]v|o=m7 -|_;mঞ1;r;ub;m1;v ;r-mvbomvņu;mo-ঞomv

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 33 VALUE CREATION MODEL

ƐƏƑŊƕ

Sharpening Our Brands and Architecture Ѵbm-u r;uঞv; Competitive Edge through Ő-];Ɠƕő Ő-];ƓѶő

"_-u;_oѴ7;uvĽ=m7vĹ Rs. 20.6 Bn m|;u;v|0;-ubm] A Unique Ѵb-0bѴbঞ;vĹ ѵ-m-];7 !vĺƒѵĺѶm Collection Ɛƕm;7

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34 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 $_;uoru;Ѵb;vomlom;|-u-m7r_vb1-Ѵu;vou1;vķu;Ѵ-ঞomv_brv-m7o|_;ubm|-m]b0Ѵ;v|o];m;u-|;v_-u;7-Ѵ;-lom]b|v v|-h;_oѴ7;uvĺ(-Ѵ;bv];m;u-|;70|u-mv=oulbm]|_;v;1-rb|-Ѵbmr|v|_uo]_-_oѴbvঞ1v|u-|;]=o1vbm]om|_;rbѴѴ-uvo=rouoѴbo ;r-mvbomņr]u-7;ķor;u-ঞom-Ѵ;1;ѴѴ;m1;ķ|-Ѵ;m|7;;Ѵorl;m|-m7vv|-bm-0bѴb|ĺ ;Ѵb;uo=|_;v|u-|;]bvm7;urbmm;70v|uom] 1ourou-|;]o;um-m1;-m7ubvhl-m-];l;m|ru-1ঞ1;vķ1orѴ;7b|_-1ollb|l;m||o-u7vrovbঞ;Ѵblr-1ঞm]|_;1ollmbঞ;v-m7 ;mbuoml;m|vbm_b1_;or;u-|;ĺom]Ŋ|;ulo|1ol;v-u;Ѵbmh;7|ov|-h;_oѴ7;u-Ѵ;1u;-ঞomķbm1Ѵ7bm]v_-u;_oѴ7;uvķ1v|ol;uvķ ;lrѴo;;vķ0vbm;vvr-u|m;uvķ|_;]o;uml;m|-m7|_;1ollmbঞ;v;or;u-|;bmĺ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 35 MATERIAL TOPICS

ƐƏƒŊƐ ƐƏƒŊƑ ƐƏƒŊƒ

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36 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƏƑŊƓƕ

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ŐƐƑő Z;m|v-m7-v|; Z;m|v-m7-v|; ƒƏѵŊƑķƒƏѵŊƒķƒƏѵŊƔ

ŐƐƒő !-l-|;ub-Ѵ1omvlrঞom !-l-|;ub-Ѵv ƑƏƓŊƐķƒƏƐŊƐ

ŐƐƓő uo1u;l;m|ru-1ঞ1;v uo1u;l;m|ru-1ঞ1;v ƑƏƓŊƐ "o1b-ѴvrrѴb;u-vv;vvl;m| ƓƐƓŊƐķƓƐƓŊƑ

ŐƐƔő o1-Ѵ1ollmbঞ;v 1omolb1r;u=oul-m1; ƑƏƐŊƐķƑƏƐŊƑķƑƏƐŊƒ "b]mbC1-m|bm7bu;1|;1omolb1 ƑƏƒŊƑ blr-1|v o1-Ѵ1ollmbঞ;v ƓƐƒŊƐķƓƐƒŊƑ ŐƐѵő oo7]o;um-m1; mঞŊ1ouurঞom ƑƏƔŊƐķƑƏƔŊƑķƑƏƔŊƒ omŊ7bv1ublbm-ঞom ƑƏѵŊƐķƓƏƕŊƐķƓƏѵŊƐ mbuoml;m|-Ѵ1olrѴb-m1; ƒƏƕŊƐ _bѴ7Ѵ-0ou ƓƏѶŊƐ ou1;7Ѵ-0ou ƓƏƖŊƐ "o1boŊ;1omolb11olrѴb-m1; ƓƐƖŊƐ

ouoѴbo r-mvbom-m7&r]u-7; r;u-ঞom-Ѵ 1;ѴѴ;m1; ;;Ѵorbm]u$-Ѵ;m|ooѴ "v|-bm-0bѴb|

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ƐƏƑŊƐƐ ƐƏƑŊƐƔ ƐƏƑŊƒƏ ƐƏƑŊƒƐ ƑƏƔŊƐ ƑƏƔŊƑ

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38 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Board of Directors

7b|ollb;;

Managing Director

Internal Audit

Corporate Management

General Managers o= -1_uor;u|

Risk Management Process uubvhl-m-];l;m|ruo1;vv;v-u;vll-ubv;70;Ѵoĺ

Risk Management Process

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!bvhş!bvh!-ঞm] ; ub;uv bঞ]-ঞom"|u-|;]b;v u|_;ubm=oul-ঞom Ѷĺm|;u;v|!-|;!bvh rovu;|olo;l;m|vbml-uh;| Ŏ ouuobm]vo= Ŏ $_;uorĽv|u;-vu7bbvbom1omঞm;v o|;Ɠѵĺƕ|o|_; bm|;u;v|u-|;vu;Ѵ-|;7|o0ouuobm]v !vĺƑƕĺѵmbm!ķ |om;]oঞ-|;b|_0-mhv-m7Cm-m1b-Ѵ bm-m1b-Ѵ"|-|;l;m|v &" -m7 uo bmvঞ|ঞomv|ov;1u;|_;0;v|rovvb0Ѵ; Ő-];ƑƑƓő Indicators ;rov;v" u-|;v=ou|_;uorĽv0ouuobm]v-m7 bm-m1b-Ѵ-rb|-ѴŐ-];v !)! bm-m1b-Ѵ !;71;7 |olo;l;m|vo= bm;v|l;m|vĺ ƔѶ|oѵƒő o;l;m| ;-u 0ƑѵѶ u;Ѵ-|;7bm|;u;v| 0rvƐ u-|;v-vbm7b1-|;7 ņ&" -Ѵom]vb7; ! lo;l;m| Ŏ o;uml;m|o="ub uo!ņ -mh-_-vu;71;7 ub0ou bm|;u;v|u-|;v|o Assessment ;-v;ru;vvu;om lr-1| b]_ 1oll;u1b-Ѵ-1ঞb| bh;Ѵb_oo7 o bu;1ঞom

Risk Heat Map

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!;bl-]bm;ouo@;ubm]

);-u;ouhbm]b|_|ouor;u-|ouv|o1u;-|;bmmo-ঞ;|oubv|;r;ub;m1;v 7ubm]|_;ঞl;o=|_bvѴo1h7om|ou;b;|_;l-]b1o=;r;ub;m1bm] m;7;vঞm-ঞomv

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"_-v-v|uom]vv|-bm-0Ѵ;|oubvl-Ѵ;ruorovbঞom=ou];v|vb|_mbt; Ѵo1-ঞomv-m7vv|-bm-0Ѵ;ru-1ঞ1;v_b1_bѴѴ-rr;-Ѵ|o|_;]uobm]ml0;uvo= ;mbuoml;m|1omv1bov];v|v

uorvm;u]b;v-m7Ѵbmh-];v

v-r-u|o=|_;b|h;m"r;m1;uorķ"_-vv|uom]Ѵbmhvb|_|_;ouѴ7Ľv Ѵ-u];v||ouor;u-|ouv-m7"ub-mh-ĽvѴ;-7bm]7;vঞm-ঞoml-m-];l;m|1olr-mķ ;m-0Ѵbm]v|o0;-=uom|umm;ubm|_;u;b-Ѵo=|_;v;1|ou

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 43 &!"$!$ +

$_;or;u-ঞm]1om7bঞomv_b1_ru;-bѴ;77ubm]|_;;-u1olr;ѴѴ;7|_;uor|ou;bvb|b|vruboubঞ;v_bѴ;l-bm|-bmbm]=o1vom|_;=ou Ѵom]Ŋ|;ulv|u-|;]b1o0f;1ঞ;vĺb;m|_;v_-ur7;1Ѵbm;bm|oubv|-uub-Ѵv-m7o11r-m1b;vķ|_;uorrѴ-1;7v|u-|;]b1;lr_-vbvoml-bm|-bmbm] ;lrѴo;;loঞ-ঞomķ0bѴ7bm]-lѴঞŊvhbѴѴ;7|;-l-m77ubbm]bm1u;-v;7;L1b;m1b;v-m7ruo1;vvblruo;l;m|v|o-1_b;;or;u-ঞom-Ѵ ;1;ѴѴ;m1;ĺ$_;ruo]u;vv;l-7;bv7bv1vv;7|_uo]_o||_;!;rou|ķb|_-_b]_ŊѴ;;Ѵo;ub;ruob7;7bmv0v;t;m|r-];vĺ!;Ѵ;-m1;|o ou0vbm;vv1Ѵv|;uv-m71-rb|-Ѵv-u;v_om|_uo]_m-b]-ঞomb1omvbm|_;u;vr;1ঞ;v;1ঞomvo=|_;!;rou|ĺ

r;u-ঞom-Ѵ 1;ѴѴ;m1; Developing Our Talent Pool mvu;v_ou|ķl;7bl-m7Ѵom]Ŋ|;ul ;;Ѵor-b0u-m|lѴঞŊvhbѴѴ;7|;-lķ v|-0bѴb|-m7]uo|_|_uo]_-u;vromvb; _o7;lomv|u-|;u;vbѴb;m1;ķr-vvbom -rruo-1_|o0vbm;vv_b1_bv-0Ѵ;|o STRATEGIC -m71ollb|l;m|bm;|u-ou7bm-u m-b]-|;l-uh;|m1;u|-bmঞ;v VISION 1bu1lv|-m1;v

-m=-1|u;7-rb|-ѴŐ-];ѵƓő 500 2,000

0 0 2016 2017 2018 2019 2020

Operational Rooms Capital Expenditure

m1u;-v;bmr;u-ঞom-Ѵ!oolvbm|_;r-v| C;;-uvĹ25%

44 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 r;u-ঞom-Ѵ 1;ѴѴ;m1; uo]u;vvbmƑƏƐƖņƑƏ !;vou1;vѴѴo1-|;7 )- ou-u7 Ŏ b;uvbC1-ঞomo=vou1;l-uh;|vb|_ m;v|l;m|bmu-m7 ;;Ѵorl;m|Ĺ Short to medium-term: bm1u;-v;7=o1vomm7b-ķ_bm-ķ" Rs. 515 Mn Ŏ mvu;_;-Ѵ|_-m7v-=;|o=-ѴѴ;lrѴo;;v u;]bom-m7|_;Ѵo1-Ѵl-uh;| -m7];v|v|_uo]_v|ubm];m|v1u;;mbm] m;v|l;m|bm$m=u-v|u1|u;Ĺ l;1_-mbvlv Ŏ m1u;-v;7;lr_-vbvomv;1ub|ķ_;-Ѵ|_ Rs. 326 Mn -m7v-=;|-vr;1|v Ŏ ll;7b-|;ruboub|bv|ol-m-];Ѵbtb7b| Key Performance Indicators: 1om7bঞomv|_uo]_1oѴѴ;1ঞomv-m7]bbm] Ŏ uo-1ঞ;;m]-];l;m|b|_1_-mm;Ѵ 0;;uY;b0bѴb||o-ob71-m1;ѴѴ-ঞomvbm r-u|m;uv-m7;r-mvbomo=Ƒm;|ouhv Average Customer Review Score (GRI஦஢) |_;v_ou||;ul Ŏ "|u;m]|_;m;7omѴbm;ru;v;m1;|_uo]_ % Ŏ lr_-vbvomrovbঞ;l-uh;ঞm] bm1u;-v;7vo1b-Ѵl;7b-;m]-];l;m|ķ 91.6 1ollmb1-ঞom u;Ѵ-m1_o=|_;;ub|-m1;;0vb|;-m7 ;r-mvbomo=$v 91.4 Long-term: Ŏ m;v|l;m|vbmļo;uĽ|ooѴ_b1_ Ŏ m1u;-v;;lr_-vbvom0u-m7v|u-|;]|o ruob7;v7m-lb1-m7u;-ѴŊঞl; 91.2 1-rb|-Ѵbv;om|_;7;l-m7=uol0u-m7 bm=oul-ঞomomr;u=oul-m1;lomb|oubm] v|-h;_oѴ7;uv 91.0 -m77;;Ѵorbm]u;vromv;v|u-|;]b;v

Ŏ m_-m1;70u-m7ru;v;m1;|_uo]_ 90.8 -7;uঞvbm]-m7ruoloঞom-Ѵ1-lr-b]mv 90.6 2019 2020 '£'=!2;'$ধ32 bv|ub0ঞom-m7-uh;ঞm]Ő-];ƓƖő + 42% oѴѴo;uvom"o1b-Ѵ;7b-Ѵ-oulv

b]b|-Ѵ-uh;ঞm]-m7"o1b-Ѵ;7b- u;v;m1;Ő-];vƓƖ|oƔƏő

"o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŐ-];Ѷƒő

Developing Our Talent Pool uo]u;vvbmƑƏƐƖņƑƏ !;vou1;vѴѴo1-|;7 )- ou-u7 Ŏ !;Ѵ-m1_o=b|h;m"r;m1;mvঞ||;o= l0;uo= lrѴo;;vĹ3,235 Short to medium-term: o|;Ѵ-m-];l;m|-v$&1-7;l"ub Ŏ 7or|-ѴѴl;-vu;v|o;mvu;|_-| m;v|l;m|bm$u-bmbm]ĹRs. 22.9 Mn -mh- ;lrѴo;;v-u;u;|-bm;77;vrb|;|_; $o|-Ѵ-l;m|v|o lrѴo;;vĹRs. 3.8 Bn ru;-Ѵ;m|1om7bঞomvĸ|_bvbѴѴbmoѴ; Ŏ $u-mv=oul-ঞom|u-bmbm]v|u-|;]=o1vbm] ;@;1ঞ;7;rѴol;m|-m7ঞѴbv-ঞom om;lrѴo;;lѴঞŊvhbѴѴbm]-m71uovvŊ Key Performance Indicators: o=_l-m1-rb|-Ѵ-lom]ruor;uঞ;v ruor;u|ņu;]bom-Ѵ;rovu; Training Record |_;u;0-Ѵvoo@;ubm]1uovv;rovu;|o Ŏ ѴѴu;|;mঞomo=r;ul-m;m|;lrѴo;;v ;lrѴo;;v Hours Rs.Mn 7;vrb|;bm7v|u1om7bঞomv 80,000 25 Ŏ omঞmovv|-@loঞ-ঞom-Ѵ|u-bmbm]v Ŏ uob7;7-]-u-m|;;7v;ub1;1_-u];|o -m7-1ঞbঞ;v|orѴb[-m7l-bm|-bmv|-@ ;lrѴo;;v_b1_-vr-u|Ѵ=m7;70 lou-Ѵ-m7u;vbѴb;m1; |_;uor 60,000 20 Long-term: Ŏ m_-m1;;lrѴo;;ruo71ঞb|0 '£'=!2;'$ধ32 40,000 15 0ubm]bm]bmѴ;-m-m7|o|-Ѵruo71ঞb| l-m-rb|-ѴŐ-];ƕƑő l-m-];l;m| 20,000 10 Ŏ m]obm]bm;v|l;m|vbm;lrѴo;; rvhbѴѴbm] 0 5 2018 2019 2020

Total Training Hours Investment in Training

"|-@ov|-v-ѷo=$umo;uĹ20%

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 45 &!"$!$ +

bmbঞ-ঞ;v-lom]o|_;uvĺ 18,000 38

Ŏ ƐƏƏѷ;Ѵblbm-ঞomo=vbm]Ѵ;v;rѴ-vঞ1 12,000 36 v|u-v-m7vঞuu;uv 6,000 34 Ŏ "b|1_bm]=uol;- um-1;bѴŐ ő 0 32 |oѴovѴr_;u7b;v;Ѵbm0obѴ;uor;u-ঞom 2018 2019 2020

Ŏ m1u;-v;=o1vom0bol-vv]-vbC1-ঞom|o Carbon Footprint Carbon Intensity u;71;1-u0om=oo|rubm| "r;m7bm]omo1-Ѵ"rrѴb;uvĹ62%

'£'=!2;'$ধ32 !;1ub|l;m|=uolo1-Ѵollmb|Ĺ42% "v|-bm-0bѴb|Ő-];ƔƐő

-|u-Ѵ-rb|-ѴŐ-];ƖƏő

46 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 BRANDS AND ARCHITECTURE

Heritance Adaaran $u--

ol0bmbm]|_;-ub0|;vo=_;ub|-];-m7 $_;tbm|;vv;mঞ-Ѵ-Ѵ7bb-m;r;ub;m1; $u--ķbv|-u];|;7|o-u7v|_;lo7;um bm_;ub|-m1;-Ѵom]b|_7bvঞm1ঞ;Ѵo1-ঞomvķ 1ol0bm;7b|_-0m7-m|1ol=ou|-m7 |u-;ѴѴ;uvv1_-v|_;]oŊ];;uv-m7|u;m7Ŋ |_;0u-m7o@;u-mbt;lbo=Ѵo1-Ѵb|-m7 mr-u-ѴѴ;Ѵ;7_ovrb|-Ѵb|ĺ v;;uvo@;ubm]1ol=ou|ķ]u;-|=oo7ķ]oo7 -|_;mঞ1b|ķ-ul|_-m71Ѵ|u;1ol0bm;7 -Ѵ;-m7o|v|-m7bm]v;ub1; 7--u-mѴ0Ŋ ouv|-u b|_ouѴ7Ŋ1Ѵ-vvv;ub1;v|-m7-u7v 7--u-m";Ѵ;1|Ŋ ouv|-urѴv

u;vঞ];Ŋ b;v|-u0oঞt;

For Further Information Refer to m|;ѴѴ;1|-Ѵ-rb|-ѴŐ-];ƕѶő

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 47 &!"$!$ +

&!+ * !$"

);-vrbu;|o1u;-|;bmmo-ঞ;-m7;o1-ঞ;]-v|uomolb1-Ѵ;r;ub;m1;vķѴ;;u-]bm]om |_;bm7v|uŊѴ;-7bm]vhbѴѴvo=ou ş|;-lĺ$_;uorbv-=u;t;m|u;1brb;m|o=7ol;vঞ1 92 -m7bm|;um-ঞom-Ѵ1Ѵbm-u--u7v-m7_-vķo;u|_;;-uvķmu|u;7-v|uom]u;r|-ঞom=ou !;v|-u-m|v ;1;ѴѴ;m1;bm1bvbm;ĺ);-u;-Ѵvoh;;momruvbm]lbm7=Ѵm;vv|_uo]_ou7bmbm]orঞomvķ -m7v|ub;|o;m]bm;;ul;mv|_-|o@;u=u;v_ķ0-Ѵ-m1;7-m7;1bঞm];r;ub;m1;vঞrrbm]|_; _-||o_;-Ѵ|_-m7;ѴѴm;vvĺ !vĺѶĺƓm Milestones ş!;;m; bmƑƏƐƖņƑƏ

$_;uor0-]];7|_;_b]_;v|ml0;uo=--u7v-||_;Ѵbm-uu| oo7 roƑƏƐƖķv;;rbm]-u;1ou7o=ƐƒƏl;7-Ѵvbm-77bঞom|o|_;;u-ѴѴ ƐķƑѵƓmember _-lrbomv--u70;ub|-m1;-u-_-m7ov||v|-m7bm]Ѵ|u-Ѵ ş$;-l $ub-m]Ѵ;$;-l0;ub|-m1;-m7-Ѵ-l-ĺ

;ub|-m1;-u-_u;1;b;7Ɠ]oѴ7ķƕvbѴ;u-m7Ƒ0uom;--u7v-||_; ru;vঞ]bovѴbm-uѴlrb1vƑƏƑƏ_;Ѵ7bm"|]-u|ķ;ul-mĺ 229 ;ub|-m1;-u-_ş7--u-mu;vou|vv_bm;7-| Ŋ$_;m|;um-ঞom-Ѵ Ѵbm-u-u7v Ѵbm-u_-ѴѴ;m];ƑƏƐƖķu;1;bbm]ƑƐ]oѴ7ķƑƒvbѴ;uķƑƑ0uom;ķƐƕl;ub| 1;uঞC1-|;v_bѴ;;ub|-m1;-u-_bmmbm]|_;ঞ|Ѵ;o=ov||v|-m7bm] Ѵbm-u!;vou|bm|_;-Ѵ7b;vĺ

_;= bl|_l-u-vbm]_;ķѴlrb1v]oѴ7l;7-ѴѴbv|ķu;ru;v;m|;7 |_;uor-||_;)ouѴ7o= oo70 _-0bƑƏƐƖŊom;o=|_;lov| u;1o]mbv;7=oo7=;vঞ-Ѵvbm|_;ouѴ7ķ1o;ubm];;u|_bm]=uol_-|; 1bvbm;|ov|u;;|=oo7ĺ

ļ;|Ľv";-Ľ"m7-";-=oo7m1_-||_;Ѵ;|-mu;v|-u-m|ķ;ub|-m1; ;]ol0o-v1u-|;7rov|ŊrubѴ|;uuou--1hv|ovrrou|Ѵo1-ѴvrrѴb;uv -m77u-bmѴo1-Ѵ|u-;ѴѴ;uv|o;]ol0oĺ

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;ruboubঞ;vbmƑƏƐƖņƑƏbm1Ѵ7;7ķ

Channels to Market Ŏ r-mvbomo=Ƒm;|ouhv "o1b-Ѵ;7b- m]-];l;m| % Ŏ )b7;mbm]$r-u|m;uvb|_=o1vom vr;1bC1vou1;l-uh;|u;Ѵ-|;7|o$v ƳƓƑѷ ƳƑƒѵѷ 10 Ŏ uo-1ঞ;;m]-];l;m|b|_ v $o|-Ѵl0;uo="0v1ub0;uvņ $u-L1|o);0vb|;|_uo]_ bm1Ѵ7bm]fobm|ruoloঞomv-m7 oѴѴo;uv "o1b-Ѵ;7b-_-mm;Ѵv 17 73 ru;=;u;mঞ-Ѵu-|;v

Ŏ m1u;-v;7=o1vom|_;1ourou-|; ;0vb|;bm1Ѵ7bm]v;-u1_;m]bm; orঞlbv-ঞomv-m7ruoloঞom-Ѵ +31% +54% +20% +110% 1-lr-b]mv-lom]o|_;uv

2IćLQH /RFDO Ŏ m1u;-v;71oѴѴ-0ou-ঞomb|_ 2QOLQH bmY;m1;uv;vr;1b-ѴѴ|-u];ঞm]|_; -Ѵ7bb-mrouoѴbo

For Further Information Refer to "o1b-Ѵ-m7!;Ѵ-ঞomv_br-rb|-ѴŐ-];Ѷƒő

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 49 &!"$!$ +

DIGITISATION $_;uor1omঞm;v|olo;=ou-u7-v-Ѵ;-7;ubm7b]bঞv-ঞom-m71omm;1ঞb|ķѴ;;u-]bm]omou0;v|ŊbmŊ1Ѵ-vvvv|;lv-m77m-lb1|;-l |o;@;1ঞ;Ѵl-m-];ouomѴbm;rѴ-oulvķ7ub;|-u];|;77b]b|-Ѵl-uh;ঞm]-m7;m_-m1;u;vou1;;L1b;m1ĺ$_;mru;1;7;m|;7r-1;o= 1_-m];bm|;1_moѴo]-m71omm;1ঞb|_-;-@ou7;7bm7v|uor;u-|ouvml;uovorrou|mbঞ;vbm|u-mv=oulbm]|_;1v|ol;u;r;ub;m1;-v ;ѴѴ-v-m-Ѵvbm]-m7ouhbm]b|_bm=oul-ঞomĺ)b|_|_;7-Ѵblr-1|vo=|_;rubѴ|;uuou--1hvbm|_;Cuv|r-u|o=|_;;-u-m7( ŊƐƖ |o-u7v|_;Ѵ-;ur-u|o=|_;;-uķ|_;v|u-|;]bv|obm1u;-v;bvb0bѴb|-m7_b]_Ѵb]_||_;0u-m7|_uo]__b1_;-u;-0Ѵ;|ov;1u;0vbm;vvķ -ѴѴobm]-0om1;0-1h=-v|;u|_-m;r;1|;7ĺ

E-Business uor;u|-m-];l;m|"v|;l !;Ѵ-m1_;7|_;;0vb|;v=ou;ub|-m1;ķ7--u-m-m7b|h;m"r;m1; &r]u-7;7|_;uor;u|-m-];l;m|"v|;l-m7blrѴ;l;m|;7- o|;Ѵv-v;ѴѴ-vѴ -Ѵ-f-m7$u--_;mm-b =ѴѴŊY;7];77bv-v|;uu;1o;u=-1bѴb||o;mvu;orঞll--bѴ-0bѴb|

Target Target r-m7bvb0bѴb|_bѴ;bm1u;-vbm]omѴbm;1om;uvbomv m1u;-v;7;L1b;m1-m7-11u-1o=];v|bm=oul-ঞom

0bѴb||o1;m|u-Ѵbv;-m7l-m-];u;v;u-ঞomvb|_-ѴѴruor;uঞ;v=ou _b]_;u;L1-1-m7-11u-1 Ŋ-uh;ঞm]$ooѴv m|;urubv;!;vou1;Ѵ-mmbm]"o[-u; C_-mm;Ѵ-m-];uĹ!;-ѴŊঞl;u-|;r7-|;-1uovv-ѴѴrѴ-oulv lrѴ;l;m|-ঞomo=u-1Ѵ;rrѴb1-ঞomvѴo7Őu-1Ѵ; vbomő =-1bѴb|-ঞm]blruo;77-|-1-r|ubm]-m7lou;;@;1ঞ;7;1bvbom !;b;-m-];l;m|"v|;lĹuo-1ঞ;lomb|oubm]o=];v|u;b;v l-hbm]ĺ ub1;-ub|_;1h;uĹ$ob7;mঞ=rub1;7bvr-ubঞ;v

Target Target m7Ŋ|oŊ;m7-|omolovruo1;vv;v-m7=ѴѴbm|;]u-|;7vv|;lv m-lb1-m71olr;ঞঞ;rub1bm] -ѴѴobm]r;orѴ;|o=o1vom-Ѵ;-77bঞom

m_-m1;0u-m7Ѵo-Ѵ| !o0v|r;u=oul-m1;l-m-];l;m|-m7ņ7-v_0o-u77ub;m l-m-];l;m|

-r;uѴ;vv1Ѵ|u; );_-;-Ѵvobm;v|;7bmbm|;]u-ঞm]|;1_moѴo]|_uo]_o||_;1v|ol;ufoum;ĺ

u;Ŋ"|- "|- ov|Ŋ"|-

50 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 $ $$"&"$$+ $oubvl_-v0;;mb7;mঞC;7-v-v;1|ou|_-|1oѴ7l-h;-1omvb7;u-0Ѵ;blr-1||o-u7v-77u;vvbm]]Ѵo0-Ѵ;1omolb1ķvo1b-Ѵ-m7;mbuoml;m|-Ѵ vv|-bm-0bѴb|bvv;v_bѴ;1om|ub0ঞm]|o-u7v|_;-1_b;;l;m|o=|_;&Ľv"v|-bm-0Ѵ; ;;Ѵorl;m|o-Ѵvĺ$_;b|h;m"r;m1;o|;Ѵv uorbv-"ub-mh-mrbom;;ubmvv|-bm-0Ѵ;|oubvl-m7-7or|v-_oѴbvঞ1-rruo-1_|o-u7vvv|-bm-0bѴb|bmѴbm;b|_|_;m|;]u-|;7 "v|-bm-0bѴb| u-l;ouho=|_;r-u;m|;mঞ|ĺ

Business Ethics om71|-ѴѴ0vbm;vvbm-m;|_b1-Ѵl-mm;uķruoloঞm]|_;-7_;u;m1;|o|_;&)$Ѵo0-Ѵo7;o= |_b1v=ou$oubvl-m7;m1ou-];-m7 vrrou|our-u|m;uv|o1om71|0vbm;vv;|_b1-ѴѴ

Environmental Management &v;;mbuoml;m|-Ѵl-m-];l;m|vv|;lvbm-ѴѴou]-mbv-ঞom-Ѵor;u-ঞomv-m7-1ঞbঞ;v-m71ollb||oru;;m|roѴѴঞom

Human Resources -um;vv-v|uom]-m71olr;ঞঞ;lѴঞŊvhbѴѴ;7|;-lo=;lrѴo;;v

&m7;uѴbm]oѴb1 u-l;ouh

Ŏ uob7;bm=oul-ঞom-m7u;vou1;vu;tbu;7|o;@;1ঞ;Ѵ 11;vv=ѴѴm|;]u-|;7"v|-bm-0bѴb|oѴ b1 blrѴ;l;m||_;;m;u]l-m-];l;m|rѴ-m

Ŏ -0ou-m7_l-mub]_|vbm1Ѵ7bm];lrѴo;;;Ѵ=-u;-m71_bѴ7 ruo|;1ঞom

Ŏ ollmb|bm|;]u-ঞom

Ŏ "rrѴ1_-bm-m7];v|v

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 51 &!"$!$ +

Governance Structure ;7b1-|;7"v|-bm-0bѴb|;-7v_-;0;;m-rrobm|;7-|;-1_0vbm;vvv;1|oub|_bmb|h;m"r;m1;_ou;rou||o|_; bu;1|ouŊ "v|-bm-0bѴb|ķ-l;l0;uo=|_;r-u;m|;mঞ|Ľvo-u7o= bu;1|ouv|_uo]_|_;-m-]bm] bu;1|ouĺ|b|h;m"r;m1;o|;Ѵvķvv|-bm-0bѴb| 1_-lrbomv-m71ollb;;v_-;0;;m-rrobm|;7-|;-1_ruor;u||o7ub;vo1b-Ѵ-m7;mbuoml;m|-Ѵruof;1|v-Ѵb]m;7|o|_;uorĽvo;u-ѴѴ vv|-bm-0bѴb|-];m7-ĺ$_;v;1_-lrbomvu;rou||o|_;";1|ou;-7o="v|-bm-0bѴb|om-t-u|;uѴ0-vbv_bѴ;vv|-bm-0bѴb|r;u=oul-m1; _-v0;;mbm1Ѵ7;7-v-bm|_;r;u=oul-m1;l-m-];l;m|=u-l;ouho=-ѴѴruor;uঞ;vĺ";;u-Ѵ;ub|-m1;ruor;uঞ;v-Ѵvo1olrbѴ;7;|-bѴ;7 vv|-bm-0bѴb|u;rou|vbm1olrѴb-m1;b|_|_;u;rouঞm]u;tbu;l;m|vo=|_;-ঞom-Ѵu;;m!;rouঞm]"v|;l-m7$u-;Ѵb=;oѴ71;uঞC1-ঞomĺ $_;v;u;rou|v1-m0;-11;vv;7omѴbm;b- !o7;ĺ

mbuoml;m|-Ѵ "v|-bm-0bѴb| l-m!b]_|v ;-Ѵ|_-m7"-=;| uor;u|;;Ѵ -m-];l;m| _-lrbom _-lrbom !;ru;v;m|-ঞ; !;ru;v;m|-ঞ;

52 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 SUSTAINABLE TOURISM DASHBOARD

ƑƏƔŊƒ ƑƏѵŊƐ ƓƐƖŊƐ

!;vou1; ==b1b;m1

1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Energy Water Consumption (GJ) Consumption (Litres)

2018/19 2019/20

Total Value Added lrѴo;;v Economic Impact !vĺѶĺƔm ƒķƑƒƔ Protected Areas

!;rঞѴ;v-m7lr_b0b-mvĹ 19 Species -m-];l;m|ĹƐƏѷ Mammals:17 Species u1_-v;v=uol 62% ;1ঞ;vĹƑƔѷ ollmb| ;uYb;v-m7 u-]omYb;vĹ64 Species omŊ ;1ঞ;vĹƕѷ

ƳƐķƒƏƏ bo7b;uvb| Emission $u;;vѴ-m|;7 Carbon Footprint Coral ƳƐķƒƏƏ !;];m;u-ঞom Reef Trees Planted in Maldives: uo|;1ঞom 42,000 46 ѵƏvtl2 area 36,000 44 lrѴo;;(-Ѵ;u;-|bom 30,000 42

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 53 ! ! +""

Sri Lanka

r;u-ঞm] mbuoml;m| Strategic Focus

ŊƓѷvv;|v ƖƏĺѵѷ;v| "-ঞv=-1ঞom ŊƕƏѷ !vĺƐm uoC|=uol -l;m|v|o ƓѶѷ11r-m1 r;u-ঞomv lrѴo;;v 3$-!£{'£!ধ329,-6 Financial Capital Human Capital Capital

Manufactured Capital Intellectual Capital Natural Capital

!vĺƒƏƕm ƑƐ;uঞC1-ঞomv ŊƖѷ-u0om Capital Expenditure Footprint

54 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Performance - Sri Lanka uor;u| !oolv )- ou-u7 Rs.Mn Rs.Mn >2'&836'8ধ'9 b;m|_;Yb7b|o=|_;1uu;m|1om7bঞomvķ |_;1Ѵv|;uĽvbll;7b-|;ruboub|bv|ol-m-]; 7,000 1,000 ;ub|-m1;-m7-Ѵ-l- ƐƔƑ Ѵbtb7b|Ѵ;;Ѵv-m71u|-bѴ=u|_;uѴovv;v ;ub|-m1;_m]-ѴѴ- ƐƔƑ 6,000 800 |_uo]_-v;ub;vo=1omvoѴb7-ঞoml;-vu;vĸ ;ub|-m1;$;- -1|ou ƔƓ 5,000 600 _bѴ;ruboubঞvbm];vv;mঞ-Ѵ;r;m7b|u; ;ub|-m1;u;7- ѵƓ -m77;=;uubm]ommomŊ;vv;mঞ-Ѵvr;m7bm]ĺ 4,000 400 ;ub|-m1;;]ol0o ƐƓƒ v"ub-mh-_-v0;;m-0Ѵ;|o1om|-bm|_; 3,000 200 $u---Ѵ|-u- ƐƖƖ 1ollm-Ѵvru;-7o=|_;buvķ|_;7ol;vঞ1 l-uh;|bv;r;1|;7|orov|u;1o;u-v 2,000 0 o|;Ѵ!&"ub-mh- ƔƏƐ u;v|ub1ঞomv-u;;-v;7ĺ -uѴ;|;m1ou-]bm] l;|_v|!;vou|-vvbh7-_ ƒѶ 1,000 -200 vb]mvo=u;1o;u-u;-Ѵvo0;bm]v;;mbm 0 -400 !2!+'&836'8ধ'9 o|_;uvou1;l-uh;|vķ-v1om|ub;v]u-7-ѴѴ 2018 2019 2020 -uѴĽv!;];m1 ƐƒƓ v|-u|;-vbm]u;v|ub1ঞomv-m7or;mbm]0ou7;uv Revenue 3UH7D[3URĆW -uѴĽv!;];m| ƖƓ b|_-7;t-|;v-=;|l;-vu;vĺb;m|_; -m7-u-;Ѵ-o|;Ѵ ƒƒ uorĽvv|uom]0u-m7m-l;-m7mbt; ruor;uঞ;vķb|bv-r|Ѵrovbঞom;7|o0;m;C| "|u-|;]-m7;u=oul-m1; b;m|_;ru;-Ѵ;m|1om7bঞomvķ|_;1Ѵv|;u =uolv1_-u;1o;uĺ $_;uorĽv"ub-mh-mor;u-ঞomv vo]_||oruo-1ঞ;Ѵl-m-];1ov|v_bѴ; ;r;ub;m1;7-;-uo=mru;1;7;m|;7 7ubbm]bm1u;-v;7ruo1;vv;L1b;m1b;vĺ 1_-ѴѴ;m];vbmƑƏƐƖņƑƏķblr-1|;7Cuv| $_;or;u-ঞomvo=$u---Ѵ|-u-;u; 0|_;|;uuou--1hvbmrubѴƑƏƐƖ-m7 1omvoѴb7-|;7ķb|_|_;-blo=ruob7bm]- v0v;t;m|Ѵ0|_;o|0u;-ho=( ŊƐƖ =ouŊv|-uķ-ѴѴŊbm1Ѵvb;o@;ubm]ĺ;-m_bѴ;ķ 7ubm]|_;Ѵ-v|t-u|;uo=|_;Cm-m1b-Ѵ 7;vrb|;|_;1_-ѴѴ;m]bm]1om7bঞomvķ; ;-uĺ!;;m;7;1Ѵbm;70Ƒƕѷ|o!vĺƓĺѶ ;mvu;7fo0v;1ub|o=-ѴѴou;lrѴo;;vķ m7ubm]|_;;-uķ-v-;u-];o11r-m1 ;;mruob7bm]-]-u-m|;;7v;ub1;1_-u]; Ѵ;;Ѵv=;ѴѴ|oƓѶѷķ=uolѵƓѷ|_;ru;bov rov|rubѴ|;uuou--1hv_b1_-vr-u|Ѵ ;-uĺm|_;-[;ul-|_o=|_;rubѴ|;uuou =m7;70|_;uorĺ$u-bmbm];@ou|v;u; --1hvķ;bm1u;-v;7=o1vom|_;7ol;vঞ1 7bu;1|;7|o-u7v;lrѴo;;loঞ-ঞom l-uh;|ķv|u;m]|_;m;7u;Ѵ-ঞomv_brvb|_ _bѴ;mu|ubm]-lѴঞŊvhbѴѴ;7|;-lb|_ 1_-mm;Ѵr-u|m;uv-m7vo]_|]uo|_bm ;lrѴo;;v]b;m|_;orrou|mb|=ou1uovvŊ momŊ|u-7bঞom-Ѵl-uh;|v_b1_;m-0Ѵ;7|_; ruor;u|-m7u;]bom-Ѵ;rovu;ĺ 1Ѵv|;u|o7;lomv|u-|;-Ѵ;;Ѵo=u;vbѴb;m1;ķ o|r;u=oulbm]|_;bm7v|ubm|;ulvo= o11r-m1b;v-m7u;;m;]uo|_ĺ$_-|v-b7ķ uo-1ঞ;v|;rv;u;-Ѵvo|-h;m|o;mvu; u;Ѵ-ঞ;ѴѴob;Ѵ7v_-7-m-7;uv;blr-1| |_;_;-Ѵ|_-m7v-=;|o=ou];v|v7ubm] omruoC|-0bѴb|_b1_-v=u|_;uru;vvu;7 |_;r-m7;lb1ĸ|_;v;l;-vu;vbm1Ѵ7; bm|_;Ѵ-v|=;lom|_vo=|_;Cm-m1b-Ѵ;-u 7;;Ѵorl;m|o=-m;l;u];m1rѴ-mķ7-bѴ ]b;m|_;0ou7;u1Ѵovu;v-m7v|ubm];m| lomb|oubm]o=];v||;lr;u-|u;ķbm1u;-vbm] vo1b-Ѵ7bv|-m1bm]l;-vu;vblrѴ;l;m|;70 --bѴ-0bѴb|o=_-m7v-mbঞv;uvbm-ѴѴr0Ѵb1 |_;o;uml;m|ĺ!;vѴ|-m|Ѵķ|_;1Ѵv|;u rѴ-1;vķruob7bm]-ѴѴ;lrѴo;;vb|_ ];m;u-|;7-ru;Ŋ|-Ѵovvo=!vĺƒƓѵĺƒmbm =-1;l-vhv-m7_-m7]Ѵo;vķ;lrѴo;; ƑƏƐƖņƑƏ1olr-u;7|oruoC|vo=!vĺѵƑƒĺѵ --u;m;vvv;vvbomv-m7l-bm|-bmbm]1Ѵov; mu;1ou7;7bm|_;ru;bov;-uĺ ;m]-];l;m|b|_Ѵo1-Ѵ_ovrb|-Ѵv-m7r0Ѵb1 _;-Ѵ|_-|_oubঞ;vĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 55 ! ! +""

South Asia and Middle East

r;u-ঞm] mbuoml;m| Strategic Focus

ƳƑƔѷvv;|v ƖƑĺƒѷ;v| "-ঞv=-1ঞom ŊƑƔѷ !vĺƑĺѶm uoC|=uol -l;m|v|o ѵƒѷ11r-m1 r;u-ঞomv lrѴo;;v 3$-!£{'£!ধ329,-6 Financial Capital Human Capital Capital

Manufactured Capital Intellectual Capital Natural Capital

Rs. 2.9 Bn Ɛƒ;uঞC1-ঞomv ƳƖѷ-u0om Capital Expenditure Footprint

56 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Performance - South Asia and Middle East uor;u| !oolv Rs.Mn Rs.Mn >2'&836'8ধ'9 15,000 1,600 7--u-mѴ0!-mm-Ѵ_b ƐƑƑ 7--u-m";Ѵ;1|7_u-m v_b ƐƔƕ 12,000 1,200 7--u-m";Ѵ;1|;;7_rr-u ƑƐƐ 7--u-mu;vঞ];(-7oo ƔƏ 9,000 800 7--u-mu;vঞ];)-|;u(bѴѴ-v ƑƏ 6,000 400 7--u-mu;vঞ];1;-m(bѴѴ-v ƓƏ ;ub|-m1;-u-_ ƐƔƏ 3,000 0 Ѵ -Ѵ-fo|;Ѵ ƐƔƏ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 57 CAPITAL MANAGEMENT Financial Capital

$($+ $$! ҃ "

58 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƏƑŊƒѶ ƐƏƑŊƒƖ

Financial Performance

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 59 CAPITAL MANAGEMENT Financial Capital

Rs.Mn

3,500

3,000

2,500

2,000

1,500

1,000

500

0 2016 2017 2018 2019 2020

Sri Lankan Sector South Asian Sector

uoC|[;u$- ! Őѷő

bm-m1b-Ѵovbঞom-m7"|-0bѴb|

!vĺm ƒƐv|-u1_ ƒƐv|-u1_ ѷ rѴ-m-|ouo|;v ƑƏƑƏ ƑƏƐƖ _-m]; uor;u|ķѴ-m|-m7 tbrl;m|ķ!b]_|Ŋo=Ŋ ѵƒķƕƑƕ ƔƓķƏƔƕ ƐѶ ;|o|_;u;1o]mbঞomo=!&-vv;|v-v &v;vv;|vķ;-v;_oѴ7uor;uঞ;vşu;r-b7 r;u" !"Ɛѵ-m7|_;-77bঞomo=;ub|-m1; r;u-ঞm];-v;v -u-_bm-Ѵ7b;v |_;uomuu;m|vv;|v ƑķƔƔƐ Ƒķѵѵƒ ŊƓ m;m|ou ƖƒƓ ƔƔƒ ѵƖ -bmѴ7;|o1oll;m1;l;m|o= 1oll;u1b-Ѵor;u-ঞomvo=;ub|-m1;-u-_ -v_-m7-v_ tb-Ѵ;m|vş|_;u ƑķѵƏƑ ƒķƑƏѵ ŊƐƖ ;|oঞѴbv-ঞomo==m7v=ouruo71| bm-m1b-Ѵvv;|v ;m_-m1;l;m|Őu;=u0bv_l;m|vņu;mo-ঞomvő |_;uuu;m|vv;|vŐm1Ѵ7bm]$u-7;-m7 ƓķƔƒѵ ƓķƓƑƒ ƒ |_;u!;1;b-0Ѵ;vşvv;|v1Ѵ-vvbC;7-v ;Ѵ7=ou"-Ѵ;ő $o|-Ѵvv;|v ƕƓķƒƔƏ ѵƓķƖƏƑ ƐƔ "_-u;_oѴ7;uvĽ tb| ƑƏķƔѵƒ ƑƐķƒƒƖ ŊƓ ;|oѴovv;vbm1uu;7bmѴo1-Ѵ-m7o;uv;-v v;]l;m|vŐu;-vomvl;mঞom;7bm|_;!;rou|ő omŊom|uoѴѴbm]m|;u;v|v ѶķƔѶѶ ƖķƑƔƕ Ŋƕ om]$;ul ;0| ƑƕķѵƓѶ ƑƔķƓѶƏ Ɩ -bmѴ7;|obm1u;-v;bmѴom]|;ul7;0||o =m7o;uv;-vruof;1|v "_ou|$;ul ;0| ƑķƓƖƒ ƑķƐƏƖ ƐѶ mѴbm;b|_v_ou||;ulor;u-ঞom-Ѵ u;tbu;l;m|v-m77;|obm|;u;v|1-rb|-Ѵbv;7 7ubm]Ѵo-mlou-|oublr;ubo7 |_;uomuu;m|b-0bѴbঞ;v ƖķѶƐƏ ƑķƓѵƑ ƑƖѶ m1u;-v;l-bmѴ7;|o|_;u;1o]bঞomo= Ѵ;-v;Ѵb-0bѴbঞ;vm7;u" !"Ɛѵ |_;uuu;m|b-0bѴbঞ;vŐm1Ѵ7bm]$u-7; ƔķƑƓѶ ƓķƑƔƔ Ƒƒ -bmѴ7;|obm1u;-v;bmo|_;ur--0Ѵ;v -m7|_;u--0Ѵ;vő $o|-Ѵb-0bѴbঞ;v ƕƓķƒƔƏ ѵƓķƖƏƑ ƐƔ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 61 CAPITAL MANAGEMENT Financial Capital

4 5 2018 26 2019

2020 64

75 65 5545352515 50 5 15 25 35 45 55 65 75 Rs.Bn

Assets tb|şb-0bѴbঞ;v LKR EUR USD OMR PPE, Right-of-use assets, tb|ub0|-0Ѵ;|o ;-v;_oѴ7ruor;uঞ;vş tb|oѴ7;uvo=|_;olr-m u;r-b7or;u-ঞm]Ѵ;-v;v Other Non Current Assets Non-Controlling Interests -v_Yo m;m|oub;vķ!;1;b-0Ѵ;vş;Ѵ7=ou"-Ѵ; omŊuu;m|b-0bѴbঞ;v $_;uorĽvm;|1-v_Yo=uolor;u-ঞomv -v_-m71-v_;tb-Ѵ;m|vş uu;m|b-0bѴbঞ;v bm1u;-v;70Ɛѵѷ|o!vĺƒĺƒmu;Y;1ঞm] o|_;uCm-m1b-Ѵ-vv;|v |_;;@;1ঞ;l-m-];l;m|o=ouhbm] 1-rb|-Ѵ]b;m|_;u;Ѵ-ঞ;ѴѴo;uor;u-ঞom-Ѵ -1ঞbঞ;v7ubm]|_;;-uĺ;-m_bѴ;m;| Capital Expenditure & Investments |_;Ѵom]Ŋ|;ulķb|_momŊ1uu;m|bm|;u;v|Ŋ 1-v_oѴo=uolbm;vঞm]-1ঞbঞ;v 0;-ubm]0ouuobm]v-11omঞm]=ouѶƒѷo= Rs.Mn -lom|;7|o!vĺƒĺƑm1olrubvbm]rubl-ubѴ |o|-Ѵ7;0|Őbm1Ѵ7bm]v_ou||;ul0ouuobm]vőĺ o=|_;1ov|v-vvo1b-|;7b|_|_;-77bঞomv 10,000 ;-uѴƖƔѷo=0ouuobm]v1olrubv;=ou;b]m |o;ub|-m1;-u-_-m7|_;u;=u0bv_l;m|ņ 1uu;m17;molbm-|;77;0|ķ-v|u-|;] 8,000 u;mo-ঞomo=7--u-m";Ѵ;1|;;7_rr-u _b1__-v;m-0Ѵ;7|_;uor|o;@;1ঞ;Ѵ Ŋ-Ѵ7b;v-m7Ѵ -Ѵ-fo|;ѴŊl-mĺ l-m-];b|v0ouuobm]1ov|_bѴ;_;7]bm] 6,000 -v_Yo=uolCm-m1bm]-1ঞbঞ;v-lom|;7 =ou;b]m1uu;m17;molbm-|;7u;;m; |o-moѴoo=!vĺƐĺƓml-bmѴ7;|o v|u;-lv-]-bmv|Ѵb-0bѴbঞ;vĺ 4,000 u;r-l;m|o=bm|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;v -m7r-l;m|o=7bb7;m7v7ubm]|_;;-uĺ 2,000 Gearing !;vѴ|-m|Ѵķ|_;uoru;1ou7;7-m;| Rs.Mn D/(D+E) 7;1u;-v;bm1-v_-m71-v_;tb-Ѵ;m|vo=!vĺ 0 Ɛĺƒmĺ 2016 2017 2018 2019 2020 80,000 56 70,000 49

Gearing and Capital Structure 60,000 42

$_;uorĽv|o|-Ѵ;tb|-lom|;7|o 50,000 35 !vĺƑƖĺƑm-v-|;m7-u1_ƑƏƑƏŐ;m7 40,000 28 -u1_ƑƏƐƖĹ!vĺƒƏĺѵmőu;ru;v;mঞm]ƒƖѷ 30,000 21 o=omvoѴb7-|;7vv;|vĺ;-m_bѴ;ķ|o|-Ѵ Ѵb-0bѴbঞ;vbm1u;-v;70ƒƑѷ|o!vĺƓƔĺƑm 20,000 14 7ubm]|_;;-u7;|o-Ɩѷbm1u;-v;bm 10,000 7 0ouuobm]v-m7|_;u;1o]mbঞomo=-Ѵ;-v; 0 0 Ѵb-0bѴb|bmѴbm;b|_|_;-7orঞomo=" !" 2016 2017 2018 2019 2020 Ɛѵĺ$_;uorĽv7;0|ruoCѴ;bvঞѴ|;7|o-u7v Debt Equity D/(D+E)

62 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƑƏƐŊƐ

Economic Value Added $_; 1omolb1(-Ѵ;77;7bv-l;-vu;o=|_;|o|-Ѵ;1omolb1-Ѵ;1u;-|;7o;u-m7-0o;|_;-;u-];1ov|o==m7bm]o=|_;olr-m Ő);b]_|;7;u-];ov|o=-rb|-ѴŊ)őĺ|bv|_;uoC|];m;u-|;7bm;1;vvo=|_;u-|;o=u;|umu;tbu;70|_;bm;v|ouvĺ$_;olr-mĽv )bv-=m1ঞomo=|_;uorĽv-;u-];1ov|o=0ouuobm]ķu;tbu;7u-|;o=u;|umom;tb|-m7|_;1ov|o=ru;=;u;m1;v_-u;1-rb|-Ѵĺ$_; ;1omolb1-Ѵ;-77;70|_;uor=ou|_;r-v|C;;-uvbv|-0Ѵ-|;70;ѴoĺmƑƏƐƖņƑƏķm;]-ঞ; (b7;m;77;|oѴ;-v;Ѵb-0bѴbঞ;v0;bm] u;1o]mbv;7om!&-vv;|vŐ (;1Ѵ7bm]Ѵ;-v;Ѵb-0bѴbঞ;v-lom|v|o!vĺƕƕƔmőĺ

1omolb1(-Ѵ;77;7Ő (ő !vĺļƏƏƏ ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ƑƏƐƕņƐѶ ƑƏƐѵņƐƕ ƑƏƐƔņƐѵ 83);(38;,' '!8 ŐѶƖƔķƕƑƓő ƐķƐƖƕķƐѵƓ ƐķƔѶƒķƒƖƔ ƐķƏƐƒķƕƒƖ ƑķƏѶƕķƕѵƑ 77Ĺ ;ru;1b-ঞom-m7louঞv-ঞom ƑķѶƓѵķѶƕƖ ƐķѶƕƒķƕƑƓ ƐķѶƐƔķƑƔƓ ƐķƔѶƒķƑƒƕ ƐķƏƔƔķƏѵƓ omŊ-v_şomŊr;u-ঞom-Ѵ7fv|l;m|v ƓƓѶķƖƐƑ ƑƔѵķѶƏƓ ŐѵƒķƏѶƒő ƒƓƏķƒƐƏ ƐƒƔķƕƕѵ $o|-Ѵm|;u;v|ov| ƐķѶѵƐķƒƔƒ ƖƒƓķƔƏƑ ƖƓƖķƐƐƕ ƕƓƔķƏƐƒ ƒƓƕķƒƐƓ &/<9;'&83);đ'8!? ƓķƑѵƐķƓƑƏ ƓķƑѵƑķƐƖƓ ƓķƑѶƓķѵѶƑ ƒķѵѶƑķƑƖƖ ƒķѵƑƔķƖƐѵ

Total Investment Capital $o|-Ѵ tb| ƑƖķƐƔƏķƓƒƏ ƒƏķƔƖƔķƓƒƔ ƑƕķѶƖƓķƏƏƒ ƑƕķƓƒƑķѵѶѶ ƑƒķѶƒƓķƖƏƒ 77Ĺ $o|-Ѵom]Ŋ$;ul ;0||o-mhv ƑƓķѶƖƏķѶƑƏ ƑƒķƓƏƔķƑƖƑ ƐѶķƐƔƓķƏƔƐ ƐƓķƓƔƏķƕƏƕ ѶķƐѶѵķƓƕƕ $o|-Ѵ"_ou|Ŋ$;ul ;0||o-mhv ƔķƑƔƏķƒѵƒ ƓķƐѶƓķƏƏѵ ѵķƐƓƑķѵƏƔ ƔķƏƔƕķƓѶƐ ƑķѵѵƒķƐƖѵ ;-v;b-0bѴb| ƖķƐƒƒķƒѶѵ ---- lѴ-ঞ; ;ru;1b-ঞom ƐѵķƖƐѶķƖƔƐ ƐƓķƐƓƕķƐƏƔ ƐƐķƓѵƔķƔѶѵ ƖķƕƑƖķƓƐƐ ѶķƏƒƐķƕƖƐ Adjusted Investment Capital ѶƔķƒƓƒķƖƔƏ ƕƑķƒƒƐķѶƒѶ ѵƒķѵƔѵķƑƓƓ ƔѵķѵƕƏķƑѶƕ ƓƑķƕƐѵķƒѵƕ

Economic Value Added );b]_|;7;u-];ov|o=-rb|-ѴŐ)ő ѵĺѵѷ ƔĺƖѷ ѵĺƕƒѷ ѵĺƔƏѷ ѶĺƏƐѷ ov|o=;u-];m;v|l;m| ƔķѵƓƏķƕƑƏ ƓķƑѵƏķƔƐƐ ƓķƑѶƑķƔƐѵ ƒķѵѶƏķƖƑѵ ƒķƓƑƒķƑƏƖ 1omolb1(-Ѵ;77;7 ŐƐķƒƕƖķƒƏƏő ƐķѵѶƑ ƑķƐѵѵ Ɛķƒƕƒ ƑƏƑķƕƏƕ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 63 CAPITAL MANAGEMENT Manufactured Capital ƑƏƒŊƐ

$($+ $$! ҃ "

m;v|l;m|vbmu;mo-ঞom-m7r]u-7; o=7--u-m";Ѵ;1|;;7_rr-uķѴ -Ѵ-f o|;Ѵ-m71omv|u1ঞm];ub|-m1;-u-_ _-;blr-1|;7v_ou|Ŋ|;ulruoC|-0bѴb| $_;uorĽvrouoѴboo=b1omb1ruor;uঞ;vbv-h;-vr;1|o= 7;|obm1u;-v;70ouuobm]1ov|v b|v1v|ol;u-Ѵ;ruorovbঞom-m71olr;ঞঞ;;7];-m7 _-vrѴ-;7-b|-ѴuoѴ;bm;m_-m1bm]b|v0u-m7-Ѵ;ĺm]obm] bm;v|l;m|v-u;l-7;bm;m_-m1bm]0o|_|_;uorĽvr_vb1-Ѵ -m77b]b|-Ѵbm=u-v|u1|u;|o;@;1ঞ;Ѵ1-r|u;;l;u]bm] orrou|mbঞ;vbm|_;_ovrb|-Ѵb|v;1|ouĺ m;v|l;m|vbmv|u;m]|_;mbm]7b]b|-Ѵ bm=u-v|u1|u;-b7vbmmu|ubm]-mbt; 0-v;o=ou]-mbv-ঞom-Ѵ1-rb|-Ѵ Manufactured Capital Rs. 74.3 Bn 2,343 497 o=$o|-Ѵvv;|v om;7uoolvbmƐƕ l-m-];7uoolvbmѵ ruor;uঞ;v ruor;uঞ;v

uuor;u|ouoѴbo

Oman India 4 Ɛ uor;uঞ;v uor;uঞ;v ƒѶѵ ƐƓƏ !oolv !oolv !vĺѵĺѵm !vĺƒĺƖm -m=-1|u;7-rb|-Ѵ• -m=-1|u;7-rb|-Ѵ•

Maldives Sri Lanka ƕ ƐƐ uor;uঞ;v uor;uঞ;v ƕƔƏ ƐķƔѵƓ !oolv !oolv !vĺƑƏĺƐm !vĺƐƓĺƒm -m=-1|u;7-rb|-Ѵ• -m=-1|u;7-rb|-Ѵ•

Ō;|0ooh-Ѳ;o=Ѳ-m7-m70bѲ7bm]-v-|ƐƎv|-u1_ƏƍƏƍ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 65 CAPITAL MANAGEMENT Manufactured Capital

Heritance Ahungalla Heritance Kandalama

;ub|-m1;u;7- ;ub|-m1;$;- -1|ou

u;v;mঞm]|uѴ-|_;mঞ1-m7ঞl;Ŋ|;v|;7-u;7b1 |_;l;u;vou|=ou|_;|;-Ŋ-C1bom-7ov-m7|_ov;b|_ ru-1ঞ1;vbmrѴv_1ol=ou|-m7v;u;m;;mbuoml;m|0 -r;m1_-m|=ou|_;mbt;ķ;ub|-m1;$;- -1|oubv |_;0;-1_ķ;ub|-m1;u;7-bv-;ѴѴm;vv_-;m=ou -|;-7;vঞm-ঞom1om;u|;7=uol-ƐƖ|;-=-1|ouķ |_ov;v;;hbm]0-Ѵ-m1;bm0o7ķlbm7-m7voѴĺ Ѵo1-|;7Ƒhl-0o;v;-Ѵ;;Ѵķl-uhbm]|_;_b]_;v| -11ollo7-ঞom-m77bmbm]bm"ub-mh-ĺ

66 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Heritance Negombo $u---Ѵ|-u-

ol0bmbm]1Ѵ|u;-m7Ѵuķu0-mb|b|_oub]bm-Ѵb| b0u-m|vr-1;=ou=m-m7=uoѴb1hbm]ķ$u-- ;ub|-m1;;]ol0o1-|;uv|o|_;lo7;umŊ7- -Ѵ|-u-bv-0;-1_Ŋ=uom|_o|;Ѵvr-mmbm]vbŊ |u-;ѴѴ;uķru;v;mঞm]-_-vvѴ;Ŋ=u;;_oѴb7--m7;;m| -1u;vķ]bbm]-11;vv|o-rѴ;|_ou-o=7bmbm]ķ ;r;ub;m1;ķfv|lbm|;v=uol|_;m|;um-ঞom-Ѵburou| ;m|;u|-bml;m|-m7|_;|u;1_-ulo=|_; -m70|_;);v|;umo-v|ĺ "o|_;umo-v|o="ub-mh-ĺ

Heritance Aarah 7--u-mu;vঞ];(-7oo

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 67 CAPITAL MANAGEMENT Manufactured Capital

Adaaran Select Meedhupparu Adaaran Club Rannalhi

;vb]m;7=ouѴ;bvu;ķ7--u-m";Ѵ;1| vr-1;=ou|_;=u;;Ŋvrbub|;7-m7-7;m|uovķ ;;7_rr-ubv-mbvѴ-m7u;vou| 7--u-mѴ0!-mm-Ѵ_bbv-u;vou||_-| vuuom7;70|uorb1-Ѵ1ou-Ѵu;;= 1ol0bm;vm_uub;7u;vrb|;bm|_;|uorb1v o;uѴoohbm]-|u-mtbѴ0Ѵ;Ѵ-]oomķ b|_-Ѵ7bb-m-1ঞbঞ;v-rѴ;m|-m77-bѴ o@;ubm]lѴঞrѴ;7bmbm]ķ;1uvbom-m7 ;m|;u|-bml;m|=ou|o;Ŋ|-rrbm]=mĺ o|_;u=-1bѴbঞ;v=ou-l;lou-0Ѵ;v|-ĺ

Adaaran Select Hudhuran Fushi 7--u-mu;vঞ];1;-m(bѴѴ-v

"uuom7;70|_ubbm];];|-ঞom-m7 $_;r;u=;1||uorb1-Ѵ;r;ub;m1;bm|_; rubvঞm;-|;uvķ|_;vu=bvѴ-m77--u-m -Ѵ7b;vo@;ubm]0;vroh;v;ub1;v-m7 ";Ѵ;1|7_u-m v_bbv=-lov=oub|v vr;1b-Ѵbv;7;r;ub;m1;vķ7--u-mu;vঞ]; Ѵo_bvvu=0u;-h-m7;-uŊuom7;1uvbomvķ 1;-m(bѴѴ-vbv_ol;|oouѴ7Ŋ1Ѵ-vv1ol=ou| o@;ubm]];v|v-|_ubѴѴbm]-m7m=ou];-0Ѵ; -m7-mmub-ѴѴ;7v|-1-ঞomĺ ;v1-r-7;ĺ

68 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 7--u-mu;vঞ];)-|;u(bѴѴ-v Al Falaj Hotel

$u--_;mm-b Hotel RIU Sri Lanka

b0u-m|1b|_o|;Ѵķ$u--_;mm-b1-|;uv|o Ѵ;bvu;7;vঞm-ঞom0b|v;Ѵ=ķ|_;-ѴѴŊ |_;0vruo=;vvbom-Ѵ-m7_oѴb7-l-h;u-Ѵbh;ķ bm1Ѵvb;u;vou|Ŋo|;Ѵ!&o@;uv-m o@;ubm]-vu=;b|o==-1bѴbঞ;v-m7v;ub1;v|o ;m|;u|-bmbm]v|-=ou=-lbѴb;vķ1ourou-|;v-m7 ;mvu;-1ol=ou|-0Ѵ;-m7;uv-ঞѴ;vr-1;v=ou ]uoroঞm]vķ1ol0bmbm]|_;|u-7bঞom-Ѵvmķ 1ourou-|;vķ=-lbѴb;v-m7=ub;m7vĺ v;--m7v-m7b|_;Ѵ;-|;71ol=ou|ĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 69 CAPITAL MANAGEMENT Manufactured Capital

Desert Nights Camp - Al Wasil l;|_v|!;vou| u;-ঞm]|_;rb1|u;Ŋr;u=;1|_oѴb7-om |_;7m;vķ ;v;u|b]_|v-lr0ubm]v|o Ѵb=;-lvঞ1-Ѵ;r;ub;m1;b|_0;-ঞ=Ѵ ;7obmŊv|Ѵ;|;m|v-m7=-1bѴbঞ;vomr-u b|_bm|;um-ঞom-Ѵv|-m7-u7v|oru;v;m|-m m0;Ѵb;-0Ѵ;v|-ĺ

Sur Plaza Hotel - Sur b1|u;vt;ѴѴo1-|;7bm|_;oѴ7Cv_bm]|om o="u-m71Ѵov;ruoblb||o|_;0vbm;vv 7bv|ub1|ķ"uѴ--o|;Ѵbv|_;r;u=;1| Ѵo1-ঞom|obvb||oubvঞ1-u;-vo=v1-| _bѴv|-;m7bm]|o0vbm;vvouѴ;bvu;ĺ

Earl’s Regent 1;ѴѴbm]bmb|v1Ѵbm-uo@;ubm]ķ -uѴĽv!;];m| o@;uv--ul-m7_ol;Ѵ|u-;Ѵ;r;ub;m1; b|_1Ѵov;ruoblb||o-m7Ľvl-m|oubv| -u-1ঞomvĺ

-m7-u-;Ѵ-o|;Ѵ m-7b;|o|_;1oѴomb-ѴrѴ-m|;uĽv_bv|ouo= |_;_o|;Ѵķ-m7-u-;Ѵ-o|;Ѵoo;v1_-ul -m7;Ѵ;]-m1;o=|_;]oѴ7;m7-vo=;Ѵom b|_|_-|o=ru;v;m|1ol=ou|-m7_;-u;Ѵ| v;ub1;ĺ

70 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ;;Ѵorl;m|"|u-|;] ;-vr;1|vo=|_;uorĽv-vv;|7;;Ѵorl;m|v|u-|;]=ouƑƏƐƖņƑƏbm1Ѵ7;7ķ

Asset Strategy 2019/20

uor;u|&r]u-7;ņ!;=u0bv_l;m| vv;| r-mvbom "v|-bm-0Ѵ; ;vb]m

Room Inventory Capacity Enhancement Product Enhancement Rooms Operational Capex 2,500

2,000 Digital Infrastructure: $_;uorĽv bm;v|l;m|vbm$-lom|;7|o!vĺƒƑѵm 1,500 7ubm]|_;;-u-m7u;ru;v;m|;7r]u-7;v

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 71 CAPITAL MANAGEMENT Human Capital ƐƏƑŊѶ

$($+ $$! ҃ "

!;|-bmbm];lrѴo;;vbm|_;ru;v;m| bm7v|u1om7bঞomvbѴѴbmv;u|v_ou|Ŋ|;ul ru;vvu;omCm-m1b-Ѵu;vou1;v v-_ovrb|-Ѵb|v;1|ouor;u-|ouķ;lrѴo;;v-u;oulov| -Ѵ-0Ѵ;-vv;|-v|_;7;Ѵb;u|_;];v|;r;ub;m1;-m7-u; -l0-vv-7ouvo=ou0u-m7-m71ourou-|;-Ѵ;vĺ);o@;u- mbt;-Ѵ;ruorovbঞom|oou|;-lķbm;vঞm]bm1u;-ঞm] -1om71b;-m77m-lb1ouh;mbuoml;m|bm_b1_ m;v|l;m|vbm;lrѴo;;|u-bmbm]_-v ;lrѴo;;v1-m|_ub;-m7=ѴCѴ|_;bu=ѴѴro|;mঞ-Ѵĺ ;m-0Ѵ;7|_;1u;-ঞomo=-mbt;0-v;o= ou]-mbv-ঞom-Ѵ1-rb|-Ѵb|_bm|_;uor

Human Capital 3,235 10% 74,904 lrѴo;;v ;l-Ѵ;!;ru;v;m|-ঞom $u-bmbm]ouv

Highlights 2019/20 Challenges Way Forward Ŏ ƐƏƏѷu;|;mঞomo=r;ul-m;m|1-7u; Ŏ "v|-bmbm];lrѴo;;loঞ-ঞom-m7 Ŏ ѴѴ;@ou|vbѴѴ0;l-7;|o;mvu; bm|_;-[;ul-|_o=|_;rubѴ|;uuou lou-Ѵ;]b;m|_;ru;-Ѵ;m|bm7v|u fo0v;1ub|o=ou;lrѴo;;v_bѴ; --1hv 1om7bঞomv 0-Ѵ-m1bm]|_;uorĽv1oll;u1b-Ѵ bm|;u;v|v Ŏ !;Ѵ-m1_o=b|h;m"r;m1;mvঞ||;o= Ŏ -Ѵ-m1bm];lrѴo;;u;|;mঞomb|_ o|;Ѵ-m-];l;m|-vļ$&1-7;l |_;uorĽv1oll;u1b-Ѵvv|-bm-0bѴb| Ŏ omঞmovv|-@loঞ-ঞom-Ѵ "ub-mh-Ľruob7bm]_ovrb|-Ѵb| bm|_;1uu;m|1ubvbv |u-bmbm]v-m7-1ঞbঞ;v|orѴb[-m7 |u-bmbm]|om7;urubbѴ;];7o|_ l-bm|-bmv|-@lou-Ѵ;-m7u;vbѴb;m1; Ŏ lrѴo;;lѴঞŊvhbѴѴbm]-m7o@;uv=ou 1uovvŊruor;u|-m7u;]bom-Ѵ;rovu; Ŏ mvubm]_;-Ѵ|_-m7v-=;|o=-ѴѴou ;lrѴo;;v

72 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƏƐŊƐ

Our Team

Employees by Contract and Gender Employees by Contract and Region

No. No.

2,000 2,000

1,500 1,500

1,000 1,000

500 500

0 0 Permanent Temporary Sri Lanka Oman India Maldives

Male Female Permanent Temporary

New Recruits by Age New Recruits by Gender New Recruits by Region % % %

3 1 13 11 26

64 2 8 83 89

<35 Years 46-55 Years Male Female Sri Lanka India 36-45 Years >56 Years Oman Maldives

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 73 CAPITAL MANAGEMENT Human Capital ƐƏƑŊƓƐ ƑƏƑŊƐ ƓƏƑŊƐ ƓƏƓŊƒ ƓƏƕŊƐ

"|u-|;]=ouƑƏƐƖņƑƏ $_;1_-ѴѴ;m]bm]bm7v|u1om7bঞomv7ubm]|_;;-u_-7-1omvb7;u-0Ѵ;blr-1|om;lrѴo;;loঞ-ঞomķl-bmѴ7;|o|_;vb]mbC1-m| u;71ঞombm|_;v;ub1;1_-u];;-um;70;lrѴo;;v-vo11r-m1Ѵ;;Ѵv=;ѴѴv_-urѴĺ]-bmv||_bv0-1h7uorķour;orѴ;v|u-|;]=ou|_;;-u -v7;vb]m;7|ol-bm|-bm;lrѴo;;loঞ-ঞom-m7lou-Ѵ;_bѴ;vrrouঞm]|_;|;-l|_uo]_|_;v;7bL1Ѵ|ঞl;vĺ

Strategy 2019/20

-bm|-bmbm]ş&rѴb[bm] lrѴo;; mvubm] lrѴo;;;-Ѵ|_-m7"-=;| ;-umbm]-m7 ;;Ѵorl;m| oঞ-ঞomķou-Ѵ;ş!;vbѴb;m1;

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74 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƏƒŊƐ ƓƏƒŊƑ

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"-=;|;-vu;v Ŏ m;v|l;m|bmv|-|;Ŋo=Ŋ|_;Ŋ-u|v;1ub|;tbrl;m|v1_-v0-]]-];v1-mm;uvķ_b]_r;u=oul-m1; Adopted at Our -Ѵh|_uo]_lѴঞom;l;|-Ѵ7;|;1|ouvķ_-m7_;Ѵ7l;|-Ѵ7;|;1|ouvķ;_b1Ѵ;1_;1hbm]lbuuouv -m7bm1u;-v;7|u-bmbm]=ouv;1ub|r;uvomm;Ѵ-|-ѴѴ"ub-mh-mruor;uঞ;vĺ uor;uঞ;v Ŏ ѴѴ];v|v-u;u;tbu;7|oCѴѴbm_;-Ѵ|_7;1Ѵ-u-ঞomv-|1_;1hŊbm-m7|_;bu|;lr;u-|u;bv lomb|ou;7om-7-bѴ0-vbvĺ

Ŏ "-=;|ruo|o1oѴv=ou;lrѴo;;vbm1Ѵ7bm]ķ ŐƐő )-v_bm]_-m7v;;u|o_ouvĺ

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Őƒő m1u;-v;71_Ѵoubm;1om|;m|bmrooѴv

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ŐƔő v|-0Ѵbv_bm]"r;1b-Ѵ$-vh ou1;-|;-1__o|;Ѵ|o;m]-];1Ѵov;Ѵb|_|_;Ѵo1-Ѵ-|_oubঞ;v-m7 r0Ѵb1_;-Ѵ|_oL1b-Ѵv

Ŏ ѴѴ;|;um-Ѵr-uঞ;vbm1Ѵ7bm]vrrѴb;uv-u;v1u;;m;7=ou|;lr;u-|u;-m7bmv|u1|;7|o=oѴѴo v|ub1|v-=;|ruo|o1oѴvĺ

m-77bঞom|o|_;-0o;vr;1bC1l;-vu;vķ ;-Ѵ|_-m7"-=;|!;1ou7bmƑƏƐƖņƑƏ |_;uorĽv_;-Ѵ|_-m7v-=;|Őş"ő )ouhrѴ-1;!;Ѵ-|;711b7;m|v-m7m1b7;m|v ƓƖ ru-1ঞ1;v-u;]b7;70|_;u;tbu;l;m|vo= |_;$u-;Ѵb=;1;uঞC1-ঞom_b1_l-m7-|;v l0;uo=11r-ঞom-Ѵ bv;-v;v - |_;v;o=r;uvom-Ѵruo|;1ঞ;;tbrl;m| l0;uo=ov|)ouhbm] -v ;|o)ouh!;Ѵ-|;7mfub;v ƒƑѵ _;u;m;1;vv-uķv-=;||u-bmbm]ķCu;7ubѴѴv l0;uo=ov| -v ;|o0v;m|;;bvl ƓѶƒ -m7-7b|v-lom]o|_;uvĺ -1_ruor;u| -Ѵvo_-v-_;-Ѵ|_-m7v-=;|u;ru;v;m|-ঞ; Learning and Development -m7-v|;;ubm]1ollb;;ķu;ru;v;m|;70 ouh;uŊ;Ѵ;1|;7l;l0;uv_o1om71| $_;uorĽvѴ;-umbm]-m77;;Ѵorl;m|v|u-|;]|ooh-v|u-|;]b1r-u-7b]lv_b[7ubm]|_; ş"bm|;um-Ѵ-7b|v-m71om71||u-bmbm] ;-u|-hbm]bm|o1omvb7;u-ঞom|_;m;1om|;|o=|_;bm7v|u|_-|=oѴѴo;7-r-|_1o;ubm] =ou|_;lbঞ]-ঞom-m7ru;;mঞomo=ş" |_;lov|blrou|-m|m;;7vo=|_;_ouom;mvubm];lrѴo;;loঞ-ঞomķlou-Ѵ-m7u;vbѴb;m1; ubvhvĺѴѴou;lrѴo;;v-u;u;ru;v;m|;7bm _bѴ;mu|ubm]-lѴঞŊvhbѴѴ;7ouh=ou1;ĺ);-ѴvorѴ-1;7;lr_-vbvom;m_-m1bm];lrѴo;;vĽ v1_1ollb;;vĺ ubm]|_;;-uķv;;u-Ѵ v;ub1;Ŋoub;m|;7vhbѴѴvb|_|_;o0f;1ঞ;o=0bѴ7bm]"ub-mh-Ľvļ=ub;m7Ѵb;v|-m7lov| --u;m;vvv;vvbomv;u;1om71|;7 ruo=;vvbom-ѴĽ_o|;Ѵv|-@bmou7;u|ov_-ur;m|_;uorĽv1olr;ঞঞ;;7];ĺ$_;1ou;|u-bmbm] =ou;lrѴo;;vbm1Ѵ7bm]-ouhv_orom ;Ѵ;l;m|v;u;7;|;ulbm;7-[;u-1olru;_;mvb;|u-bmbm]m;;7-m-Ѵvbv-m7|_;ļş $ƔĽ momŊ1ollmb1-0Ѵ;1_uomb17bv;-v;v-m7 -vu;bv;7|ovb||_;m;bm7v|uu;tbu;l;m|vĺ ouhrѴ-1;_;-Ѵ|_ķ|u-bmbm]ombm=;1ঞov 7bv;-v;v-v;ѴѴ-v_-m7Ѵbm]o=m-|u-Ѵ-m7 ş $orƔ l-mŊl-7;7bv-v|;uvĺ L&D Top 1 L&D Top 2 L&D Top 3 L&D Top 4 L&D Top 5 "|-@ "|-@ -m1_o= $u-bmbm] -m1_o= ѴঞvhbѴѴbm] oঞ-ঞom $;1_mb1-Ѵ omঞm-ঞom "ņ$& uub1Ѵl 1-7;l

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 75 CAPITAL MANAGEMENT Human Capital ƓƏƓŊƐ ƓƏƓŊƑ ƓƐƑŊƑ

ş $orƐŊ"|-@ѴঞvhbѴѴbm] m-77bঞom|o|_;v|-m7-u7|u-bmbm]bmbঞ-ঞ;v7ubm]|_;;-uķv;;u-Ѵ--u;m;vvruo]u-ll;v ѴѴ;lrѴo;;vbm-ѴѴ_o|;Ѵv-m7bmh; -m7;lrѴo;;;m]-];l;m|bmbঞ-ঞ;v-u;bmruo]u;vv|o;m1om|;u|_;1_-ѴѴ;m];vb|_|_; or;u-ঞom-Ѵv;1|ouv-u;|u-bm;7ķ1;uঞC;7-m7 vru;-7o=( ŊƐƖr-m7;lb1v1_-v1uovv;rovu;ruo]u-ll;vķѴ-m]-];|u-bmbm]vķ -vvb]m;7ouhbmo|_;u7;r-u|l;m|v-v;ѴѴ ( ŊƐƖ--u;m;vv-m7( ŊƐƖ l;u];m1u;r-u;7m;vvѴ-mķ-lom]o|_;uvĺ |o;mvu;l-bllruo71ঞb|ĺ $u-bmbm]!;1ou7ƑƏƐƖņƑƏ ş $orƑŊ"|-@oঞ-ঞom )ƑĺƏŐ)om7;u=Ѵķmmo-ঞomş Rs. 22.9 Mn Training Record oubv_bm]őruo]u-ll;bm1Ѵ7;v- Hours Rs.Mn loঞ-ঞom-Ѵouhv_or=o1vbm]omv|-@ (+49%) 80,000 25 loঞ-ঞomķbmmo-ঞom-m71u;-ঞm]-|;-l m;v|l;m|bm$u-bmbm] 1Ѵ|u;|_-|oѴ77ub;|_;uor7ubm] |_;v;mru;1;7;m|ঞl;vĺ 60,000 20 ƕƓķƖƏƓ ş $orƒŊ-m1_o=$;1_mb1-Ѵ (+4%) 40,000 15 uub1Ѵl $-bѴouŊl-7;Ѵ;-umbm]1uub1Ѵlv $o|-Ѵ$u-bmbm]ouv -u;Ѵ-m1_;7=ou uom|oL1;ķ şķ 20,000 10 ov;h;;rbm]-m7b|1_;mv|-@_b1_ ruob7;v|_;l-Ѵ;;ѴŊ0-v;7r-|_|o=oѴѴo ƑĺƔƐ 0 5 _bѴ;;m_-m1bm]|_;buhmoѴ;7];bm|_;bu (-20%) 2018 2019 2020 u;vr;1ঞ;C;Ѵ7ĺ$_bvbv]b;m|o-ѴѴ_o|;Ѵv ;u-];$u-bmbm]ouv Total Training Hours -Ѵom]b|_|_;bm|uo71|ou|u-bmbm]_;u; Investment in Training ;lrѴo;;v-u;;m1ou-];7|oѴ;-um0 |_;lv;Ѵ;vķ|;v|;701ourou-|;ş |;-l -m71;uঞC;7ĺ ;u-];$u-bmbm]ouv -|;]ou ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ş $orƓŊ$u-bmbm]omঞm-ঞom ubѴѴb-m|bm-vb1vŐő|u-bmbm]ruorovbঞom ;1ঞ;v ѵĺƐƑ ƔĺƏƒ 1oll;m1;7bmƑƏƐѶņƐƖ=o1vbm]om|_; omŊ ;1ঞ;v ƑĺƒƔ ƒĺƏƐ hmoѴ;7];|u-mv=;uom"vŐ"|-m7-u7 ;u-];=ou|_;+;-u ƑĺƔƐ ƒĺƐƒ r;u-ঞm]uo1;7u;vő0"$u-bm;uv Őb|h;m"r;m1;ম|7;"hbѴѴmoѴ;7];őĺ $_bv1omঞm;77ubm]|_bvCm-m1b-Ѵ;-u|o m1u;-v;bmbm;v|l;m|bm|u-bmbm]u;Y;1|v|_;-77bঞomo=|_;|u-bmbm]bm;v|l;m|vl-7;bm ;mvu;|_-|-ѴѴou;lrѴo;;v-u;1olr;|;m| ;ub|-m1;-u-_ĸm;;v|f;;ѴbmourouoѴboĺ"bm1;|_;l-bm=o1vo=-Ѵ7b;v7ubm]|_; -m7r-vvbom-|;|o7;Ѵb;uķ_b1_l-h;v|_; ;-u-vom|_;ru;Ŋor;mbm]ruof;1|o=;ub|-m1;-u-_-m7|_;|_u;;l-bmbm|;um-ঞom-Ѵ uor-=ou;umm;ubm|_;bm7v|uĺ 1Ѵbm-u1olr;ঞঞomv_;Ѵ7ķ|o|-Ѵ|u-bmbm]_ouvo=|_;uor7bvrѴ--vѴb]_|bm1u;-v;o=Ɠѷ ş $orƔŊ-m1_o=b|h;m"r;m1; 1olr-u;7|oƑƏƐѶņƐƖĺ mvঞ||;o=o|;Ѵ-m-];l;m|-vļ$& 1-7;l"ub-mh-Ľ Ѵ;-v;u;=;ur-];ƕƕ=ou=u|_;ubm=oul-ঞomĺ

76 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƏƐŊƐ ƓƏƔŊƐ ƓƏƔŊƑ ƓƏѵŊƐ

-m1_o=|_;$&1-7;l Turnover by Age Sri Lanka % b|h;m"r;m1;o|;Ѵvr-u|m;u;7b|_|_; u-1ঞm]v|7;m|v|o|_;bm7v|ubm $&-u; om7-ঞom-m7+o|_-u;;u |_;-[;ul-|_o=|_;rubѴ|;uuou--1hv 4 3 mbঞ-ঞ;7ubm]|_;;-u|oѴ-m1_|_; u;tbu;7vb]mbC1-m|1ollb|l;m|=uol|_; 16 $&1-7;l"ub-mh-bm_m]-ѴѴ-Ŋ- uorĽvl-m-];l;m||;-lĺ);;m]-];7 7;7b1-|;77;;Ѵorl;m|1;m|u;-bl;7-| ruo-1ঞ;Ѵb|_r-u;m|vķ]o;uml;m| 77 ruob7bm]_ovrb|-Ѵb|Ŋu;Ѵ-|;7|u-bmbm]|o oL1b-Ѵv-m71ollmbঞ;vbm]-u-m|;;bm] m7;urubbѴ;];7o|_ĺ"|7;m|vm7;u]o |_;v-=;|o=v|7;m|v-m7;mvubm]|_-| |olom|_vo=1olru;_;mvb;|u-bmbm] |_;ruo]u-ll;oѴ7;m_-m1;|_;buvhbѴѴv om-ѴѴ-vr;1|vu;Ѵ-|;7|o_o|;Ѵor;u-ঞomv -m7Ѵom]Ŋ|;ul;lrѴo-0bѴb|ĺm-77bঞom rom1olrѴ;ঞomo=_b1_|_;u;1;b; |obm7v|uŊvr;1bC1vhbѴѴvķ|_;ruo]u-ll; <35 Years 46-55 Years -morrou|mb||o|;v||_;buѴ;-umbm]v bv-Ѵvo7;vb]m;7|o;m_-m1;];m;u-Ѵ 36-45 Years >56 Years 7ubm]-|_u;;Ŋlom|__-m7vŊomru-1ঞ1-Ѵ ;lrѴo-0bѴb||_uo]_|u-bmbm]omѴb=; |u-bmbm]v;vvbom-|b|h;m"r;m1;o|;Ѵv vhbѴѴvķ m]Ѵbv_Ѵ-m]-];ķ1ollmb1-ঞomķ -uom7|_;1om|uķ-Ѵom]b|_o|_;u _;-Ѵ|_-m7v-=;|-m7vv|-bm-0bѴb|ĺ Turnover by Gender r-u|m;uou]-mbv-ঞomvĺ"|7;m|v-u; ubm]|_;;-uķѵƏv|7;m|vv11;vv=ѴѴ % ruob7;7=u;;-11ollo7-ঞomķl;-Ѵv-m7 1olrѴ;|;7|_;bu|u-bmbm]ķb|_ƒƏ -m-ѴѴo-m1;=ouѴbbm];r;mv;v7ubm] -0vou0;7bm|oou_o|;Ѵv-vbm7v|ub-Ѵ 9 |_;bu|u-bmbm]-||_;1-7;lĺ |u-bm;;vbm|_;Cuv|0-|1_ĺ

91 A Diverse Workforce ubm]|_;;-um7;uu;b;ķƐƑ;lrѴo;;v );-u;7;;rѴ1ollb;7|o-u7v0bѴ7bm] b|_bvbomķ_;-ubm]ķvr;;1_7bv-0bѴb|ķ -7b;uv;ouh=ou1;-m7_-;ruo-1ঞ;Ѵ rv1_oѴo]b1-Ѵ7bvou7;uvķlo0bѴb|-m7 vo]_||obm1u;-v;=;l-Ѵ;u;ru;v;m|-ঞom r_vb1-Ѵblr-bul;m|v-u;bmououh=ou1;ĸ Male Female -|-ѴѴѴ;;Ѵvo=|_;ou]-mbv-ঞomĺ;]-ঞ; v_obm]-ƔƏѷbm1u;-v;1olr-u;7|o r;u1;rঞomvu;]-u7bm]|_;vb|-0bѴb|o= ru;bov;-uĺ |_;bm7v|u=ouol;m_-vu;m7;u;7 Turnover by Region ;l-Ѵ;!;ru;v;m|-ঞom b|7bL1Ѵ||o-u-1|-m7u;|-bm=;l-Ѵ; % ;lrѴo;;vĺ);v;;h|o-77u;vv|_bv|-0oo % 01om71ঞm]v1_ooѴѴ;;Ѵ--u;m;vv 7 ruo]u-ll;v-m7bmbঞm]=-lbѴb;v|o Non-Executives o0v;u;|_;ouhbm];mbuoml;m|v 25 10 46 -|ouruor;uঞ;vĺ);_-;-Ѵvol-7; Executives 93 47 v0v|-mঞ-Ѵbm;v|l;m|vbmr]u-7bm]|_; Managers -11ollo7-ঞom-m7-l;mbঞ;v--bѴ-0Ѵ; 90 & Above =ouou=;l-Ѵ;;lrѴo;;vĺ)b|m;vvbm]|_bvķ 75 61 |_;uorѴ-m1_;7-;ѴѴŊ;tbrr;7Ѵ-7b;vĽ -11ollo7-ঞom=-1bѴb|-|b|vlov|b1omb1 ruor;u|ķ;ub|-m1;-m7-Ѵ-l-bmѴƑƏƐƖ Sri Lanka India Female Male -|-mbm;v|l;m|o=!vĺƕƏmĺ Oman Maldives $_;u;bvmo];m7;u7bv1ublbm-ঞombm|_; lrѴo;;!;|;mঞom )- ou-u7 0-vb1v-Ѵ-ur-b7|ol;m-m7ol;mbm|_; !;|;mঞom1omঞm;v|o0;-mbm7v|uŊb7; v-v;ub1;bm7v|uor;u-|ouķou uorĺ$_;uorbv-m;t-Ѵorrou|mb| 1_-ѴѴ;m];]b;m|_;v_ou|-];o=vhbѴѴ;7 ;lrѴo;;v-u;oulov|-Ѵ-0Ѵ;-vv;|ĺ ;lrѴo;u-m7_-vv|ubm];m|]o;um-m1; Ѵ-0ou-m7bm1u;-vbm]1olr;ঞঞom=ou ;vrb|;|_;ru;-bѴbm]m1;u|-bmঞ;vķ;bѴѴ v|u1|u;v-m7l;1_-mbvlvbmrѴ-1;|o ru;-bѴbm]Ѵ-0ouĺ$_bvbvv;-v=u|_;u |-h;;;u;@ou||o;mvu;|_;bufo0v;1ub| -77u;vv-mbvv;vo=_-u-vvl;m|-m7 1olrom7;77ubm]|_;;-uķb|_|_; _bѴ;0-Ѵ-m1bm]|_;uorĽv1oll;u1b-Ѵ 7bv1ublbm-ঞomĺ ubm]|_;Cm-m1b-Ѵ;-u -7;uv;bm7v|u1om7bঞomv1olr;ѴѴbm] vv|-bm-0bѴb|ĺ);-u;-Ѵvobm-v|uom];u m7;uu;b;mobm1b7;m|vo=7bv1ublbm-ঞomv ;lrѴo;;v|oѴ;-;|_;_ovrb|-Ѵb|bm7v|u rovbঞom|ovrrou|ou;lrѴo;;v|_uo]_ ;u;u;rou|;7ĺ$_bv=-1|bvv|u;m]|_;m;7 =ou-Ѵ|;um-ঞ;;lrѴol;m|ĺm-77u;vvbm] |_;v;7bL1Ѵ|ঞl;v]b;m|_;0-1hbm]-m7 0|_;orrou|mbঞ;v;_-;1u;-|;7 |_bv1_-ѴѴ;m];ķ|_;uor=o1v;7om 7b;uvb|o=our-u;m|;mঞ|ĺ =ou7b@;u;m|Ѵ-0Ѵ;7;lrѴo;;vbmou ;m_-m1bm];lrѴo;;loঞ-ঞomķruob7bm] ruor;uঞ;vĺ Cm-m1b-Ѵvrrou|-m71omঞmbm]|obm;v|bm ;lrѴo;;7;;Ѵorl;m|ĺ$_;uorĽvo;u-ѴѴ ;lrѴo;;|umo;uu-|;-lom|;7|oƒƖѷ 7ubm]|_;;-uĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 77 CAPITAL MANAGEMENT Intellectual Capital

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m]obm]bm;v|l;m|bm0u-m7 7;;Ѵorl;m|bѴѴbmv;u|v_ou|Ŋ|;ul ru;vvu;omCm-m1b-Ѵu;vou1;vķ-Ѵ|_o]_ o;u|_;Ѵom]Ŋ|;ulb|vrrou|v0;;u $_;uorĽvbm|;ѴѴ;1|-Ѵ1-rb|-Ѵbvu;ru;v;m|;70b|v r;u=oul-m1;|_uo]_bm1u;-v;7];v| v-ঞv=-1ঞom mbt;0-v;o=|-1b|hmoѴ;7];_b1_bvv_-u;7-1uovv|_; ou]-mbv-ঞom|_uo]_-Ѵ;-umbm]-m7l;m|oubm]1Ѵ|u;ĺ "v|;lv-m7ruo1;vv;v_b1__-;0;;mblrѴ;l;m|;7-1uovv |_;uorķ-Ѵom]b|_|_;v|u;m]|_o=|_;1ourou-|;-m7 hotel brands are also an important aspect of the Group’s intellectual capital.

v|uom]0-v;o=bm|;ѴѴ;1|-Ѵ1-rb|-Ѵ Intellectual Capital 1om|ub0|;v|o-u7v;m_-m1bm]|_;t-Ѵb| o=ou_l-m1-rb|-Ѵ|_uo]_mu|ubm]- olru;_;mvb;=u-l;ouh mbt;hmoѴ;7];0-v; u]-mbv-ঞom-Ѵ1-rb|-Ѵ "|uom]rouoѴboo=0u-m7v o=vv|;lvķruo1;vv;v-m7 mu|u;7o;u=ou7;1-7;v ruo1;7u;v

;;u=oul-m1;m7b1-|ouv ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ +o+_-m];ѷ ;u-];;m]|_o=";ub1; +;-uv Ɣ Ɣ - "|uom]0u-m7v-m7;ѴѴŊ7;;Ѵor;7 vv|;lv-m7ruo1;vv;vbѴѴ-1||o m;v|l;m|bmu-m7bm] !vĺm ƔƐƔ ƒƒѵ Ɣƒ v_-ur;m|_;uorĽv1olr;ঞঞ;;7]; -u7vş!;1o]mbঞom oĺ ƒƏƔ ѵƐ ƓƏƏ -m7;m_-m1;1v|ol;uv-ঞv=-1ঞom-m7 u;|;mঞomѴ;;Ѵv

Highlights 2019/20 Challenges Way Forward Ŏ m]obm]bm;v|l;m|vbmhmoѴ;7]; Ŏ m1u;-v;7ru;vvu;omCm-m1b-Ѵ Ŏ ;u|_;l;7blŊ|oŊѴom]Ŋ|;ulķ v_-ubm]-m7|u-bmbm]|_uo]_mbt; u;vou1;v7;|oru;-Ѵ;m|bm7v|u -v|_;|oubvlbm7v|u]u-7-ѴѴ rѴ-oulv 1om7bঞomv-m7u;vѴ|-m|blr-1|om u;1o;uvķuorbѴѴ1omঞm;|o 0u-m70bѴ7bm]bmbঞ-ঞ;v bm;v|bmv|u;m]|_;mbm]ou0u-m7v Ŏ r-mvbomo=|_;;ub|-m1;0u-m7|o |_uo]_|u-7bঞom-Ѵ-m77b]b|-Ѵ -Ѵ7b;vb|_;ub|-m1;-u-_ŊCuv| Ŏ m|;mvb=bm]1olr;ঞঞom=uol 1_-mm;Ѵv_bѴ;ruo-1ঞ;Ѵ;m]-]bm] oѴ71;uঞC;7ruor;u|bm|_; bm|;um-ঞom-Ѵ_ovrb|-Ѵb|0u-m7v b|_-ub;71_-mm;Ѵr-u|m;uv -Ѵ7b;v Ŏ !;1;b;7-|o|-Ѵo=ƒƏƔ--u7v=ou lѴঞrѴ;-vr;1|vo=ouor;u-ঞomv

u]-mb1uo71;ń b;;m|u;"v|-bm-0bѲb|;uࢼC1-ࢼom

Group Support Services:$_;ou]-mbv-ঞom-Ѵ Brands l-m-];l;m|lo7;Ѵbv-v_-u;7v;ub1;v m-77bঞom|ob|v|_u;;_o|;Ѵ0u-m7vŐu;=;u|o u-m7bѴ7bm]mbঞ-ঞ;v lo7;Ѵ_b1__-v0;;mbmru-1ঞ1;vbm1; r-];Ɠƕ=ou=u|_;ubm=oul-ঞomőķ|_;uor Ŏ -uঞ1br-ঞom-||_;)ouѴ7$u-;Ѵ bm1;rঞomĸ-m7o;uঞl;_-v;v|-0Ѵbv_;7-v 0;m;C|v=uol|_;v|uom]1ourou-|;0u-m7o= -uh;|ƑƏƐƖ-m7o|_;u|u-7; -h;bm|-m]b0Ѵ;-vv;|bm|_;uorĽv;L1-1 b|vr-u;m|;mঞ|ļb|h;m"r;m1;ĺĽ =-buv-m7v_ovķ_b1_=-1bѴb|-|;7 bm7;Ѵb;ubm]-Ѵ;ĺb|h;m"r;m1;uor ;m]-];l;m|b|_bm|;um-ঞom-Ѵ "rrou|";ub1;vbm1Ѵ7;;]-Ѵķourou-|; m ;1;l0;uƑƏƐƖķb|h;m"r;m1;o|;Ѵv r-u|m;uv-m71_-mm;Ѵv bm-m1;ķourou-|;ollmb1-ঞomvķuor -vu-mh;7oĺƐ-lom]-ঞomb7;o|;Ѵv Ŏ m1u;-v;7=o1vomomѴbm;-m7vo1b-Ѵ "v|-bm-0bѴb|ķ bm-m1b-Ѵ"_-u;7";ub1;v bm|_; $orƐƏƏbvv;ķ_b1_-v0-v;7 l;7b-rѴ-oulv -m7vbm;vv ;;Ѵorl;m|_bѴ;o|_;u om-m;1Ѵvb;omѴbm;vu;=;-|ubm]"ub or;u-ঞom-Ѵvr;1bC1vrrou|v;ub1;v-u; -mh-Ľvlov|u;1o]mbv;7v;ub1;ruob7;uvĺ Ŏ oѴѴ-0ou-ঞomb|_bmY;m1;uv ruob7;71;m|u-ѴѴ0|_;b|h;m"r;m1; ;vrb|;|_;ru;-Ѵ;m|bm7v|u1om7bঞomvķ Ŏ m]-];l;m|b|_v;;u-Ѵ!-];m1b;v o|;Ѵvourou-|;$;-lĺѴ;-v;u;=;ur-];v ;1omঞm;7|obm;v|bm;m_-m1bm]0o|_ bmh;l-uh;|v ƒƓ|oƒƔ=oulou;bm=oul-ঞomĺ ou1ourou-|;0u-m7-m7_o|;Ѵ0u-m7vĺ; 0u-m70bѴ7bm]bmbঞ-ঞ;v7ubm]|_;;-u-u; Ŏ om|_Ѵbm|;u-1ঞomb|_;|;um-Ѵ Ѵbv|;7-Ѵom]vb7;Ĺ r-uঞ;v|_uo]_1oѴѴ;1ঞ;0u-m7 m;vѴ;;u

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 79 CAPITAL MANAGEMENT Intellectual Capital

u]-mbv-ঞom-Ѵ-rb|-Ѵ Employees by Years of Service 1Ѵ|u;o=Ѵ;-umbm]-m7hmoѴ;7];v_-ubm]ķo;u=ouŊ7;1-7;ru;v;m1;bm|_;_ovrb|-Ѵb| % bm7v|u-m7b|v;r-mvbombm|olѴঞrѴ;7;vঞm-ঞomv_-v;m-0Ѵ;7|_;uor|omu|u; -v|uom]0-v;o=ou]-mbv-ঞom-Ѵ1-rb|-Ѵķ_b1_bv-b|-Ѵ-vr;1|o=b|v1olr;ঞঞ;;7];ĺm 5 -77bঞom|ov|u1|u;7|u-bmbm]ruo]u-ll;vķbmu;1;m|;-uvķ;_-;-Ѵvobm;v|;7bm7b]b|-Ѵ 8 Ѵ;-umbm]voѴঞomv;m-0Ѵbm];lrѴo;;v|ov_-u;0;v|ru-1ঞ1;v-m7ou]-mbv-ঞom-ѴhmoѴ;7]; 10 |_uo]_bm|;u-1ঞ;rѴ-oulv-||_;bu1om;mb;m1;ĺ"1_bmbঞ-ঞ;vu;bm=ou1;|-1b|hmoѴ;7]; -1uovv|_;ou]-mbv-ঞomĺ;hmoѴ;7];v_-ubm]rѴ-oulvbmrѴ-1;bm1Ѵ7;|_;=oѴѴobm]Ĺ 26 51

5-10 Years 21-25 Years 11-15 Years Above 25 Years 16-20 Years

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80 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƏƑŊƐƑ ƐƏƑŊƐƒ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 81 CAPITAL MANAGEMENT Intellectual Capital

|_;u-u7vş!;1o]mbঞomv Ŏ ş $;-lo=7--u-mņ;ub|-m1;-u-_-v--u7;7ĸ "o|_vb-l-m!;vou1;vo|;Ѵb;uo=|_;+;-uƑƏƐƖ-||_;"|;ѴѴb;u-u7v ş uo=;vvbom-Ѵo=|_;+;-u-u7ƑƏƐƖ-|"o|_vb-mvbm;vv 1;ѴѴ;m1;-u7vƑƏƐƖ ļƔƏov|$-Ѵ;m|;7!;-7;uvĽbm|_;-Ѵ7b;v0!-Ѵ7b;v=ouƑƏƐѶ Ŏ l-m;-7;uv_br-u7vƑƏƐƖĸ;m;u-Ѵ-m-];uvo=Ѵ -Ѵ-fo|;Ѵ-m7 ;v;u|b]_|v-lrv_bm;7-vļl-mĽv;v|;m;u-Ѵ-m-];uvĽ bm|_;ovrb|-Ѵb|-|;]ou

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82 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 CAPITAL MANAGEMENT Social and Relationship Capital

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Highlights 2019/20 Challenges Way Forward Ŏ @ou|v|ov|u;m]|_;moum;|ouho= Ŏ bL1Ѵ|l-uh;|1om7bঞomvѴ;7|o- Ŏ m1u;-v;7;lr_-vbvomrovbঞ; 0vbm;vvr-u|m;uv ƐѶѷ7;1Ѵbm;bm];v|mb]_|v7ubm] l-uh;ঞm]1ollmb1-ঞom-m7 |_;;-u bvb0bѴb|o=|_;0u-m7o;u|_; Ŏ uo-7Ŋ0-v;7bm1u;-v;bm1v|ol;u v_ou||;ul-m7ruvb|o=]uo|_ v-ঞv=-1ঞomv1ou;v0Ɛѷ Ŏ blb|-ঞomvomCm-m1b-Ѵu;vou1;v orrou|mbঞ;vbm7b@;u;m|l-uh;|v 1olr;ѴѴ;7|_;uor|o1u|-bѴb|v Ŏ -m1_o=$&1-7;l"ub-mh- 1ollmb|bm;v|l;m|v;vr;1b-ѴѴbm |ovrrou|vhbѴѴ7;;Ѵorl;m|-lom] |_;"ub-mh-mv;1|ou m7;urubbѴ;];7o|_

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 83 CAPITAL MANAGEMENT Social and Relationship Capital ƐƏƑŊƓƏ ƐƏƑŊƓƑ ƐƏƑŊƓƒ ƐƏƑŊƓƓ

Employees -Ѵb|o= l -+, 2*<'2$'!2& -+, 2;'8'9;m

Stakeholder Universe

Customers Business Partners and Regulators 311<2-ধ'9 Shareholders l -+, 2*<'2$'c'&-<1 <66£-'89l -+, 2*<'2$'c l -+, 2*<'2$'c'&-<1 l3&'8!;' 2*<'2$'c -+, l -+, 2*<'2$'c -+, Interest) High Interest) Interest) Interest) Interest)

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84 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƐѵŊƐ ƓƐѵŊƑ

27 5 31 8 Booking.com; Traveller Hotels.com; Loved by HolidayCheck Award 17 Review Award for 14 Guests Award for 5 17 (38836'8ধ'9 12 836'8ধ'9 6836'8ধ'9 22

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 85 CAPITAL MANAGEMENT Social and Relationship Capital

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HERITANCE AHUNGALLA 91.6% GRITM HERITANCE KANDALAMA 92.3% GRITM b;Ŋv|-uѴubm_m]-ѴѴ-0;-1_=uom| (;u;|u-ou7bm-u ;-ঞ=Ѵ_o|;Ѵb|_|lov|Ѵubm]oѴ7;mv-m7vo=_m]-ѴѴ-ĺ _-;m;;u0;;mbm-v1_;|u-ou7bm-uu;vou|ķlb7v||_;Ѵv_ $_;_o|;Ѵ-v|-v|;=ѴѴ7;vb]m;7=ou1ol=ou|b|_vr-1bovuoolvĺ ]u;;m;uķ1o;u;70-|_b1h-m77;mv;=ou;v|ĺ+o=;;Ѵo-u;bm $_;uoolv-u;;u1Ѵ;-m-m7;ѴѴl-bm|-bm;7ĺ$_;=oo7vru;-7bv |_;lb77Ѵ;o=|_;fm]Ѵ;ĺ$_;Cuv|_o|;Ѵbmvb-|o0;u;;mѴo0; lo|_Ŋ-|;ubm]b|_bm|;um-ঞom-Ѵ-ub;ঞ;vĺ$_;=oo7bv;u|-v| 1;uঞC;7ĺ$_;b;-||_;Ѵ-h;bvl-]mbC1;m|ķb|_|_u;;rooѴv -m7_;-Ѵ|_ĺ$_;v|-@bv;u=ub;m7Ѵ-m7mb1;b|_vlbѴbm]=-1;vĺ o;uѴoohbm]ĺ$_;uoolv-m70-|_uoolv-u;vr-1bovĺ$_;=oo7 $_;uoolv;ub1;bv;u;L1b;m|b|_1-u;ĺ0;-ঞ=Ѵvr-|o -m7v;ub1;;1;ѴѴ;m|ĺ";ub1;;umb1;-m7ruo=;vvbom-Ѵĺ ];|;m;u]b;7-m7u;=u;v_bm]ĺ;u-ѴѴb|bv|_;0;v|ruor;u|bm|_; vo|_1ov|-Ѵ0;Ѵ|o="ub-mh-ĺ

Ramesh A from ;vhѴ-rƐ=uol "ub-mh-ŐƐƓ1|ƑƏƐƖő "b|;uѴ-m7ŐƑƕ ;0ƑƏƑƏő

HERITANCE NEGOMBO 91.8% GRITM 91% GRITM Pleased guests! &mbt;1_-u-1|;uķv|Ѵ;ķ-m7-;mঞom|o7;|-bѴ );v|-;7-||_bv-l-bm]_o|;Ѵ=ouƑ_oѴ;;;hvķ-m7;1oѴ7 -vbѴ|_;lov|bm|;u;vঞm]_o|;Ѵ|_-|Ľ;;;uv|-;7-|ķo1-mĽ| vblrѴmo|0;lou;v-ঞvC;7b|_ou_oѴb7-ĺ$_;v;ub1;-v _;Ѵr0|=-ѴѴbmѴo;b|_b|v1_-u-1|;uĺ$_;_o|;Ѵ_-vu;|-bm;7l-m vrѴ;m7b7ĺ ;uvbm]Ѵ;;lrѴo;;|uѴouh;7_-u7|oruob7;v1_ o=|_;oub]bm-Ѵ=;-|u;vo=|_;ƐƖƒƏv|;-=-1|ou-m7_-v0;;m -m-l-bm]1-u;=ouv-v];v|vĴ!oolv;ub1;ķ1Ѵ;-mbm]-m7|_;bu v;mvbঞ;Ѵu;=u0bv_;7ĺ$_;v;ub1;bv;ur;uvom-Ѵķ-m7|_;v|-@ ];m;u-Ѵ0;_-boul-7;|_bv_o|;Ѵv;;lѴbh;om;o=|_;0;v|;Ľ; -u;bm1u;7b0ѴroѴb|;-m7vl-u|Ѵ7u;vv;7ĺ$_;_o|;Ѵ]uom7v-u; _-7|_;rѴ;-vu;o=bvbঞm]ĺo|omѴ-v|_;v;ub1;]u;-|ķ|_; 0;-ঞ=Ѵb|_b;vo=|_;vuuom7bm]|;-rѴ-m|-ঞomvķ_;u;o 0u;-h=-v|-vvblrѴ;1;ѴѴ;m|ĺ$omvo=orঞomvķ]u;-|Y-ouv-m7- 1-mbvb|-vl-ѴѴouhbm]|;-=-1|ouĺ$_;0;v||_bm]1-mv--0o| ]u;-|b;o=|_;0;-1_Ĵ |_bv_o|;Ѵbv|_-|;ĽѴѴlbvvb|Ŋou=-oub|;_o|;Ѵbm"ub-mh-Ĵ

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HERITANCE AARAH 96.7 GRITM ADAARAN PRESTIGE VADOO 96.60 GRITM ;v|_oѴb7--m7u;vou|;;u );1-mmo|-vh=oulou;Ѵuĺĺ0voѴ|; );v|-;7-|;ub|-m1;-u-_=ouƕmb]_|v-m71oѴ7;-vbѴv|- $u-mtbѴb|Ĵ Ѵom];uĺ$_;u;vou|bvr-u-7bv;ĺ-mmo|u;1oll;m7b|_b]_Ѵ;mo]_ĺ );_-7|_;0;v|ঞl;;;uo;u_;u;bm7--u-mu;vb|]; ;u|_bm]-vƕv|-uŊ|_;o;u-|;ubѴѴ--vr;u=;1|ĺ$_;v|-@;u; (-7ooĺ$_;v;ub1;ķ|_;-l0b;m1;ķ|_;=-1bѴbঞ;v-u;0;om7 -l-bm]ĺ oo7-v0;v|;Ľ;;;u;-|;mĺ(b;-m7Ѵo1-ঞom;u; 1olr-ubvomĺ"mouh;Ѵbm];r;ub;m1;-uom7|_;u;;=bv _;-;mĺ);|u-;Ѵ|_;ouѴ7-m7_-;m;;u_-7-0;;u_oѴb7-ĺ 0u;-|_|-hbm]ĺol;;r;ub;m1;|_;Ѵu|_bv=-m|-vঞ1 );u;m;;7ou;77bm]ov7ubm]ouv|--m7|_;v;|r-m7 u;vou|_-v|oo@;uĺ0o;-ѴѴķ|_;1ou|;ov-m7;Ѵ1olbm] Ѵo1-ঞom-v=-m|-vঞ1ĺ_o|ov-m7l;loub;v=ouѴb=;ĺ oouv;Ѵ=- v|-@|;m7|oouѴbhbm]v;u;ѴѴĺ"_o|o||o-m=ou =-ou-m7v|--|;ub|-m1;ĺĽlrѴ-mmbm]omu;|umbm]-vvoom-v1-mĺ |-hbm]1-u;o=v=uolou-uub-ѴmঞѴou7;r-u|u;ĺ;bv ;u=ub;m7Ѵ-m7v]];v|;7|_;lv|7oĽv_;u;ĺ$_-mhvvo l1_=oul-hbm]ouঞl;_;u;om;o=lov|l;lou-0Ѵ;om;ĺ );bѴѴ1_;ubv_b|=ou;;uĺ

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86 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƏƕŊƐ ƓƏѶŊƐ ƓƏƖŊƐ ƓƐƓŊƐ ƓƐƓŊƑ ƓƐƕŊƐ ƓƐƕŊƑ ƓƐƕŊƒ ƓƐѶŊƐ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 87 CAPITAL MANAGEMENT Social and Relationship Capital ƐƏƑŊƖ ƑƏƑŊƑ ƑƏƒŊƑ ƑƏƓŊƐ ƓƐƒŊƐ ƓƐƒŊƑ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 89 CAPITAL MANAGEMENT Natural Capital

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90 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƏƕŊƐ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 91 CAPITAL MANAGEMENT Natural Capital ƒƏƐŊƐ

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92 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƏƑŊƐ ƒƏƑŊƒ ƒƏƑŊƓ ƒƏƒŊƐ ƒƏƒŊƑ ƒƏƒŊƒ ƒƏѵŊƔ

; mbuoml;m|-Ѵm7b1-|ouv !;71;7o11r-m1-m7-1ঞb|Ѵ;;ѴvbmƑƏƐƖņƑƏu;vѴ|;7bm1omvb7;u-0Ѵ;u;71ঞomvbm u;vou1;1omvlrঞom-v7;lomv|u-|;70;Ѵoĺ

m;u]omvlrঞom ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ƑƏƐƕņƐѶ m;u]omvlrঞom MJ per 3;!£ 2'8+@329<16ধ32l m guest GJ night "ub-mh- ƐƑƒķƔѶƏ ƐƒƔķƑѵѶ ƐƒƕķƓƔƖ 400,000 450 -Ѵ7b;v ƑƐƕķƓƏƏ ƐƖƏķƓƑƓ ƐƖƐķƐƑѶ l-m ƐƕķѵƔѵ ƐƕķƓƔƖ ƑƐķƐƖѵ 320,000 400 m7b- ƐƒķƓѵƖ ƐƒķƒѵƏ ƐƒķƕѶƒ 240,000 350 $o|-Ѵ ƒƕƑķƐƏƔ ƒƔѵķƔƐƐ ƒѵƒķƔѵѵ m;u]omvlrঞomr;u;v|b]_|Őő ƓƐƔĺƒƔ ƒƒѵĺƐƏ ƒƓƔĺƕƏ 160,000 300

80,000 250 $_;1_-u|7;lomv|u-|;v|_;uorĽv|o|-Ѵ;m;u]1omvlrঞomo;u-r;ubo7o=|_u;;;-uvķ

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)-|;uomvlrঞom )-|;uomvlrঞom ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ƑƏƐƕņƐѶ Liters 3 per 3;!£!;'8329<16ধ32l1 ) guest m3 "ub-mh- ƓƐѵķƒѶƑ ƔѵƐķƔƖƓ ƔƏƖķƕѵѵ night 1,000,000 900 -Ѵ7b;v ƑƔƓķƐƑƏ ƑƕƐķƕƓƐ ƑѵƕķƕƏƒ

$_;1_-u|7;lomv|u-|;v|_;uorĽv|o|-Ѵ-|;u1omvlrঞomo;u-r;ubo7o=|_u;;;-uvķ 200,000 820 -Ѵom]b|_b|vbm|;mvb|Ő7;Cm;7-v-|;u1omvlrঞomr;u];v|mb]_|őĺ)-|;u1omvlrঞom 0 800 7;1Ѵbm;70ƑƏѷ7ubm]|_;;-uķu;Y;1ঞm]u;71;7or;u-ঞom-Ѵ-1ঞb|-m7o11r-m1Ѵ;;Ѵv 2018 2019 2020 ;vr;1b-ѴѴbm"ub-mh-ĺ$o|-Ѵ-|;u1omvlrঞom7o;vmo|bm1Ѵ7;-|;uo0|-bm;7=ou7ubmhbm] Total Water Consumption rurov;v|_uo]_0oѴ;7-|;u-m70ov;uvo0|-bm;77ubm]7uo]_|r;ubo7ĺ Water Consumption Per Guest Night

$o|-Ѵ)-|;u)b|_7u--Ѵ0"ou1;Ŋlƒ ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ƑƏƐƕņƐѶ uom7)-|;u ƒƏƒķƖѶƒ ƓƐƏķƕѶѶ ƓƏƒķƐƒѶ mb1br-Ѵ)-|;u ƐѵѶķƔƓƓ ƑƔƒķѶѶƒ ƑƐƑķƒѵƕ ";-)-|;u ѵƒѶķƔƖƐ ѵƕƖķƒƔƒ ѵѵƖķƑƔƕ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 93 CAPITAL MANAGEMENT Natural Capital ƒƏѵŊƒ

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94 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƏƔŊƐ ƒƏƔŊƑ ƒƏƔŊƔ ƒƏѵŊƑ

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18,000 38 $omvƑe ƑƏƐƖņƑƏ ƑƏƐѶņƐƖ ƑƏƐƕņƐѶ 12,000 36 "1or;Ɛ lbvvbomv ƐƕķƖƑƓ ƐѵķƓƓƑ ƐѵķѵƑƕ 6,000 34 "1or;Ƒ lbvvbomv ƑƏķѶƏƑ ƑƑķƒƐƓ ƑƒķƏƓѵ 0 32 $o|-Ѵ ƒѶķƕƑѵ ƒѶķƕƔѵ ƒƖķѵƕƒ 2018 2019 2020

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 95 CAPITAL MANAGEMENT Natural Capital ƒƏƓŊƐ ƒƏƓŊƑ ƒƏƓŊƒ ƒƏƓŊƓ

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96 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Governance

Reﬂecng our Principles

We’re geared to achieve a complete turnaround in performance, while mirroring the values upon which we are founded.

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 97 CORPORATE GOVERNANCE

ƐƏƑŊƐѶ ƐƏƑŊƑƑ

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98 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƏƔŊƐ

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olrovbঞom Gender Diversity Age % % %

11 11 22 33 45

22 45 22 89

Executive Directors Male Female 30-45 Years 66-75 Years Non-Independent Non-Executive Directors 46-65 Years >76 Years Independent Non-Executive Directors

Tenure of Service r;uঞv;

% %

35 50

30 40 25 30 20

15 20 10 10 5

0 0 Tourism < 5 Years < 10 Years < 15 Years > 20 Years Business Leadership Economist & Scientist Accounting & Finance Investment & Banking Investment

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ƐƏƑŊƐƖ ƐƏƑŊƑƏ ƐƏƑŊƑƒ ƐƏƑŊƑѵ ƐƏƑŊƑƕ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 101 CORPORATE GOVERNANCE

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 103 CORPORATE GOVERNANCE

ƐƏƑŊƑƖ ƐƏƑŊƒƑ

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104 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 $ ѵĹ )$$ "$ĺƏƕ ƑƏƏƕ

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168 (1) (h) bu;1|ou-|;o=|_;olr-m-m7|_;uor-v-||_; !;=;umm-Ѵ!;rou|o=|_;o-u7o= bu;1|ouvomr-];v ǅ ;m7o=-11omঞm]r;ubo7-Ѵom]b|_|_;1_-m];v ƐƐƕ|oƐƑƏo=|_bvmm-Ѵ!;rou| o11uu;77ubm]|_;-11omঞm]r;ubo7

168 (1) (i) lom|vr--0Ѵ;|o|_;7b|ouv-v-7b|=;;v-m7 !;=;umm-Ѵ!;rou|o=|_;o-u7o= bu;1|ouvomr-];v ǅ =;;vr--0Ѵ;=ouo|_;uu;Ѵ-|;7v;ub1;vruob7;70 ƐƐƕ|oƐƑƏo=|_bvmm-Ѵ!;rou| |_;l

$ ƕĹ )$$ $&"$! &! $"Ŋ" $ƕĺѵ""& +$ "$ * Ŋ$ $" &! !$

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7.6 v) bu;1|ouv-m7 Ľv_oѴ7bm]bmv_-u;vo=|_;;mঞ|-| !;=;um;v|oum=oul-ঞomomr-];vƑƓƐ|oƑƓƔo=|_bv ǅ |_;0;]bmmbm]-m7;m7o=;-1_;-u mm-Ѵ!;rou|

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";1ঞom !;tbu;l;m| -|u;o=olrѴb-m1;0b|h;m"r;m1;o|;Ѵ olrѴb-m1; oѴ7bm]v "|-|v

W¤?m bv|ub0ঞomv1_;7Ѵ;o=|_;ml0;uo=_oѴ7;uv-m7 !;=;um;v|oum=oul-ঞomomr-];vƑƓƐ|oƑƓƔo=|_bv ǅ |_;r;u1;m|-];o=|_;bu|o|-Ѵ_oѴ7bm] mm-Ѵ!;rou|

W¤?--m "b]mbC1-m|1_-m];vbm|_;;mঞ|Ľvoub|vv0vb7b-ub;v !;=;uo|;Ɛƕ|o|_; bm-m1b-Ѵ"|-|;l;m|vomr-];v ǅ C;7-vv;|v-m7|_;l-uh;|-Ѵ;o=Ѵ-m7 ƐƕƓ|oƐƕƕo=|_bvmm-Ѵ!;rou|

W¤?-=m lrѴo;;v_-u;orঞomvņru1_-v;v1_;l;v v-|7-|;ķ|_;olr-m_-vmov_-u;orঞomvņ ņ ru1_-v;v1_;l;vl-7;--bѴ-0Ѵ;|ob|v bu;1|ouvou ;lrѴo;;v

W¤?=-m !;Ѵ-|;7r-u||u-mv-1ঞomv !;=;uo|;ƓƖ|o|_; bm-m1b-Ѵ"|-|;l;m|vomr-];v ǅ ƑƑƔ|oƑƒƑo=|_bvmm-Ѵ!;rou|

$ ѶĹ )$$ $&"$! &! $"Ŋ" $ƕĺƐƏ""& +$ "$ * Ŋ!!$ ( ! !& " !"$ "

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7.10.1(a) omŊ ;1ঞ; bu;1|ouvŐ ő !;=;uo-u7olrovbঞomomr-];ƖƖbm|_;ourou-|; ǅ o;um-m1;!;rou| Ŋ |Ѵ;-v||oouom;|_bu7o=|_; bu;1|ouvķ_b1_;;u bv_b]_;uķv_oѴ70;omŊ ;1ঞ; bu;1|ouv

106 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ";1ঞom !;tbu;l;m| bv1Ѵovu; olrѴb-m1; "|-|v

7.10.3(d) rrobm|l;m|o=m; bu;1|ouv &rom|_;-rrobm|l;m|o=-m; bu;1|ou|o|_;o-u7ķ ǅ Ŋ uob7;-0ub;=u;vl;o=-mm; bu;1|ou |_;olr-mbm=oulv|_;oѴol0o"|o1h 1_-m]; -rrobm|;7|o|_;o-u7 b|_-0ub;=u;vl;o=v1_- bu;1|ou1om|-bmbm] |_;m-|u;o=_bv;r;uঞv;ķu;Ѵ;-m|bm|;u;v|ķo|_;u 7bu;1|ouv_brv_;Ѵ7ķl;l0;uv_brvbmo-u7ollb;;v -m7|_;m-|u;o=-rrobm|l;m|ĺ$_;u;;u;mom; -rrobm|l;m|v|o|_;o-u7o=|_; bu;1|ouv7ubm]|_; ;-um7;uu;b;

7.10.5 !;lm;u-ঞomollb;; !;=;u!;lm;u-ঞomollb;;!;rou|omr-];ƐƐƑo= ǅ Ŋ Ѵbv|;71olr-mv_-ѴѴ_-;-!;lm;u-ঞom |_bvmm-Ѵ!;rou| ollb;;

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";1ঞom !;tbu;l;m| bv1Ѵovu; olrѴb-m1; "|-|v

9.3.2 !;Ѵ-|;7-u|$u-mv-1ঞomv!;b;ollb;; !;=;u!;Ѵ-|;7-u|$u-mv-1ঞomv!;b;ollb;; ǅ -ő ;|-bѴvr;u|-bmbm]|oomŊ!;1uu;m|!;Ѵ-|;7-u| !;rou|omr-];vƐƐƓ|oƐƐƔo=|_bvmm-Ѵ!;rou|ĺ $u-mv-1ঞomv 0ő ;|-bѴvr;u|-bmbm]|o!;1uu;m|!;Ѵ-|;7-u| $u-mv-1ঞomv 1ő!;rou|o=|_;!;Ѵ-|;7-u|$u-mv-1ঞomv!;b; ollb;; 7ő ;1Ѵ-u-ঞom0|_;o-u7o= bu;1|ouv-v-m -Lul-ঞ;v|-|;l;m|o=1olrѴb-m1;b|_|_; uѴ;vr;u|-bmbm]|o!;Ѵ-|;7-u|$u-mv-1ঞomvķou- m;]-ঞ;v|-|;l;m|o|_;ubv;

108 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 AUDIT COMMITTEE REPORT

b|h;m"r;m1;o|;ѴoѴ7bm]v0;Ѵom]v|o|_;|oubvlv;]l;m|o=|_;b|h;m"r;m1; ollb;;;;ঞm]v uorm7;ub|vr-u;m|1olr-mb|h;m"r;m1;ĺ$_;u;=ouķ|_;7b|ollb;;o= $_;7b|ollb;;=m1ঞom;7 b|h;m"r;m1;-1|v-v|_;7b|ollb;;o=b|h;m"r;m1;o|;ѴoѴ7bm]v-v |_uo]_o||_;Cm-m1b-Ѵ;-u-m7_;Ѵ7 ;ѴѴbm|;ulvo=";1ঞomƕĺƐƏĺѵŐ-őo=|_;bvঞm]!Ѵ;vo=|_;oѴol0o"|o1h 1_-m];ĺ ;Ѵ;;m=oul-Ѵl;;ঞm]vĺ$_;-;m7-m1;-| $_;olr-m_-v1olrѴb;7b|_|_;roѴb1b;v-m7ruo1;7u;vv;|o|0|_;uor7b| |_;7b|ollb;;l;;ঞm]v_;Ѵ77ubm] ollb;;ĺ |_;;-um7;uu;b;;u;-v=oѴѴovĹ

!oѴ;o=|_;7b|ollb;; 7b|ollb;;;;ঞm];m7-m1; $_;uoѴ;o=|_;7b|ollb;;bv|oo;uv;;|_;Cm-m1b-Ѵu;rouঞm]vv|;lo=|_;olr-mķ b|_-b;|ov-=;]-u7bm]|_;bm|;u;v|o=|_;v_-u;_oѴ7;uv-m7-ѴѴo|_;uv|-h;_oѴ7;uvĺ No. of Meetings 12 olrovbঞomo=|_;ollb;; 10 MEMBERS $_;ollb;;ķ-v-|ƒƐv|-u1_ƑƏƑƏķ1olrubv;7o=|_;=oѴѴobm]l;l0;uvĹ 8

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m7;r;m7;m1;o=|_;7b|ollb;; %

40 60

Independent Non-Executive Non-Independent Non-Executive

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!;vromvb0bѴbঞ;vo=|_;ollb;;

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110 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ૩ |;um-Ѵ7b| -7b|vķ$";1ub|ķ-m7ubvh-vv;vvl;m|v Ŏ !;b;;7|_;-7b|rѴ-mru;v;m|;70 1-uub;7o|bmѴbm;b|_|_;-rruo;7 |_; |;um-Ѵ7b|ouv-m7ruob7;7 -mm-Ѵbm|;um-Ѵ-7b|rѴ-mĺ -7b1;-m7vrrou|u;]-u7bm]|_; ;;1ঞomo=|_;rѴ-mĺ ૩ !;rouঞm] Ŏ $_;_-bul-mo=|_;7b|ollb;; Ŏ -uub;7o|-u;b;o=|_; u;rou|v|o|_;o-u7-|;-1_l;;ঞm] ;@;1ঞ;m;vv-m7|_;ruo]u;vvo= om|_;-1ঞbঞ;vo=|_;ollb;;ĺ |_; |;um-Ѵ7b|ouv-m7|_;-7b| bm|;vo=|_;7b|ollb;; ruo1;vvĺ l;;ঞm]v-u;-Ѵvo|-0Ѵ;7-||_;o-u7 Ŏ bv1vv;7|_;7b|;7 bm-m1b-Ѵ ;;ঞm]vĺ "|-|;l;m|vb|_ |;um-Ѵ7b|ouv-m7 Ŏ $_;mm-Ѵ!;rou|bm1ourou-|;v|_; ;mvu;7|_-||_;;u;bm1om=oulb| 7b|ollb;;!;rou|ĺ b|_|_;"ub-mh-11omঞm] "|-m7-u7v-m7o|_;uu;]Ѵ-|ou Ŏ $_;_-bul-mo=|_;7b|ollb;; u;tbu;l;m|vĺ -;m7v|_;mm-Ѵ;m;u-Ѵ;;ঞm]ĺ

Ŏ !;b;;7-m77bv1vv;7|_; -m-];l;m|;;uo=|_; |;um-Ѵ Re-Appointment of External Auditors - 7b|ouv=ou|_;uor-m7bmv|u1|;7 M/S KPMG, Chartered Accountants |_;l-m-];l;m||o|-h;-rruorub-|; $_;ollb;;r;uv;7|u-mv-1ঞomvb|_ -m7=oѴѴor-1ঞomoml-;uv |_; |;um-Ѵ7b|ouv-m7;mvu;7|_-| _b]_Ѵb]_|;7|_;u;bmĺ |_;u;-vmovb]mbC1-m|l-|;ub-Ѵ|u-mv-1ঞom 0;|;;m|_; |;um-Ѵ7b|ouv-m7|_; Ŏ vv;vv;7|_;r;u=oul-m1;-m7 1olr-mb;vbm|_;uorĺ$_;ollb;; ;@;1ঞ;m;vvo=|_; |;um-Ѵ =u|_;ur;uv;7|_;v_-u;u;]bv|;u-m7 7b|ouvķ|_;bubm7;r;m7;m1; ;mvu;7|_-||_;u;;u;mov_-u;v_;Ѵ70 ruo=;vvbom-Ѵ1-r-0bѴbঞ;v-m7l-7; |_; |;um-Ѵ7b|ouvĺ u;1oll;m7-ঞomv|o|_;o-u7 r;u|-bmbm]|o|_;u;Ŋ-rrobm|l;m|o=|_; $_;ollb;;_-bm]1omvb7;u;7 |;um-Ѵ7b|ouvĺ |_-||_;u;;u;movb]mbC1-m|l-|;ub-Ѵ Ŏ mvu;7|_-||_; |;um-Ѵ7b|ouv |u-mv-1ঞomv0;|;;m|_; |;um-Ѵ7b|ouv -u;bm7;r;m7;m|0u;b;bm] -m7|_;uor1olr-mb;vķ|_-||_;u;;u; uorĽvv_-u;u;]bv|;uvķu;Ѵ-|;7r-u| mov_-u;v_;Ѵ70|_; |;um-Ѵ7b|ouvķ|_; |u-mv-1ঞomv-m7o0|-bmbm]-ub;m 1omCul-ঞomu;1;b;7=uol|_; |;um-Ѵ 1omCul-ঞom=uol|_; |;um-Ѵ 7b|ouv-m7|_;r;ubo7b1uo|-ঞomo=|_; 7b|ouvĺ 7b|-u|m;uķmo|;7|_-|ķ_-u|;u;7 11om|-m|vķ-u;;Ѵb]b0Ѵ;=ouu;Ŋ-rrobm|l;m| ૩ m|;um-Ѵ7b| -v|_; |;um-Ѵ7b|ouvo=|_;olr-mĺ Ŏ !;b;;7-m7-rruo;7|_;mm-Ѵ 7b|Ѵ-m-[;u1omvb7;ubm]b|v7;r|_ -bm]mo|;7|_;-0o;ķ|_;ollb;; -m71o;u-];bm|_;uorĺ u;1oll;m7v|o|_;o-u7|_-|ņ"ķ _-u|;u;711om|-m|v0;u;Ŋ-rrobm|;7 Ŏ !;b;;7-m7;-Ѵ-|;7|_; -v|_; |;um-Ѵ7b|ouvo=|_;olr-m bm7;r;m7;m1;ķ;@;1ঞ;m;vv =ou|_;1uu;m|Cm-m1b-Ѵ;-uķv0f;1||o -m71olr;|;m1o=|_;uorĽv |_;-rruo-Ѵo=|_;"_-u;_oѴ7;uv-||_; m|;um-Ѵ7b|=m1ঞomķ|_;bu =ou|_1olbm]mm-Ѵ;m;u-Ѵ;;ঞm]ĺ u;vou1;u;tbu;l;m|v-m7l-7; u;1oll;m7-ঞomv=ou-mu;tbu;7 1_-m];vĺ

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ƐƏƑŊƒƔ ƐƏƑŊƒѵ ƐƏƑŊƒƕ

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112 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 NOMINATION COMMITTEE REPORT

ƐƏƑŊƑƓ

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COMMITTEE REPORT ƐƏƑŊƑƔ ƐƏƑŊƒƓ

b|h;m"r;m1;o|;ѴoѴ7bm]v0;Ѵom]v|o|_;|oubvlv;]l;m|o=b|h;m"r;m1;uor ;b]_Ѵb]_|v ubm]|_; bm-m1b-Ѵ+;-u m7;ub|vr-u;m|1olr-mb|h;m"r;m1;ĺ$_;u;=ou;ķ|_;!;Ѵ-|;7-u|$u-mv-1ঞomv ƑƏƐƖņƑƏƑƏ !;b;ollb;;o=b|h;m"r;m1;-1|v-v|_;!;Ѵ-|;7-u|$u-mv-1ঞomv!;b; -1_t-u|;uķ7bv1Ѵovu;vbmu;Ѵ-ঞom|o ollb;;o=b|h;m"r;m1;o|;ѴoѴ7bm]v-v;ѴѴbm|;ulvo=";1ঞomƖĺƑĺƒo=|_; rov|t-u|;u1omCul-ঞomv-m7ruorov;7 bvঞm]!Ѵ;vo=|_;oѴol0o"|o1h 1_-m];ĺ$_;olr-m_-v1olrѴb;7b|_|_;roѴb1b;v |u-mv-1ঞom7bv1Ѵovu;v;u;o0|-bm;7 -m7ruo1;7u;vv;|o|0|_;uor!;Ѵ-|;7-u|$u-mv-1ঞomv!;b;ollb;;ĺ =uol|_;;-m-];l;m|;uvomm;Ѵ -m7|_;uoru;Ѵ-|;71olr-mb;v-m7|_; !oѴ;o=|_;!;Ѵ-|;7-u|$u-mv-1ঞomv!;b;ollb;; ollb;;u;b;;7-ѴѴv1_7bv1Ѵovu; $_;uoѴ;o=|_;!;Ѵ-|;7-u|$u-mv-1ঞom!;b;ollb;;bv|o-7b1;|_;o-u7bm -|b|vt-u|;uѴl;;ঞm]vĺ$_;ollb;; u;b;bm]-ѴѴu;Ѵ-|;7r-u||u-mv-1ঞomv1-uub;7o|0|_;olr-mĺ$_;ollb;;1olrѴb;v =u|_;u1ollmb1-|;7b|v-1ঞbঞ;v|o b|_|_;o7;o=;v|u-1ঞ1;vom!;Ѵ-|;7-u|$u-mv-1ঞomvbvv;70|_;";1ubঞ;v-m7 |_;o-u70|-0Ѵbm]|_;lbm|;vo=|_; 1_-m];ollbvvbomo="ub-mh-ķ_b1_-vv0v;t;m|Ѵbm1ourou-|;7bm|o|_;bvঞm] ollb;;l;;ঞm]vķ-||_;o-u7l;;ঞm]vĺ !Ѵ;vo=|_;oѴol0o"|o1h 1_-m];bm-m;m7;-ou|o;mvu;|_-||_;bm|;u;v|vo= v_-u;_oѴ7;uv-v-_oѴ;-u;|-h;mbm|o-11om|0|_;olr-m_;m;m|;ubm]bm|o!;Ѵ-|;7 !;vromvb0bѴbঞ;vo=|_;ollb;; -u|$u-mv-1ঞomvĺ $_;ollb;;Ľvh;=o1vbv|ou;b; olrovbঞomo=|_;ollb;; -ѴѴruorov;7u;Ѵ-|;7r-u||u-mv-1ঞomv rubou|o;m|;ubm]bm|oou1olrѴ;ঞomo=|_; MEMBERS |u-mv-1ঞom-11ou7bm]|o|_;ruo1;7u;v $_;ollb;;ķ-v-|ƒƐv|-u1_ƑƏƑƏķ1olrubv;7o=|_;=oѴѴobm]l;l0;uvĹ Ѵ-b77om0";1ঞomƖo=|_;bvঞm]!Ѵ;v o=|_;oѴol0o"|o1h 1_-m];-m7|_; -l; -|;]ou ņ u;vromvb0bѴbঞ;vo=|_;ollb;;-u;-v uĺ!ĺĺvbu-|_-lŐ_-bul-mő ƓņƓ =oѴѴovĹ uĺĺĺ"ĺub|oŐrrobm|;7ĺ;ĺ=ĺƑƒĺƏƔĺƑƏƐƖő ƓņƓ uĺĺĺ)b1hu;l-vbm]_; ƑņƓ Ŏ -Ѵ-|;-mruorov;7u;Ѵ-|;7r-u| uĺĺĺol; ƐņƓ |u-mv-1ঞomvom-t-u|;uѴ0-vbv-m7 uĺĺĺ7;"bѴ- ;-7b|-ņuĺĺĺoom;u-|m; ƒņƓ u;1oll;m7|o|_;l-m-];l;m|-m7|_; ŐѴ|;um-|; bu;1|ou=ouuĺĺĺ7;"b- ;-7b|-ő o-u7ķ|_;-rruorub-|;1ouv;o=-1ঞom |o0;|-h;mbmou7;u|o0;1olrѴb-m| ňm7;r;m7;m|omň ;1ࢼ; bu;1|ou b|_|_;u;]Ѵ-ঞomvo=|_;bvঞm]!Ѵ;v ňomň ;1ࢼ; bu;1|ou -m7|_;o7;o=;v|u-1ঞ1;vom ńň;;ࢼm]v;m7;7 u;Ѵ-|;7r-u||u-mv-1ঞomvbvv;70|_; ";1ubঞ;v-m7 1_-m];ollbvvbomo= $_;ollb;;Ľv1olrovbঞom1olrѴb;vb|_|_;u;tbu;l;m|vo=";1ঞomƖĺƑĺƑo=|_;bvঞm] "ub-mh-ĺ !Ѵ;vo=|_;oѴol0o"|o1h 1_-m];ĺ Ŏ !;b;-mrov|t-u|;u1omCul-ঞomv omu;Ѵ-|;7r-u||u-mv-1ঞomvĺ $_;ollb;;bv1olrov;7o=|_u;; Related Party m7;r;m7;m|omŊ ;1ঞ; bu;1|ouv $u-mv-1ঞomv!;b;ollb;; Ŏ !;b;|_;|_u;v_oѴ7=ouu;Ѵ-|;7r-u| ;;ঞm];m7-m1; -m7|oomŊm7;r;m7;m|omŊ ;1ঞ; |u-mv-1ঞomv_b1_u;tbu;;b|_;u bu;1|ouvĺ$_;ollb;;bv1_-bu;70 No. of v_-u;_oѴ7;uvĽ-rruo-Ѵoubll;7b-|; -mm7;r;m7;m|omŊ ;1ঞ; bu;1|ou ;;ঞm]v 4 l-uh;|7bv1Ѵovu;vķ-v|_;1-v;l-0;ĺ _obv-=;ѴѴol;l0;uo=|_;mvঞ||; o=_-u|;u;711om|-m|vo="ub-mh-ĺ Ŏ !;b;|_;1ub|;ub-o=;-m-];l;m| ;l0;uvo=|_;ollb;;rovv;vv- 3 ;uvomm;Ѵĺ ;-Ѵ|_o=hmoѴ;7];-m7;r;ub;m1;ĺ Ŏ !;]Ѵ-uѴu;rou||o|_;o-u7om|_; 2 ollb;;Ľv-1ঞbঞ;vĺ

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114 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ;-m-];l;m|;uvomm;Ѵ ;1Ѵ-u-ঞom0|_;o-u7 $_;l;l0;uvo=|_;o-u7o=|_;olr-m 7;1Ѵ-u-ঞombv]b;m0|_;o-u7bm|_; -u;1omv|u;7-v|_;;-m-];l;m| mm-Ѵ!;rou|o=|_;o-u7o= bu;1|ouv ;uvomm;ѴŐvőo=b|h;m"r;m1;o|;Ѵ omr-];ƐƐƖ-v-m;]-ঞ;v|-|;l;m||o oѴ7bm]vĺ u|_;uķ bu;1|ouvķ(b1; |_;;@;1||_-|mou;Ѵ-|;7r-u||u-mv-1ঞom u;vb7;m|v-m7vvbv|-m|(b1;u;vb7;m|v =-ѴѴbm]b|_bm|_;-l0b|o=";1ঞomƖĺƒĺƑ o="0vb7b-u1olr-mb;v-u;1omvb7;u;7 o=bvঞm]!Ѵ;vo=|_;oѴol0o"|o1h -vvo=v1_1olr-mb;v|o;v|-0Ѵbv_ 1_-m];-v;m|;u;7bm|o0|_;olr-m ]u;-|;u|u-mvr-u;m1-m7]o;um-m1;ĺ 7ubm]|_;;-um7;uu;b;ĺ

;1Ѵ-u-ঞomv-u;o0|-bm;7=uol;-1_ o=|_;olr-m-m7b|vv0vb7b-ub;v=ou|_; rurov;o=b7;mঞ=bm]-mu;Ѵ-|;7r-u| R.N. Asirwatham |u-mv-1ঞomv|_;bm|;m7|o1-uuo|om _-bul-m t-u|;uѴ-m7-mm-Ѵ0-vbv|o7;|;ulbm; !;Ѵ-|;7-u|$u-mv-1ঞomv!;b; u;Ѵ-|;7r-u||u-mv-1ঞomv-m7|o1olrѴ ollb;; b|_|_;7bv1Ѵovu;u;tbu;l;m|vķb=-mĺ

oѴol0o ; m1ঞomvo=|_;ollb;; ƑƖ|_-ƑƏƑƏ ૩ oѴb1b;v-m7ruo1;7u;v-7or|;7 o $_;uorolr-m";1u;|-ub;v o0|-bmt-u|;uѴ7bv1Ѵovu;v=uol|_; ;-m-];l;m|;uvomm;Ѵo=-m ruorov;7u;Ѵ-|;7r-u||u-mv-1ঞomv -m71omCul-ঞomvo=-mrov|Ŋt-u|;u |u-mv-1ঞomvĺѴѴv1_u;vromv;v -u;|-0Ѵ;7-|;-1_u;Ѵ-|;7r-u| |u-mv-1ঞomv!;b;ollb;; l;;ঞm]vĺ

o bv1Ѵovu;v-u;o0|-bm;7=uol-ѴѴuor olr-mb;vo=-mruorov;7u;Ѵ-|;7 r-u||u-mv-1ঞomv-m71omCul-ঞomv o=-mrov|Ŋt-u|;u|u-mv-1ঞomv-m7 -ѴѴu;vromv;v-u;|-0Ѵ;7-|;-1_u;Ѵ-|;7 r-u||u-mv-1ঞomv!;b;ollb;; ;;ঞm]ĺ

o omŊu;1uu;m||u-mv-1ঞomvb=-mķ-u; 1ollmb1-|;7|o|_;uorolr-m ";1u;|-ub;v_obm|ummoঞ=|_; ollb;;ķb=u;tbu;7ĺ

૩ !;b;o=!;Ѵ-|;7-u|$u-mv-1ঞomv o !;b;;7-ѴѴruorov;7u;Ѵ-|;7r-u| |u-mv-1ঞomv-v;ѴѴ-vrov|t-u|;u 1omCul-ঞomvĺ

o 1ঞbঞ;vo=|_;ollb;;;u; 1ollmb1-|;7|o|_;o-u70|-0Ѵbm] |_;lbm|;vo=|_;ollb;;bm|;vĺ

About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 115 STATEMENT OF DIRECTORS’ RESPONSIBILITIES

$_;olr-mb;v1|oĺƏƕo=ƑƏƏƕ $_;o-u7o= bu;1|ouv1omCul|_-||_; u;tbu;v|_; bu;1|ouvo=|_;olr-m olr-m-m7|_;uorĽvomvoѴb7-|;7 |o0;u;vromvb0Ѵ;=ou|_;ru;r-u-ঞom "|-|;l;m|vo= bm-m1b-Ѵovbঞom-v-|ƒƐv| -m7ru;v;m|-ঞomo=|_; bm-m1b-Ѵ -u1_ƑƏƑƏ-m7|_;olru;_;mvb;m1ol; "|-|;l;m|v-m7o|_;uv|-||ouu;rou|vĺ "|-|;l;m|v=ou|_;olr-m-m7|_;uor $_;u;vromvb0bѴbঞ;vo=|_; bu;1|ouvķbm =ou|_; bm-m1b-Ѵ+;-u;m7;7ƒƐv|-u1_ u;Ѵ-ঞom|o|_; bm-m1b-Ѵ"|-|;l;m|vo= ƑƏƑƏu;Y;1|-|u;-m7=-bub;o=|_; b|h;m"r;m1;o|;ѴoѴ7bm]v-m7|_; olr-m-m7|_;uorĺ omvoѴb7-|;7 bm-m1b-Ѵ"|-|;l;m|vo=|_; uor-u;v;|o|bm|_bvu;rou|ĺ $_; bu;1|ouv_-;ruob7;7|_; 7b|ouvb|_;;uorrou|mb||o1-uu $_; bu;1|ouv1omCul|_-||_; bm-m1b-Ѵ o|-mu;b;v-m7|;v|v|_-||_; "|-|;l;m|v-m7o|_;uv|-||ouu;rou|vo= 1omvb7;u-rruorub-|;-m7m;1;vv-u=ou |_;olr-m-m7b|v"0vb7b-ub;v=ou|_; |_;r;u=oul-m1;o=|_;bu7ঞ;vĺ$_; ;-u;m7;7ƒƐv|-u1_ƑƏƑƏbm1ourou-|;7 u;vromvb0bѴb|o=|_;m7;r;m7;m|7b|ouv bm|_bvu;rou|_-;0;;mru;r-u;7bm bmu;Ѵ-ঞom|o|_; bm-m1b-Ѵ"|-|;l;m|vbvv;| -11ou7-m1;b|_|_;olr-mb;v1|oĺ o|bm|_;m7;r;m7;m|7b|ouv!;rou|ĺ Əƕo=ƑƏƏƕķ|_;"ub-mh-11omঞm]-m7 7bঞm]"|-m7-u7v1|oĺƐƔo=ƐƖƖƔ $_; bu;1|ouv1omCul|_-||o|_;0;v|o= -m7|_;bvঞm]!Ѵ;vo=|_;oѴol0o"|o1h |_;buhmoѴ;7];-ѴѴr-l;m|v|o;lrѴo;;vķ 1_-m];ĺ u;]Ѵ-|ou-m7v|-||ou-|_oubঞ;v7;-m7 r--0Ѵ;0|_;olr-m-m7b|v"0vb7b-ub;v $_; bu;1|ouv_-;|-h;m-rruorub-|; _-;0;;m;b|_;u7Ѵr-b7ou-7;t-|;Ѵ v|;rv|o;mvu;|_-||_;olr-mb;v ruob7;7=oubm|_; bm-m1b-Ѵ"|-|;l;m|vĺ b|_bm|_;uorl-bm|-bm-7;t-|;-m7 $_; bu;1|ouv=u|_;u1omCul|_-||_; -11u-|;u;1ou7v_b1_u;Y;1||_;|u; ruolo|;|_;_b]_;v|;|_b1-Ѵķ;mbuoml;m|-Ѵ Cm-m1b-Ѵrovbঞomo=;-1_v1_olr-m -m7v-=;|v|-m7-u7vb|_bm|_;uorĺ -m7_;m1;|_;uorĺ$_; bu;1|ouv_-; $_; bu;1|ouv-Ѵvo;mvu;|_-||_;u;Ѵ;-m| |-h;m-rruorub-|;-m7u;-vom-0Ѵ;v|;rv|o m-ঞom-ѴѴ-vķbm|;um-ঞom-ѴѴ-v-m71o7;v v-=;]-u7|_;-vv;|vo=|_;olr-m-m7 o=u;]Ѵ-|ou-|_oubঞ;vķruo=;vvbom-Ѵ |_;uorĺ$_; bu;1|ouv_-;bmvঞ||;7 bmvঞ||;v-m7|u-7;-vvo1b-ঞomv_-;0;;m -rruorub-|;vv|;lvo=bm|;um-Ѵ1om|uoѴbm 1olrѴb;7b|_0|_;uorĺ ou7;u|olbmblbv;-m77;|;1|=u-7ķ;uuouv -m7o|_;ubuu;]Ѵ-ubঞ;vĺ$_; bu;1|ouvbm ou7;uo=|_;o-u7ķ l-bm|-bmbm]-vom7vv|;lo=bm|;um-Ѵ b|h;m"r;m1;o|;ѴoѴ7bm]v 1om|uoѴ-m7bmruo|;1ঞm]|_;-vv;|vo= |_;olr-mķ_-;=u|_;u-7or|;7ubvh l-m-];l;m|v|u-|;]b;v|ob7;mঞ=-m7 ;-Ѵ-|;|_;ubvhv_b1_|_;olr-m 1oѴ70;;rov;7|o-m7b|vblr-1||o|_; Aitken Spence Corporate Finance olr-mĺ (Private) Limited ";1u;|-ub;v $_; bu;1|ouv_-bm]1omvb7;u;7|_;uorĽv 0vbm;vvrѴ-mvķ-m7-u;b;o=b|v1uu;m| ƑƖ|_-ƑƏƑƏ -m7=|u;or;u-ঞomvķ-u;o=|_;b;|_-| oѴol0o |_;olr-m-m7|_;uor_-;-7;t-|; u;vou1;v|o1omঞm;bmor;u-ঞomĺ$_; bu;1|ouv_-;-7or|;7|_;]obm]1om1;um 0-vbvbmru;r-ubm]|_; bm-m1b-Ѵ"|-|;l;m|vĺ

$_; bm-m1b-Ѵ"|-|;l;m|vru;v;m|;7bm|_bv mm-Ѵ!;rou|=ou|_;;-u;m7;7ƒƐv| -u1_ƑƏƑƏķ_-;0;;mru;r-u;70-v;7 om|_;"ub-mh-11omঞm]"|-m7-u7v Ő" !"vņ"vőĺ$_; bu;1|ouv_-; v;Ѵ;1|;7|_;-rruorub-|;-11omঞm]roѴb1b;v -m7v1_roѴb1b;v-7or|;70|_;uor -u;7bv1Ѵov;7-m7;rѴ-bm;7bm|_; bm-m1b-Ѵ "|-|;l;m|vĺ

116 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ANNUAL REPORT OF THE BOARD OF DIRECTORS

ƐƏƑŊƑѶ ƐƏƑŊƒƑ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 117 ANNUAL REPORT OF THE BOARD OF DIRECTORS

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 119 ANNUAL REPORT OF THE BOARD OF DIRECTORS

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120 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 THE BOARD OF DIRECTORS’ STATEMENT

ON INTERNAL CONTROLS ƐƏƑŊƐѵ ƐƏƑŊƐƕ

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About the Group | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 121 THE BOARD OF DIRECTORS’ STATEMENT ON INTERNAL CONTROLS

);_-;7Ѵ1olrѴb;7b|_-ѴѴ|_; u;tbu;l;m|vru;v1ub0;70|_;u;]Ѵ-|ou -|_oubঞ;vbm1Ѵ7bm]|_;oѴol0o"|o1h 1_-m];-m7|_;!;]bv|u-uo=olr-mb;vĺ $_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|v=ou |_;;-u;m7;7ƒƐv|-u1_ƑƏƑƏ_-; 0;;m-7b|;70;vvuvĺķ_-u|;u;7 11om|-m|vĺ

Deshamanya D.H.S. Jayawardena _-bul-m

Dr. M.P. Dissanayake -m-]bm] bu;1|ou

R.N. Asirwatham _-bul-m 7b|ollb;;

oѴol0o ƑƖ|_-ƑƏƑƏ

122 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20

FINANCIAL CALENDAR

Interim Financial Statements Calendar - 2019/2020 (In terms of Rule 7.4 of the CSE) Interim Financial Statements for the three months ended on 30th June 2019 Approved on 08th August 2019 Interim Financial Statements for the six months ended on 30th September 2019 Approved on 14th November 2019 Interim Financial Statements for the nine months ended on 31st December 2019 Approved on 10th February 2020 Interim Financial Statements for the twelve months ended on 31st March 2020 Approved on 21st May 2020

Audited Financial Statements Calendar Audited Financial Statements for the year ended 31st March 2020 Approved on 29th May 2020

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Interim Financial Statements Calendar - 2020/2021 Interim Financial Statements for the three months ended on 30th June 2020 1st week of August 2020 Interim Financial Statements for the six months ended on 30th September 2020 1st week of November 2020 Interim Financial Statements for the nine months ended on 31st December 2020 1st week of February 2021 Interim Financial Statements for the twelve months ended on 31st March 2021 4th week of May 2021

124 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 INDEX TO THE FINANCIAL STATEMENTS

Independent Auditor’s Report 126 o|;v|o|_; bm-m1b-Ѵ"|-|;l;m|vŊ"|-|;l;m|o= bm-m1b-ѴovbঞomŊ tb|-m7b-0bѴbঞ;v Primary Financial Statements ƒƒ "|-|;7-rb|-Ѵ ƐƖƒ "|-|;l;m|o=uoC|ouovv-m7|_;uolru;_;mvb;m1ol; ƐƒƏ 34 Reserves 194 "|-|;l;m|o= bm-m1b-Ѵovbঞom ƐƒƑ ƒƔ m|;u;v|Ŋ;-ubm]b-0bѴbঞ;vŊ-mhv ƐƖƔ "|-|;l;m|o=_-m];vbm tb| ƐƒƓ ƒѵ m|;u;v|Ŋ;-ubm]b-0bѴbঞ;vŊ;-v;v ƑƏƏ "|-|;l;m|o=-v_ Ѵov Ɛƒѵ ƒƕ ;=;uu;7$-b-0bѴbঞ;v ƑƏƐ ƒѶ |_;ub-0bѴbঞ;v ƑƏƒ Notes to the Financial Statements ƒƖ lrѴo;;;m;C|v 204 Notes to the Financial Statements - General ƓƏ |_;uuobvbomv-m7--0Ѵ;v ƑƏƕ Ɛ !;rouঞm] mঞ| ƐƒѶ ƓƐ lom|v ;$o-u;m|Ľvuor mঞঞ;v ƑƏѶ Ƒ -vbvo=u;r-u-ঞom ƐƒѶ

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Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 125 INDEPENDENT AUDITOR’S REPORT

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$_;Cm-m1b-Ѵv|-|;l;m|v_-;0;;mru;r-u;7om-]obm]1om1;um0-vbvĺm u-7b|ruo1;7u;vbm1Ѵ7;7ķ -7orঞm]|_;]obm]1om1;um0-vbvo=ru;r-u-ঞomo=|_;Cm-m1b-Ѵv|-|;l;m|vķ Ŏ 0|-bmbm]|_;uorĽvņ|_;olr-mĽv1-v_Yoruof;1ঞomv1o;ubm] |_;7bu;1|ouv_-;u;b;;7|_;1olr-mĽv1-v_Yoruof;1ঞomvru;r-u;7 r;ubo7o=mo|Ѵ;vv|_-m|;Ѵ;lom|_v=uol|_;u;rouঞm]r;ubo7;m77-|; 0|_;l-m-];l;m|ĺ$_;1-v_Yoruof;1ঞomv;u;0-v;7oml-m-];l;m|Ľv -m71_-ѴѴ;m]bm]|_;v;h;-vvlrঞomvv;7bmru;r-ubm]|_;ruof;1ঞomvĺ -vvlrঞomv-m7;vঞl-ঞomo==|u;1-v_bmYov-m7oѴovķ-Ѵvo|-hbm] bm|o1omvb7;u-ঞom|_;blr-1|o=( ŊƐƖu;Ѵ-|;7;vঞl-|;m1;u|-bm|ĺ Ŏ -Ѵ-ঞm]|_;v;mvbঞb|o=|_;ruof;1|;7--bѴ-0Ѵ;1-v_01omvb7;ubm] downside scenarios together with reasonably plausible changes to the o|;v|o|_;Cm-m1b-Ѵv|-|;l;m|vķ_b1_7;v1ub0;vbm1u;-v;7;vঞl-ঞom h;-vvlrঞomv-m71omvb7;ubm]_;|_;u|_;u;;u;-mbm7b1-|ouvo= m1;u|-bm|bm|_;ru;r-u-ঞomo=|_;1uu;m|;-uuorņ|_;olr-m l-m-];l;m|0b-vbm|_;v;Ѵ;1ঞomo=|_;-vvlrঞomvĺ Cm-m1b-Ѵv|-|;l;m|vķvr;1bC1-ѴѴ-vb|u;Ѵ-|;v|o|_;blr-1|vo=( ŊƐƖ om|_;uorĽv=|u;ruovr;1|vķr;u=oul-m1;-m71-v_Yovĺ u|_;uķ|_; Ŏ mvr;1ঞm]|_;=-1bѴb|-]u;;l;m|v=ou|_;uorĽvņ|_;olr-mĽv management has described how they plan to deal with these events and Ѵom]Ŋ|;ulѴo-mv|ob7;mঞ=-mCm-m1b-Ѵ1o;m-m|vouvblbѴ-u|;ulv 1bu1lv|-m1;v-v|_;o|0u;-hbvvঞѴѴru;-bѴbm]-v-||_;7-|;o=|_bvu;rou|ĺ -m7-vv;vvbm]|_;blrѴb1-ঞomo=|_;v;om|_;uorĽvņ|_;olr-mĽv Ѵbtb7b|ĺ );b7;mঞC;7|_;l-m-];l;m|-vv;vvl;m|o=ro|;mঞ-Ѵblr-1|o=( ŊƐƖ |o|_;uorĽvņ|_;olr-mĽv-0bѴb||o1omঞm;-v]obm]1om1;um-v-h; Ŏ vv;vvbm]|_;-7;t-1o=7bv1Ѵovu;vbm|_;Cm-m1b-Ѵv|-|;l;m|vbm -7b|l-;u0;1-v;|_;1-v_Yoruof;1ঞomvu;=;uu;7|o-0o;bmoѴ;v u;Ѵ-ঞom|o|_;ro|;mঞ-Ѵblr-1|o=( ŊƐƖ|o|_;uorĽv-0bѴb||o 1omvb7;u-ঞomo==|u;;;m|v-m71bu1lv|-m1;v_b1_-u;bm_;u;m|Ѵ 1omঞm;-v]obm]1om1;umb|_u;=;u;m1;|o|_;u;tbu;l;m|vo=|_; m1;u|-bmķ-m7;@;1|o=|_ov;m1;u|-bmঞ;vl-vb]mbC1-m|Ѵblr-1||_; ru;-bѴbm]-11omঞm]v|-m7-u7vĺ u;vѴঞm]-11omঞm];vঞl-|;vĺ$_;u;=ou;ķ|_;-vv;vvl;m|u;tbu;v|_; ;;u1bv;o=vb]mbC1-m|l-m-];l;m|f7];l;m|bm-vv;vvbm]=|u;1-v_bmYov -m7oѴov_b1_1oѴ70;v0f;1||oro|;mঞ-Ѵl-m-];l;m|0b-vĺ

126 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 7orঞomo=" !"ƐѵŐ;-v;vő !;=;u11omঞm]oѴb1b;vbmo|;ƒĺƔĺƑ-m7o|;ѵĺƐ|o|_;Cm-m1b-Ѵv|-|;l;m|v !bvh ;v1ubrঞom uu;vromv;

$_;olr-m_oѴ7bm;v|l;m|vbmv0vb7b-ub;v-m7bm;v|l;m|vbm;tb| u-7b|ruo1;7u;vbm1Ѵ7;7ķ -11om|;7bm;v|;;v-lomঞm]|o!vĺѶķƏƏƕm-m7!vĺƐķƑƑƒmu;vr;1ঞ;Ѵ Ŏ 0|-bm-m7m7;uv|-m7bm]o=l-m-];l;m|Ľvblr-bul;m|-vv;vvl;m|ruo1;vvĺ -v-|ƒƐv|-u1_ƑƏƑƏĺ Ŏ -Ѵ-ঞm]|_;u;-vom-0Ѵ;m;vvo=|_;uorĽvh;-vvlrঞomv=oub|v u|_;u|_;uor_oѴ7vbm;v|l;m|vbm;tb|-11om|;7bm;v|;;v-lomঞm]|o u;bv;71-v_Yoruof;1ঞomv1_-v7bv1om|u-|;vķ1ov|bmY-ঞom-m7 !vĺƖƐƏm-m7]oo7bѴѴ-lomঞm]|o!vĺƓƖƒm-v-|ƒƐv|-u1_ƑƏƑƏĺ business growth with reference to the internally and externally derived The carrying amount of each investments in subsidiary and investments in sources including Group budgetary process and reasonableness of historical ;tb|Ŋ-11om|;7bm;v|;;v_-;0;;m|;v|;7=oublr-bul;m|-vbm7bb7-Ѵ-v_ =ou;1-v|vĺ ;m;u-ঞm]&mb|v-m7l-m-];l;m|-ѴѴo1-|;7]oo7bѴѴ|o|_;u;vr;1ঞ;1-v_Ŋ Ŏ !;b;bm]o=-Ѵ;bmv;1olr|-ঞomv=ouu;1o;u-0Ѵ;-lom|b|_ ];m;u-ঞm]mb|vŐļ&Ŀő-m7|_;u;1o;u-0Ѵ;-lom|vo=|_;b7;mঞC;7&v blr-bul;m|bm7b1-ঞomv-m77bv1vvbomb|_l-m-];l;m|o=|_;uorĺ _-;0;;m7;|;ulbm;70-v;7om-Ѵ;ŊbmŊv;1-Ѵ1Ѵ-ঞomĺ Ŏ $;vঞm]|_;l-|_;l-ঞ1-Ѵ-11u-1o=|_;m7;uѴbm]1-Ѵ1Ѵ-ঞomvbm|_; m;v|l;m|v_b1_7o;vmo|];m;u-|;-7;t-|;u;|umvl-0;-mbm7b1-ঞomo= uorĽv7bv1om|;71-v_Yo-Ѵ-ঞoml;|_o7vĺ blr-bul;m|ĺ-m-];l;m|r;u=oul;7|_;blr-bul;m|-vv;vvl;m|=ouv0vb7b-ub;v with indicators of impairment and determined their recoverable amounts based Ŏ omvb7;ubm]|_;-7;t-1o=|_;uorņ|_;olr-m7bv1Ѵovu;vbm|_; om-Ѵ;ŊbmŊv;1-Ѵ1Ѵ-ঞomvĺ Cm-m1b-Ѵv|-|;l;m|vbmu;vr;1|o=blr-bul;m||;vঞm]ĺ u|_;uķ( ŊƐƖo|0u;-hu;vѴ|;7bmbm|;uurঞombm0vbm;vv-1ঞbঞ;v-m7 u;vѴ|;7bmѴovvo=bm1ol;=ouvol;o=|_;v0vb7b-ub;v-m7;tb|-11om|;7 bm;v|;;vb|_bm|_;uorķ_b1_oѴ7-7;uv;Ѵ-@;1||_;-0bѴb||o];m;u-|; -7;t-|;u;|um-m7bm7b1-|;ro|;mঞ-Ѵblr-bul;m|bm7b1-|ouvĺ );1omvb7;u;7|_;-7b|o=l-m-];l;m|Ľvblr-bul;m|-vv;vvl;m|o=]oo7bѴѴķ bm;v|l;m|bm;tb|-11om|;7bm;v|;;v-m7bm;v|l;m|bmv0vb7b-ub;v|o 0;h;-7b|l-;u7;|o|_;l-]mb|7;o=|_;1-uubm]-Ѵ;o=]oo7bѴѴķ bm;v|l;m|bm;tb|-11om|;7bm;v|;;v-m7bm;v|l;m|bmv0vb7b-ub;vbm|_; Cm-m1b-Ѵv|-|;l;m|v-v-|u;rouঞm]7-|;ĺm-77bঞomķ|_;v;-u;-v;u;vb]mbC1-m| |oou-7b|0;1-v;|_;blr-bul;m|-vv;vvl;m|ruo1;vvbmoѴ;vvb]mbC1-m| l-m-];l;m|f7];l;m|-m7u;tbu;7|_;l-m-];l;m||ol-h;-ubov -vvlrঞomvbm|_;m7;uѴbm]1-v_Yo=ou;1-v|vĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 127 INDEPENDENT AUDITOR’S REPORT

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$_;uor_-vu;1o]mb;77;=;uu;7|--vv;|v-lomঞm]|o!vĺƑƖѵm-v-| u-7b|ruo1;7u;vbm1Ѵ7;7ķ ƒƐv|-u1_ƑƏƑƏĺ Ŏ vv;vvbm]-m71_-ѴѴ;m]bm]|_;uorĽvu;bv;7-rruo-1_=ou;-Ѵ-ঞm] uor_-7u;1o]mb;7vb]mbC1-m|7;=;uu;7|--vv;|vbmu;vr;1|o=|_;=|u; |_;Ѵbh;Ѵb_oo7o=|_;u;1o;u-0bѴb|o=7;=;uu;7|--vv;|vĺ$_bvbm1Ѵ7;7 0;m;C|o=7;71ঞ0Ѵ;|;lrou-u7b@;u;m1;v-m7-11lѴ-|;7|-Ѵovv;v_b1_ 1_-ѴѴ;m]bm]|_;h;-vvlrঞomvbmu;bv;7=|u;|--0Ѵ;ruoC|v l-m-];l;m|1omvb7;u;7oѴ7ruo0-0Ѵ0;ঞѴbv;7ouu;1o;u;7bm|_;=|u; =ou;1-v|v=ou;-1_uor;mঞ|b|_-11lѴ-|;7mঞѴb;7|-Ѵovv;v |_uo]_|_;];m;u-ঞomo==|u;|--0Ѵ;ruoC|v0|_;]uor;mঞঞ;vou0 01olr-ubm]|_;lov|vb]mbC1-m|bmr|vv;7bm|_;=ou;1-v|vķbm1Ѵ7bm] v;|Ŋo@-]-bmv|7;=;uu;7|-Ѵb-0bѴbঞ;vĺ =|u;u;;m;ķl-u]bmv-m7or;u-ঞm]1ov|]uo|_u-|;vķb|_|_; _bv|oub1-Ѵr;u=oul-m1;o=|_;;mঞঞ;vķl-m-];l;m|Ľv=ou;1-v|vv;7=ou u|_;uķ|_;( ŊƐƖo|0u;-hl--@;1||_;1-v_Yoruof;1ঞomvo=|_; other purposes and our knowledge of the business gained from other lov|o=|_;;mঞঞ;vb|_bm|_;uor7;|obm|;uurঞom0vbm;vv-1ঞbঞ;v -7b|ruo1;7u;vĺ u;vѴ|;7vb]mbC1-m|blr-1||o|_;=|u;|--0Ѵ;ruoC|vo=|_;uorķ_b1_ bm|um1oѴ7-@;1||_;u;1o]mbঞomo=7;=;uu;7|--vv;|v-||_;u;rouঞm]7-|;ĺ Ŏ vv;vvbm]-7;t-1o=|_;7bv1Ѵovu;vbm|_;Cm-m1b-Ѵv|-|;l;m|vĺ

);b7;mঞC;7|_;u;1o]mbঞomo=7;=;uu;7|--vv;|v-v-h;-7b|l-;u 0;1-v;o=b|vvb]mbC1-m1;|o|_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|v-m7 vb]mbC1-m|l-m-];l;m|f7]l;m|-m7;vঞl-ঞomu;tbu;7bm=ou;1-vঞm] =|u;|--0Ѵ;ruoC|v_b1_1oѴ70;v0f;1||o;uuououro|;mঞ-Ѵl-m-];l;m| 0b-vĺ

$_;;@;1ঞ;rouঞomo=--v_Yo_;7];_-v0;;mu;1o]mb;7m7;uo|_;u u-7b|ruo1;7u;vbm1Ѵ7;7ķ 1olru;_;mvb;bm1ol;-lomঞm]|o!vĺƑƖƑm-v-|ƒƐv|-u1_ƑƏƑƏĺ Ŏ vv;vvbm]|_;m-|u;o=|_;_;7];u;Ѵ-ঞomv_brv-m7|;vঞm]1olrѴb-m1; uorbv;rov;7|oCm-m1b-Ѵubvhv-ubvbm]=uol;1_-m];u-|;vĺv0vb7b-u b|_vr;1bC1_;7];-11omঞm]u;tbu;l;m|v=ou=ou;b]m1uu;m1_;7]bm]ĺ 1olr-m_-v_;7];7b|v uo1uu;m1u;;m;-]-bmv||_;1om|u-1|-Ѵ=|u; Ŏ -lbmbm]|_;-11omঞm]|u;-|l;m|-rrѴb;7=ou;7];ķbmr-uঞ1Ѵ-u_;m Ѵo-mu;r-l;m|vĺ!Ѵ;vom_;7];-11omঞm]u;tbu;l;m|v-m77o1l;m|-ঞom reclassifying gains and losses from reserves to the income statement and 1-m0;1olrѴb1-|;7ĺ-1ho=1olrѴb-m1;b|_7o1l;m|-ঞomuѴ;vķ_;7]; -7fv|l;m|v|o|_;1-uubm]-Ѵ;o=|_;_;7];7b|;lĺ ;@;1ঞ;m;vvuѴ;vķ-m7ruo0-0bѴb|1ub|;ub-1oѴ7Ѵ;-7|obm1ol;v|-|;l;m| oѴ-ঞѴb|ĺ Ŏ vv;vvbm]|_;-7;t-1o=|_;7bv1Ѵovu;bmCm-m1b-Ѵbmv|ul;m|v0 -]u;;bm]|_;Cm-m1b-Ѵv|-|;l;m|v|o|_;m7;uѴbm]ouhbm]vru;r-u;70 ;7];u;Ѵ-ঞomv_brv-u;=oul-ѴѴ7o1l;m|;7-m77;vb]m-|;7-|bm1;rঞomĺ l-m-];l;m|-m7;mvubm]1Ѵ-vvbC1-ঞombv1omvbv|;m|b|_|_;-11omঞm] $_;7o1l;m|-ঞombm1Ѵ7;vb7;mঞC1-ঞomo=|_;_;7];7b|;l-m7|_;_;7]bm] rubm1brѴ;vĺ instrument and details of the risk that is being hedged and the way in which ;@;1ঞ;m;vvbѴѴ0;-vv;vv;7-|bm1;rঞom-m77ubm]|_;r;ubo7o=|_;_;7];ĺ

u|_;uķ|_;;1omolb1|u0Ѵ;m1;u;vѴঞm]=uol|_;( ŊƐƖr-m7;lb1 l--@;1||_;uorĽvubvh;rovu;v-m7_ob|l-m-];v|_;lĺѴvo |_;uorl-m;;7|o1omvb7;uķ_;|_;u|_;_;7];-11omঞm]1ub|;ub- bvbmѴbm;b|_11omঞm]"|-m7-u7v1omঞm;|o0;l;|ķ_;|_;u|_;u;bv _;7];bm;@;1ঞ;m;vv|ou;1o]mb;bmruoC|ouѴovv-m7_;|_;u-lom|v -11lѴ-|;7bm-1-v_Yo_;7];u;v;u;m;;7|o0;u;1Ѵ-vvbC;7|oruoC|ou Ѵovvĺ

128 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 |_;um=oul-ঞom Ŏ -Ѵ-|;|_;-rruorub-|;m;vvo=-11omঞm]roѴb1b;vv;7-m7|_; u;-vom-0Ѵ;m;vvo=-11omঞm];vঞl-|;v-m7u;Ѵ-|;77bv1Ѵovu;v -m-];l;m|bvu;vromvb0Ѵ;=ou|_;o|_;ubm=oul-ঞomĺ$_;o|_;u l-7;0l-m-];l;m|ĺ bm=oul-ঞom1olrubv;v|_;bm=oul-ঞombm1Ѵ7;7bm|_;-mm-Ѵu;rou|ķ 0|7o;vmo|bm1Ѵ7;|_;Cm-m1b-Ѵv|-|;l;m|v-m7ou-7b|ouĽvu;rou| Ŏ om1Ѵ7;om|_;-rruorub-|;m;vvo=l-m-];l;m|Ľvv;o=|_; |_;u;omĺ ]obm]1om1;um0-vbvo=-11omঞm]-m7ķ0-v;7om|_;-7b| ;b7;m1;o0|-bm;7ķ_;|_;u-l-|;ub-Ѵm1;u|-bm|;bv|vu;Ѵ-|;7 uorbmbomom|_;Cm-m1b-Ѵv|-|;l;m|v7o;vmo|1o;u|_;o|_;u |o;;m|vou1om7bঞomv|_-|l-1-v|vb]mbC1-m|7o0|om|_; bm=oul-ঞom-m7;7omo|;ru;vv-m=oulo=-vvu-m1;1om1Ѵvbom uorĽv-0bѴb||o1omঞm;-v-]obm]1om1;umĺ=;1om1Ѵ7;|_-| |_;u;omĺ -l-|;ub-Ѵm1;u|-bm|;bv|vķ;-u;u;tbu;7|o7u--;mঞom bmou-7b|ouĽvu;rou||o|_;u;Ѵ-|;77bv1Ѵovu;vbm|_;Cm-m1b-Ѵ m1omm;1ঞomb|_ou-7b|o=|_;Cm-m1b-Ѵv|-|;l;m|vķou v|-|;l;m|vouķb=v1_7bv1Ѵovu;v-u;bm-7;t-|;ķ|olo7b= u;vromvb0bѴb|bv|ou;-7|_;o|_;ubm=oul-ঞom-m7ķbm7obm]voķ ouorbmbomĺu1om1Ѵvbomv-u;0-v;7om|_;-7b|;b7;m1; 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ou-7b|orbmbomĺ =u;;=uoll-|;ub-Ѵlbvv|-|;l;m|ķ_;|_;u7;|o=u-7ou;uuouĺ );1ollmb1-|;b|_|_ov;1_-u];7b|_]o;um-m1;u;]-u7bm]ķ mru;r-ubm]|_;Cm-m1b-Ѵv|-|;l;m|vķl-m-];l;m|bvu;vromvb0Ѵ; -lom]o|_;ul-;uvķ|_;rѴ-mm;7v1or;-m7ঞlbm]o=|_;-7b|-m7 =ou-vv;vvbm]|_;uorĽv-0bѴb||o1omঞm;-v-]obm]1om1;umķ vb]mbC1-m|-7b|Cm7bm]vķbm1Ѵ7bm]-mvb]mbC1-m|7;C1b;m1b;vbm 7bv1Ѵovbm]ķ-v-rrѴb1-0Ѵ;ķl-;uvu;Ѵ-|;7|o]obm]1om1;um-m7vbm] bm|;um-Ѵ1om|uoѴ|_-|;b7;mঞ=7ubm]ou-7b|ĺ |_;]obm]1om1;um0-vbvo=-11omঞm]mѴ;vvl-m-];l;m|;b|_;u bm|;m7v|oѴbtb7-|;|_;uorou|o1;-v;or;u-ঞomvķou_-vmo We also provide those charged with governance with a statement u;-Ѵbvঞ1-Ѵ|;um-ঞ;0||o7ovoĺ |_-|;_-;1olrѴb;7b|_;|_b1-Ѵu;tbu;l;m|vbm-11ou7-m1;b|_ |_;o7;o= |_b1vu;]-u7bm]bm7;r;m7;m1;ķ-m7|o1ollmb1-|; Those charged with governance are responsible for overseeing the b|_|_;l-ѴѴu;Ѵ-ঞomv_brv-m7o|_;ul-;uv|_-|l-u;-vom-0Ѵ0; olr-mĽv-m7|_;uorĽvCm-m1b-Ѵu;rouঞm]ruo1;vvĺ |_o]_||o0;-uomoubm7;r;m7;m1;ķ-m7_;u;-rrѴb1-0Ѵ;ķu;Ѵ-|;7 v-=;]-u7vĺ 7b|ouĽv!;vromvb0bѴbঞ;v=ou|_;7b|o=|_; bm-m1b-Ѵ Statements uol|_;l-;uv1ollmb1-|;7b|_|_ov;1_-u];7b|_]o;um-m1;ķ uo0f;1ঞ;v-u;|oo0|-bmu;-vom-0Ѵ;-vvu-m1;-0o|_;|_;u|_; 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Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 129 STATEMENT OF PROFIT OR LOSS AND OTHER

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130 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Group Company ou|_;;-u;m7;7ƒƐv|-u1_ 2020 2019 2020 2019 Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

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Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 131 STATEMENT OF FINANCIAL POSITION

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

uu;m|vv;|v Inventories Ƒѵ ƖƒƒķƔƓƏ ƔƔƑķѶƕѶ ƐƖķѵƑƓ ƑƏķƑѶƕ Trade and other receivables Ƒƕ ƐķѵѶƐķƒƓƖ ƑķƏƖƓķƕƓƓ ƐƒѵķѶѵƖ ƐѵƐķƑѵƕ Amounts due from holding company 28 ƕƓƏķƑƒƑ ƐķƐƔƏķƏƕƒ ƒƑķƐƓѶ ƒƐƑķѵƐƖ lom|v7;=uolr-u;m|ŝv]uor;mঞঞ;v 29 ƓѵƕķƏѶѵ ƒƏƒķƒƖƕ ƐƐƑķƏƏѵ ƐƐƐķƔѶƖ Deposits and prepayments ƔѶѶķƕƕƓ ƕѵƓķƐƑƓ ѶķƏѵѵ ƑƔķѵƓƔ u;r-b7or;u-ঞm]Ѵ;-v;v 20 Ŋ ƕƓķƖѵƖ Ŋ Ŋ uu;m||-u;1;b-0Ѵ; ƒƒķƓѵƕ ƒѵķƔƒƕ ƐƕķƒƕƐ ƐƑķƐƖƏ |_;uCm-m1b-Ѵ-vv;|v 30 ƐƑѶķѶƑѶ ƔƒķƐƏѶ ѶƑķѵѶѵ ƒƖķƖƕƔ -v_-m71-v_;tb-Ѵ;m|v 31 ƑķƓƕƒķƑѵѵ ƒķƐƔƑķƕѶƏ ƔƏƑķƕѵƔ ƓƔѵķƖƒƐ ƕķƏƓѵķƔƓƑ ѶķƐѶƑķѵƐƏ ƖƐƐķƔƒƔ ƐķƐƓƏķƔƏƒ vv;|v1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ; 32 ƐķƏƑƔķƔƑƔ Ŋ Ŋ Ŋ Total Assets ƕƓķƒƔƏķƏƒƓ ѵƓķƖƏƑķƒѶƓ ƐƑķƒƕƓķѶƏƏ ƐƑķƒѵƔķƓƒƖ

&$+ $ " tb|ub0|-0Ѵ;|o tb|oѴ7;uvo=|_;olr-m Stated capital 33 ƒķƔƔƓķƔѶƕ ƒķƔƔƓķƔѶƕ ƒķƔƔƓķƔѶƕ ƒķƔƔƓķƔѶƕ Reserves 34 ƔķƓƐƖķƓƐƖ ƓķƖƖƕķƐƒƔ ƕƏƔķƖѵƐ ƕƏƔķƖѵƐ Retained earnings ƐƐķƔѶѶķѶƖƓ ƐƑķƕѶƕķƏƖƖ ѵķѵƐѶķƑƓƕ ѵķƒƑƖķƑѵƓ ƑƏķƔѵƑķƖƏƏ ƑƐķƒƒѶķѶƑƐ ƐƏķѶƕѶķƕƖƔ ƐƏķƔѶƖķѶƐƑ omŊ1om|uoѴѴbm]bm|;u;v|v ѶķƔѶƕķƔƒƏ ƖķƑƔѵķѵƐƓ Ŋ Ŋ $o|-Ѵ tb| ƑƖķƐƔƏķƓƒƏ ƒƏķƔƖƔķƓƒƔ ƐƏķѶƕѶķƕƖƔ ƐƏķƔѶƖķѶƐƑ

132 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

omŊuu;m|b-0bѴbঞ;v m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƒƔ ƑƓķѶƖƏķѶƑƏ ƑƒķƓƏƔķƑƖƑ ƓƕƐķƕѵƒ ƓƏƏķѵƏƏ m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƒѵ ѶķѵƏƖķƑƕƓ Ŋ Ŋ Ŋ ;=;uu;7|-Ѵb-0bѴbঞ;v ƒƕ ƖƖƐķƒƏƔ ƖƔƒķƕƖƏ ƓƐķƓƒƒ ƓƖķƕѶƒ |_;uѴb-0bѴbঞ;v 38 Ŋ ƐķƒƏƑķƏƐƕ Ŋ Ŋ lrѴo;;0;m;C|v 39 ƑƏƖķƕƐƓ ƑƏѵķƕƔƏ ƒƓķƔƓƔ ƒƔķƓƕƑ ƒƓķƕƏƐķƐƐƒ ƑƔķѶѵƕķѶƓƖ ƔƓƕķƕƓƐ ƓѶƔķѶƔƔ uu;m|b-0bѴbঞ;v Trade payables ƖƓƏķƔѶƑ ƖƑƒķƔƏƓ ƐƕķƖƖƕ ƑƖķƐѵƔ |_;uruobvbomv-m7r--0Ѵ;v 40 ƒķƓƖƓķƒƔƓ ƑķƖƕƕķƏƖƒ ƐƏƔķѵƒƖ ƐƓƒķƒƏƖ Amounts due to holding company ƐƒƓķƑƖƒ ƐƐƏķƏƑƏ ƓƑķѶƒѵ ƑƓķƐƓƖ lom|v7;|or-u;m|ŝv]uor;mঞঞ;v 41 ƕƓķƏƏƖ ƔѵķƏƔƐ ƔƏƐķƑѶƓ ƕѶƒķƐƓѵ m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƒƔ ƑķƕƔƕķƓѶƏ ƑķƏƕƔķƏƒƔ ƑƔƔķѶƖѶ ƑƕƖķѵƒƏ m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƒѵ ƔƑƓķƐƐƑ Ŋ Ŋ Ŋ uu;m||-r--0Ѵ; ѶƏķƕƕѶ ƐѶѶķƓƑѵ Ŋ Ŋ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v 31 ƑķƓƖƑķѶѶƒ ƑķƐƏѶķƖƕƐ ƑƓķѵƐƏ ƒƏķƒƕƒ ƐƏķƓƖѶķƓƖƐ ѶķƓƒƖķƐƏƏ ƖƓѶķƑѵƓ ƐķƑѶƖķƕƕƑ $o|-Ѵb-0bѴbঞ;v ƓƔķƐƖƖķѵƏƓ ƒƓķƒƏѵķƖƓƖ ƐķƓƖѵķƏƏƔ ƐķƕƕƔķѵƑƕ $o|-Ѵ tb|-m7b-0bѴbঞ;v ƕƓķƒƔƏķƏƒƓ ѵƓķƖƏƑķƒѶƓ ƐƑķƒƕƓķѶƏƏ ƐƑķƒѵƔķƓƒƖ

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Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 133 "$$ $ " &$+ Total tb| ŐƓƖķƕƑƑő ŐƑƔƑķƏѶƏő Interests ƐķƐƖƐķƕƕƒ ƒķƑƐƐķƕƏƕ om|uoѴѴbm] ƒѶѵķƔѶƒ ƐķƐƖƕķƐѵƓ Total - Non ŐѵƖƒő ŐƓƒƏő ŐƐķƐƑƒő ŐѵƑƓķƖƔƒő ŐƑƕƏķƕƕƐő ŐѶƖƔķƕƑƓő ƏƏ ƐƖķƕƕƐķƑƐƔ ѶķƐƑƑķƕѶѶ ƑƕķѶƖƓķƏƏƒ Ƒƕ ƐƖķƕƔƕķѶƓƑ ѶķƐƑƑķƒƔƓ ƑƕķѶѶƏķƐƖѵ ƖƖ ƑƐķƒƒѶķѶƑƐ ƖķƑƔѵķѵƐƓ ƒƏķƔƖƔķƓƒƔ ķƒƔƑ ƑƐķƏƑƏķƏƕƓ ѶķƖƕƖķƏѶƔ ƑƖķƖƖƖķƐƔƖ ƔķƑƐƒő ŐƓƒƔķƑƐƒő Ŋ ŐƓƒƔķƑƐƒő ƐķƐƓƏő ŐƒƔƐķƐƓƏő Ŋ ŐƒƔƐķƐƓƏő -umbm]v Retained ķƔѶѶķѶƖƓ ƑƏķƔѵƑķƖƏƏ ѶķƔѶƕķƔƒƏ ƑƖķƐƔƏķƓƒƏ Ŋ ƐѵķƑѵƑ ƓƑƑķƔƖƔ ƑƑƐķƏƓƖ ѵƓƒķѵƓƓ !;v;u; !;-Ѵ-ঞom Ŋ Ŋ Ŋ Ŋ ŐѵƐķƑƔƔő ŐѵƐķƑƔƔő Ŋ Ŋ Ŋ Ŋ ŐƑƓƔķƔƏƖő ŐƑƓƔķƔƏƖő _;7]; !;v;u; ŐƔƏķƓƕƕő ƐƔƏķƒѶƔ ƕķƑƓѵ ƐķƑƏƖķƒƔƒ ѶƏƔķƐƖƏ ƑķƏƐƓķƔƓƒ -v_Yo Ŋ Ŋ ŐƒƐѶķƏƔƓő ŐƒƐѶķƏƔƓő ŐƑƕƕķƏƖƖő ŐƔƖƔķƐƔƒő ƐƖŊ!vĺƐĺƏƏő ou;b]m !;v;u; Currency $u-mvѴ-ঞom !;v;u; Fair Value Fair ub0|-0Ѵ;|o;tb|_oѴ7;uvo=|_;r-u;m| General !;v;u; -m1b-Ѵv|-|;l;m|vĺ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐƐƒķƒƕƒő ŐƐƒķƒƕƒő ŐƓƒƓő ŐƐƒķѶƏƕő Ŋ Ŋ Ŋ ƐķƐƏƑķƐƖƖ ŐƔƏķƓƕƕő ƐƔƏķƒѶƔ ѶƐƕķѶƑƕ ƑķƏƐƖķƖƒƓ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐƒķƕƓƑő ŐƒķƕƓƑő ƒķƕƓƑ Ŋ Ŋ Ŋ ŐƐƓķѶƕѶő ƔƖѵķƐƑѶ ŐƐƕƓķƖƐƕő Ŋ ŐѵƏѶķѵƖƐő ŐƑƏƑķƒƔѶő Ŋ Ŋ Ŋ Ŋ Ŋ ƐƔķƖƔƐ ѶƏķƒƕƒ ƖѵķƒƑƓ ŐƖѵķƒƑƓő Ŋ Capital ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ Ŋ ƐķƖƓѵķƖƒƑ ŐƔƕѵķƑƒƖő Ŋ ƑķƓƏƐķƓƏѵ ƐķƖƓѵķƖƒƑ ƐƑķƓƑƐķѵ ŐƔƕѵķƑƒƖő ƑķƓƏƐķƓƏѵ ƐƑķƓƏѶķƑ ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ Ŋ ƒķƏƓƖķƐƒƐ ŐѵƑѵķƕƐѵő ƑķƔƔƐķƕƖƐ ƐƑķƓѵѶ ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ Ŋ ƒķƏƓƖķƐƒƐ ŐѵƑѵķƕƐѵő ƑķƔƔƐķƕƖƐ ƐƑķƕѶƕķƏ ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ ŐƐƓķѶƕѶő ƒķѵƓƔķƑƔƖ ŐѶƏƐķѵƒƒő ƑķƔѵƕķƕƓƑ ƐƐ Notes ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. 7fv|l;m|ombmbঞ-Ѵ-rrѴb1-ঞomo=" !"ƏƖķ tax net of uoC|=ou|_;;-u Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ѶƐƏķƔѶƐ ѶƐƏķƔѶƐ |_;u1olru;_;mvb;bm1ol;=ou|_;;-u Ŋ Ŋ Ŋ ƐķƐƏƑķƐƖƖ Group Stated ;vv-7fv|l;m|v7;|oĹ Balance as at 01st April 2018 01st as at Balance April 2018 01st as at balance Restated year the for income comprehensive Total 2019 31st March as at Balance Ŋbmbঞ-Ѵ-rrѴb1-ঞomo=" !"Ɛѵķm;|o=|- ѵĺƐ Ŋ Ŋ Ŋ Ŋ uoC|ņŐѴovvő=ou|_;;-u Ŋ Ŋ Ŋ Ŋ Ŋ ŐѵƑƓķƖƔƒő @;1|o=1_-m];bmr;u1;m|-];_oѴ7bm]bm subsidiaries bm-Ѵ7bb7;m7v=ouƑƏƐƕņƑƏƐѶ Ɛѵ|_;u1olru;_;mvb;bm1ol; Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐƐƓķѶƕѶő ƔƖѵķƐƑѶ Ŋ ŐƐƕƓķƖƐƕő ŐƓƒ bb7;m7vr-b7|omomŊ1om|uoѴѴbm]bm|;u;v| Ŋ Ŋ Ŋ Ŋ b]u;vbm0u-1h;|vbm7b1-|;7;71ঞomvĺ $_;mo|;vomr-];vƐƒѶ|oƑƒƓ=oul-mbm|;]u-Ѵr-u|o=|_;v;Cm Restated balance as at 01st April 2019 01st as at balance Restated year the for income comprehensive Total 2020 31st March as at Balance bb7;m7r;uou7bm-uv_-u;Ŋ Őo|;oĺƐѵő bѴĺՊŐƑƏƐѶņ Ŋ-rrѴb1-ঞomo= !Ƒƒ ѵĺƑ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐѵƖƒő bb7;m7vr-b7|omomŊ1om|uoѴѴbm]bm|;u;v| Ŋ Ŋ Ŋ Ŋ @;1|o=1_-m];bmr;u1;m|-];_oѴ7bm]bm subsidiaries bm-Ѵ7bb7;m7v=ouƑƏƐѶņƑƏƐƖ Ɛѵ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐƒƔ

134 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ɛƒő ƓƏő Total tb| -umbm]v Retained !;v;u; !;-Ѵ-ঞom General !;v;u; ŊŊ ŊŊ Ŋ Ŋ Ŋ ŐƐƑķƓƏƕő Ŋ ŐƐƑķƓƏƕő Ŋ ѶƔѶķƕѵƕ ѶƔѶķƕѵƕ ƐķƕƖƐ ƐķƕƖƐ Ŋ Ŋ ŊŊ ѶѵƏķƔƔѶ ѶѵƏķƔƔѶ Ŋ Ŋ ѵƓƏķƐƑƒ ѵƓƏķƐƑƒ ŊŊ Ŋ Ŋ Ŋ Ŋ ѵƒƕķѶƕƐ ѵƒƕķѶƕƐ ƑķƑƔƑ ƑķƑƔƑ Stated Capital ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖƒķƔƔƓķƔѶƕ ѵѶƒķƏƒƑ ƑƑķƖƑƖ ƔķƖƐѵķƒƑѵ ƐƏķƐƕѵķѶƕƓ ѵѶƒķƏƒƑ ƔķƖƏƒķƖƐƖ ƐƏķƐѵƓķƓѵƕ ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ ѵѶƒķƏƒƑ ѵķѵƐѶķƑƓƕ ƐƏķѶƕѶķƕƖƔ ƒķƔƔƓķƔѶƕ ƑƑķƖƑƖ ѵѶƒķƏƒƑ ѵķƒƑƖķƑѵƓ ƐƏķƔѶƖķѶƐƑ ƐƖŊ!vĺƐĺƏƏő Notes ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. -m1b-Ѵv|-|;l;m|vĺ |_;u1olru;_;mvb;bm1ol; 7fv|l;m|ombmbঞ-Ѵ-rrѴb1-ঞomo=" !"ƏƖķm;|o=|- uoC|=ou|_;;-u bm-Ѵ7bb7;m7v=ouƑƏƐƕņƑƏƐѶ bm-Ѵ7bb7;m7v=ouƑƏƐѶņƑƏƐƖ Ɛѵ Ɛѵ Ŋ Ŋ Ŋ Ŋ ŐƓƒƔķƑƐƒő ŐƓƒƔķƑ Ŋ Ŋ ŐƒƔƐķƐƓƏő ŐƒƔƐķƐ b]u;vbm0u-1h;|vbm7b1-|;7;71ঞomvĺ $_;mo|;vomr-];vƐƒѶ|oƑƒƓ=oul-mbm|;]u-Ѵr-u|o=|_;v;Cm Company April 2018 01st as at Balance April 2018 01st as at balance Restated year the for income comprehensive Total 2019 31st March as at Balance uoC|=ou|_;;-u year the for income comprehensive Total 2020 31st March as at Balance bb7;m7r;uou7bm-uv_-u;Ŋ Őo|;oĺƐѵő bѴĺՊŐƑƏƐѶņ |_;u1olru;_;mvb;bm1ol;

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 135 STATEMENT OF CASH FLOWS

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ 2020 2019 2020 2019 Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Őm1u;-v;őņ7;1u;-v;bmbm;m|oub;v ŐƒѶƏķѵѵƑő ŐƐƑƓķƒƓƐő ѵѵƒ ƖƔƒ Őm1u;-v;őņ7;1u;-v;bm|u-7;-m7o|_;uu;1;b-0Ѵ;v ƒƒƑķѵƐƒ ŐƑƒķƖƑƖő ƐƓķѵƏƔ ƑƓķƕƔƐ Őm1u;-v;őņ7;1u;-v;bm-lom|v7;=uol_oѴ7bm]1olr-m ƓƏƖķѶƓƐ ƒƐƓķƏƖƐ ƑѶƏķƓƑƕ ƑƐѶķƖƔƐ Őm1u;-v;őņ7;1u;-v;bm-lom|7;=uolr-u;m|ŝv]uor;mঞঞ;v ŐƐѵƒķѵѶƖő ѵƔķƒѶѵ ŐƓƐƕő ƑƏƓķѶѵƑ Őm1u;-v;őņ7;1u;-v;bm7;rovb|vşru;r-l;m|v ƐƕƔķƒƔƏ ŐƑƒƏķѶѶѵő ƐƕķƔƕƖ ŐƐƔķƕƑƓő m1u;-v;ņŐ7;1u;-v;őbm|u-7;r--0Ѵ;v ƐƕķƏƕѶ ƒƑƒķƑƕƔ ŐƐƐķƐѵѶő ŐƖķѵƔѶő m1u;-v;ņŐ7;1u;-v;őbmo|_;uruobvbomvşr--0Ѵ;v ƔƐƕķƑѵƐ ƑѵķѵѵѶ ŐƒƕķѵƕƏő ƑѵķƖƔƓ m1u;-v;ņŐ7;1u;-v;őbm-lom|v7;|o_oѴ7bm]1olr-m ƑƓķƑƕƒ ŐƕƑƓķƖѵƔő ƐѶķѵѶƕ ŐƑƔƑķƒƓƏő m1u;-v;ņŐ7;1u;-v;őbm-lom|7;|or-u;m|ŝv]uor;mঞঞ;v ƐƕķƖƔѶ ŐƐƏķѵѵѶő ŐƒƒƏķƑƕѶő ѵƔķѶƒƓ -v_];m;u-|;7=uolor;u-ঞomv ƔķƓѶƕķƓƓƔ ƓķƒƓƒķƓƐƑ ѶƕƑķѶƒƔ ƐķƒƏƏķƒƔƏ

Interest expenses paid ŐƐķѵѶƒķƏƐƕő ŐѶƖѶķƕƑƑő ŐѶƑķѶƓƖő ŐƐƔƐķѶƓƓő !;ঞu;l;m|0;m;C|o0Ѵb]-ঞomvr-b7 39 ŐƑƔķƖƒƓő ŐƑƔķƏƐƑő ŐƔķƏƒѶő ŐƓķƏƕƐő Income taxes paid ŐƓƕƓķƕƑƒő ŐƔѵƏķƕƒƕő ŐƑķƒƔƔő ŐƑƐķƑƑƐő ;|1-v_Yo];m;u-|;7=uolor;u-ঞm]-1ঞbঞ;v ƒķƒƏƒķƕƕƐ ƑķѶƔѶķƖƓƐ ƕѶƑķƔƖƒ ƐķƐƑƒķƑƐƓ

Ő1-uub;7=ou-u7|om;|r-];ő

136 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Group Company ou|_;;-u;m7;7ƒƐv|-u1_ 2020 2019 2020 2019 Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

;|1-v_Yo];m;u-|;7=uolor;u-ঞm]-1ঞbঞ;v ƒķƒƏƒķƕƕƐ ƑķѶƔѶķƖƓƐ ƕѶƑķƔƖƒ ƐķƐƑƒķƑƐƓ Ő0uo]_|=ou-u7=uolru;bovr-];ő

-v_Yo=uolCm-m1bm]-1ঞbঞ;v Proceeds from long term bank borrowings ƒƔ ƐķƖƓƐķƏƑƒ ƕķƕƏƐķƑѶѵ ƐƑƕķƑѵƐ Ŋ !;r-l;m|o=Ѵom]Ŋ|;ul0-mh0ouuobm]v ƒƔ ŐƐķƔѵƐķƖѶƐő ŐѵķƓƒƕķƔƏƑő ŐѵѵķѵƏƏő ŐƑѵѵķƓƏƏő !;r-l;m|o=Ѵom]Ŋ|;ulѴ;-v;Ѵb-0bѴbঞ;v ƒѵ ŐƐķƑƐƖķƕƓƐő Ŋ Ŋ Ŋ bb7;m7vr-b7|o;tb|_oѴ7;uvo=|_;r-u;m| ŐƒƔƐķƐƓƏő ŐƓƒƔķƑƐƒő ŐƒƔƐķƐƓƏő ŐƓƒƔķƑƐƒő Dividend paid to shareholders of non controlling interest ŐƑƓƔķƔƏƖő ŐѵƐķƑƔƔő Ŋ Ŋ ;|1-v_];m;u-|;7=uolņŐv;7őbmCm-m1bm]-1ঞbঞ;v ŐƐķƓƒƕķƒƓѶő ƕѵƕķƒƐѵ ŐƑƖƏķƓƕƖő ŐƕƏƐķѵƐƒő

;|bm1u;-v;ņŐ7;1u;-v;őbm1-v_ş1-v_;tb-Ѵ;m|v ŐƐķƒƓѶķƒƒƕő ŐƑķѵƓƔķƖƕƖő ƒƖķƏƏƒ ѶѶķƏƓƏ -v_ş1-v_;tb-Ѵ;m|v-||_;0;]bmmbm]o=|_;;-u ƐķƏƓƒķѶƏƖ ƒķƔƖѵķƕƓƏ ƓƑѵķƔƔѶ ƒƓƒķƓƓƕ @;1|o=lo;l;m|bm;1_-m];u-|;v ƑѶƓķƖƐƐ ƖƒķƏƓѶ ƐƑķƔƖƓ ŐƓķƖƑƖő -v_ş1-v_;tb-Ѵ;m|v-||_;;m7o=|_;;-u ŐƐƖķѵƐƕő ƐķƏƓƒķѶƏƖ ƓƕѶķƐƔƔ ƓƑѵķƔƔѶ

m-Ѵvbvo=1-v_ş1-v_;tb-Ѵ;m|v-||_;;m7o=|_;;-uĺ -v_-|0-mh-m7bm_-m7 ƑķƓƕƒķƑѵѵ ƑķƔƏƒķƏƕƐ ƔƏƑķƕѵƔ ƓƔѵķƖƒƐ Short term deposits Ŋ ѵƓƖķƕƏƖ Ŋ Ŋ Short term bank borrowings ŐƑķƓƖƑķѶѶƒő ŐƑķƐƏѶķƖƕƐő ŐƑƓķѵƐƏő ŐƒƏķƒƕƒő -v_ş1-v_;tb-Ѵ;m|v-||_;;m7o=|_;;-u 31 ŐƐƖķѵƐƕő ƐķƏƓƒķѶƏƖ ƓƕѶķƐƔƔ ƓƑѵķƔƔѶ

b]u;vbm0u-1h;|vbm7b1-|;7;71ঞomvĺ

$_;mo|;vomr-];vƐƒѶ|oƑƒƓ=oul-mbm|;]u-Ѵr-u|o=|_;v;Cm-m1b-Ѵv|-|;l;m|vĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 137 NOTES TO THE FINANCIAL STATEMENTS

Ɛĺ !;rouঞm] mঞ| Ŋ -"|-|;l;m|o= bm-m1b-Ѵovbঞomruob7bm]|_; ƐĺƐĺ ourou-|;bm=oul-ঞom bm=oul-ঞomom|_;Cm-m1b-Ѵrovbঞomo=|_;uor-m7 |_;olr-m-v-||_;;-u;m7ĺ b|h;m"r;m1;o|;ѴoѴ7bm]vŐ|_;ļolr-mĽőbv- public limited liability company incorporated and domiciled Ŋ -"|-|;l;m|o=_-m];vbm tb|7;rb1ঞm]-ѴѴ1_-m];v bm"ub-mh--m7Ѵbv|;7om|_;oѴol0o"|o1h 1_-m];ĺ in shareholders’ funds during the year under review for $_;olr-mĽvu;]bv|;u;7oL1;-m7|_;rubm1br-ѴrѴ-1;o= |_;uor-m7|_;olr-m 0vbm;vvbvѴo1-|;7-|oĺƒƐƔķ(-_-ѴѴ"|u;;|ķoѴol0oƏƑĺ Ŋ -"|-|;l;m|o=-v_ Ѵoruob7bm]|_;bm=oul-ঞom |ov;uvķom|_;-0bѴb|o=|_;o=|_;uor-m7|_; $_;bll;7b-|;r-u;m|o=b|h;m"r;m1;o|;ѴoѴ7bm]v olr-m|o];m;u-|;1-v_-m71-v_;tb-Ѵ;m|v-m7 bvb|h;m"r;m1;-m7Ѵঞl-|;r-u;m|bvbѴ=ou7 rou|v ঞѴb-ঞomo=|_ov;1-v_Yovĺ Ő;ѴomőŐ|ő|7ĺ Ŋ mo|;v|o|_; bm-m1b-Ѵ"|-|;l;m|v1olrubvbm]vb]mbC1-m| 1.2. Consolidated Financial Statements -11omঞm]roѴb1b;v-m7o|_;u;rѴ-m-|oubm=oul-ঞomĺ $_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|vo=|_;olr-m as at and for the year ended 31st March 2020 comprise Ƒĺƒĺ !;vromvb0bѴb|=ouCm-m1b-Ѵv|-|;l;m|v |_;Cm-m1b-Ѵv|-|;l;m|vo=olr-m-m7b|vv0vb7b-ub;v $_;o-u7o= bu;1|ouvo=|_;olr-m-1hmoѴ;7];v|_;bu Ő|o];|_;uu;=;uu;7|o-v|_;ľuorĿ-m7bm7bb7-ѴѴ u;vromvb0bѴb|=ou|_; bm-m1b-Ѵ"|-|;l;m|vķ-vv;|o|bm|_; -vľuor;mঞঞ;vĿő-m7|_;uorĽvbm|;u;v|bm;tb|Ŋ ľmm-Ѵ!;rou|o=|_;o-u7o= bu;1|ouvĿķľ"|-|;l;m|o= -11om|;7bm;v|;;vĺ bu;1|ouvĽ!;vromvb0bѴbঞ;v=ou bm-m1b-Ѵ"|-|;l;m|vĿ-m7|_; ľ1;uঞC1-ঞomom|_;"|-|;l;m|o= bm-m1b-ѴovbঞomĿĺ Ɛĺƒĺ ubm1br-Ѵ-1ঞbঞ;v-m7m-|u;o=or;u-ঞomv $_;rubm1br-Ѵ-1ঞbঞ;vo=|_;1olr-m-u;|_-|o=-m ƑĺƓĺ !;rouঞm]7-|; investment holding company and hoteliering and the $_;Cm-m1b-Ѵv|-|;l;m|vo=-ѴѴ1olr-mb;vbm|_;]uor subsidiary companies are also engaged in the business of -u;ru;r-u;7=ou-1ollomCm-m1b-Ѵ;-uķ_b1_;m7vom hoteliering and auxiliary services and there has been no ƒƐv|-u1_;1;r|=ou;|-m$u-;Ѵ";ub1;voĺŐ|ő|7ĺķ 1_-m];bm|_;m-|u;o=v1_-1ঞbঞ;v7ubm]|_;;-uĺ "!;vou|vŐ|ő|7ĺķ&mbt;!;vou|vŐ|ő|7ĺoub; m;v|l;m|Ő|ő|7ĺ-m71;!;vou|vŐ|ő|7_ov; Ƒĺ -vbvo=u;r-u-ঞom Cm-m1b-Ѵ;-u;m7vomƒƐv| ;1;l0;uĺ 2.1. Statement of compliance ƑĺƔĺ rruo-Ѵo=Cm-m1b-Ѵv|-|;l;m|v0 bu;1|ouv $_;omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|vo=|_;uor-m7|_; v;r-u-|;7Cm-m1b-Ѵv|-|;l;m|vo=|_;olr-m_-;0;;m $_;Cm-m1b-Ѵv|-|;l;m|vo=|_;uor-m7|_;olr-m ru;r-u;7bm-11ou7-m1;b|_"ub-mh-11omঞm]"|-m7-u7v for the year ended 31st March 2020 were approved and Ő_;u;bmu;=;uu;7|o-v" !"vņ"vő;@;1ঞ;=uolƐv| authorised for issue by the Board of Directors on 29th May -m-uƑƏƐƑķѴ-b77om0|_;mvঞ||;o=_-u|;u;7 ƑƏƑƏĺ 11om|-m|vo="ub-mh-Ő"ub-mh-ő-m7bm1olrѴb-m1; b|_|_;u;tbu;l;m|o=|_;olr-mb;v1|oĺƏƕo=ƑƏƏƕ 2.6. Basis of measurement -m7"ub-mh-11omঞm]-m77bঞm]"|-m7-u7v1|oĺƐƔ $_;Cm-m1b-Ѵv|-|;l;m|vo=|_;uor-m7|_;olr-m o=ƐƖƖƔĺ$_;v; bm-m1b-Ѵ"|-|;l;m|vķ;1;r|=oubm=oul-ঞom _-;0;;mru;r-u;7om|_;_bv|oub1-Ѵ1ov|0-vbvķ;1;r|=ou om1-v_Yov_-;0;;mru;r-u;7=oѴѴobm]|_;-11u-Ѵ |_;=oѴѴobm]l-|;ub-Ѵb|;lvbm|_;v|-|;l;m|o=Cm-m1b-Ѵ 0-vbvo=-11omঞm]ĺ rovbঞomĺ

138 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ƒĺƕĺ m1ঞom-Ѵ-m7ru;v;m|-ঞom1uu;m1 Company Country of m1ঞom-Ѵ |;lvbm1Ѵ7;7bm|_;v;Cm-m1b-Ѵv|-|;l;m|v-u;l;-vu;7 m1ourou-ঞom Currency using the currency of the primary economic environment bm_b1_|_;olr-mor;u-|;vŐ|_; m1ঞom-Ѵuu;m1őķ u;v|"|-u|7 Hongkong USD _b1_bv|_;"ub-mh-m!r;;ĺ u;v|"|-uŐ(ő|7 ubঞv_(bu]bm USD Island $_;v;Cm-m1b-Ѵv|-|;l;m|v-u;ru;v;m|;7bm"ub-mh-m Aitken Spence Hotel "ub-mh- USD !r;;vĺѴѴCm-m1b-Ѵbm=oul-ঞomru;v;m|;7_-v0;;m -m-];l;m|vvb-Ő|ő|7 rounded to the nearest thousand except where otherwise bm7b1-|;7-vr;ulb;70|_;"ub-mh-11omঞm]"|-m7-u7 Aitken Spence Hotels "ub-mh- USD ŋ"Ɛomļu;v;m|-ঞomo= bm-m1b-Ѵ"|-|;l;m|vĽĺ m|;um-ঞom-ѴŐ|ő|7 Aitken Spence Global "ub-mh- USD -1_;mঞ|bm|_;uor7;|;ulbm;vb|vom=m1ঞom-Ѵ r;u-ঞomvŐ|ő|7 currency and items included in the Financial Statements of |_;v;;mঞঞ;v-u;l;-vu;7vbm]|_-| m1ঞom-Ѵuu;m1ĺ ƑĺѶĺ &v;o=-11omঞm]f7];l;m|vķ;vঞl-|;v-m7 $_;o@v_ou;_;-7t-u|;u1olr-mb;vbm|_;uorķ1_-m];7 -vvlrঞomv |_;buru;v;m|-ঞom1uu;m1=uol"ub-mh-!r;;vŐ!ő|o $_;ru;r-u-ঞomo=|_;Cm-m1b-Ѵv|-|;l;m|vo=|_;uor &mb|;7"|-|;v oѴѴ-uŐ&" őb|_;@;1|=uolƐv|rubѴƑƏƐѶ -m7|_;olr-mbm1om=oulb|b|_" !"vņ"v |ou;Y;1||_;1olr-mb;vru;7olbm-m|or;u-ঞm]1uu;m1 u;tbu;vl-m-];l;m||ol-h;f7]l;m|vķ;vঞl-|;v-m7 bm|_;buCm-m1b-Ѵv|-|;l;m|vĺ$_;uor-11om|;7=ou|_bv -vvlrঞomv|_-|-@;1||_;-rrѴb1-ঞomo=-11omঞm] 1_-m];bm-11omঞm]roѴb10|_;v0vb7b-u1olr-mb;v roѴb1b;v-m7|_;u;rou|;7-Ѵ;vo=-vv;|vķѴb-0bѴbঞ;vķbm1ol; omruovr;1ঞ;0-vbv-v|_;;@;1|o=|_;-rrѴb1-ঞomo= -m7;r;mv;vķ-11olr-m7bv1Ѵovu;vŐbm1Ѵ7bm]1omঞm];m| |_bv1_-m];om|_;uorĽvCm-m1b-Ѵv|-|;l;m|vbvmo| Ѵb-0bѴbঞ;vőĺ$_ov;_b1_l-m-];l;m|_-v-vv;vv;7|o_-; l-|;ub-Ѵ=ou|_;1olr-u-ঞ;;-uvĺ$_;1lѴ-ঞ;blr-1| |_;lov|vb]mbC1-m|;@;1|om|_;-lom|vu;1o]mbv;7bm o=|_;|u-mvѴ-ঞombv|u-mv=;uu;7=uol!;|-bm;7 -umbm]v|o |_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|v_-;0;;m7bv1vv;7 1_-m]; t-Ѵb-ঞom!;v;u;vomƐv|rubѴƑƏƐѶĺ bm|_;bm7bb7-Ѵmo|;vo=|_;u;Ѵ-|;7Cm-m1b-Ѵv|-|;l;m| Ѵbm;b|;lvĺ$_;;vঞl-|;v-m7-vvo1b-|;7-vvlrঞomv-u; |_;u|_-m|_;-0o;|_;u;-vmo1_-m];bm|_;uorĽv based on historical experience and various other factors u;v;m|-ঞom-m7 m1ঞom-Ѵuu;m17ubm]|_;;-um7;u |_-|-u;0;Ѵb;;7|o0;u;-vom-0Ѵ;m7;u|_;1bu1lv|-m1;vķ u;b;ĺ$_;Cm-m1b-Ѵv|-|;l;m|vo=|_;uor-u;ru;v;m|;7 |_;u;vѴ|vo=_b1_=oul|_;0-vbvo=l-hbm]-f7]l;m| bm"ub-mh-m!r;;vŐ!ő_b1_bv|_;=m1ঞom-Ѵ1uu;m1 -0o||_;1-uubm]-Ѵ;vo=-vv;|v-m7Ѵb-0bѴbঞ;v|_-|-u; o=|_;uor;mঞঞ;vo|_;u|_-m=ou|_;1olr-mb;vѴbv|;7 mo|u;-7bѴ-rr-u;m|=uolo|_;uvou1;vĺ1|-Ѵu;vѴ|vl- 0;Ѵo_;u;|_;=m1ঞom-Ѵ1uu;m1bv;b|_;u0-v;7om 7b@;u=uol|_;v;;vঞl-|;vĺ |_;1om|uo=bm1ourou-ঞomo=|_;u;vr;1ঞ;1olr-mou ;Ѵ;l;m|v|_-|1oѴ7bmY;m1;bm7;|;ulbmbm]b|v=m1ঞom-Ѵ vঞl-|;v-m7m7;uѴbm]-vvlrঞomv-u;u;b;;7om 1uu;m1ĺ -mom]obm]0-vbvĺ!;bvbomv|o-11omঞm];vঞl-|;v-u; u;1o]mbv;7bm|_;r;ubo7bm_b1_|_;;vঞl-|;v-u;u;bv;7 Company Country of m1ঞom-Ѵ -m7bm-m=|u;r;ubo7v-@;1|;7ĺ m1ourou-ঞom Currency $_;h;-vvlrঞomv1om1;umbm]|_;=|u;-m7o|_;uh; ĺ ĺ"!;vou|v|7 Maldives USD vou1;vo=;vঞl-ঞomm1;u|-bm|-||_;u;rouঞm]7-|;ķ|_-| &mbt;!;vou|vŐ|ő|7 Maldives USD _-;-vb]mbC1-m|ubvho=1-vbm]-l-|;ub-Ѵ-7fv|l;m||o |_;1-uubm]-lom|vo=-vv;|v-m7Ѵb-0bѴbঞ;vb|_bm|_;m;| ;|-m$u-;Ѵ";ub1;volr-m Maldives USD Cm-m1b-Ѵ;-uķ-u;-Ѵvo7;v1ub0;7bm|_;bm7bb7-Ѵmo|;vo= Ő|ő|7 |_;u;Ѵ-|;7Cm-m1b-Ѵv|-|;l;m|Ѵbm;b|;lv0;Ѵoĺ$_;uor oub;m;v|l;m|vŐ|ő|7 Maldives USD 0-v;7b|v-vvlrঞomv-m7;vঞl-|;vomr-u-l;|;uv--bѴ-0Ѵ; Aitken Spence Resorts l-m l-m _;m|_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|v;u;ru;r-u;7ĺ Őb77Ѵ; -v|ő Riyal bvঞm]1bu1lv|-m1;v-m7-vvlrঞomv-0o|=|u; Aitken Spence Hotel India Indian 7;;Ѵorl;m|vķ_o;;uķl-1_-m];7;|ol-uh;|1_-m];v -m-];l;m|vŐ"o|_m7b-ő Rupees or circumstances arising that are beyond the control of the ||7 uorĺ"1_1_-m];v-u;u;Y;1|;7bm|_;-vvlrঞomv_;m |_;o11uĺ Aitken Spence Hotel Services India Indian Ő|ő|7 Rupees ƑĺƖĺ -|;ub-Ѵb|-m7-]]u;]-ঞom India Indian ĺ!oѴb7-ol;vŐ|ő|7 -1_l-|;ub-Ѵ1Ѵ-vvo=vblbѴ-ub|;lvbvru;v;m|;7v;r-u-|;Ѵ Rupees bm|_; bm-m1b-Ѵ"|-|;l;m|vĺ|;lvo=7bvvblbѴ-um-|u;ou ;ul0-Ѵ-l!;vou|vŐ|ő|7 India Indian =m1ঞom-u;ru;v;m|;7v;r-u-|;ѴmѴ;vv|_;-u;bll-|;ub-Ѵ Rupees -vr;ulb;70|_;"ub-mh-11omঞm]"|-m7-u7ŋ"Ɛ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 139 NOTES TO THE FINANCIAL STATEMENTS

omļu;v;m|-ঞomo= bm-m1b-Ѵ"|-|;l;m|vĽ-m7-l;m7l;m|v u;vou1;v|o1omঞm;bmor;u-ঞom-Ѵ;bv|;m1;=ou|_; |o|_;"Ɛomļ bv1Ѵovu;mbঞ-ঞ;Ľ_b1_-v;@;1ঞ; =ou;v;;-0Ѵ;=|u;ĺ-m-];l;m|1om1Ѵ7;7|_-||_;u-m]; =uol-m-uƏƐķƑƏƐѵĺ o=rovvb0Ѵ;o|1ol;v1omvb7;u;7-|-uubbm]-||_bvf7]l;m| 7o;vmo|]b;ubv;|ol-|;ub-Ѵm1;u|-bmঞ;vu;Ѵ-|;7|o;;m|v Notes to the Financial Statements are presented in a ou1om7bঞomv|_-|l-1-v|vb]mbC1-m|7o0|om|_;uorĽv vv|;l-ঞ1l-mm;u_b1_;mvu;v|_;m7;uv|-m7-0bѴb|-m7 -0bѴb||o1omঞm;-v-]obm]1om1;umĺ comparability of Financial Statements of the Group and the olr-mĺ&m7;uv|-m7-0bѴb|o=|_; bm-m1b-Ѵ"|-|;l;m|vbv ƒĺ "ll-uo="b]mbC1-m|11omঞm]oѴb1b;v mo|1olruolbv;70o0v1ubm]l-|;ub-Ѵbm=oul-ঞomb|_ ƒĺƐĺ -vbvo=1omvoѴb7-ঞom bll-|;ub-Ѵbm=oul-ঞomou0-]]u;]-ঞm]l-|;ub-Ѵb|;lv|_-| $_;uorĽvCm-m1b-Ѵv|-|;l;m|v1olrubv;o=|_; _-;7b@;u;m|m-|u;vou=m1ঞomvĺ 1omvoѴb7-ঞomo=Cm-m1b-Ѵv|-|;l;m|vo=|_;1olr-mb|v v0vb7b-ub;vru;r-u;7bm|;ulvo="ub-mh-11omঞm] ƑĺƐƏĺ @v;মm] v|-m7-u7Ő" !"ŊƐƏőŊomvoѴb7-|;7 bm-m1b-Ѵ"|-|;l;m|v bm-m1b-Ѵ-vv;|v-m7Cm-m1b-ѴѴb-0bѴbঞ;v-u;o@v;|-m7|_; -m7v_-u;o=ruoC|-m7Ѵovv-m7m;|-vv;|vo=;tb| m;|-lom|u;rou|;7bm|_;v|-|;l;m|o=Cm-m1b-Ѵrovbঞomķ -11om|;7bm;v|;;vru;r-u;7bm|;ulvo="ub-mh- omѴ_;m|_;u;bv-Ѵ;]-ѴѴ;m=ou1;-0Ѵ;ub]_||oo@v;||_; 11omঞm]v|-m7-u7Ő"ƑѶőŊm;v|l;m|vbmvvo1b-|;v u;1o]mbv;7-lom|v-m7|_;u;bv-mbm|;mঞom|ov;Ѵ;om -m7obm|(;m|u;vĺ -m;|0-vbvou|ou;-Ѵbv;|_;-vv;|v-m7v;Ѵ;|_;Ѵb-0bѴbঞ;v vblѴ|-m;ovѴĺm1ol;-m7;r;mv;v-u;mo|o@v;|bm|_; ƒĺƐĺƐĺ vbm;vv1ol0bm-ঞomv bm1ol;v|-|;l;m|ķmѴ;vvu;tbu;7our;ulb;70"ub-mh- vbm;vv1ol0bm-ঞomv-u;-11om|;7=ouvbm]|_; 11omঞm]"|-m7-u7v-m7-vvr;1bC1-ѴѴ7bv1Ѵov;7bm|_; -1tbvbঞoml;|_o7-v-||_;-1tbvbঞom7-|;ķ_b1_bv|_; "b]mbC1-m|11omঞm]oѴb1b;vo=|_;uorĺ 7-|;om_b1_1om|uoѴbv|u-mv=;uu;7|o|_;uorĺ ƑĺƐƐĺ obm]1om1;um vr;u|_;u;tbu;l;m|vo="ub-mh-11omঞm]"|-m7-u7 $_;b|h;m"r;m1;o|;ѴoѴ7bm]v-m7b|vv0vb7b-ub;v Ő" !"ƒőŊvbm;vvol0bm-ঞomv_;m|_;uor-1tbu;v or;u-|;bm|_;|oubvlv;1|ou|_-|_-v0;;mvb]mbC1-m|Ѵ -0vbm;vvb|-vv;vv;v|_;Cm-m1b-Ѵ-vv;|v-m7Ѵb-0bѴbঞ;v -@;1|;70|_;o|0u;-ho=( ŋƐƖĺ -vvl;7m7;u1Ѵ-vvbC1-ঞomvou7;vb]m-ঞomvom|_;0-vbv o=|_;1om|u-1|-Ѵ|;ulvķ;1omolb11om7bঞomvķb|vor;u-ঞm] )b|_|_;vru;-7o=|_;buvom-]Ѵo0-Ѵv1-Ѵ;bmlb7Ŋ-u1_ ou-11omঞm]roѴb1b;v-m7o|_;ur;uঞm;m|1om7bঞomv;bv| 2020 and rightly the stringent measures taken by the -||_;-1tbvbঞom7-|;ķ_b1_bv|_;7-|;om_b1_1om|uoѴbv u;vr;1ঞ;o;uml;m|vbm1Ѵ7bm]|_;1Ѵovu;o=-burou|vķ |u-mv=;uu;7|o|_;uorĺom|uoѴ;bv|v_;m|_;olr-m 0ou7;u;m|u0-uub;uv-m7Ѵo1h7omvķ_-;1olr;ѴѴ;7|_; _-v|_;ro;uķ7bu;1|Ѵoubm7bu;1|Ѵ|o]o;um|_;Cm-m1b-Ѵ temporary closure of all the Group’s hotels except the city -m7or;u-ঞm]roѴb1b;vo=-m;mঞ|vo-v|oo0|-bm0;m;C|v _o|;Ѵvbmm7b--m7l-m_b1_u;l-bmvor;mb|_Ѵblb|;7 =uolb|v-1ঞbঞ;vĺm-vv;vvbm]1om|uoѴķ|_;uor|-h;v or;u-ঞomv=ou-=;bmŊ_ov;];v|vĺ bm|o1omvb7;u-ঞomro|;mঞ-Ѵoঞm]ub]_|v|_-|-u;1uu;m|Ѵ ;;u1bv-0Ѵ;-m7o|_;u1om|u-1|-Ѵ-uu-m];l;m|vĺ -v;7om|_;r0Ѵb1Ѵ--bѴ-0Ѵ;bm=oul-ঞom-v-||_;7-|; |_;v;Cm-m1b-Ѵv|-|;l;m|v;u;-|_oub;7=oubvv;ķ $_;uorl;-vu;v]oo7bѴѴ-||_;-1tbvbঞom7-|;-v management considered a number of severe but plausible |_;=-bu-Ѵ;o=|_;1omvb7;u-ঞom|u-mv=;uu;7rѴv|_; v1;m-ubovb|_u;vr;1||o|_;ro|;mঞ-Ѵ7;;Ѵorl;m|o= u;1o]mb;7-lom|o=-mmomŊ1om|uoѴѴbm]bm|;u;v|vbm|_; |_;o|0u;-h-m7b|v;r;1|;7blr-1|om|_;;mঞ|-m7 -1tbu;;rѴvb=|_;0vbm;vv1ol0bm-ঞom-1_b;;7bmv|-];vķ ;1omolb1;mbuoml;m|ķbm_b1_|_;;mঞ|or;u-|;vķ |_;=-bu-Ѵ;o=|_;ru;Ŋ;bvঞm]bm|;u;v|bm|_;-1tbu;; bm1Ѵ7bm]|_;l;-vu;v-Ѵu;-7|-h;m0|_;"ub-mh-m Ѵ;vv|_;m;|u;1o]mb;7-lom|Ő];m;u-ѴѴ=-bu-Ѵ;őo= ]o;uml;m|ĺ |_;b7;mঞC-0Ѵ;-vv;|v-1tbu;7-m7Ѵb-0bѴbঞ;v-vvl;7ķ -ѴѴl;-vu;7-vo=|_;-1tbvbঞom7-|;ĺ$u-mv-1ঞom1ov|vķ mru;r-ubm]|_;v;Cm-m1b-Ѵv|-|;l;m|vķ0-v;7om--bѴ-0Ѵ; o|_;u|_-m|_ov;-vvo1b-|;7b|_|_;bvv;o=7;0|ou;tb| bm=oul-ঞomķ|_;l-m-];l;m|_-v-vv;vv;7|_;;bvঞm] v;1ubঞ;vķ|_-||_;uorbm1uvbm1omm;1ঞomb|_- -m7-mঞ1br-|;7;@;1|vo=( ŊƐƖom|_;uor-m7 0vbm;vv1ol0bm-ঞom-u;;r;mv;7-vbm1uu;7ĺ |_;-rruorub-|;m;vvo=|_;v;o=|_;]obm]1om1;um0-vbvĺ m-u1_ƑƏƑƏķuor_-v;-Ѵ-|;7|_;u;vbѴb;m1;o=b|v m1omঞm];m|1omvb7;u-ঞomr--0Ѵ;bvl;-vu;7-|=-bu businesses considering a wide range of factors such as -Ѵ;-||_;-1tbvbঞom7-|;ĺ=|_;1omঞm];m|1omvb7;u-ঞom 1uu;m|-m7;r;1|;7ruoC|-0bѴb|ķ|_;-0bѴb||o7;=;umomŊ bv1Ѵ-vvbC;7-v;tb|ķ|_;mb|bvmo|u;Ŋl;-vu;7-m7 ;vv;mঞ-Ѵ1-rb|-Ѵ;r;m7b|u;ķ7;0|u;r-l;m|v1_;7Ѵ;vķ v;Ѵ;l;m|bv-11om|;7b|_bm;tb|ĺ|_;ubv;ķ b=-mķ1-v_u;v;u;v-m7ro|;mঞ-Ѵvou1;vo=Cm-m1bm] v0v;t;m|1_-m];vbm|_;=-bu-Ѵ;o=|_;1omঞm];m| =-1bѴbঞ;vķb=u;tbu;7ķ-m7|_;-0bѴb||o1omঞm;ruob7bm] 1omvb7;u-ঞom-u;u;1o]mbv;7bm|_;bm1ol;v|-|;l;m|ĺ ]oo7v-m7v;ub1;vĺ $_;]oo7bѴѴ-ubvbm]om-1tbvbঞomo=v0vb7b-ub;vbv -bm]ru;v;m|;7|_;o|Ѵooh=ouuor|o|_;o-u7ķ ru;v;m|;7-v-mbm|-m]b0Ѵ;-vv;|ĺ |_; bu;1|ouv-u;v-ঞvC;7|_-||_;uorķ_-v-7;t-|;

140 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 [;ubmbঞ-Ѵu;1o]mbঞomķ]oo7bѴѴbvl;-vu;7-|1ov|Ѵ;vv Ŗ rovu;ouub]_|v|o-ub-0Ѵ;u;|umv=uolb|vbmoѴ;l;m| -m-11lѴ-|;7blr-bul;m|Ѵovv;vĺ ou|_;rurov; with the investee o=blr-bul;m||;vঞm]ķ]oo7bѴѴ-1tbu;7bm-0vbm;vv 1ol0bm-ঞombvķ=uol|_;-1tbvbঞom7-|;ķ-ѴѴo1-|;7|o;-1_ Ŗ$_;-0bѴb||ov;b|vro;uo;u|_;bm;v|;;|o-@;1||_; o=|_;uorĽv1-v_Ŋ];m;u-ঞm]mb|v|_-|-u;;r;1|;7|o amount of the investor’s returns 0;m;C|=uol|_;1ol0bm-ঞomķbuu;vr;1ঞ;o=_;|_;uo|_;u -vv;|vouѴb-0bѴbঞ;vo=|_;-1tbu;;-u;-vvb]m;7|o|_ov; )_;m-vv;vvbm]1om|uoѴo=-mbm;v|;;ķ-mbm;v|ouv_-ѴѴ mb|vĺ consider the purpose and design of the investee in order |ob7;mঞ=|_;u;Ѵ;-m|-1ঞbঞ;vķ_o7;1bvbom-0o||_; =|_;uorĽvbm|;u;v|bm|_;m;|=-bu-Ѵ;o=|_;b7;mঞC-0Ѵ; u;Ѵ;-m|-1ঞbঞ;v-u;l-7;ķ_o_-v|_;1uu;m|-0bѴb||o -vv;|vķѴb-0bѴbঞ;v-m71omঞm];m|Ѵb-0bѴbঞ;vo=|_;;mঞ| 7bu;1||_ov;-1ঞbঞ;v-m7_ou;1;b;vu;|umv=uol|_ov; -1tbu;7;1;;7|_;1ov|o=|_;-1tbvbঞomo=|_;;mঞ|ķ|_; -1ঞbঞ;vĺ vurѴvķ_b1_bv-]-bmom0-u]-bmru1_-v;bvu;1o]mbv;7 bll;7b-|;Ѵbm|_;1omvoѴb7-|;7bm1ol;v|-|;l;m|ĺ )_;m-mbm;v|;;Ľvrurov;-m77;vb]m-u;1omvb7;u;7ķ it may be clear that an investee is controlled by means of )_;u;]oo7bѴѴ_-v0;;m-ѴѴo1-|;7|o-1-v_Ŋ];m;u-ঞm] ;tb|bmv|ul;m|v|_-|]b;|_;_oѴ7;uruorouঞom-|;oঞm] mb|-m7r-u|o=|_;or;u-ঞomb|_bm|_-|mb|bv7bvrov;7 ub]_|vķv1_-vou7bm-uv_-u;vbm|_;bm;v|;;ĺm|_bv1-v; o=ķ|_;]oo7bѴѴ-vvo1b-|;7b|_|_;or;u-ঞom7bvrov;7o= bm|_;-0v;m1;o=-m-77bঞom-Ѵ-uu-m];l;m|v|_-|-Ѵ|;u bvbm1Ѵ7;7bm|_;1-uubm]-lom|o=|_;or;u-ঞom_;m 7;1bvboml-hbm]ķ|_;-vv;vvl;m|o=1om|uoѴ=o1v;vom_b1_ 7;|;ulbmbm]|_;]-bmouѴovvom7bvrov-Ѵo=|_;or;u-ঞomĺ r-u|ķb=-mķbv-0Ѵ;|o;;u1bv;oঞm]ub]_|vvL1b;m||o Goodwill disposed of in this circumstance is measured based 7;|;ulbm;|_;bm;v|;;Ľvor;u-ঞm]-m7Cm-m1bm]roѴb1b;vĺ om|_;u;Ѵ-ঞ;-Ѵ;vo=|_;or;u-ঞom7bvrov;7o=-m7|_; $_;bm;v|ou|_-|_oѴ7v-l-foub|o=|_ov;oঞm]ub]_|vķbm rouঞomo=|_;1-v_];m;u-ঞm]mb|u;|-bm;7ĺ |_;-0v;m1;o=-mo|_;u=-1|ouvķ1om|uoѴv|_;bm;v|;;ĺ

The interest of the minority shareholders in the net assets Ŗ$_;uorĽvoঞm]ub]_|v-m7ro|;mঞ-Ѵoঞm]ub]_|v ;lrѴo;7o=|_;v;1olr-mb;v-u;u;Y;1|;7m7;u|_; _;-7bm]ľomŋ1om|uoѴѴbm]bm|;u;v|Ŀbm|_;omvoѴb7-|;7 The Group reassesses whether or not it controls an investee "|-|;l;m|o= bm-m1b-Ѵovbঞomĺ if facts and circumstances indicate that there are changes to om;oulou;o=|_;-0o;ĺ 1tbvbঞomvo=momŊ1om|uoѴѴbm]bm|;u;v|v-u;-11om|;7=ou-v |u-mv-1ঞomvb|_;tb|_oѴ7;uvbm|_;bu1-r-1b|-vom;uv omvoѴb7-ঞomo=-v0vb7b-u0;]bmv_;m|_;uoro0|-bmv and therefore no goodwill is recognised as a result of such control over the subsidiary and ceases when the Group |u-mv-1ঞomvĺ7fv|l;m|v|omomŊ1om|uoѴѴbm]bm|;u;v|-ubvbm] Ѵov;v1om|uoѴo=|_;v0vb7b-uĺvv;|vķѴb-0bѴbঞ;vķbm1ol;-m7 =uol|u-mv-1ঞomv|_-|7omo|bmoѴ;|_;Ѵovvo=1om|uoѴ-u; ;r;mv;vo=-v0vb7b-u-1tbu;7ou7bvrov;7o=7ubm]|_; 0-v;7om-ruorouঞom-|;-lom|o=|_;m;|-vv;|vo=|_; ;-u-u;bm1Ѵ7;7bm|_;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|v v0vb7b-uĺ =uol|_;7-|;|_;uor]-bmv1om|uoѴmঞѴ|_;7-|;|_; uor1;-v;v|o1om|uoѴ|_;v0vb7b-uĺ ƒĺƐĺƒĺ "0vb7b-ub;v mঞঞ;v|_-|-u;v0vb7b-ub;vo=-mo|_;u;mঞ|_b1_bv- "0vb7b-ub;v-u;|_ov;;mঞঞ;v|_-|-u;1om|uoѴѴ;70|_; subsidiary of the company are also treated as subsidiaries of uorĺom|uoѴbv-1_b;;7_;m|_;uorbv;rov;7ķou has rights to variable returns from its involvement with the |_;1olr-mĺ bm;v|;;-m7_-v|_;-0bѴb||o-@;1||_ov;u;|umv|_uo]_ b|vro;uo;u|_;bm;v|;;vĺ$_;uor1om|uoѴv-mbm;v|;; $_;-11omঞm]roѴb1b;vo=v0vb7b-ub;v_-;0;;m1_-m];7 when necessary to align them with the policies adopted by b=-m7omѴb=ķ|_;uor_-v |_;uorĺ Ŗo;uo;u|_;bm;v|;;Őbĺ;ĺĸ;bvঞm]ub]_|v|_-|]b;b| |_;1uu;m|-0bѴb||o7bu;1||_;u;Ѵ;-m|-1ঞbঞ;vo=|_; bm;v|;;ő

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 141 NOTES TO THE FINANCIAL STATEMENTS

ƒĺƐĺƓĺ ovvo=1om|uoѴ l-7;r-l;m|vom0;_-Ѵ=o=|_;bm;v|;;ĺ=|_;vvo1b-|; m|_;Ѵovvo=1om|uoѴķ|_;uor7;u;1o]mbv;v|_;-vv;|v v0v;t;m|Ѵu;rou|vruoC|vķ|_;uoru;vl;vu;1o]mbvbm] -m7Ѵb-0bѴbঞ;vo=|_;v0vb7b-uķ-mmomŊ1om|uoѴѴbm] b|vv_-u;o=|_ov;ruoC|vomѴ-[;ub|vv_-u;o=|_;ruoC|v bm|;u;v|v-m7|_;o|_;u1olrom;m|vo=;tb|u;Ѵ-|;7|o ;t-Ѵ|_;v_-u;o=Ѵovv;vmo|u;1o]mbv;7ru;bovѴĺ |_;v0vb7b-uĺmvurѴvou7;C1b|-ubvbm]om|_;Ѵovvo= 1om|uoѴbvu;1o]mb;7bmruoC|ouѴovvĺ=|_;uoru;|-bmv $_;v|-|;l;m|o=ruoC|ouѴovvu;Y;1|v|_;uorĽvv_-u;o= -mbm|;u;v|bm|_;ru;bovv0vb7b-uķ|_;mv1_bm|;u;v| |_;u;vѴ|vo=or;u-ঞomvo=|_;-vvo1b-|;voufobm|;m|u;ĺ bvl;-vu;7-|=-bu-Ѵ;-v-||_;7-|;|_-|1om|uoѴbvѴov|ĺ m1_-m];vbmo=|_ov;bm;v|;;vbvru;v;m|;7-v "0v;t;m|Ѵķ|bv-11om|;7=ou-m;tb|-11om|;7 r-u|o=|_;uorĽvĺm-77bঞom_;m|_;u;_-v0;;m- bm;v|;;ou-v-m--bѴ-0Ѵ;=ouv-Ѵ;Cm-m1b-Ѵ-vv;|7;r;m7bm] 1_-m];u;1o]mbv;77bu;1|Ѵbm;tb|o=|_;-vvo1b-|;oufobm| om|_;Ѵ;;Ѵo=bmY;m1;u;|-bm;7ĺ venture the Group recognises its share of any changes when -rrѴb1-0Ѵ;bm|_;v|-|;l;m|o=1_-m];vbm;tb|ĺ 1_-m];bm|_;om;uv_brbm|;u;v|o=-v0vb7b-uķb|_o|- Ѵovvo=1om|uoѴķbv-11om|;7=ou-v-m;tb||u-mv-1ঞomĺ $_;-]]u;]-|;o=|_;uorvv_-u;o=ruoC|ouѴovvo=-m -vvo1b-|;-m7-fobm|;m|u;bvv_omom|_;=-1;o=|_; ƒĺƐĺƔĺ m;v|l;m|vbm;tb|-11om|;7bm;v|;;vŐbm;v|l;m|vbm v|-|;l;m|o=ruoC|ouѴovvo|vb7;or;u-ঞm]ruoC|-m7 -vvo1b-|;v-m7fobm|;m|u;vő u;ru;v;m|vruoC|ouѴovv-[;u|--m7momŊ1om|uoѴѴbm] bm|;u;v|vbm|_;v0vb7b-ub;vo=|_;-vvo1b-|;oufobm|;m|u;ĺ vvo1b-|;v-u;|_ov;;mঞঞ;vbm_b1_|_;uor_-v vb]mbC1-m|bmY;m1;ķ0|7o;vmo|_-;1om|uoѴķo;u|_; |;-1_u;rouঞm]7-|;|_;uor7;|;ulbm;v_;|_;u|_;u; Cm-m1b-Ѵ-m7or;u-ঞm]roѴb1b;vĺ"b]mbC1-m|bmY;m1;bv|_; bvo0f;1ঞ;;b7;m1;|_-||_;bm;v|l;m|bm-vvo1b-|;ou ro;u|or-uঞ1br-|;bm|_;Cm-m1b-Ѵ-m7or;u-ঞm]roѴb1 fobm|;m|u;bvblr-bu;7ĺ=|_;u;bvv1_;b7;m1;|_-||_; 7;1bvbomvo=|_;bm;v|;;ķ0|7o;vmo|_-;|_;1om|uoѴ bm;v|l;m|bm-vvo1b-|;oufobm|;m|u;bvblr-bu;7ķ|_; oufobm|1om|uoѴo;u|_ov;roѴb1b;vĺ"b]mbC1-m|bmY;m1;bv uor1-Ѵ1Ѵ-|;v|_;-lom|o=blr-bul;m|-v|_;7b@;u;m1; ru;vl;7|o;bv|_;m|_;uor_oѴ7v0;|;;mƑƏѷŊ 0;|;;m|_;u;1o;u-0Ѵ;-lom|o=|_;-vvo1b-|;oufobm| ƔƏѷo=|_;oঞm]ub]_|vo=-mo|_;u;mঞ|ĺ venture and its carrying values and then recognises the -lom|bmv_-u;o=Ѵovv;vo=;tb|-11om|;7bm;v|;;vou Joint ventures are arrangements in which the Group fobm|;m|u;bm|_;bm1ol;v|-|;l;m|ĺ _-vfobm|1om|uoѴ-m7_-;ub]_|v|o|_;m;|-vv;|vo=|_; -uu-m];l;m|ĺ$_;]uor_-vfobm|1om|uoѴbm-;m|u; $_;uor7bv1omঞm;v|_;v;o=|_;;tb|l;|_o7 when there is contractually agreed sharing of control of the =uol|_;7-|;b|1;-v;v|o_-;vb]mbC1-m|bmY;m1;o;u ;m|u;-m7|_;7;1bvbomv-0o||_;u;Ѵ;-m|-1ঞbঞ;vo= -m-vvo1b-|;oufobm|1om|uoѴo;u|_;fobm|;m|u;-m7 |_;;m|u;u;tbu;|_;m-mblov1omv;m|o=|_;r-uঞ;v accounts for the investment in accordance with the Group’s v_-ubm]1om|uoѴĺ -11omঞm]roѴb1=ouCm-m1b-Ѵbmv|ul;m|vĺm7b@;u;m1; 0;|;;m|_;1-uubm]-lom|o=|_;-vvo1b-|;ou|_;fobm| $_;uor7;|;ulbm;vvb]mbC1-m|bmY;m1;oufobm|1om|uoѴ ;m|u;romѴovvo=vb]mbC1-m|bmY;m1;oufobm|1om|uoѴ 0|-hbm]bm|o-11om|vblbѴ-u1omvb7;u-ঞomvm;1;vv-u|o and fair value of the retained investment and proceeds from 7;|;ulbm;1om|uoѴo;uv0vb7b-ub;vĺ 7bvrov-Ѵbvu;1o]mbv;7bmruoC|ouѴovvĺ

$_;uorĽvbm;v|l;m|bm-vvo1b-|;-m7fobm|;m|u;-u; ƒĺƐĺѵĺ m|u-Ŋ]uor|u-mv-1ঞomv |u;-|;7-v;tb|-11om|;7bm;v|;;v-m7-11om|;7=ou vbm]|_;;tb|l;|_o7-m7-u;u;1o]mbv;7bmbঞ-ѴѴ-|1ov|ķ $u-mv=;urub1;v0;|;;muor;mঞঞ;v-u;v;|om-m-ulvŊ _b1_bm1Ѵ7;v|u-mv-1ঞom1ov|vĺ$_;1-uubm]-lom|o= Ѵ;m]|_0-vbvbm-l-mm;uvblbѴ-u|o|u-mv-1ঞomvb|_|_bu7 the investment is increased or decreased to recognise the r-uঞ;vĺ bm;v|ouĽvv_-u;o=m;|-vv;|vo=|_;bm;v|;;-[;u|_;7-|; o=-1tbvbঞomĺ$_;bm;v|ouĽvv_-u;o=m;v|;;ĽvruoC|ouѴovv ƒĺƐĺƕĺ $u-mv-1ঞomv;Ѵblbm-|;7om1omvoѴb7-ঞom bvu;1o]mbv;7bm|_;bm;v|ouĽvruoC|ouѴovvĺ bv|ub0ঞomv m|u-Ŋ]uor0-Ѵ-m1;v-m7|u-mv-1ঞomvķ-m7-mmu;-Ѵbv;7 received from an investee reduces the carrying amount of gains and losses or income and expenses arising from |_;bm;v|l;m|ĺ7fv|l;m||o|_;1-uubm]-lom|l--Ѵvo bm|u-Ŋ]uor|u-mv-1ঞomvķ-u;;Ѵblbm-|;7bmru;r-ubm]|_; 0;m;1;vv-u=ou1_-m];vbm|_;bm;v|ouĽvruorouঞom-|; 1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|vĺμ-Ѵbv;7]-bmv-ubvbm] interest in the investee arising from changes in investee’s =uol|u-mv-1ঞomvb|_;tb|-11om|;7bm;v|;;v-u; o|_;u1olru;_;mvb;bm1ol;ĺoo7bѴѴu;Ѵ-ঞm]|o|_; eliminated against the investment to the extent of the -vvo1b-|;oufobm|;m|u;bvbm1Ѵ7;7bm|_;1-uubm]-lom| uorĽvbm|;u;v|bm|_;bm;v|;;ĺμ-Ѵbv;7Ѵovv;v-u; o=|_;bm;v|l;m|-m7mo||;v|;7=oublr-bul;m|bm7bb7-ѴѴĺ ;Ѵblbm-|;7bm|_;v-l;--vmu;-Ѵbv;7]-bmvķ0|omѴ|o |_;;|;m||_-||_;u;bvmo;b7;m1;o=blr-bul;m|ĺ When the Group’s share of losses exceeds its interest in -m;tb|Ŋ-11om|;7bm;v|;;ķ|_;1-uubm]-lom|o=|_-| bm|;u;v|ķbm1Ѵ7bm]-mѴom]Ŋ|;ulbm;v|l;m|vķbvu;71;7 |ombѴ-m7|_;u;1o]mbঞomo==u|_;uѴovv;vbv7bv1omঞm;7 ;1;r||o|_;;|;m||_-||_;uor_-v-mo0Ѵb]-ঞomou_-v

142 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒĺƑĺ ou;b]m1uu;m1 bm|;u;v|ķbm-mo|_;ur-uঞ-Ѵ7bvrov-Ѵo==ou;b]mor;u-ঞomķ ƒĺƑĺƐĺ ou;b]m1uu;m1|u-mv-1ঞomv |_;u;Ѵ;-m|ruorouঞombvu;1Ѵ-vvbC;7|oruoC|ouѴovvĺ $u-mv-1ঞomvbm=ou;b]m1uu;m1b;v-u;|u-mvѴ-|;7|o|_; Foreign exchange gains or losses arising from a monetary u;vr;1ঞ;=m1ঞom-Ѵ1uu;m1b;vo=uor;mঞঞ;v-| b|;lvu;1;b-0Ѵ;=uolour--0Ѵ;|o-=ou;b]mor;u-ঞomķ|_; ;1_-m];u-|;v-||_;7-|;vo=|u-mv-1ঞomvĺom;|-u v;Ѵ;l;m|o=_b1_bvm;b|_;urѴ-mm;7mouѴbh;Ѵ|oo11ubm -vv;|v-m7Ѵb-0bѴbঞ;v7;molbm-|;7bm=ou;b]m1uu;m1-||_; the foreseeable future and which in substance is considered u;rouঞm]7-|;-u;u;|u-mvѴ-|;7|o|_;=m1ঞom-Ѵ1uu;m1 |o=oulr-u|o=|_;m;|bm;v|l;m|bm|_;=ou;b]mor;u-ঞomķ -||_;;1_-m];u-|;-||_-|7-|;ĺomŊlom;|-u-vv;|v-m7 are recognised in other comprehensive income in the foreign Ѵb-0bѴbঞ;v|_-|-u;l;-vu;7-|=-bu-Ѵ;bm-=ou;b]m1uu;m1 1uu;m1|u-mvѴ-ঞomu;v;u;ĺ -u;|u-mvѴ-|;7bm|o|_;=m1ঞom-Ѵ1uu;m1-||_;;1_-m]; u-|;_;m|_;=-bu-Ѵ;-v7;|;ulbm;7ĺ ƒĺƒĺ bm-m1b-Ѵbmv|ul;m|v

omŊlom;|-u-vv;|v-m7Ѵb-0bѴbঞ;vbm-=ou;b]m1uu;m1|_-| Ő-ő!;1o]mbঞom-m7bmbঞ-Ѵl;-vu;l;m| are measured in terms of historical cost are translated using $u-7;u;1;b-0Ѵ;v-u;bmbঞ-ѴѴu;1o]mbv;7_;m|_;-u; |_;;1_-m];u-|;-||_;7-|;o=|u-mv-1ঞomĺomŊlom;|-u oub]bm-|;7ĺѴѴo|_;uCm-m1b-Ѵ-vv;|v-u;bmbঞ-ѴѴu;1o]mb;7 -vv;|v-m7Ѵb-0bѴbঞ;v7;molbm-|;7bm=ou;b]m1uu;m1b;v|_-| when the Group becomes a party to the contractual -u;l;-vu;7-|=-bu-Ѵ;-u;u;|u-mvѴ-|;7|ou;rouঞm] ruobvbomvo=|_;bmv|ul;m|ĺ currency using the exchange rate that was prevailing on the 7-|;|_;=-bu-Ѵ;-v7;|;ulbm;7ĺ Cm-m1b-Ѵ-vv;|ŐmѴ;vvb|bv-|u-7;u;1;b-0Ѵ;b|_o|- vb]mbC1-m|Cm-m1bm]1olrom;m|őbvbmbঞ-ѴѴl;-vu;7-|=-bu ou;b]m1uu;m17b@;u;m1;v-ubvbm]omu;|u-mvѴ-ঞom -Ѵ;rѴvķ=ou-mb|;lmo|-| ($ķ|u-mv-1ঞom1ov|v|_-| ];m;u-ѴѴ-u;u;1o]mb;7bmbm1ol;v|-|;l;m|ĺo;;uķ|_; -u;7bu;1|Ѵ-ub0|-0Ѵ;|ob|v-1tbvbঞomoubvv;ĺ|u-7; following items are recognized in the other comprehensive u;1;b-0Ѵ;b|_o|-vb]mbC1-m|Cm-m1bm]1olrom;m|bv bm1ol;ĺ bmbঞ-ѴѴl;-vu;7-||_;|u-mv-1ঞomrub1;ĺ

bĺ b@;u;m1;v-ubvbm]om|_;u;|u-mvѴ-ঞomo==-bu Ő0őѴ-vvbC1-ঞom-m7v0v;t;m|l;-vu;l;m| value through other comprehensive income mbmbঞ-Ѵu;1o]mbঞomķ-Cm-m1b-Ѵ-vv;|bv1Ѵ-vvbC;7-v ;tb|bm;v|l;m|v_b1_-vu;1o]mbv;7bmo|_;u l;-vu;7-|Ĺ-louঞv;71ov|ĸ (Ŋ7;0|bm;v|l;m|ĸ 1olru;_;mvb;bm1ol;ĺ ou;b]m1uu;m1]-bmv-m7 (ŋ;tb|bm;v|l;m|ĸou ($ĺ losses are reported on a net basis in the income v|-|;l;m|ĺ bm-m1b-Ѵ-vv;|v-u;mo|u;1Ѵ-vvbC;7v0v;t;m||o|_;bu bbĺ -bmv-m7Ѵovv;v-ubvbm]=uol|u-mvѴ-ঞm]|_;Cm-m1b-Ѵ bmbঞ-Ѵu;1o]mbঞommѴ;vv|_;uor1_-m];vb|v0vbm;vv v|-|;l;m|vo==ou;b]mor;u-ঞomv lo7;Ѵ=oul-m-]bm]Cm-m1b-Ѵ-vv;|vķbm_b1_1-v;-ѴѴ -@;1|;7Cm-m1b-Ѵ-vv;|v-u;u;1Ѵ-vvbC;7om|_;Cuv|7- bbbĺ -Ѵb=bm]1-v_Yov_;7];v|o|_;;|;m||_-||_; o=|_;Cuv|u;rouঞm]r;ubo7=oѴѴobm]|_;1_-m];bm|_; _;7];bv;@;1ঞ; 0vbm;vvlo7;Ѵĺ

ƒĺƑĺƑĺ ou;b]mor;u-ঞomv Cm-m1b-Ѵ-vv;|bvl;-vu;7-|-louঞv;71ov|b=b|l;;|v "0vb7b-ub;vbm1ourou-|;7o|vb7;"ub-mh--u;|u;-|;7 0o|_o=|_;=oѴѴobm]1om7bঞomv-m7bvmo|7;vb]m-|;7-v-| -v=ou;b]mor;u-ঞomvĺ$_;-vv;|v-m7Ѵb-0bѴbঞ;vo==ou;b]m ($Ĺ or;u-ঞomvķbm1Ѵ7bm]]oo7bѴѴ-m7=-bu-Ѵ;-7fv|l;m|v -ubvbm]om-1tbvbঞomķ-u;|u-mvѴ-|;7-||_;u-|;o= Ŏ b|bv_;Ѵ7b|_bm-0vbm;vvlo7;Ѵ_ov;o0f;1ঞ;bv|o ;1_-m];ru;-bѴbm]om|_;u;rouঞm]7-|;ĺm1ol;-m7 _oѴ7-vv;|v|o1oѴѴ;1|1om|u-1|-Ѵ1-v_Yovĸ-m7 ;r;mv;vo=|_;=ou;b]m;mঞঞ;v-u;|u-mvѴ-|;7-|;1_-m]; Ŏ b|Ľv1om|u-1|-Ѵ|;ulv]b;ubv;omvr;1bC;77-|;v|o1-v_ u-|;-rruobl-ঞm]|o|_;-1|-Ѵu-|;-||_;ঞl;o=|_; Yov|_-|-u;voѴ;Ѵr-l;m|vo=rubm1br-Ѵ-m7bm|;u;v| |u-mv-1ঞomĺ ouru-1ঞ1-Ѵrurov;v|_bvbvru;vl;7|o0; om|_;rubm1br-Ѵ-lom|o=o|v|-m7bm]ĺ |_;-;u-];u-|;7ubm];-1_lom|_ĺ

7;0|bm;v|l;m|bvl;-vu;7-| (b=b|l;;|v0o|_o= ou;b]m1uu;m17b@;u;m1;v-u;u;1o]mbv;7bmo|_;u |_;=oѴѴobm]1om7bঞomv-m7bvmo|7;vb]m-|;7-v-| ($Ĺ comprehensive income and presented in the foreign 1uu;m1|u-mvѴ-ঞomu;v;u;bm;tb|ĺ)_;m-=ou;b]m Ŏ b|bv_;Ѵ7b|_bm-0vbm;vvlo7;Ѵ_ov;o0f;1ঞ;bv or;u-ঞombv7bvrov;7o=v1_|_-|1om|uoѴķvb]mbC1-m| -1_b;;700o|_1oѴѴ;1ঞm]1om|u-1|-Ѵ1-v_Yov-m7 bmY;m1;oufobm|1om|uoѴbvѴov|ķ|_;1lѴ-ঞ;-lom|bm v;ѴѴbm]Cm-m1b-Ѵ-vv;|vĸ-m7 |_;|u-mvѴ-ঞomu;v;u;u;Ѵ-|;7|o|_-|=ou;b]mor;u-ঞom bvu;1Ѵ-vvbC;7|oruoC|ouѴovv-vr-u|o=|_;]-bmouѴovv Ŏ b|v1om|u-1|-Ѵ|;ulv]b;ubv;omvr;1bC;77-|;v|o1-v_ om7bvrov-Ѵĺm|_;r-uঞ-Ѵ7bvrov-Ѵo=-v0vb7b-u|_-| Yov|_-|-u;voѴ;Ѵr-l;m|vo=rubm1br-Ѵ-m7bm|;u;v| bm1Ѵ7;v-=ou;b]mor;u-ঞomķ|_;u;Ѵ;-m|ruorouঞomo= on the principal amount outstanding v1_1lѴ-ঞ;-lom|bvu;-ub0|;7|omomŊ1om|uoѴѴbm]

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 143 NOTES TO THE FINANCIAL STATEMENTS

mbmbঞ-Ѵu;1o]mbঞomo=-m;tb|bm;v|l;m||_-|bvmo| =ouo|_;u0-vb1Ѵ;m7bm]ubvhv-m71ov|vŐ;ĺ]ĺѴbtb7b|ubvh-m7 _;Ѵ7=ou|u-7bm]ķ|_;uorl-buu;o1-0Ѵ;Ѵ;1||oru;v;m| -7lbmbv|u-ঞ;1ov|vőķ-v;ѴѴ-v-ruoC|l-u]bmĺ v0v;t;m|1_-m];vbm|_;bm;v|l;m|Ľv=-bu-Ѵ;bmĺ $_bv;Ѵ;1ঞombvl-7;om-mbm;v|l;m|Ŋ0Ŋbm;v|l;m|0-vbvĺ m-vv;vvbm]_;|_;u|_;1om|u-1|-Ѵ1-v_Yov-u;voѴ;Ѵ r-l;m|vo=rubm1br-Ѵ-m7bm|;u;v|ķ|_;uor1omvb7;uv|_; ѴѴCm-m1b-Ѵ-vv;|vmo|1Ѵ-vvbC;7-vl;-vu;7-|-louঞv;7 1om|u-1|-Ѵ|;ulvo=|_;bmv|ul;m|ĺ$_bvbm1Ѵ7;v-vv;vvbm] 1ov|ou (-v7;v1ub0;7-0o;-u;l;-vu;7-| ($ĺ _;|_;u|_;Cm-m1b-Ѵ-vv;|1om|-bmv-1om|u-1|-Ѵ|;ul|_-| $_bvbm1Ѵ7;v-ѴѴ7;ub-ঞ;Cm-m1b-Ѵ-vv;|vĺmbmbঞ-Ѵ 1oѴ71_-m];|_;ঞlbm]ou-lom|o=1om|u-1|-Ѵ1-v_Yov u;1o]mbঞomķ|_;uorl-buu;o1-0Ѵ7;vb]m-|;-Cm-m1b-Ѵ v1_|_-|b|oѴ7mo|l;;||_bv1om7bঞomĺml-hbm]|_bv -vv;||_-|o|_;ubv;l;;|v|_;u;tbu;l;m|v|o0;l;-vu;7 -vv;vvl;m|ķ|_;uor1omvb7;uvĹ -|-louঞv;71ov|ou-| (-v-| ($b=7obm]vo ;Ѵblbm-|;vouvb]mbC1-m|Ѵu;71;v-m-11omঞm]lbvl-|1_ Ŏ 1omঞm];m|;;m|v|_-|oѴ71_-m];|_;-lom|ou |_-|oѴ7o|_;ubv;-ubv;ĺ ঞlbm]o=1-v_Yovĸ

Ŏ |;ulv|_-|l--7fv||_;1om|u-1|-Ѵ1oromu-|;ķ bm-m1b-Ѵ-vv;|vŊvbm;vvlo7;Ѵ-vv;vvl;m|Ĺ bm1Ѵ7bm]-ub-0Ѵ;Ŋu-|;=;-|u;vĸ $_;uorl-h;v-m-vv;vvl;m|o=|_;o0f;1ঞ;o= |_;0vbm;vvlo7;Ѵbm_b1_-Cm-m1b-Ѵ-vv;|bv_;Ѵ7-| Ŏ ru;r-l;m|-m7;|;mvbom=;-|u;vĸ-m7 -rouoѴboѴ;;Ѵ0;1-v;|_bv0;v|u;Y;1|v|_;-|_; Ŏ |;ulv|_-|Ѵblb||_;uorĽv1Ѵ-bl|o1-v_Yov=uol 0vbm;vvbvl-m-];7-m7bm=oul-ঞombvruob7;7|o vr;1bC;7-vv;|vŐ;ĺ]ĺmomu;1ouv;=;-|u;vőĺ l-m-];l;m|ĺ$_;bm=oul-ঞom1omvb7;u;7bm1Ѵ7;vĹ A prepayment feature is consistent with the solely payments Ŏ |_;v|-|;7roѴb1b;v-m7o0f;1ঞ;v=ou|_;rouoѴbo-m7 of principal and interest criterion if the prepayment amount |_;or;u-ঞomo=|_ov;roѴb1b;vbmru-1ঞ1;ĺ$_;v;bm1Ѵ7; v0v|-mঞ-ѴѴu;ru;v;m|vmr-b7-lom|vo=rubm1br-Ѵ-m7 whether management’s strategy focuses on earning bm|;u;v|om|_;rubm1br-Ѵ-lom|o|v|-m7bm]ķ_b1_l- 1om|u-1|-Ѵbm|;u;v|bm1ol;ķl-bm|-bmbm]-r-uঞ1Ѵ-u bm1Ѵ7;u;-vom-0Ѵ;-77bঞom-Ѵ1olr;mv-ঞom=ou;-uѴ bm|;u;v|u-|;ruoCѴ;ķl-|1_bm]|_;7u-ঞomo=|_; |;ulbm-ঞomo=|_;1om|u-1|ĺ77bঞom-ѴѴķ=ou-Cm-m1b-Ѵ-vv;| Cm-m1b-Ѵ-vv;|v|o|_;7u-ঞomo=-mu;Ѵ-|;7Ѵb-0bѴbঞ;v -1tbu;7-|-7bv1om|ouru;lbl|ob|v1om|u-1|-Ѵr-uŊ ou;r;1|;71-v_oѴovouu;-Ѵbvbm]1-v_Yov -lom|ķ-=;-|u;|_-|r;ulb|vouu;tbu;vru;r-l;m|-| |_uo]_|_;v-Ѵ;o=|_;-vv;|vĸ -m-lom||_-|v0v|-mঞ-ѴѴu;ru;v;m|v|_;1om|u-1|-Ѵr-u Ŏ _o|_;r;u=oul-m1;o=|_;rouoѴbobv;-Ѵ-|;7-m7 -lom|rѴv-11u;7Ő0|mr-b7ő1om|u-1|-Ѵbm|;u;v|Ő_b1_ u;rou|;7|o|_;uorĽvl-m-];l;m|ĸ l--Ѵvobm1Ѵ7;u;-vom-0Ѵ;-77bঞom-Ѵ1olr;mv-ঞom=ou ;-uѴ|;ulbm-ঞomőbv|u;-|;7-v1omvbv|;m|b|_|_bv1ub|;ubom Ŏ |_;ubvhv|_-|-@;1||_;r;u=oul-m1;o=|_;0vbm;vv b=|_;=-bu-Ѵ;o=|_;ru;r-l;m|=;-|u;bvbmvb]mbC1-m|-| lo7;ѴŐ-m7|_;Cm-m1b-Ѵ-vv;|v_;Ѵ7b|_bm|_-|0vbm;vv bmbঞ-Ѵu;1o]mbঞomĺ lo7;Ѵő-m7_o|_ov;ubvhv-u;l-m-];7ĸ

144 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Item Basis of Measurement Ѵb-0bѴb|-u;v0v|-mঞ-ѴѴ7b@;u;m|ķbm_b1_1-v;-m; Cm-m1b-ѴѴb-0bѴb|0-v;7om|_;lo7bC;7|;ulvbvu;1o]mbv;7 Debt investments at $_;v;-vv;|v-u;v0v;t;m|Ѵ -|=-bu-Ѵ;ĺ ( l;-vu;7-|=-bu-Ѵ;ĺm|;u;v|bm1ol; 1-Ѵ1Ѵ-|;7vbm]|_;;@;1ঞ;bm|;u;v| m7;u;1o]mbঞomo=-Cm-m1b-ѴѴb-0bѴb|ķ|_;7b@;u;m1; l;|_o7ķ=ou;b]m;1_-m];]-bmv-m7 0;|;;m|_;1-uubm]-lom|;ঞm]bv_;7-m7|_; losses and impairment are recognized 1omvb7;u-ঞomr-b7Őbm1Ѵ7bm]-mmomŊ1-v_-vv;|v bmruoC|ouѴovvĺ|_;um;|]-bmv |u-mv=;uu;7ouѴb-0bѴbঞ;v-vvl;7őbvu;1o]mbv;7bmruoC|ou -m7Ѵovv;v-u;u;1o]mb;7bmĺ Ѵovvĺ m7;u;1o]mbঞomĺ-bmv-m7Ѵovv;v -11lѴ-|;7bm-u;u;1Ѵ-vvbC;7|o ruoC|ouѴovvĺ @v;মm] bm-m1b-Ѵ-vv;|v-m7Cm-m1b-ѴѴb-0bѴbঞ;v-u;o@v;|-m7|_; tb|bm;v|l;m|v $_;v;-vv;|v-u;v0v;t;m|Ѵ -| ( l;-vu;7-|=-bu-Ѵ;ĺ bb7;m7v-u; m;|-lom|ru;v;m|;7bm|_;v|-|;l;m|o=Cm-m1b-Ѵrovbঞom u;1o]mb;7-vbm1ol;bmruoC|ouѴovv _;mķ-m7omѴ_;mķ|_;uor1uu;m|Ѵ_-v-Ѵ;]-ѴѴ unless the dividend clearly represents ;m=ou1;-0Ѵ;ub]_||ov;|o@|_;-lom|v-m7b|bm|;m7v;b|_;u a recovery of part of the cost of the |ov;Ѵ;|_;lom-m;|0-vbvou|ou;-Ѵbv;|_;-vv;|-m7v;Ѵ; bm;v|l;m|ĺ|_;um;|]-bmv-m7Ѵovv;v |_;Ѵb-0bѴb|vblѴ|-m;ovѴĺ -u;u;1o]mb;7bm-m7-u;m;;u u;1Ѵ-vvbC;7|oruoC|ouѴovvĺ Ő7őlr-bul;m| omŊ7;ub-ঞ;Cm-m1b-Ѵ-vv;|v bm-m1b-ѴѴb-0bѴbঞ;vŊѴ-vvbC1-ঞomķv0v;t;m|l;-vu;l;m| and gains and losses Financial instruments and contract assets bm-m1b-ѴѴb-0bѴbঞ;v-u;1Ѵ-vvbC;7-vl;-vu;7-|-louঞv;7 The Group recognises allowances for expected credit losses 1ov|ou ($ĺCm-m1b-ѴѴb-0bѴb|bv1Ѵ-vvbC;7-v-| ($ Ő vőomCm-m1b-Ѵ-vv;|vl;-vu;7-|-louঞ;71ov|ĺ b=b|bv1Ѵ-vvbC;7-v_;Ѵ7Ŋ=ouŊ|u-7bm]ķb|bv-7;ub-ঞ;oub|bv 7;vb]m-|;7-vv1_ombmbঞ-Ѵu;1o]mbঞomĺ bm-m1b-ѴѴb-0bѴbঞ;v ovv-ѴѴo-m1;v=ou|u-7;u;1;b-0Ѵ;vbv-Ѵ-vl;-vu;7-| -| ($-u;l;-vu;7-|=-bu-Ѵ;-m7m;|]-bmv-m7Ѵovv;vķ -m-lom|;t-Ѵ|oѴb=;ঞl; vĺ bm1Ѵ7bm]-mbm|;u;v|;r;mv;ķ-u;u;1o]mb;7bmruoC|ou Ѵovvĺ|_;uCm-m1b-ѴѴb-0bѴbঞ;v-u;v0v;t;m|Ѵl;-vu;7 ovv-ѴѴo-m1;=ou7;0|bmv|ul;m|vbvl;-vu;7-| -|-louঞv;71ov|vbm]|_;;@;1ঞ;bm|;u;v|l;|_o7ĺ ƐƑŊlom|_ mѴ;vv1u;7b|ubvhŐbĺ;ĺ|_;ubvho=7;=-Ѵ| Interest expense and foreign exchange gains and losses are o11uubm]o;u|_;;r;1|;7Ѵb=;o=|_;Cm-m1b-Ѵbmv|ul;m|ő u;1o]mbv;7bmruoC|ouѴovvĺm]-bmouѴovvom7;u;1o]mbঞom o=|_;7;0|bmv|ul;m|_-vmo|bm1u;-v;7vb]mbC1-m|Ѵvbm1; bv-Ѵvou;1o]mbv;7bmruoC|ouѴovvĺ bmbঞ-Ѵu;1o]mbঞomĺ

Ő1ő ;u;1o]mbঞom )_;m7;|;ulbmbm]_;|_;u|_;1u;7b|ubvho=-Cm-m1b-Ѵ -vv;|_-vbm1u;-v;7vb]mbC1-m|Ѵvbm1;bmbঞ-Ѵu;1o]mbঞom Financial assets -m7_;m;vঞl-ঞm] vķ|_;uor1omvb7;uvu;-vom-0Ѵ; $_;uor7;u;1o]mb;v-Cm-m1b-Ѵ-vv;|_;m|_; -m7vrrou|-0Ѵ;bm=oul-ঞom|_-|bvu;Ѵ;-m|-m7--bѴ-0Ѵ; 1om|u-1|-Ѵub]_|v|o|_;1-v_Yov=uol|_;Cm-m1b-Ѵ-vv;| b|_o|m7;1ov|ou;@ou|ĺ$_bvbm1Ѵ7;v0o|_t-mঞ|-ঞ; ;rbu;ķoub||u-mv=;uv|_;ub]_|v|ou;1;b;|_;1om|u-1|-Ѵ -m7t-Ѵb|-ঞ;bm=oul-ঞom-m7-m-Ѵvbvķ0-v;7om 1-v_Yovbm-|u-mv-1ঞombm_b1_v0v|-mঞ-ѴѴ-ѴѴo=|_; the Group’s historical experience and informed credit ubvhv-m7u;-u7vo=om;uv_bro=|_;Cm-m1b-Ѵ-vv;|-u; -vv;vvl;m|-m7bm1Ѵ7bm]=ou-u7ŊѴoohbm]bm=oul-ঞomĺ transferred or in which the Group neither transfers nor u;|-bmvv0v|-mঞ-ѴѴ-ѴѴo=|_;ubvhv-m7u;-u7vo=om;uv_br $_;uor-vvl;v|_-||_;1u;7b|ubvhom-Cm-m1b-Ѵ-vv;| -m7b|7o;vmo|u;|-bm1om|uoѴo=|_;Cm-m1b-Ѵ-vv;|ĺ _-vbm1u;-v;7vb]mbC1-m|Ѵb=b|bvlou;|_-mƒƏ7-vr-v|7;ĺ

$_;uor;m|;uvbm|o|u-mv-1ঞomv_;u;0b||u-mv=;uv $_;uor1omvb7;uv-Cm-m1b-Ѵ-vv;||o0;bm7;=-Ѵ|_;mĹ -vv;|vu;1o]mb;7bmb|vv|-|;l;m|o=Cm-m1b-Ѵrovbঞomķ0| u;|-bmv;b|_;u-ѴѴouv0v|-mঞ-ѴѴ-ѴѴo=|_;ubvhv-m7u;-u7v Ŏ |_;0ouuo;ubvmѴbh;Ѵ|or-b|v1u;7b|o0Ѵb]-ঞomv o=|_;|u-mv=;uu;7-vv;|vĺ |o|_;uorbm=ѴѴķb|_o|u;1ouv;0|_;uor|o -1ঞomvv1_-vu;-Ѵbbm]v;1ub|Őb=-mbv_;Ѵ7őĸou m|_;v;1-v;vķ|_;|u-mv=;uu;7-vv;|v-u;mo|7;u;1o]mbv;7ĺ Ŏ |_;Cm-m1b-Ѵ-vv;|bvlou;|_-mƐѶƏ7-vr-v|7;ĺ bm-m1b-ѴѴb-0bѴbঞ;v b=;ঞl; v-u;|_; v|_-|u;vѴ|=uol-ѴѴrovvb0Ѵ; $_;uor7;u;1o]mbv;v-Cm-m1b-ѴѴb-0bѴb|_;mb|v 7;=-Ѵ|;;m|vo;u|_;;r;1|;7Ѵb=;o=-Cm-m1b-Ѵ 1om|u-1|-Ѵo0Ѵb]-ঞomv-u;7bv1_-u];7ou1-m1;ѴѴ;7ķou bmv|ul;m|ĺ ;rbu;ĺ$_;uor-Ѵvo7;u;1o]mbv;v-Cm-m1b-ѴѴb-0bѴb|_;m b|v|;ulv-u;lo7bC;7-m7|_;1-v_Yovo=|_;lo7bC;7

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 145 NOTES TO THE FINANCIAL STATEMENTS

ƐƑŊlom|_ v-u;|_;rouঞomo= v|_-|u;vѴ|=uol ঞlbm]-m7-lom|o=ub|;o@0-v;7om_;|_;u|_;u;bv- 7;=-Ѵ|;;m|v|_-|-u;rovvb0Ѵ;b|_bm|_;ƐƑlom|_v-[;u u;-vom-0Ѵ;;r;1|-ঞomo=u;1o;uĺ$_;uor;r;1|vmo |_;u;rouঞm]7-|;Őou-v_ou|;ur;ubo7b=|_;;r;1|;7Ѵb=;o= vb]mbC1-m|u;1o;u=uol|_;-lom|ub;mo@ĺo;;uķ |_;bmv|ul;m|bvѴ;vv|_-mƐƑlom|_vőĺ Cm-m1b-Ѵ-vv;|v|_-|-u;ub;mo@1oѴ7vঞѴѴ0;v0f;1||o ;m=ou1;l;m|-1ঞbঞ;vbmou7;u|o1olrѴb|_|_;uorĽv $_;l-bllr;ubo71omvb7;u;7_;m;vঞl-ঞm] vbv ruo1;7u;v|ou;1o;uo=-lom|v7;ĺ the maximum contractual period over which the Group is ;rov;7|o1u;7b|ubvhĺ lr-bul;m|oѴb1ĹomŊCm-m1b-Ѵ-vv;|v $_;1-uubm]-lom|vo=|_;uorĽvmomŊCm-m1b-Ѵ-vv;|vķ ;-vu;l;m|o= v o|_;u|_-m7;=;uu;7|--vv;|vķ-u;u;b;;7-|;-1_ v-u;-ruo0-0bѴb|Ŋ;b]_|;7;vঞl-|;o=1u;7b|Ѵovv;vĺ u;rouঞm]7-|;|o7;|;ulbm;_;|_;u|_;u;bv-mbm7b1-ঞom u;7b|Ѵovv;v-u;l;-vu;7-v|_;ru;v;m|-Ѵ;o=-ѴѴ1-v_ o=blr-bul;m|ĺ=-mv1_bm7b1-ঞom;bv|vķ|_;m|_;-vv;|Ľv v_ou-ѴѴvŐbĺ;ĺ|_;7b@;u;m1;0;|;;m|_;1-v_Yov7; u;1o;u-0Ѵ;-lom|bv;vঞl-|;7ĺ oubm|-m]b0Ѵ;-vv;|v|_-| |o|_;;mঞ|bm-11ou7-m1;b|_|_;1om|u-1|-m7|_;1-v_ _-;bm7;Cmb|;v;=ѴѴb;vou|_-|-u;mo|;|--bѴ-0Ѵ;=ou Yov|_-||_;uor;r;1|v|ou;1;b;őĺ v;ķ|_;u;1o;u-0Ѵ;-lom|bv;vঞl-|;7;-1_year at the v-l;ঞl;ĺ v-u;7bv1om|;7-||_;;@;1ঞ;bm|;u;v|u-|;o=|_; Cm-m1b-Ѵ-vv;|ĺ The recoverable amount of an asset is the greater of its -Ѵ;bmv;-m7b|v=-bu-Ѵ;Ѵ;vv1ov|v|ov;ѴѴĺm-vv;vvbm] u;7b|Ŋblr-bu;7Cm-m1b-Ѵ-vv;|v -Ѵ;bmv;ķ|_;;vঞl-|;7=|u;1-v_Yov-u;7bv1om|;7 |o|_;buru;v;m|-Ѵ;vbm]-ru;Ŋ|-7bv1om|u-|;|_-| |;-1_u;rouঞm]7-|;ķ|_;uor-vv;vv;v_;|_;u u;Y;1|v1uu;m|l-uh;|-vv;vvl;m|vo=|_;ঞl;-Ѵ;o= Cm-m1b-Ѵ-vv;|v1-uub;7-|-louঞv;71ov|-m77;0|v;1ubঞ;v lom;-m7|_;ubvhvvr;1bC1|o|_;-vv;|ĺ ou|_;rurov;o= -| (-u;1u;7b|Ŋblr-bu;7ĺCm-m1b-Ѵ-vv;|bvļ1u;7b|Ŋ blr-bul;m||;vঞm]ķ-vv;|v|_-|1-mmo|0;|;v|;7bm7bb7-ѴѴ impaired’ when one or more events that have a detrimental are grouped together into the smallest group of assets that blr-1|om|_;;vঞl-|;7=|u;1-v_Yovo=|_;Cm-m1b-Ѵ ];m;u-|;v1-v_bmYov=uol1omঞmbm]v;|_-|-u;Ѵ-u];Ѵ -vv;|_-;o11uu;7ĺ bm7;r;m7;m|o=|_;1-v_bmYovo=o|_;u-vv;|vĺ

• a breach of contract such as a default or being more mblr-bul;m|Ѵovvbmu;vr;1|o=o|_;u-vv;|vķu;1o]mbv;7 |_-mƐѶƏ7-vr-v|7;ĸ bmrubour;ubo7vbv-vv;vv;7-|;-1_u;rouঞm]7-|;=ou -mbm7b1-ঞomv|_-||_;Ѵovv_-v7;1u;-v;7oumoѴom];u • the restructuring of a loan or advance by the Group on ;bv|vĺmblr-bul;m|Ѵovvbvu;;uv;7b=|_;u;_-v0;;m- |;ulv|_-||_;uoroѴ7mo|1omvb7;uo|_;ubv;ĸ 1_-m];bm|_;;vঞl-|;vv;7|o7;|;ulbm;|_;u;1o;u-0Ѵ; • it is probable that the borrower will enter bankruptcy or -lom|ĺmblr-bul;m|Ѵovvbvu;;uv;7omѴ|o|_;;|;m| o|_;uCm-m1b-Ѵu;ou]-mbv-ঞomĸou that the asset’s carrying amount does not exceed the 1-uubm]-lom||_-|oѴ7_-;0;;m7;|;ulbm;7ķm;|o= Ŏ |_;7bv-rr;-u-m1;o=-m-1ঞ;l-uh;||o-v;1ub| 7;ru;1b-ঞomou-louঞv-ঞomķb=moblr-bul;m|Ѵovv_-70;;m 0;1-v;o=Cm-m1b-Ѵ7bL1Ѵঞ;vĺ u;1o]mbv;7ĺ

u;v;m|-ঞomo=-ѴѴo-m1;=ou bm|_;v|-|;l;m|o= Ő;ő;7];-11omঞm]-m71-v_Yo_;7]; Cm-m1b-Ѵrovbঞom ļ;7]bm]Ľbv-ruo1;vvo=vbm]-Cm-m1b-Ѵbmv|ul;m||o ovv-ѴѴo-m1;v=ouCm-m1b-Ѵ-vv;|vl;-vu;7-|-louঞv;7 lbঞ]-|;-ѴѴouvol;o=|_;ubvh-vvo1b-|;7|o-_;7];7b|;lĺ cost are deducted from the gross carrying amount of the ļ;7];-11omঞm]Ľ1_-m];v|_;ঞlbm]o=u;1o]mbvbm]|_; -vv;|vĺ gains and losses on either the hedged item or the hedging bmv|ul;m|vo|_-|0o|_-u;u;1o]mb;7bmruoC|ouѴovv )ub|;Ŋo@ ouo|_;u1olru;_;mvb;bm1ol;bm|_;v-l;-11omঞm] period in order to record the economic substance of the $_;]uovv1-uubm]-lom|o=-Cm-m1b-Ѵ-vv;|bvub;m u;Ѵ-ঞomv_br0;|;;m|_;_;7];7b|;l-m7bmv|ul;m|ĺ o@_;m|_;uor_-vmou;-vom-0Ѵ;;r;1|-ঞomvo= u;1o;ubm]-Cm-m1b-Ѵ-vv;|bmb|v;mঞu;|ou-rouঞom ||_;bm1;rঞomo=-_;7];u;Ѵ-ঞomv_brķ|_;uor=oul-ѴѴ |_;u;o=ĺ oubm7bb7-Ѵ1v|ol;uvķ|_;uor_-v-roѴb1 7;vb]m-|;v-m77o1l;m|v|_;_;7];u;Ѵ-ঞomv_br|o_b1_ o=ubঞm]o@|_;]uovv1-uubm]-lom|_;m|_;Cm-m1b-Ѵ |_;uorbv_;v|o-rrѴ_;7];-11omঞm]-m7|_; asset is 180 days past due based on historical experience ubvhl-m-];l;m|o0f;1ঞ;-m7v|u-|;]=oum7;u|-hbm] o=u;1o;ub;vo=vblbѴ-u-vv;|vĺ ou1ourou-|;1v|ol;uvķ|_; |_;_;7];ĺ$_;7o1l;m|-ঞombm1Ѵ7;vb7;mঞC1-ঞomo= Group individually makes an assessment with respect to the |_;_;7]bm]bmv|ul;m|ķ|_;_;7];7b|;lou|u-mv-1ঞomķ

146 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 the nature of the risk being hedged and how the Group =|_;_;7];7=|u;1-v_Yov-u;moѴom];u;r;1|;7|o bѴѴ-vv;vv|_;;@;1ঞ;m;vvo=1_-m];vbm|_;_;7]bm] o11uķ|_;m|_;-lom|v|_-|_-;0;;m-11lѴ-|;7bm bmv|ul;m|Ľv=-bu-Ѵ;bmo@v;মm]|_;;rovu;|o1_-m];v the hedging reserve and the cost of hedging reserve are bm|_;_;7];7b|;lĽv=-bu-Ѵ;ou1-v_Yov-ub0|-0Ѵ; bll;7b-|;Ѵu;1Ѵ-vvbC;7|oruoC|ouѴovvĺ |o|_;_;7];7ubvhĺ"1__;7];v-u;;r;1|;7|o0;_b]_Ѵ ;@;1ঞ;bm-1_b;bm]o@v;মm]1_-m];vbm=-bu-Ѵ;ou1-v_ ƒĺƓĺ "|-|;71-rb|-Ѵ Yov-m7-u;-vv;vv;7ruovr;1ঞ;0-vbv-11ou7bm]|o" !" ƒĺƓĺƐ u7bm-uv_-u;v ƏƖu;tbu;l;m|vĺ u7bm-uv_-u;v-u;1Ѵ-vvbC;7-v;tb|ĺm1u;l;m|-Ѵ1ov|v 7bu;1|Ѵ-ub0|-0Ѵ;|o|_;bvv;o=ou7bm-uv_-u;v-u; $_;uor_oѴ7v7;ub-ঞ;Cm-m1b-Ѵbmv|ul;m|v|o_;7]; u;1o]mbv;7-v-7;71ঞom=uol;tb|ĺ b|v=ou;b]m1uu;m1-m7bm|;u;v|u-|;ubvh;rovu;vĺ l0;77;77;ub-ঞ;v-u;v;r-u-|;7=uol|_;_ov|1om|u-1| ƒĺƓĺƑ u;=;u;m1;"_-u;v and accounted for separately if the host contract is not a Cm-m1b-Ѵ-vv;|-m71;u|-bm1ub|;ub--u;l;|ĺ u;=;u;m1;"_-u;1-rb|-Ѵbv1Ѵ-vvbC;7-v;tb|b=b|bvmomŊ u;7;;l-0Ѵ;ouu;7;;l-0Ѵ;omѴ-||_;1olr-mĽvorঞom ;ub-ঞ;v-u;bmbঞ-ѴѴl;-vu;7-|=-bu-Ѵ;ĺ"0v;t;m| -m7-m7bb7;m7v-u;7bv1u;ঞom-uĺ bb7;m7v|_;u;om-u; |obmbঞ-Ѵu;1o]mbঞomķ7;ub-ঞ;v-u;l;-vu;7-|=-bu-Ѵ;ķ u;1o]mb;7-v7bv|ub0ঞomvb|_bm;tb|rom-rruo-Ѵ0 -m71_-m];v|_;u;bm-u;];m;u-ѴѴu;1o]mbv;7bmruoC|ou |_;1olr-mĽvv_-u;_oѴ7;uvĺ Ѵovvĺ u;=;u;m1;v_-u;1-rb|-Ѵbv1Ѵ-vvbC;7-v-Cm-m1b-ѴѴb-0bѴb| $_;uor7;vb]m-|;v1;u|-bm7;ub-ঞ;v-v_;7]bm] b=b|bvu;7;;l-0Ѵ;om-vr;1bC17-|;ou-||_;orঞomo=|_; bmv|ul;m|v|o_;7];|_;-ub-0bѴb|bm1-v_Yov-vvo1b-|;7 v_-u;_oѴ7;uvķoub=7bb7;m7r-l;m|v-u;mo|7bv1u;ঞom-uĺ b|__b]_Ѵruo0-0Ѵ;=ou;1-v||u-mv-1ঞomv-ubvbm]=uol Dividends thereon are recognized as interest expense in changes in foreign exchange rates and interest rates and bm1ol;v|-|;l;m|-v-11u;7ĺ 1;u|-bm7;ub-ঞ;v-m7momŊ7;ub-ঞ;Cm-m1b-ѴѴb-0bѴbঞ;v-v hedges of foreign exchange risk on a net investment in a ƒĺƔĺ vv;|v-m70-v;vo=|_;bu-Ѵ-ঞom =ou;b]mor;u-ঞomĺ ƒĺƔĺƐĺ uor;u|ķrѴ-m|-m7;tbrl;m| ƒĺƔĺƐĺƐĺ!;1o]mbঞom-m7l;-vu;l;m| -v_ Ѵo;7]; |;lvo=ruor;u|ķrѴ-m|-m7;tbrl;m|o|_;u|_-mѴ-m7ķ _;7];o=-m;rovu;|o-ub-0bѴb|bm1-v_Yov|_-|bv -u;v|-|;7-|1ov|vѴ;vv-11lѴ-|;77;ru;1b-ঞom-m7 -ub0|-0Ѵ;|o-r-uঞ1Ѵ-uubvh-vvo1b-|;7b|_-u;1o]mb;v -11lѴ-|;7blr-bul;m|Ѵovv;vĺ -vv;|ķѴb-0bѴb|ou-_b]_Ѵruo0-0Ѵ;=ou;1-v||u-mv-1ঞom|_-| 1oѴ7-@;1||_;ruoC|ouѴovvbv1Ѵ-vvbC;7-v-1-v_Yo $_;1ov|o=ruor;u|ķrѴ-m|-m7;tbrl;m|1olrubv;vb|v _;7];ĺ ru1_-v;rub1;-m7-m7bu;1|Ѵ-ub0|-0Ѵ;1ov|vo=0ubm]bm] |_;-vv;||oouhbm]1om7bঞom=oub|vbm|;m7;7v;ĺ$_;1ov| )_;m-momŊ7;ub-ঞ;Cm-m1b-ѴѴb-0bѴb|bv7;vb]m-|;7-v o=v;Ѵ=Ŋ1omv|u1|;7-vv;|vbm1Ѵ7;v|_;1ov|o=l-|;ub-Ѵvķ -1-v_Yo_;7]bm]bmv|ul;m|ķ|_;;@;1ঞ;rouঞomo= 7bu;1|Ѵ-0ou-m7-mo|_;u1ov|v7bu;1|Ѵ-ub0|-0Ѵ;|o 1_-m];vbm|_;=-bu-Ѵ;o=|_;momŊ7;ub-ঞ;Cm-m1b-Ѵ 0ubm]bm]|_;-vv;||o|_;ouhbm]1om7bঞomo=b|vbm|;m7;7 Ѵb-0bѴb|bvu;1o]mbv;7bm-m7-11lѴ-|;7bm|_;_;7]bm] v;ĺ$_bv-Ѵvobm1Ѵ7;v1ov|vo=7bvl-m|Ѵbm]-m7u;lobm]|_; u;v;u;ĺ$_;;@;1ঞ;rouঞomo=1_-m];vbm|_;=-bu-Ѵ; items and restoring the site on which they are located and o=|_;momŊ7;ub-ঞ;Cm-m1b-ѴѴb-0bѴb||_-|bvu;1o]mbv;7bm 0ouuobm]1ov|vomt-Ѵb=bm]-vv;|vĺ bvѴblb|;7|o|_;1lѴ-ঞ;1_-m];bm=-bu-Ѵ;o=|_; _;7];7b|;lķ7;|;ulbm;7om-ru;v;m|-Ѵ;0-vbvķ=uol ѴѴb|;lvo=ruor;u|ķrѴ-m|-m7;tbrl;m|-u;u;1o]mbv;7 bm1;rঞomo=|_;_;7];ĺmbm;@;1ঞ;rouঞomo=1_-m];v bmbঞ-ѴѴ-|1ov|ĺ bm|_;=-bu-Ѵ;o=|_;momŊ7;ub-ঞ;Cm-m1b-ѴѴb-0bѴb|bv u;1o]mbv;7bll;7b-|;ѴbmruoC|ouѴovvĺ The Group recognizes land owned by them in the statement o=Cm-m1b-Ѵrovbঞom-||_;buu;-Ѵ;7-lom|ĺ!;-Ѵ-ঞomv If the hedge no longer meets the criteria for hedge -u;r;u=oul;7b|_vL1b;m|u;]Ѵ-ub|v1_|_-||_; -11omঞm]Ő-[;u|-hbm]bm|o-11om|-mu;0-Ѵ-m1bm]o= 1-uubm]-lom|7o;vmo|7b@;ul-|;ub-ѴѴ=uol|_-|_b1_ |_;_;7]bm]u;Ѵ-ঞomv_brőou|_;_;7]bm]bmv|ul;m|bvvoѴ7ķ would be determined using fair values at the end of each ;rbu;vķbv|;ulbm-|;7oubv;;u1bv;7ķ|_;m_;7];-11omঞm] u;rouঞm]r;ubo7ĺ=|_;=-bu-Ѵ;vo=Ѵ-m77omo|1_-m]; bv7bv1omঞm;7ruovr;1ঞ;Ѵĺ)_;m_;7];-11omঞm]=ou o|_;u|_-m0-vb]mbC1-m|-lom|-|;-1_u;rouঞm]r;ubo7ķ 1-v_Yo_;7];vbv7bv1omঞm;7ķ|_;-lom||_-|_-v0;;m |_;uorbѴѴu;-Ѵ;v1_Ѵ-m7;;uC;;-uvĺ -11lѴ-|;7bm|_;_;7]bm]u;v;u;u;l-bmvbm;tb|mঞѴķ =ou-_;7];o=-|u-mv-1ঞomu;vѴঞm]bm|_;u;1o]mbঞomo=- mvurѴv-ubvbm]om|_;u;-Ѵ-ঞombvu;1o]mb;7bmo|_;u momŊCm-m1b-Ѵb|;lķb|bvbm1Ѵ7;7bm|_;momŊCm-m1b-Ѵb|;lĽv comprehensive income except to the extent that the surplus 1ov|omb|vbmbঞ-Ѵu;1o]mbঞomouķ=ouo|_;u1-v_Yo_;7];vķ u;;uv;v-ru;bovu;-Ѵ-ঞom7;C1b|om|_;v-l;-vv;| b|bvu;1Ѵ-vvbC;7|oruoC|ouѴovvbm|_;v-l;r;ubo7our;ubo7v u;1o]mb;7bmbm1ol;v|-|;l;m|ķbm_b1_1-v;|_;1u;7b||o -v|_;_;7];7;r;1|;7=|u;1-v_Yov-@;1|ruoC|ou |_-|;|;m|bvu;1o]mb;7bmbm1ol;v|-|;l;m|ĺm7;C1b| Ѵovvĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 147 NOTES TO THE FINANCIAL STATEMENTS

omu;-Ѵ-ঞombvu;1o]mb;7bmbm1ol;v|-|;l;m|;1;r||o $_;;vঞl-|;7v;=ѴѴb;v-u;-v=oѴѴovĹ |_;;|;m||_-|b|u;;uv;v-ru;bovu;-Ѵ-ঞomvurѴv Ŏ ;-v;_oѴ7u;lbv;vo;u|_;u;l-bmbm]Ѵ;-v;r;ubo7 om|_;v-l;-vv;|ķbm_b1_1-v;|_;7;0b||o|_-|;|;m| bvu;1o]mb;7bmo|_;u1olru;_;mvb;bm1ol;ĺ$_;u;=ou;ķ Ŏ bѴ7bm]v ƏѶŊƔƏ;-uv u;-Ѵ-ঞombm1u;-v;v-m77;1u;-v;v1-mmo|0;o@v;|ķ;;m Ŏ Ѵ-m|ş tbrl;m| ƐƏŊƑƏ;-uv b|_bm-1Ѵ-vvo=-vv;|vĺ Ŏ b|1_;m tbrl;m| ƏƔŊƐƔ;-uv Ŏ L1; tbrl;m| ƏƒŊƐƏ;-uv |;um-Ѵķbm7;r;m7;m|t-ѴbC;7-Ѵ;uv_-bm]-rruorub-|; ;r;ub;m1;bm-Ѵbm]ruor;uঞ;vbmѴo1-ঞomvo=ruor;uঞ;v Ŏ "rou|v tbrl;m| ƏƔŊƐƏ;-uv 0;bm]-Ѵ;7ķ-Ѵ;|_;Ѵ-m7om;70|_;uor Ŏ o|ou(;_b1Ѵ;v ƏƓŊƏѵ;-uv 0-v;7oml-uh;|-Ѵ;vķ|_bvbv|_;rub1;|_-|oѴ70; Ŏ o-|v Ɣ;-uv received to sell an asset or paid to transfer a liability in Ŏ "bllbm]ooѴş tbrl;m| ƐƔŊƒƏ;-uv -mou7;uѴ|u-mv-1ঞom0;|;;ml-uh;|r-uঞ1br-m|v-| |_;l;-vu;l;m|7-|;ĺ$_;7;|-bѴvo=Ѵ-m7-Ѵ-ঞom-u; Ŏ umb|u;ş bমm]v ƐƏŊƑƏ;-uv 7bv1Ѵov;7bmo|;oĺƐƕĺƒĺƐ|o|_;Cm-m1b-Ѵv|-|;l;m|vĺ Ŏ uo1h;uķ|Ѵ;uşѴ-vv-u; ƏƒŊƏƔ;-uv Ŏ "o[ umbv_bm] ƏƔŊƐƏ;-uv &rom7bvrov-Ѵķ-mu;Ѵ-|;7u;-Ѵ-ঞomu;v;u;bv|u-mv=;uu;7 =uol|_;u;-Ѵ-ঞomu;v;u;|o-11lѴ-|;7ruoC|v-m7 ;ru;1b-ঞombvmo|ruob7;7omѴ-m7-m7-vv;|vm7;u is not taken into account in arriving at the gain or loss on 1omv|u1ঞomĺ 7bvrov-Ѵĺ $_;7;ru;1b-ঞoml;|_o7vķv;=ѴѴb;v-m7u;vb7-Ѵ-Ѵ;v -bmv-m7Ѵovv;vom7bvrov-Ѵo=-mb|;lo=ruor;u|ķrѴ-m| -u;u;b;;7-|;-1_Cm-m1b-Ѵ;-u;m7-m7-7fv|;7b= -m7;tbrl;m|-u;7;|;ulbm;701olr-ubm]|_;ruo1;;7v -rruorub-|;ĺ =uol7bvrov-Ѵo=b|_|_;1-uubm]-lom|o=ruor;u|ķrѴ-m| -m7;tbrl;m|-m7-u;u;1o]mb;7m;|b|_bmo|_;ubm1ol; ƒĺƔĺƑĺ ;-v;v bmbm1ol;v|-|;l;m|ĺ $_;uor_-v-rrѴb;7" !"Ɛѵvbm]|_;lo7bC;7 u;|uovr;1ঞ;-rruo-1_-m7|_;u;=ou;|_;1olr-u-ঞ; ƒĺƔĺƐĺƑĺ"b]mbC1-m|1olrom;m|vo=ruor;u|ķrѴ-m|-m7;tbrl;m| bm=oul-ঞom_-vmo|0;;mu;v|-|;7-m71omঞm;v|o0; )_;mr-u|vo=-mb|;lo=ruor;u|ķrѴ-m|-m7;tbrl;m| u;rou|;7m7;u"Ɛƕ-m7 !Ɠĺm=oul-ঞom-0o| _-;7b@;u;m|v;=ѴѴb;vķ|_;-u;-11om|;7=ou-v |u-mvbঞom-Ѵblr-1|om|_;-rrѴb1-ঞomo=" !"Ɛѵbv v;r-u-|;b|;lvo=ruor;u|rѴ-m|-m7;tbrl;m|-m7 7bv1Ѵov;7bmo|;oĺƏѵĺƐ|o|_;Cm-m1b-Ѵv|-|;l;m|vĺ 7;ru;1b-|;7v;r-u-|;Ѵ0-v;7om|_;buv;=ѴѴb=;ĺ Policy applicable from 1 April 2019 ƒĺƔĺƐĺƒĺ"0v;t;m|1ov|v |bm1;rঞomo=-1om|u-1|ķ|_;uor-vv;vv;v_;|_;u- $_;1ov|o=u;rѴ-1bm]-1olrom;m|o=-mb|;lo=ruor;u|ķ 1om|u-1|bvķou1om|-bmvķ-Ѵ;-v;ĺ1om|u-1|bvķou1om|-bmvķ rѴ-m|-m7;tbrl;m|bvu;1o]mbv;7bm|_;1-uubm]-lom|o= a lease if the contract conveys the right to control the use |_;b|;lb=b|bvruo0-0Ѵ;|_-||_;=|u;;1omolb10;m;C|v o=-mb7;mঞC;7-vv;|=ou-r;ubo7o=ঞl;bm;1_-m];=ou ;l0o7b;7b|_|_;b|;lbѴѴYo|o|_;uorķ-m7|_;1ov| 1omvb7;u-ঞomĺ$o-vv;vv_;|_;u-1om|u-1|1om;v|_; o=|_;b|;l1-m0;l;-vu;7u;Ѵb-0Ѵĺ$_;1ov|vo=|_;7-Ŋ ub]_||o1om|uoѴ|_;v;o=-mb7;mঞC;7-vv;|ķ|_;uorv;v |oŊ7-v;ub1bm]-m7-mo|_;u1ov|v-u;u;1o]mbv;7bm|_; |_;7;Cmbঞomo=-Ѵ;-v;bm" !"Ɛѵĺ bm1ol;v|-|;l;m|-v-m7_;mbm1uu;7ĺ $_bvroѴb1bv-rrѴb;7|o1om|u-1|v;m|;u;7bm|oķomou-[;uƐ ƒĺƔĺƐĺƓĺ ;ru;1b-ঞom rubѴƑƏƐƖĺ ;ru;1b-ঞombv0-v;7om|_;1ov|o=-m-vv;|Ѵ;vvb|vu;vb7-Ѵ -Ѵ;ĺ • As a lessee |1oll;m1;l;m|ouomlo7bC1-ঞomo=-1om|u-1||_-| ;ru;1b-ঞombvu;1o]mbv;7bm|_;bm1ol;v|-|;l;m|om- 1om|-bmv-Ѵ;-v;1olrom;m|ķ|_;uor-ѴѴo1-|;v|_; v|u-b]_|ŊѴbm;0-vbvo;u|_;;vঞl-|;7v;=ѴѴb;vo=;-1_ 1omvb7;u-ঞombm|_;1om|u-1||o;-1_Ѵ;-v;1olrom;m|om 1olrom;m|o=-mb|;lo=ruor;u|ķrѴ-m|-m7;tbrl;m|ĺ |_;0-vbvo=b|vu;Ѵ-ঞ;v|-m7Ŋ-Ѵom;rub1;vĺo;;uķ=ou|_; ;ru;1b-ঞomo=-m-vv;|0;]bmv_;mb|bv--bѴ-0Ѵ;=ou leases of property the Group has elected not to separate use and ceases at the earlier of the date that the asset is momŊѴ;-v;1olrom;m|v-m7-11om|=ou|_;Ѵ;-v;-m7momŊ 1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ;ouom|_;7-|;|_-||_;-vv;|bv Ѵ;-v;1olrom;m|v-v-vbm]Ѵ;Ѵ;-v;1olrom;m|ĺ 7bvrov;7o=ĺ;-v;7-vv;|v-u;7;ru;1b-|;7o;u|_;v_ou|;u of the lease term and their useful lives unless it is reasonable $_;uoru;1o]mbv;v-ub]_|Ŋo=Ŋv;-vv;|-m7-Ѵ;-v; certain that Group will obtain ownership by the end of the Ѵb-0bѴb|-||_;Ѵ;-v;1oll;m1;l;m|7-|;ĺ$_;ub]_|o=Ŋv; Ѵ;-v;|;ulĺ -vv;|bvbmbঞ-ѴѴl;-vu;7-|1ov|ķ_b1_1olrubv;v|_;bmbঞ-Ѵ -lom|o=|_;Ѵ;-v;Ѵb-0bѴb|-7fv|;7=ou-mѴ;-v;r-l;m|v l-7;-|ou0;=ou;|_;1oll;m1;l;m|7-|;ķrѴv-mbmbঞ-Ѵ

148 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 7bu;1|1ov|vbm1uu;7-m7-m;vঞl-|;o=1ov|v|o7bvl-m|Ѵ; o=|_;ub]_|Ŋo=Ŋv;-vv;|ķoubvu;1ou7;7bmruoC|ouѴovvb=|_; and remove the underlying asset or to restore the underlying 1-uubm]-lom|o=|_;ub]_|Ŋo=Ŋv;-vv;|_-v0;;mu;71;7 -vv;|ou|_;vb|;om_b1_b|bvѴo1-|;7ķѴ;vv-mѴ;-v; |o;uoĺ bm1;mঞ;vu;1;b;7ĺ $_;uorru;v;m|vub]_|Ŋo=Ŋv;-vv;|v|_-|7omo|l;;||_; $_;ub]_|Ŋo=Ŋv;-vv;|bvv0v;t;m|Ѵ7;ru;1b-|;7vbm]|_; 7;Cmbঞomo=bm;v|l;m|ruor;u|bmļub]_|o=v;-vv;|vĽ-m7 v|u-b]_|ŊѴbm;l;|_o7=uol|_;1oll;m1;l;m|7-|;|o|_; Ѵ;-v;Ѵb-0bѴbঞ;vbmļbm|;u;v|0;-ubm]Ѵb-0bঞѴb;vŊѴ;-v;vĽbm|_; ;m7o=|_;Ѵ;-v;|;ulķmѴ;vv|_;Ѵ;-v;|u-mv=;uvom;uv_br v|-|;l;m|o=Cm-m1b-Ѵrovbঞomĺ of the underlying asset to the Group by the end of the lease |;ulou|_;1ov|o=|_;ub]_|Ŋo=Ŋv;-vv;|u;Y;1|v|_-||_; "_ou|Ŋ|;ulѴ;-v;v-m7Ѵ;-v;vo=ѴoŊ-Ѵ;-vv;|v uorbѴѴ;;u1bv;-ru1_-v;orঞomĺm|_-|1-v;|_;ub]_|Ŋ $_;uor_-v;Ѵ;1|;7mo||ou;1o]mbv;ub]_|Ŋo=Ŋv;-vv;|v o=Ŋv;-vv;|bѴѴ0;7;ru;1b-|;7o;u|_;v;=ѴѴb=;o=|_; -m7Ѵ;-v;Ѵb-0bѴbঞ;v=ouѴ;-v;vo=ѴoŊ-Ѵ;-vv;|v-m7v_ou|Ŋ m7;uѴbm]-vv;|ķ_b1_bv7;|;ulbm;7om|_;v-l;0-vbv-v |;ulѴ;-v;vķbm1Ѵ7bm]$;tbrl;m|ĺ$_;uoru;1o]mbv;v |_ov;o=ruor;u|-m7;tbrl;m|ĺm-77bঞomķ|_;ub]_|Ŋo=Ŋ the lease payments associated with these leases as an v;-vv;|bvr;ubo7b1-ѴѴu;71;70blr-bul;m|Ѵovv;vķb= ;r;mv;om-v|u-b]_|ŊѴbm;0-vbvo;u|_;Ѵ;-v;|;ulĺ -mķ-m7-7fv|;7=ou1;u|-bmu;l;-vu;l;m|vo=|_;Ѵ;-v; Ѵb-0bѴb|ĺ • As a lessor |bm1;rঞomouomlo7bC1-ঞomo=-1om|u-1||_-|1om|-bmv- $_;Ѵ;-v;Ѵb-0bѴb|bvbmbঞ-ѴѴl;-vu;7-||_;ru;v;m|-Ѵ;o= Ѵ;-v;1olrom;m|ķ|_;uor-ѴѴo1-|;v|_;1omvb7;u-ঞombm the lease payments that are not paid at the commencement the contract to each lease component on the basis of their 7-|;ķ7bv1om|;7vbm]|_;bm|;u;v|u-|;blrѴb1b|bm|_;Ѵ;-v; u;Ѵ-ঞ;v|-m7-Ѵom;rub1;vĺ ouķb=|_-|u-|;1-mmo|0;u;-7bѴ7;|;ulbm;7ķ|_;uorĽv bm1u;l;m|-Ѵ0ouuobm]u-|;ĺ;m;u-ѴѴķ|_;uorv;vb|v )_;m|_;uor-1|v-v-Ѵ;vvouķb|7;|;ulbm;v-|Ѵ;-v; bm1u;l;m|-Ѵ0ouuobm]u-|;-v|_;7bv1om|u-|;ĺ bm1;rঞom_;|_;u;-1_Ѵ;-v;bv-Cm-m1;Ѵ;-v;ou-m or;u-ঞm]Ѵ;-v;ĺ The Group determines its incremental borrowing rate by o0|-bmbm]bm|;u;v|u-|;v=uol-ubov;|;um-ѴCm-m1bm] $o1Ѵ-vvb=;-1_Ѵ;-v;ķ|_;uorl-h;v-mo;u-ѴѴ vou1;v-m7l-h;v1;u|-bm-7fv|l;m|v|ou;Y;1||_;|;ulv -vv;vvl;m|o=_;|_;u|_;Ѵ;-v;|u-mv=;uvv0v|-mঞ-ѴѴ o=|_;Ѵ;-v;-m7|r;o=|_;-vv;|Ѵ;-v;7ĺ all of the risks and rewards incidental to ownership of |_;m7;uѴbm]-vv;|ĺ=|_bvbv|_;1-v;ķ|_;m|_;Ѵ;-v;bv- ;-v;r-l;m|vbm1Ѵ7;7bm|_;l;-vu;l;m|o=|_;Ѵ;-v; Cm-m1;Ѵ;-v;ĸb=mo|ķ|_;mb|bv-mor;u-ঞm]Ѵ;-v;ĺvr-u|o= Ѵb-0bѴb|1olrubv;|_;=oѴѴobm]Ĺª |_bv-vv;vvl;m|ķ|_;uor1omvb7;uv1;u|-bmbm7b1-|ouvv1_ -v_;|_;u|_;Ѵ;-v;bv=ou|_;l-four-u|o=|_;;1omolb1 Ŏ C;7r-l;m|vķbm1Ѵ7bm]bmŊv0v|-m1;C;7r-l;m|vĸ Ѵb=;o=|_;-vv;|ĺ • variable lease payments that depend on an index or a u-|;ķbmbঞ-ѴѴl;-vu;7vbm]|_;bm7;ouu-|;-v-||_; )_;m|_;uorbv-mbm|;ul;7b-|;Ѵ;vvouķb|-11om|v=ou 1oll;m1;l;m|7-|;ĸ b|vbm|;u;v|vbm|_;_;-7Ѵ;-v;-m7|_;v0ŊѴ;-v;v;r-u-|;Ѵĺ |-vv;vv;v|_;Ѵ;-v;1Ѵ-vvbC1-ঞomo=-v0ŊѴ;-v;b|_ • amounts expected to be payable under a residual value u;=;u;m1;|o|_;ub]_|Ŋo=Ŋv;-vv;|-ubvbm]=uol|_;_;-7 ]-u-m|;;ĸ-m7 Ѵ;-v;ķmo|b|_u;=;u;m1;|o|_;m7;uѴbm]-vv;|ĺ=-_;-7 Ŏ |_;;;u1bv;rub1;m7;u-ru1_-v;orঞom|_-||_; Ѵ;-v;bv-v_ou|Ŋ|;ulѴ;-v;|o_b1_|_;uor-rrѴb;v|_; uorbvu;-vom-0Ѵ1;u|-bm|o;;u1bv;ķѴ;-v;r-l;m|v ;;lrঞom7;v1ub0;7-0o;ķ|_;mb|1Ѵ-vvbC;v|_;v0ŊѴ;-v; bm-morঞom-Ѵu;m;-Ѵr;ubo7b=|_;uorbvu;-vom-0Ѵ -v-mor;u-ঞm]Ѵ;-v;ĺ 1;u|-bm|o;;u1bv;-m;|;mvbomorঞomķ-m7r;m-Ѵঞ;v =ou;-uѴ|;ulbm-ঞomo=-Ѵ;-v;mѴ;vv|_;uorbv =-m-uu-m];l;m|1om|-bmvѴ;-v;-m7momŊѴ;-v;1olrom;m|vķ u;-vom-0Ѵ1;u|-bmmo||o|;ulbm-|;;-uѴĺ |_;m|_;uor-rrѴb;v" !"ƐƔ|o-ѴѴo1-|;|_; 1omvb7;u-ঞombm|_;1om|u-1|ĺ $_;Ѵ;-v;Ѵb-0bѴb|bvl;-vu;7-|-louঞv;71ov|vbm]|_; ;@;1ঞ;bm|;u;v|l;|_o7ĺ|bvu;l;-vu;7_;m|_;u;bv- $_;uor-rrѴb;v|_;7;u;1o]mbঞom-m7blr-bul;m| change in future lease payments arising from a change in an u;tbu;l;m|vbm" !"Ɩ|o|_;m;|bm;v|l;m|bm|_;Ѵ;-v;ĺ bm7;ouu-|;ķb=|_;u;bv-1_-m];bm|_;uorĽv;vঞl-|;o= $_;uor=u|_;uu;]Ѵ-uѴu;b;v;vঞl-|;7m]-u-m|;;7 the amount expected to be payable under a residual value u;vb7-Ѵ-Ѵ;vv;7bm1-Ѵ1Ѵ-ঞm]|_;]uovvbm;v|l;m|bm ]-u-m|;;ķb=|_;uor1_-m];vb|v-vv;vvl;m|o=_;|_;ub| |_;Ѵ;-v;ĺ bѴѴ;;u1bv;-ru1_-v;ķ;|;mvbomou|;ulbm-ঞomorঞomou b=|_;u;bv-u;bv;7bmŊv0v|-m1;C;7Ѵ;-v;r-l;m|ĺ The Group recognises lease payments received under or;u-ঞm]Ѵ;-v;v-vbm1ol;om-v|u-b]_|ŊѴbm;0-vbvo;u|_; )_;m|_;Ѵ;-v;Ѵb-0bѴb|bvu;l;-vu;7bm|_bv-ķ- Ѵ;-v;|;ul-vr-u|o=ļo|_;uu;;m;Ľĺ 1ouu;vrom7bm]-7fv|l;m|bvl-7;|o|_;1-uubm]-lom|

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 149 NOTES TO THE FINANCIAL STATEMENTS

;m;u-ѴѴķ|_;-11omঞm]roѴb1b;v-rrѴb1-0Ѵ;|o|_;uor "0v;t;m|;-vu;l;m| -v-Ѵ;vvoubm|_;1olr-u-ঞ;r;ubo7;u;mo|7b@;u;m| [;ubmbঞ-Ѵu;1o]mbঞom-mbm|-m]b0Ѵ;-vv;|bvv|-|;7-| =uol" !"Ɛѵ;1;r|=ou|_;1Ѵ-vvbC1-ঞomo=|_;v0ŊѴ;-v; b|v1ov|vѴ;vv-m-11lѴ-|;7-louঞv-ঞom-m7-m ;m|;u;7bm|o7ubm]1uu;m|u;rouঞm]r;ubo7|_-|u;vѴ|;7bm -11lѴ-|;7blr-bul;m|Ѵovv;vĺ -Cm-m1;Ѵ;-v;1Ѵ-vvbC1-ঞomĺ The useful economic life of an intangible asset is assessed to Policy applicable before 1 April 2019 0;;b|_;uCmb|;oubm7;Cmb|;ĺ •;-v;7-vv;|v ;-v;vbm|;ulvo=_b1_|_;uor-vvl;vv0v|-mঞ-ѴѴ m|-m]b0Ѵ;-vv;|vb|_Cmb|;Ѵb;v-u;-louঞv;7o;u|_; -ѴѴ|_;ubvhv-m7u;-u7vo=om;uv_br-u;1Ѵ-vvbC;7-v v;=Ѵ;1omolb1Ѵb=;o=|_;-vv;|ĺ$_;-louঞv-ঞomr;ubo7 Cm-m1;Ѵ;-v;vĺ$_;om;uŊo11rb;7ruor;u|-1tbu;70 -m7|_;-louঞv-ঞoml;|_o7=ou-mbm|-m]b0Ѵ;-vv;|b|_ -o=Cm-m1;Ѵ;-v;bvv|-|;7-|-m-lom|;t-Ѵ|o|_; -Cmb|;v;=ѴѴb=;bvu;b;;7-|Ѵ;-v|-||_;;m7o=;-1_ lower of its fair value and the present value of the minimum u;rouঞm]7-|;ĺ_-m];vbm|_;;r;1|;7v;=ѴѴb=;ou Ѵ;-v;r-l;m|v-|bm1;rঞomo=|_;Ѵ;-v;ķѴ;vv-11lѴ-|;7 |_;;r;1|;7r-;umo=1omvlrঞomo==|u;;1omolb1 7;ru;1b-ঞom-m7blr-bul;m|Ѵovv;vb=-mĺ 0;m;C|v;l0o7b;7bm|_;-vv;|bv-11om|;7=ou01_-m]bm] |_;-louঞv-ঞomr;ubo7oul;|_o7ķ-v-rruorub-|;ķ-m7 Ŏ;-v;_oѴ7ruor;u|ŊѴ-m7 -u;|u;-|;7-v1_-m];vbm-11omঞm];vঞl-|;vĺ$_; -louঞv-ঞom;r;mv;ombm|-m]b0Ѵ;-vv;|vb|_Cmb|;Ѵb;vbv ;-v;_oѴ7ruor;u|1olrubvbm]o=Ѵ-m7v;ub]_|v-m7bv u;1o]mbv;7bm|_;bm1ol;v|-|;l;m|ĺ -louঞv;7om-v|u-b]_|ŊѴbm;0-vbvo;u|_;r;ubo7o=|_; Ѵ;-v;bm-11ou7-m1;b|_|_;r-;umo=0;m;C|v;r;1|;7 m|-m]b0Ѵ;-vv;|vb|_bm7;Cmb|;v;=ѴѴb;v-u;mo| |o0;7;ub;7=uol|_;Ѵ;-v;ĺ;-v;_oѴ7ruor;u|bv|;v|;7 -louঞv;7ķ0|-u;|;v|;7=oublr-bul;m|-mm-ѴѴķ =oublr-bul;m|-mm-ѴѴĺ$_;blr-bul;m|Ѵovvb=-mbv ;b|_;ubm7bb7-ѴѴou-||_;1-v_Ŋ];m;u-ঞm]mb|Ѵ;;Ѵĺ u;1o]mbv;7bm|_;bm1ol;v|-|;l;m|ĺ $_;-vv;vvl;m|o=bm7;Cmb|;Ѵb=;bvu;b;;7-mm-ѴѴ |o7;|;ulbm;_;|_;u|_;bm7;Cmb|;Ѵb=;1omঞm;v|o0; ƒĺƔĺƒĺ m|-m]b0Ѵ;-vv;|v vrrou|-0Ѵ;ĺ=mo|ķ|_;1_-m];bmv;=ѴѴb=;=uolbm7;Cmb|; mbঞ-Ѵ!;1o]mbঞom-m7l;-vu;l;m| |oCmb|;bvl-7;om-ruovr;1ঞ;0-vbvĺ The Group recognises intangible assets if it is probable that |_;;r;1|;7=|u;;1omolb10;m;C|v|_-|-u;-ub0|-0Ѵ; ƒĺƔĺƓĺ oo7bѴѴ |o|_;-vv;|bѴѴYo|o|_;;mঞ|-m7|_;1ov|o=|_;-vv;| oo7bѴѴ|_-|-ubv;vrom|_;-1tbvbঞomo=v0vb7b-ub;vbv 1-m0;l;-vu;7u;Ѵb-0Ѵĺ bm1Ѵ7;7bmbm|-m]b0Ѵ;-vv;|vķ|_;roѴb1oml;-vu;l;m|o= ]oo7bѴѴbv-|bmbঞ-Ѵu;1o]mbঞomĺ ";r-u-|;Ѵ-1tbu;7bm|-m]b0Ѵ;-vv;|v-u;l;-vu;7ombmbঞ-Ѵ u;1o]mbঞom-|1ov|ĺ$_;1ov|o=v1_v;r-u-|;Ѵ-1tbu;7 "0v;t;m|l;-vu;l;m| bm|-m]b0Ѵ;-vv;|vbm1Ѵ7;|_;ru1_-v;rub1;ķblrou|7ঞ;vķ Goodwill is measured at cost less accumulated impairment momŊu;=m7-0Ѵ;ru1_-v;|-;v-m7-m7bu;1|Ѵ-ub0|-0Ѵ; Ѵovv;vĺmu;vr;1|o=;tb|-11om|;7bm;v|;;vķ|_;1-uubm] 1ov|o=ru;r-ubm]|_;-vv;|=oub|vbm|;m7;7v;ĺ amount of goodwill is included in the carrying amount of |_;bm;v|l;m|ķ-m7blr-bul;m|Ѵovvomv1_-mbm;v|l;m| $_;1ov|o=bm|-m]b0Ѵ;-vv;|v-1tbu;7bm-0vbm;vv bv-ѴѴo1-|;7|o|_;1-uubm]-lom|o=|_;;tb|-11om|;7 1ol0bm-ঞombv|_;=-bu-Ѵ;o=|_;-vv;|-||_;7-|;o= bm;v|;;ĺ -1tbvbঞomĺ

ƒĺƔĺƔĺ olr|;uvo[-u; The cost of an internally generated intangible asset arising =uol|_;7;;Ѵorl;m|r_-v;o=-mbm|;um-Ѵruof;1|_b1_bv ѴѴ1olr|;uvo[-u;1ov|bm1uu;7ķѴb1;mv;7=ouv;0 1-rb|-Ѵbv;7bm1Ѵ7;v-ѴѴ7bu;1|Ѵ-ub0|-0Ѵ;1ov|vm;1;vv-u |_;uorķ_b1_7o;vmo|=oul-mbm|;]u-Ѵr-u|o=u;Ѵ-|;7 |o1u;-|;ķruo71;ķ-m7ru;r-u;|_;-vv;||o0;1-r-0Ѵ; _-u7-u;-m7_b1_1-m0;1Ѵ;-uѴb7;mঞC;7ķu;Ѵb-0Ѵ o=or;u-ঞm]bm|_;l-mm;ubm|;m7;70|_;-m-];l;m|ĺ measured and it is probable that they will lead to future |_;u7;;Ѵorl;m|;r;m7b|u;-m7;r;m7b|u;om ;1omolb10;m;C|v-u;bm1Ѵ7;7m7;ubm|-m]b0Ѵ;-vv;|v u;v;-u1_-1ঞbঞ;vķm7;u|-h;mb|_|_;ruovr;1|o=]-bmbm] -m71-uub;7-|1ov|Ѵ;vv-11lѴ-|;7-louঞ-ঞom-m7-m new technical knowledge and understanding is expensed in -11lѴ-|;7blr-bul;m|Ѵovv;vĺ |_;bm1ol;v|-|;l;m|-v-m7_;mbm1uu;7ĺ "0v;t;m|l;-vu;l;m| "0v;t;m|1ov|v r;m7b|u;bm1uu;7omvo[-u;bv1-rb|-Ѵb;7omѴ_;m "0v;t;m|;r;m7b|u;ombm|-m]b0Ѵ;-vv;|vbv1-rb|-Ѵbv;7 it is probable that this expenditure will enable the asset to omѴ_;mb|bm1u;-v;v|_;=|u;;1omolb10;m;C|v ];m;u-|;=|u;;1omolb10;m;C|vbm;1;vvo=b|voub]bm-ѴѴ ;l0o7b;7bm|_;vr;1bC1-vv;||o_b1_b|u;Ѵ-|;vĺ assessed standards of performance and this expenditure can 0;l;-vu;7-m7-ub0|;7|o|_;-vv;|u;Ѵb-0Ѵĺ

150 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 louঞv-ঞom Ѵb-0bѴbঞ;vĺ oururov;o=-v_ Ѵoķ-mho;u7u-[v|_-| louঞv-ঞombv1-Ѵ1Ѵ-|;7o;u|_;1ov|o=|_;-vv;|ķou are repayable on demand and form an integral part of the o|_;u-lom|v0vঞ||;7=ou1ov|ķѴ;vvb|vu;vb7-Ѵ-Ѵ;ĺ Group’s cash management are included as components of 1-v_-m71-v_;tb-Ѵ;m|ĺ louঞv-ঞombvu;1o]mb;7bm|_;bm1ol;v|-|;l;m|om -v|u-b]_|ŊѴbm;0-vbvo;u|_;;vঞl-|;7v;=ѴѴb;vo= ƒĺƔĺƐƏĺ omŊ1uu;m|-vv;|v_;Ѵ7=ouv-Ѵ; bm|-m]b0Ѵ;-vv;|vķo|_;u|_-m]oo7bѴѴķ=uol|_;7-|;|_-| omŊ1uu;m|-vv;|v|_-|-u;;r;1|;7|o0;u;1o;u;7 |_;-u;--bѴ-0Ѵ;=ouv;ķvbm1;|_bvlov|1Ѵov;Ѵu;Y;1|v|_; rubl-ubѴ|_uo]_-7bvrov-Ѵu-|_;u|_-m|_uo]_1omঞmbm] ;r;1|;7r-;umo=1omvlrঞomo=|_;=|u;;1omolb1 v;-u;1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ;ĺll;7b-|;Ѵ0;=ou; 0;m;C|v;l0o7b;7bm|_;-vv;|ĺ$_;;vঞl-|;7v;=ѴѴb;v 1Ѵ-vvbC1-ঞom-v_;Ѵ7=ouv-Ѵ;ķ|_;-vv;|vŐou1olrom;m|v =ou|_;1uu;m|-m71olr-u-ঞ;r;ubo7v-u;|_u;;;-uvĺ o=-7bvrov-Ѵ]uorő-u;u;Ŋl;-vu;7bm-11ou7-m1;b|_ |_;uorĽv-11omঞm]roѴb1b;vĺ$_;u;-[;u|_;-vv;|vŐou louঞv-ঞoml;|_o7vķv;=ѴѴb;v-m7u;vb7-Ѵ-Ѵ;v 7bvrov-Ѵ]uorő-u;l;-vu;7-||_;Ѵo;uo=|_;bu1-uubm] -u;u;b;;7-|;-1_Cm-m1b-Ѵ;-u;m7-m7-7fv|;7b= -lom|-m7=-bu-Ѵ;Ѵ;vv1ov||ov;ѴѴĺmblr-bul;m|Ѵovv -rruorub-|;ĺ om|_;-0o;-vv;|vbvCuv|-ѴѴo1-|;7|o]oo7bѴѴķ-m7|_;m|o |_;u;l-bmbm]-vv;|v-m7Ѵb-0bѴbঞ;vom-ruou-|-0-vbvķ;1;r| ƒĺƔĺƔĺƐĺ);0vb|;1ov|v |_-|moѴovvbv-ѴѴo1-|;7|obm;m|oub;vķCm-m1b-Ѵ-vv;|vķ ov|vbm1uu;7om7;;Ѵorl;m|o=;0vb|;v-u;1-rb|-Ѵb;7 7;=;uu;7|--vv;|vķ;lrѴo;;0;m;C|-vv;|v-m7bm;v|l;m| _;m|_;;mঞ|bvv-ঞvC;7|_-||_;;0vb|;bѴѴ];m;u-|; ruor;u|ķ_b1_-u;1omঞm;7|o0;l;-vu;vbm-11ou7-m1; ruo0-0Ѵ;;1omolb10;m;C|vbm|_;=|u;ĺ$_;;vঞl-|;7 b|_|_;uorĽv-11omঞm]roѴb1b;vĺlr-bul;m|Ѵovv;vom v;=ѴѴb;v=ou|_;1uu;m|-m71olr-u-ঞ;r;ubo7v-u; bmbঞ-Ѵ1Ѵ-vvbC1-ঞom-v_;Ѵ7=ouv-Ѵ;-m7v0v;t;m|]-bmvou |_u;;;-uvĺ Ѵovv;vomu;Ŋl;-vu;l;m|-u;u;1o]mbv;7bmruoC|ouѴovvĺ -bmv-u;mo|u;1o]mb;7bm;1;vvo=-mblr-bul;m|Ѵovvĺ ƒĺƔĺѵĺ m;v|l;m|ruor;uঞ;v ƒĺѵĺ b-0bѴbঞ;v-m7uobvbomv m;v|l;m|ruor;uঞ;v-u;Ѵ-m7-m70bѴ7bm]v|_-|-u;_;Ѵ7 ;b|_;u|o;-umu;m|-Ѵbm1ol;ou=ou1-rb|-Ѵ-rru;1b-ঞomou ƒĺѵĺƐĺ b-0bѴbঞ;v =ou0o|_ķ0|mo|=ouv-Ѵ;bm|_;ou7bm-u1ouv;o=0vbm;vvķ b-0bѴbঞ;v1Ѵ-vvbC;7-v1uu;m|Ѵb-0bѴbঞ;vom|_;v|-|;l;m|o= v;bm|_;ruo71ঞomouvrrѴo=]oo7v-m7v;ub1;vou=ou Cm-m1b-Ѵrovbঞom-u;|_ov;_b1_=-ѴѴ7;=our-l;m|om -7lbmbv|u-ঞ;rurov;vĺm;v|l;m|ruor;u|bvl;-vu;7 7;l-m7oub|_bmom;;-u=uol|_;u;rouঞm]7-|;ĺomŊ -|1ov|-|bmbঞ-Ѵu;1o]mbঞom-m7v0v;t;m|Ѵ-|1ov|Ѵ;vv 1uu;m|Ѵb-0bѴbঞ;v-u;|_ov;0-Ѵ-m1;vr--0Ѵ;-[;uom;;-u -]]u;]-|;7;ru;1b-ঞomĺo;;uķb=|_;u;bvblr-bul;m|bm =uol|_;u;rouঞm]7-|;ĺ -Ѵ;ķo|_;u|_-mo=-|;lrou-um-|u;ķ|_;1-uubm]-lom| bvu;71;7|ou;1o]mb;|_;7;1Ѵbm;ĺ ѴѴhmomѴb-0bѴbঞ;v-u;-11om|;7=oubm|_;v|-|;l;m|o= Cm-m1b-Ѵrovbঞomĺ ƒĺƔĺƕĺ m;m|oub;v Inventories are measured at the lower of cost and net ƒĺѵĺƑĺ uobvbomv u;Ѵ;-v-0Ѵ;-Ѵ;ĺ$_;1ov|o=bm;m|oub;vbv0-v;7om- ruobvbombvu;1o]mbv;7b=ķ-v-u;vѴ|o=-r-v|;;m|ķ|_; weighted average principle and includes expenditure uor_-v-ru;v;m|Ѵ;]-Ѵou1omv|u1ঞ;o0Ѵb]-ঞom|_-|1-m bm1uu;7bm-1tbubm]|_;bm;m|oub;v-m70ubm]bm]|_;l|o 0;;vঞl-|;7u;Ѵb-0Ѵķ-m7b|bvruo0-0Ѵ;|_-|-moѴoo= |_;bu;bvঞm]Ѵo1-ঞom-m71om7bঞomĺ ;1omolb10;m;C|bѴѴ0;u;tbu;7|ov;Ѵ;|_;o0Ѵb]-ঞomĺ

;|u;-Ѵbv-0Ѵ;-Ѵ;bv|_;;vঞl-|;7v;ѴѴbm]rub1;bm|_; uobvbomv-u;7;|;ulbm;707bv1omঞm]|_;;r;1|;7 ou7bm-u1ouv;o=0vbm;vvķѴ;vv|_;;vঞl-|;71ov|vo= =|u;1-v_Yov-|-ru;Ŋ|-u-|;|_-|u;Y;1|1uu;m| 1olrѴ;ঞom-m7v;ѴѴbm];r;mv;vĺ l-uh;|-vv;vvl;m|vo=|_;ঞl;-Ѵ;o=lom;-m7|_; ubvhvvr;1bC1|o|_;Ѵb-0bѴb|ĺ$_;mbm7bm]o=7bv1om|bv ƒĺƔĺѶĺ $u-7;-m7o|_;uu;1;b-0Ѵ;v u;1o]mbv;7-vCm-m1;1ov|ĺ Trade and other receivables are stated at the amounts ;vঞl-|;7|o0;u;-Ѵbv;7-[;uruob7bm]=oublr-bul;m|om ƒĺѵĺƒĺ $u-7;-m7o|_;ur--0Ѵ;v |u-7;-m7o|_;uu;1;b-0Ѵ;vĺ $u-7;r--0Ѵ;v-u;o0Ѵb]-ঞomv|or-=ou]oo7vouv;ub1;v |_-|_-;0;;m-1tbu;7bm|_;ou7bm-u1ouv;o=0vbm;vv |_;uu;1;b-0Ѵ;v-m77;v=uolu;Ѵ-|;7r-uঞ;v-u; =uolvrrѴb;uvĺ11om|vr--0Ѵ;-u;1Ѵ-vvbC;7-v1uu;m| u;1o]mbv;7-|1ov|ķѴ;vvruobvbom=oublr-bul;m|ĺ Ѵb-0bѴbঞ;vb=r-l;m|bv7;b|_bmom;;-uouѴ;vvĺ=mo|ķ |_;-u;ru;v;m|;7-vmomŊ1uu;m|Ѵb-0bѴbঞ;vĺ ƒĺƔĺƖĺ -v_-m71-v_;tb-Ѵ;m|v -v_-m71-v_;tb-Ѵ;m|v1olrubv;1-v_bm_-m7-m7v_ou|Ŋ ƒĺѵĺƓĺ o;uml;m|]u-m|v |;ul7;rovb|vb|_oub]bm-Ѵl-|ub|o=|_u;;lom|_vouѴ;vvĺ ]o;uml;m|]u-m|bvu;1o]mbv;7bmbঞ-ѴѴ-v7;=;uu;7 -mho;u7u-[v-u;v_omb|_bm0ouuobm]vbm1uu;m| income at fair value when there is a reasonable assurance that it will be received and the Group will comply with the 1om7bঞomv-vvo1b-|;7b|_|_;]u-m|ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 151 NOTES TO THE FINANCIAL STATEMENTS

Grants that compensate the Group for expenses incurred are o0Ѵb]-ঞombv7;|;ulbm;707bv1omঞm]_;;vঞl-|;7=|u; u;1o]mbv;7bmbm1ol;v|-|;l;m|om-vv|;l-ঞ10-vbvbm|_; 1-v_Yovvbm]bm|;u;v|u-|;v|_-|-u;7;molbm-|;7bm|_; r;ubo7vbm_b1_|_;;r;mv;v-u;u;1o]mbv;7ĺu-m|v|_-| 1uu;m1bm_b1_|_;0;m;C|vbѴѴ0;r-b7ķ-m7|_-|_-; compensate the Group for the cost of an asset is recognised |;ulvo=l-|ub|-rruobl-ঞm]|o|_;|;ulvo=|_;Ѵb-0bѴb|ĺ bmbm1ol;v|-|;l;m|om-vv|;l-ঞ10-vbvo;u|_;v;=Ѵ Ѵb=;o=|_;-vv;|ĺ $_;7;Cm;70;m;C|rѴ-mbv-Ѵ;70-ruo=;vvbom-ѴѴ t-ѴbC;7;|;um-Ѵ-1|-uĺ ƒĺƕĺ lrѴo;;0;m;C|v ƒĺƕĺƐĺ ;Cm;71om|ub0ঞomrѴ-m uobvbom_-v0;;ml-7;bm|_;Cm-m1b-Ѵv|-|;l;m|v=ou u;ঞubm]]u-|bঞ;v=uol|_;Cuv|;-uo=v;ub1;=ou-ѴѴ 7;Cm;71om|ub0ঞomrѴ-mbv-rov|Ŋ;lrѴol;m|0;m;C| ;lrѴo;;vĺo;;uķ-11ou7bm]|o|_;-l;m|o=u-|b| rѴ-mm7;u_b1_-m;mঞ|r-vC;71om|ub0ঞomv|o 1|oĺƐƑo=ƐƖѶƒķ|_;Ѵb-0bѴb|=our-l;m||o-m;lrѴo;; -v;r-u-|;;mঞ|-m7bѴѴ_-;moѴ;]-Ѵou1omv|u1ঞ; -ubv;vomѴ-[;u|_;1olrѴ;ঞomo=Ɣ;-uv1omঞm;7v;ub1;ĺ o0Ѵb]-ঞomv|or-=u|_;u-lom|vĺ0Ѵb]-ঞomv=ou 1om|ub0ঞomv|o7;Cm;71om|ub0ঞomrѴ-mķ-u;u;1o]mbv;7 $_;Ѵb-0bѴb|bvmo|;|;um-ѴѴ=m7;7ĺ -v-m;lrѴo;;0;m;C|;r;mv;bmbm1ol;v|-|;l;m|bm|_; r;ubo7v7ubm]_b1_v;ub1;v-u;u;m7;u;70;lrѴo;;vĺ The Group recognizes all actuarial gains and losses arising =uol7;Cm;70;m;C|rѴ-mvbmo|_;u1olru;_;mvb;bm1ol; ƒĺƕĺƐĺƐĺuob7;m|=m7-m7|uv|=m7ŋ"ub-mh- -m7-ѴѴ;r;mv;vu;Ѵ-|;7|o7;Cm;70;m;C|rѴ-mvbmv|-@1ov| bmbm1ol;v|-|;l;m|ĺ ѴѴ;lrѴo;;vbm"ub-mh--u;l;l0;uvo=|_; lrѴo;;vĽ uob7;m| m7-m7 lrѴo;;vĽ$uv| m7ķ|o_b1_ ƒĺƕĺƐĺƕĺ ;Cm;7;m;C|Ѵ-mvŋl-m ;lrѴo;uv1om|ub0|;ƐƑѷŊƐƔѷ-m7ƒѷu;vr;1ঞ;Ѵo= v1_;lrѴo;;vĽ0-vb1ou1omvoѴb7-|;7-];ouv-Ѵ-uķ1ov|o= &m7;u|_;Ѵ-0ouѴ-o=l-m]u-|b|bv7;|o;r-|ub-|; Ѵbbm]-m7-ѴѴo|_;u-ѴѴo-m1;vĺ ;lrѴo;;vrom|;ulbm-ঞomo=;lrѴol;m|ĺu-|b|bv computed based on half month’s basic salary for each year ƒĺƕĺƐĺƑĺom|ub0ঞom|o!;ঞu;l;m|;mvbom"1_;l;Ŋ-Ѵ7b;v 7ubm]|_;Cuv||_u;;;-uvo=;lrѴol;m|-m7-=ѴѴlom|_Ľv 0-vb1v-Ѵ-u=ou;-1_;-uo=;lrѴol;m||_;u;-[;uĺm All Maldivian employees of the Group are members of the employee who has been in employment for less than one !;ঞu;l;m|;mvbom"1_;l;;v|-0Ѵbv_;7bm|_;-Ѵ7b;vĺ ;-ubvmo|;mঞ|Ѵ;7|ou;1;b;]u-|b|ĺ o|_;lrѴo;u-m7;lrѴo;;1om|ub0|;ƕѷu;vr;1ঞ;Ѵ |o|_bvv1_;l;o=v1_;lrѴo;;vĽr;mvbom-0Ѵ;-];ĺ ƒĺƕĺƐĺѶĺ ;Cm;7;m;C|Ѵ-mvŋm7b- lrѴo;uvĽo0Ѵb]-ঞomv=ou1om|ub0ঞomv|or;mvbomv1_;l; bvu;1o]mbv;7-v-m;lrѴo;;0;m;C|;r;mv;bmbm1ol; A liability is provided for employees in India bsed on a statement in the periods during which services are rendered -Ѵ-ঞoml-7;0-mbm7;r;m7;m|-1|-uvbm]mb|1u;7b| 0;lrѴo;;vĺ l;|_o7=our-l;m|o=]u-|b|-||_;u-|;o=ƐƔņƑѵঞl;v |_;lom|_Ѵt-Ѵb=bm]v-Ѵ-u=ou;-1_;-uo=v;ub1;ĺ ƒĺƕĺƐĺƒĺ lrѴo;;uob7;m| m7Ŋm7b- ƒĺƕĺƑĺ "_ou|Ŋ|;ul;lrѴo;;0;m;C|v Group companies in India contribute a sum of 12% of the 0-vb1v-Ѵ-ub;vo=-ѴѴ;lrѴo;;v-vruob7;m|=m70;m;C|v|o "_ou|Ŋ|;ul;lrѴo;;0;m;C|o0Ѵb]-ঞomv-u;l;-vu;7om-m |_; lrѴo;;uob7;m|u]-mbv-ঞomo=m7b-ĺ undiscounted basis and are expensed as the related service bvruob7;7ĺѴb-0bѴb|bvu;1o]mbv;7=ou|_;-lom|;r;1|;7 ƒĺƕĺƐĺƓĺ ;Cm;71om|ub0ঞom m7Ŋl-m |o0;r-b7m7;uv_ou|Ŋ|;ul1-v_0omvb=|_;olr-m_-v -ru;v;m|Ѵ;]-Ѵou1omv|u1ঞ;o0Ѵb]-ঞom|or-|_bv-lom| uor1olr-mb;vbml-m1om|ub0|;-vlo=ƐƏĺƔѷo= as a result of past service rendered by the employee and the |_;]uovvv-Ѵ-uƳƐѷbmu;vr;1|o=ouhu;Ѵ-|;7bmfub;v o0Ѵb]-ঞom1-m0;l;-vu;7u;Ѵb-0Ѵĺ -m7bѴѴm;vv=oul-m;lrѴo;;vbm-11ou7-m1;b|_"o1b-Ѵ ";1ub|mvu-m1;-ĺ)_bѴv||_;;lrѴo;;bvu;tbu;7|o ƒĺѶĺ !;;m;-m7m1ol; 1om|ub0|;ƕѷo=|_;v-Ѵ-uĺ Group revenue represents sales to customers outside the ƒĺƕĺƐĺƔĺ ;Cm;7;m;C|Ѵ-mvŋu;ঞubm]]u-|bঞ;v uor-m7;1Ѵ7;v-Ѵ;-77;7|-ĺ 7;Cm;70;m;C|rѴ-mbv-rov|Ŋ;lrѴol;m|0;m;C|rѴ-m ƒĺѶĺƐĺ " !"ƐƔŊ!;;m;=uol1om|u-1|vb|_v|ol;uv o|_;u|_-m-7;Cm;71om|ub0ঞomrѴ-mĺ " !"ƐƔ;v|-0Ѵbv_;7-1olru;_;mvb;=u-l;ouh=ou ƒĺƕĺƐĺѵĺ!;ঞubm]u-|b|ŋ"ub-mh- determining whether how much and when revenue u;1o]mb;7ĺ!;;m;bvl;-vu;70-v;7om|_;1omvb7;u-ঞom $_;Ѵb-0bѴb|u;1o]mbv;7bm|_;v|-|;l;m|o=Cm-m1b-Ѵrovbঞom vr;1bC;7bm-1om|u-1|b|_-1v|ol;uĺ&m7;u" !"ƐƔķ|_; bmu;vr;1|o=7;Cm;70;m;C|rѴ-mvbv|_;ru;v;m|-Ѵ;o=|_; Group revenue is recognise when a customer obtains control 7;Cm;70;m;C|o0Ѵb]-ঞom-||_;u;rouঞm]7-|;ĺ$_;7;Cm;7 o=|_;]oo7vouv;ub1;vŋ ;|;ulbmbm]|_;ঞlbm]o=|_; 0;m;C|o0Ѵb]-ঞombv1-Ѵ1Ѵ-|;7-mm-ѴѴvbm]|_;uof;1|;7 |u-mv=;uo=1om|uoѴŋ-|-robm|bmঞl;ouo;uঞl;u;tbu;v &mb|u;7b|l;|_o7ĺ$_;ru;v;m|-Ѵ;o=|_;7;Cm;70;m;C| f7];l;m|ĺ

152 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 &m7;u" !"ƐƔķu;;m;bvu;1o]mbv;7|o|_;;|;m||_-|b| • Dividend income is recognised when the right to receive bv_b]_Ѵruo0-0Ѵ;|_-|-vb]mbC1-m|u;;uv-Ѵbm|_;-lom|o= dividends is established which is generally when the 1lѴ-ঞ;u;;m;u;1o]mbঞombѴѴmo|o11uĺ 7bb7;m7bv7;1Ѵ-u;7ĺ bb7;m7bm1ol;bvbm1Ѵ7;7m7;u o|_;uor;u-ঞm]bm1ol;ĺ $_;=oѴѴobm]vr;1bC11ub|;ub--u;v;7=ou|_;rurov;o= Ŏ m|;u;v|bm1ol;bvu;1o]mbv;7-vb|-11u;vĺm|;u;v| u;1o]mbঞomo=u;;m;Ĺ bm1ol;bm1Ѵ7;7m7;uCm-m1;bm1ol;bm|_;bm1ol; v|-|;l;m|ĺ o Apartment revenue is recognised for the rooms occupied om-7-bѴ0-vbvĺѴѴu;;m;v-u;u;1o]mbv;7om-m ƒĺƖĺ r;mv;v -11u-Ѵ0-vbvo;u|_;ঞl;o=|_;7u-ঞomo=|_;v|-o= All expenditure incurred in the running of the business and the customer and matched with the related expenditure bml-bm|-bmbm]|_;ruor;u|ķrѴ-m|ş;tbrl;m|bm-v|-|;o= where they simultaneously receive and consumes the ;L1b;m1_-v0;;m1_-u];7|obm1ol;v|-|;l;m|bm-uubbm] 0;m;C|vo=|_;v;ub1;vu;m7;u;7ĺ -||_;ruoC|=ou|_;;-uĺ o Restaurant revenue includes the revenue recognized on |_;v-Ѵ;=oo7-m70;;u-];ĺѴѴu;;m;bv-11om|;7=ou ƒĺƐƏĺ bm-m1bm]m1ol;ņŐ r;mv;vő -||_;ঞl;o=v-Ѵ;ĺ Finance income comprises interest income on funds o -uu;;m;-u;-11om|;7=ou-||_;ঞl;o=v-Ѵ;ĺ bm;v|;7ķbm1Ѵ7bm]|_;bm1ol;=uolbm;v|l;m|1-|;]oub;7 under fair value through other comprehensive income o Spa is operated by a third party and invoices are Ő (őĺ-bmvom|_;7bvrov-Ѵo=bm|;u;v|];m;u-ঞm] u-bv;7|o];|_;ub|_|_;vr-0bѴѴvĺ"r-u;Ѵ-|;7u;;m; bm;v|l;m|1Ѵ-vvbC;7m7;uCm-m1b-Ѵ-vv;|vl;-vu;7-| bvu;1o]mb;7]uovv-[;u1olrѴ;ঞomo=v;ub1;ņ -louঞv;71ov|bvu;1o]mbv;7m7;uCm-m1;bm1ol;ĺ |u;-|l;m|vĺ

o $u-mv=;uv-m7;1uvbomvbm1Ѵ7;v|_;1omvb7;u-ঞom Interest income is recognised as it accrues in income earned from providing excursions to customers that v|-|;l;m|ķvbm]|_;;@;1ঞ;bm|;u;v|l;|_o7ĺ represents sea plane and boat transfers services provided to customers who enter into contacts with bm-m1;;r;mv;v1olrubv;bm|;u;v|;r;mv;om0ouuobm]vķ -Ѵ7b;vo|;Ѵvĺ!;;m;bvu;1o]mbv;7=ou-||_;ঞl; ru;=;u;m1;7bb7;m7vo=ru;=;u;m1;v_-u;v1Ѵ-vvbC;7-v o=u;m7;ubm]|_;v;ub1;ĺ 7;0|-m7blr-bul;m|Ѵovv;vu;1o]mbv;7omCm-m1b-Ѵ-vv;|vĺ ouuobm]1ov|v|_-|-u;mo|7bu;1|Ѵ-ub0|-0Ѵ;|o|_; o $;Ѵ;r_om;ķѴ-m7uķ7bbm]-m7bm7vuCm]u;ru;v;m|v -1tbvbঞomķ1omv|u1ঞomouruo71ঞomo=-t-Ѵb=bm]-vv;| the services provided to customers which are implied -u;u;1o]mbv;7bmbm1ol;v|-|;l;m|vbm]|_;;@;1ঞ; -v0vbm;vvru-1ঞ1;bm|_;bm7v|uĺѴѴu;;m;bv bm|;u;v|l;|_o7ĺo;;uķ0ouuobm]1ov|v|_-|-u;7bu;1|Ѵ u;1o]mbv;7=ou-||_;ঞl;o=u;m7;ubm]|_;v;ub1;ĺ -ub0|-0Ѵ;|o|_;-1tbvbঞomķ1omv|u1ঞomouruo71ঞomo= o Management fee represents the fees for managing -t-Ѵb=bm]-vv;||_-||-h;v-v0v|-mঞ-Ѵr;ubo7o=ঞl;|o _o|;Ѵv|_-|-u;1olr|;70-v;7om|_;bm7v|umoulvĺ ];|u;-7=oub|vbm|;m7;7v;ouv-Ѵ;ķ-u;1-rb|-Ѵb;7-vr-u| ѴѴu;;m;bvu;1o]mbv;7-||_;ঞl;o=ruobvbomo= o=|_;-vv;|ĺ l-m-];l;m|v;ub1;vĺ ƒĺƐƐĺ m1ol;|-;r;mv;v The Group has a customer loyalty program whereby Income tax expense comprises both current and deferred 1v|ol;uv-u;--u7;71u;7b|vŐu;-u7robm|vőhmom-v |-ĺm1ol;|-;r;mv;bvu;1o]mbv;7bmbm1ol;v|-|;l;m| ľ b-lom7robm|vĿķ_b1_-ѴѴov1v|ol;uv|o-11lѴ-|; except to the extent that it relates to items recognised robm|v_;m|_;o11r]uor_o|;Ѵvĺ$_;v;robm|v1-m 7bu;1|Ѵbm;tb|ķbm_b1_1-v;bvu;1o]mbv;7bm|_; |_;m0;u;7;;l;7=ou=|u;_o|;Ѵ-11ollo7-ঞomĺ statement of comprehensive income or statement of 1_-m];vbm;tb|ķbm_b1_1-v;b|bvu;1o]mbv;77bu;1|Ѵbm $_;=-bu-Ѵ;o=|_;1omvb7;u-ঞomu;1;b;7ouu;1;b-0Ѵ; |_;u;vr;1ঞ;v|-|;l;m|vĺ bmu;vr;1|o=bmbঞ-Ѵv-Ѵ;bv-ѴѴo1-|;70;|;;mľ7b-lom7 robm|vĿ-m7|_;1uu;m|v-Ѵ;vĺ$_;=-bu-Ѵ;o=|_;ľ7b-lom7 ƒĺƐƐĺƐĺ uu;m||-;v robm|vĿbv0-v;7om-v|-ঞvঞ1-Ѵ-m-Ѵvbvķ-7fv|;7|o|-h; uu;m||-bv|_;;r;1|;7|-r--0Ѵ;om|_;|--0Ѵ; bm|o-11om||_;;r;1|;7=ou=;b|u;u-|;ĺ$_;=-bu-Ѵ;o= bm1ol;=ou|_;;-uķvbm]|-u-|;v;m-1|;7ouv0v|-mঞ-ѴѴ the points issued is deferred and recognised as revenue ;m-1|;7-||_;u;rouঞm]7-|;-m7-m-7fv|l;m||o|- _;m|_;robm|v-u;u;7;;l;7ĺ$_;uor_-vmo|bm1Ѵ7;7 r--0Ѵ;bmu;vr;1|o=ru;bov;-uvĺ extensive disclosure regarding the loyalty programme as the -lom|v-u;mo|vb]mbC1-m|ĺ $--ঞom=ou|_;1uu;m|-m7ru;bovr;ubo7v|o|_;;|;m| mr-b7bvu;1o]mbv;7-v-Ѵb-0bѴb|bm|_;Cm-m1b-Ѵv|-|;l;m|vĺ ƒĺѶĺƑĺ |_;ubm1ol; )_;m|_;-lom|o=|--ঞom-Ѵu;-7r-b7bmu;vr;1|o= • Rent and shop income represents the rental income current and prior periods exceeds the amount due for those -ubvbm]=uolu;mঞm]o=ruor;u|ķrѴ-m|-m7;tbrl;m| r;ubo7vķ|_;;1;vvbvu;1o]mbv;7-v-m-vv;|bm|_;Cm-m1b-Ѵ -m7bm;v|l;m|ruor;uঞ;vĺѴѴu;;m;bvu;1o]mb;7om v|-|;l;m|vĺ -v|u-b]_|ŊѴbm;0-vbvo;u|_;|;ulo=_bu;ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 153 NOTES TO THE FINANCIAL STATEMENTS

ƒĺƐƐĺƒĺ olr-mb;vbm1ourou-|;7o|vb7;"ub-mh- ƒĺƐƑĺ "|-|;l;m|o=1-v_Yov Provision for current tax for companies incorporated outside $_;1-v_Yov|-|;l;m|_-v0;;mru;r-u;7vbm]|_; "ub-mh-_-;0;;m1olr|;7bm-11ou7-m1;|o|_;u;Ѵ;-m| ľm7bu;1|;|_o7Ŀo=ru;r-ubm]1-v_Yovbm-11ou7-m1; |-v|-||;v-v7bv1Ѵov;7bmo|;oĺƐƓĺƑ|o|_;Cm-m1b-Ѵ b|_|_;"ub-mh-11omঞm]"|-m7-u7ŋ"ƕom v|-|;l;m|vĺ ļ"|-|;l;m|o=-v_ ѴoĽķ_;u;0or;u-ঞm]-1ঞbঞ;vķ bm;vঞm]-1ঞbঞ;v-m7Cm-m1bm]-1ঞbঞ;v-u;v;r-u-|;Ѵ ƒĺƐƐĺƓĺ ;=;uu;7|- u;1o]mbv;7ĺ Deferred tax is recognised in respect of temporary 7b@;u;m1;v0;|;;m|_;1-uubm]-lom|vo=-vv;|v-m7 -v_-m71-v_;tb-Ѵ;m|v1olrubv;o=v_ou|Ŋ|;ulķ_b]_Ѵ Ѵb-0bѴbঞ;v=ouCm-m1b-Ѵu;rouঞm]rurov;v-m7|_;-lom|v Ѵbtb7bm;v|l;m|v|_-|-u;u;-7bѴ1om;uঞ0Ѵ;|ohmom v;7=ou|--ঞomrurov;vĺ -lom|vo=1-v_-m7-u;v0f;1||o-mbmvb]mbC1-m|ubvho= 1_-m];vbm-Ѵ;ĺ ;=;uu;7|-bvmo|u;1o]mbv;7=ou|;lrou-u7b@;u;m1;v -ubvbm]ombmbঞ-Ѵu;1o]mbঞomo=]oo7bѴѴķ|_;bmbঞ-Ѵ ƒĺƐƒĺ -rb|-Ѵ1ollb|l;m|v-m71omঞm];m1b;v u;1o]mbঞomo=-vv;|vouѴb-0bѴbঞ;vbm-|u-mv-1ঞom|_-|bvmo| omঞm];m1b;v-u;rovvb0Ѵ;-vv;|vouo0Ѵb]-ঞomv|_-|-ubv; -0vbm;vv1ol0bm-ঞom-m7|_-|-@;1|vm;b|_;u-11omঞm] =uol-r-v|;;m|-m7oѴ70;1omCul;7omѴom|_; mou|--0Ѵ;ruoC|v-m77b@;u;m1;vu;Ѵ-ঞm]|obm;v|l;m|bm o11uu;m1;oumomŊo11uu;m1;o=m1;u|-bm=|u;;;m|vķ v0vb7b-ub;v-m7fobm|Ѵ1om|uoѴѴ;7;mঞঞ;v|o|_;;|;m||_-| _b1_-u;0;om7|_;uorĽv1om|uoѴĺ-rb|-Ѵ1ollb|l;m|v |_;ruo0-0ѴbѴѴmo|u;;uv;bm|_;=ou;v;;-0Ѵ;=|u;ĺ -m71omঞm];m|Ѵb-0bѴbঞ;vo=|_;uor-u;7bv1Ѵov;7bmo|; oĺƐƕĺƓ-m7Ɠƒ|o|_;Cm-m1b-Ѵv|-|;l;m|vĺ Deferred tax is measured at the tax rates that are expected |o0;-rrѴb;7|o|_;|;lrou-u7b@;u;m1;v_;m|_; ƒĺƐƓĺ ;m|vo11uubm]-[;u|_;u;rouঞm]7-|;ĺ u;;uv;ķ0-v;7om|_;Ѵ-v|_-|_-;0;;m;m-1|;7ou ѴѴl-|;ub-Ѵrov|u;rouঞm]7-|;;;m|v_-;0;;m1omvb7;u;7 v0v|-mঞ;Ѵ;m-1|;70|_;u;rouঞm]7-|;ĺ -m7_;u;-rruorub-|;-7fv|l;m||oou7bv1Ѵovu;v_-; 0;;ml-7;bm|_;Cm-m1b-Ѵv|-|;l;m|vĺ A deferred tax asset is recognised for unused tax losses and 7;71ঞ0Ѵ;|;lrou-u7b@;u;m1;v|o|_;;|;m||_-|b|bv ƒĺƐƔĺ olr-u-ঞ;m=oul-ঞom ruo0-0Ѵ;|_-|=|u;|--0Ѵ;ruoC|vbѴѴ0;--bѴ-0Ѵ;-]-bmv| $_;1olr-u-ঞ;bm=oul-ঞom_-v0;;mu;1Ѵ-vvbC;7 _b1_|_;1-m0;ঞѴbv;7ĺ ;=;uu;7|--vv;|v-u;u;b;;7 _;u;;;um;1;vv-u|o1omCulb|_|_;1uu;m|;-uv -|;-1_u;rouঞm]7-|;-m7-u;u;71;7|o|_;;|;m||_-| 1Ѵ-vvbC1-ঞombmou7;u|oruob7;-0;;uru;v;m|-ঞomĺ b|bvmoѴom];uruo0-0Ѵ;|_-||_;u;Ѵ-|;7|-0;m;C|bѴѴ0; u;-Ѵbv;7ĺ $_;1olr-u-ঞ;bm=oul-ঞomo=Ѵ;-v;v=ouƑƏƐѶņƐƖbv u;rou|;70-v;7om"Ɛƕ-m7bvmo|1olr-u-ঞ;|o|_; ;=;uu;7|--vv;|v-m7Ѵb-0bѴbঞ;vu;1o]mbv;70bm7bb7-Ѵ bm=oul-ঞomru;v;m|;7=ouƑƏƐƖņƑƏĺ$_;uor_-vmo| companies within the Group are disclosed separately as u;v|-|;71olr-u-ঞ;bm=oul-ঞom=ou|_;;-uƑƏƐѶņƐƖbm -vv;|v-m7Ѵb-0bѴbঞ;vbm|_;uorv|-|;l;m|o=Cm-m1b-Ѵ u;vr;1|o=1_-m];vu;vѴঞm]=uol-7orঞm]" !"Ɛѵ-m7 rovbঞom-m7-u;mo|o@v;|-]-bmv|;-1_o|_;uĺ !Ƒƒĺ$_;|o|-Ѵblr-1|om|_;-7orঞomo=" !"Ɛѵ-m7 !Ƒƒ_-;0;;mu;1o]mb;77bu;1|Ѵbmu;|-bm;7;-umbm]v ƒĺƐƐĺƔĺ 1omolb1";ub1;_-u];Ő "ő -vo=Ɛv|rubѴƑƏƐƖ-v7bv1Ѵov;7bmo|;Əѵ|o|_;Cm-m1b-Ѵ vr;u|_;ruobvbomvo=|_; 1omolb1";ub1;_-u]; v|-|;l;m|vĺ 1|oƐƒo=ƑƏƏѵķ "bvr--0Ѵ;om|_;Ѵb-0Ѵ;|umo;u -|vr;1bC;7u-|;vĺ "bv7;71ঞ0Ѵ;=uol|_;bm1ol;|- ƒĺƐѵĺ -umbm]vr;uv_-u;Ő "ő Ѵb-0bѴb|ĺmm1Ѵ-bl;7Ѵb-0bѴb|1-m0;1-uub;7=ou-u7-m7 The Group presents basic and diluted earnings per share v;|o@-]-bmv||_;bm1ol;|-r--0Ѵ;-vr;u|_;u;Ѵ;-m| Ő "ő=oub|vou7bm-uv_-u;vĺ-vb1 "bv1-Ѵ1Ѵ-|;7 ruobvbomvbm|_;1|ĺ 07bb7bm]|_;ruoC|ouѴovv-ub0|-0Ѵ;|oou7bm-u shareholders of the company by the weighted average v-rruo;70|_;-0bm;|o=bmbv|;uv-m7bmv|u1|;70 ml0;uo=ou7bm-uv_-u;vo|v|-m7bm]7ubm]|_;r;ubo7ĺ |_;bmbv|uo= bm-m1;ķ "_-v0;;m-0oѴbv_;7b|_;@;1| bѴ|;7 "bv7;|;ulbm;70-7fvঞm]|_;ruoC|ouѴovv =uol-m-uƏƐķƑƏƑƏķr;m7bm]r-uѴb-l;m|-u-rruo-Ѵ=ou -ub0|-0Ѵ;|oou7bm-uv_-u;_oѴ7;uv-m7|_;;b]_|;7 -l;m7l;m||o|_; 1omolb1";ub1;_-u];1|ķoĺƐƒo= average number of ordinary shares outstanding for the ƑƏƏѵĺ ;@;1|vo=-ѴѴ7bѴঞ;ro|;mঞ-Ѵou7bm-uv_-u;vĺ

154 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒĺƐƕĺ ";]l;m|-Ѵm=oul-ঞom Fair values have been determined for measurement and mor;u-ঞm]v;]l;m|bv-1olrom;m|o=|_;uor|_-| 7bv1Ѵovu;rurov;v0-v;7om|_;=oѴѴobm]l;|_o7vĺ)_;u; ;m]-];vbm0vbm;vv-1ঞbঞ;v=uol_b1_b|l-;-um -rrѴb1-0Ѵ;=u|_;ubm=oul-ঞom-0o||_;-vvlrঞomvl-7; u;;m;v-m7bm1u;r;mv;vķbm1Ѵ7bm]u;;m;v-m7 bm7;|;ulbmbm]=-bu-Ѵ;bv7bv1Ѵov;7bm|_;mo|;vvr;1bC1|o ;r;mv;v|_-|u;Ѵ-|;|o|u-mv-1ঞomvb|_-mo=|_;uorĽv |_-|-vv;|ouѴb-0bѴb|ĺ o|_;u1olrom;m|vĺѴѴor;u-ঞm]v;]l;m|vĽor;u-ঞm]u;vѴ|v -u;u;b;;7u;]Ѵ-uѴ0|_;uorĽv |ol-h;7;1bvbomv -bu-Ѵ;o=momŊCm-m1b-Ѵ-vv;|v about resources to be allocated to the segment and assess The fair value used by the Group in the measurement of b|vr;u=oul-m1;ķ-m7=ou_b1_7bv1u;|;Cm-m1b-Ѵbm=oul-ঞom momŊCm-m1b-Ѵ-vv;|vbv0-v;7om|_;ru;vlrঞom|_-| bv--bѴ-0Ѵ;ĺ |_;|u-mv-1ঞom|ov;ѴѴ|_;-vv;|ou|u-mv=;u|_;Ѵb-0bѴb| takes place either in the principal market for the asset or ƒĺƐƕĺƐĺ ubl-u-m7";1om7-u";]l;m|v Ѵb-0bѴb|ķoubm|_;-0v;m1;o=-rubm1br-Ѵl-uh;|ķbm|_;lov| The Group in the hospitality industry and cannot segment advantageous market that is accessible by the Group for the b|vruo71|v-m7v;ub1;vĺ$_;uorl-m-];v_o|;Ѵvbm|o -vv;|ouѴb-0bѴb|ĺ rubm1br-Ѵ];o]u-r_b1-Ѵ-u;-vķ"ub-mh--m7"o|_vb-ĺm ru;v;mঞm]v;]l;m|-Ѵbm=oul-ঞomv;]l;m|u;;m;-m7 The fair value of an asset or a liability is measured using -vv;|v-u;0-v;7om|_;];o]u-r_b1-ѴѴo1-ঞomvo=|_;-vv;|vĺ |_;-vvlrঞomv|_-|l-uh;|r-uঞ1br-m|voѴ7-1|bm|_;bu The primary segment is considered to be the geographical ;1omolb10;v|bm|;u;v|_;mrub1bm]|_;-vv;|ouѴb-0bѴb|ĺ segments based on the Group’s management and internal u;rouঞm]v|u1|u;ĺ =-bu-Ѵ;l;-vu;l;m|o=-momŊCm-m1b-Ѵ-vv;||-h;vbm|o -11om|-l-uh;|r-uঞ1br-m|Ľv-0bѴb||o];m;u-|;;1omolb1 bő ";]l;m|-Ѵbm=oul-ঞom-m-Ѵv;70];o]u-r_b1-Ѵ 0;m;C|v0vbm]|_;-vv;|bmb|v_b]_;v|-m70;v|v;ou0 v;]l;m|vbv7bv1Ѵov;7bmo|;oĺƏƕ|o|_;Cm-m1b-Ѵ v;ѴѴbm]b||o-mo|_;ul-uh;|r-uঞ1br-m||_-|oѴ7v;|_; v|-|;l;m|vĺ -vv;|bmb|v_b]_;v|-m70;v|v;ĺ

bbő ѴѴ|u-mv=;uvl-7;0;|;;m|_;_o|;Ѵvbm|_;uor-u; $_;uorv;v-Ѵ-ঞom|;1_mbt;v|_-|-u;-rruorub-|;bm 0-v;7ommoul-Ѵl-uh;|rub1;ĺ |_;1bu1lv|-m1;v-m7=ou_b1_vL1b;m|7-|--u;--bѴ-0Ѵ; |ol;-vu;=-bu-Ѵ;ķl-blbvbm]|_;v;o=u;Ѵ;-m| Ɠĺ ;|;ulbm-ঞomo= -bu(-Ѵ;v observable inputs and minimising the use of unobservable ml0;uo=|_;uorĽv-11omঞm]roѴb1b;v-m77bv1Ѵovu;v bmr|vĺ u;tbu;|_;7;|;ulbm-ঞomo==-bu-Ѵ;vķ=ou0o|_Cm-m1b-Ѵ -m7momŊCm-m1b-Ѵ-vv;|v-m7Ѵb-0bѴbঞ;vĺ Ɣĺ ;11omঞm]"|-m7-u7vvv;70|mo| @;1ঞ;-v-| |_;!;rouঞm] -|; Fair value is the price that would be received to sell an ";;u-Ѵ-l;m7l;m|v|o11omঞm]"|-m7-u7v-u;;@;1ঞ; -vv;|our-b7|o|u-mv=;u-Ѵb-0bѴb|bm-mou7;uѴ|u-mv-1ঞom =ou-mm-Ѵr;ubo7v0;]bmmbm]-[;uƐ-m-uƑƏƑƏ-m7 0;|;;ml-uh;|r-uঞ1br-m|v-||_;l;-vu;l;m|7-|;ĺ ;-uѴb;u-rrѴb1-ঞombvr;ulb;7ĸ_o;;uķ|_;uor_-vmo| early adopted the new or amended standards in preparing )_;ml;-vubm]=-bu-Ѵ;o=-m-vv;|ouѴb-0bѴb|ķ|_;uor |_;v;1omvoѴb7-|;7Cm-m1b-Ѵv|-|;l;m|vĺ v;vo0v;u-0Ѵ;l-uh;|7-|--v=-u-vrovvb0Ѵ;ĺ -bu-Ѵ;v -u;1-|;]oubv;7bm|o7b@;u;m|Ѵ;;Ѵvbm-=-bu-Ѵ;_b;u-u1_ l;m7l;m|v|o!;=;u;m1;v|oom1;r|-Ѵ u-l;ouh=ou 0-v;7om|_;bmr|vv;7bm|_;-Ѵ-ঞom|;1_mbt;vĺ Cm-m1b-Ѵu;rouঞm]

;;Ѵƒbmr|v-u;bmr|v|_-|-u;mo|0-v;7omo0v;u-0Ѵ; Ŏ 7;Cmbm]-u;rouঞm];mঞ|ķ_b1_l-0;-Ѵ;]-Ѵ;mঞ|ķ l-uh;|7-|-Őmo0v;u-0Ѵ;bmr|vőĺ ou-rouঞomo=-m;mঞ| Ŏ u;bvbm]|_;7;Cmbঞomvo=-m-vv;|-m7-Ѵb-0bѴb| If inputs used to measure the fair value of an asset or liability =-ѴѴbm|o7b@;u;m|Ѵ;;Ѵvo=|_;=-bu-Ѵ;_b;u-u1_ķ|_;m|_; Ŏ u;lobm]|_;ruo0-0bѴb||_u;v_oѴ7=ouu;1o]mbঞom-m7 =-bu-Ѵ;l;-vu;l;m|bv1-|;]oubv;7bmb|v;mঞu;|bm|_; -77bm]]b7-m1;om7;u;1o]mbঞom same level of the fair value hierarchy as the lowest level Ŏ -77bm]]b7-m1;om7b@;u;m|l;-vu;l;m|0-vbvķ-m7 bmr||_-|bvvb]mbC1-m||o|_;;mঞu;l;-vu;l;m|ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 155 NOTES TO THE FINANCIAL STATEMENTS

Ŏ v|-ঞm]|_-|ruoC|ouѴovvbv|_;rubl-ur;u=oul-m1; bm7b1-|ou-m7|_-|ķbmrubm1brѴ;ķbm1ol;-m7;r;mv;vbm other comprehensive income should be recycled where |_bv;m_-m1;v|_;u;Ѵ;-m1;ou=-b|_=Ѵu;ru;v;m|-ঞomo= |_;Cm-m1b-Ѵv|-|;l;m|vĺ

l;m7l;m|v|o"Ɛ-m7"Ѷ mo;l0;uƑƏƐѶķ|_;"ub-mh-bvv;7-l;m7l;m|v |o"Ɛ-m7"ub-mh-11omঞm]"|-m7-u7ŋ"Ѷ omľ11omঞm]oѴb1b;vķ_-m];vbm11omঞm] vঞl-|;v -m7 uuouvĿ|o-Ѵb]m|_;7;Cmbঞomo=ļl-|;ub-ѴĽ-1uovv the standards and to clarify certain aspects of the term ļ7;CmbঞomĽĺ$_;m;7;Cmbঞomv|-|;v|_-|ķĽm=oul-ঞom bvl-|;ub-Ѵb=olbমm]ķlbvv|-ঞm]ouo0v1ubm]b|1oѴ7 u;-vom-0Ѵ0;;r;1|;7|obmY;m1;7;1bvbomv|_-||_; primary users of general purpose Financial Statements make om|_;0-vbvo=|_ov; bm-m1b-Ѵ"|-|;l;m|vķ_b1_ruob7; Cm-m1b-Ѵbm=oul-ঞom-0o|-vr;1bC1u;rouঞm];mঞ|ĺĽ$_; uorv_-ѴѴ-rrѴ|_ov;-l;m7l;m|vruovr;1ঞ;Ѵ=ou -mm-ѴCm-m1b-Ѵr;ubo7v0;]bmmbm]omou-[;u-m-uƐķ ƑƏƑƏĺ

156 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ѵ mbঞ-Ѵ-rrѴb1-ঞomo=m;-11omঞm]v|-m7-u7v-m7bm|;uru;|-ঞomv $_;uor_-vbmbঞ-ѴѴ-rrѴb;7" !"Ɛѵľ;-v;vĿ-m7 !bm|;uru;|-ঞomƑƒ=uolƐv|rubѴƑƏƐƖĺml0;uo=o|_;um;v|-m7-u7v -u;-Ѵvo;@;1ঞ;=uolƐv|rubѴƑƏƐƖ0||_;7omo|_-;-l-|;ub-Ѵ;@;1|om|_;uorCm-m1b-Ѵv|-|;l;m|vĺ

ѵĺƐ mbঞ-Ѵ-rrѴb1-ঞomo=" !"ƐѵŊ;-v;v " !"Ɛѵ;-v;vķu;rѴ-1;v|_;ru;bovѴ;-vbm]]b7-m1;ķbm1Ѵ7bm]"Ɛƕ;-v;vķ !Ɠ ;|;ulbmbm]_;|_;u-m-uu-m];l;m| 1om|-bmv-Ѵ;-v;ķ"ŊƐƔr;u-ঞm]Ѵ;-v;vŋm1;mঞ;v-m7"ŊƑƕ -Ѵ-ঞm]|_;"0v|-m1;o=|u-mv-1ঞomvbmoѴbm]|_;Ѵ;]-Ѵ=oul o=-Ѵ;-v;ĺ" !"Ɛѵv;|vo||_;rubm1brѴ;v=ou|_;u;1o]mbঞomķl;-vu;l;m|ķru;v;m|-ঞom-m77bv1Ѵovu;o=Ѵ;-v;v-m7u;tbu;v Ѵ;vv;;v|o-11om|=ou-ѴѴѴ;-v;vm7;u-om;vbm]Ѵ;0-Ѵ-m1;v_;;|lo7;ѴvblbѴ-u|o|_;-11omঞm]=ouCm-m1;Ѵ;-v;vm7;u"Ɛƕĺ

vru;v1ub0;70|_bvv|-m7-u7ķ|_;uoru;1o]mbv;v-m-vv;|Őub]_|Ŋo=Ŋv;-vv;|őu;ru;v;mঞm]b|vub]_||ov;|_;m7;uѴbm]-vv;|v -m7Ѵ;-v;Ѵb-0bѴb|u;ru;v;mঞm]b|vo0Ѵb]-ঞom|ol-h;Ѵ;-v;r-l;m|vĺ"0v;t;m|Ѵom-mom]obm]0-vbv|_;uorbѴѴ0;u;1o]mbvbm] |_;bm|;u;v|;r;mv;om|_;Ѵ;-v;Ѵb-0bѴb|-m7|_;7;ru;1b-ঞom;r;mv;om|_;ub]_|Ŋo=Ŋv;-vv;|ķv;r;u-|;Ѵĺ

$_;uor_-v-7or|;7" !"Ɛѵvbm]|_;lo7bC;7u;|uovr;1ঞ;-rruo-1_ķm7;u_b1_|_;1lѴ-ঞ;;@;1|o=bmbঞ-Ѵ-rrѴb1-ঞom bvu;1o]mbv;7bmu;|-bm;7;-umbm]v-||_;7-|;o=bmbঞ-Ѵ-rrѴb1-ঞomŐbĺ;ĺƏƐrubѴƑƏƐƖőĺ11ou7bm]Ѵ|_;bm=oul-ঞomru;v;m|;7=ou ƑƏƐѶņƑƏƐƖ_-vmo|0;;mu;v|-|;7ķbĺ;ĺb|bvru;v;m|;7ķ-vru;bovѴu;rou|;7ķm7;u"Ɛƕ-m7u;Ѵ-|;7bm|;uru;|-ঞomvĺ77bঞom-ѴѴķ |_;7bv1Ѵovu;u;tbu;l;m|vbm" !"Ɛѵ_-;mo|];m;u-ѴѴ0;;m-rrѴb;7|o1olr-u-ঞ;bm=oul-ঞomĺ

ѵĺƐĺƑ ;-v;vru;bovѴ-11om|;7=ou-vor;u-ঞm]Ѵ;-v;v $_;uoru;1o]mbv;7ub]_|Ŋo=Ŋv;-vv;|v-m7Ѵ;-v;Ѵb-0bѴbঞ;v=ou|_ov;Ѵ;-v;vru;bovѴ1Ѵ-vvbC;7-vor;u-ঞm]Ѵ;-v;vķ;1;r|=ou v_ou|Ŋ|;ulѴ;-v;v-m7Ѵ;-v;vo=ѴoŊ-Ѵ;-vv;|vĺ$_;ub]_|Ŋo=Ŋv;-vv;|v=oulov|Ѵ;-v;v;u;u;1o]mbv;70-v;7om|_;1-uubm] -lom|-vb=|_;v|-m7-u7_-7-Ѵ-v0;;m-rrѴb;7ķ-r-u|=uol|_;v;o=bm1u;l;m|-Ѵ0ouuobm]u-|;-||_;7-|;o=bmbঞ-Ѵ-rrѴb1-ঞomĺ ;-v;Ѵb-0bѴbঞ;v;u;u;1o]mbv;7om|_;bmbঞ-Ѵ-rrѴb1-ঞom0-v;7om|_;ru;v;m|-Ѵ;o=|_;u;l-bmbm]Ѵ;-v;r-l;m|vķ7bv1om|;7 vbm]|_;bm1u;l;m|-Ѵ0ouuobm]u-|;-||_;7-|;o=bmbঞ-Ѵ-rrѴb1-ঞomĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 157 NOTES TO THE FINANCIAL STATEMENTS

Rs. ’000

ѵĺƐĺƓ !;1om1bѴb-ঞomo=Ѵ;-v;Ѵb-0bѴbঞ;v-v-|Ɛv|rubѴƑƏƐƖ-m7or;u-ঞm]Ѵ;-v;1ollb|l;m|v-v-|ƒƐv|-u1_ƑƏƐƖ $_;=oѴѴobm]|-0Ѵ;vll-ubv;v|_;blr-1|ķo=|u-mvbঞom|o" !"ƐѵŊľ;-v;vĿ-v-|ƏƐrubѴƑƏƐƖĺ

As at 01st April 2019 Rs ‘000

bv1om|;7or;u-ঞm]Ѵ;-v;1ollb|l;m|v0-Ѵ-m1;-v-|rubѴƏƐv|ķ;@;1|o=-7orঞomo=" !"ƐѵŖ ƕķƐƐѵķƑƕѵ Ŋollb|l;m|vu;Ѵ-ঞm]|oѴ;-v;vb|_Ѵ;vv|_-mƐƑlom|_vo=Ѵ;-v;|;ul-||u-mvbঞom ŐƐѵѵķƔƑƐő Ŋollb|l;m|vu;Ѵ-ঞm]|oѴ;-v;vo=Ѵo-Ѵ;-vv;|vŖŖ ŐѵƔķƔƑƐő ;-v;Ѵb-0bѴb|u;1o]mbv;7-v-|ƏƐv|rubѴƑƏƐƖ ѵķѶѶƓķƑƒƓ

Ŋ"ub-mh-mo|;ѴvŊƐƒĺƒƔѷ Ŋ-Ѵ7bb-m!;vou|vŊѶĺƐƖѷ

ŖŖ;-v;vo=Ѵo-Ѵ;-vv;|vv1_-vķѴ;-v;o=lo|ou;_b1Ѵ;vķ$;tbr;l;m|v_;u;|_;uor-1|v-v|_;Ѵ;vv;;ķ-m7Ѵ;-v; 1ollb|l;m|vb|_Ѵ;vv|_-mƐƑlom|_vѴ;-v;|;ulv-vr;u" !"Ɛѵ_-7mo|0;;m-rrѴb;7|o|_;v;1om|u-1|vĺ

ѵĺƑ !m|;uru;|-ঞomƑƒŊ&m1;u|-bm|o;um1ol;$-$u;-|l;m| $_;m|;uru;|-ঞom-77u;vv;v|_;-11omঞm]=oubm1ol;|-;v_;m|-|u;-|l;m|vbmoѴ;m1;u|-bm||_-|-@;1|v|_;-rrѴb1-ঞomo= "ƐƑm1ol;$-;vĺ|7o;vmo|-rrѴ|o|-;vouѴ;b;vo|vb7;|_;v1or;o="ƐƑķmou7o;vb|vr;1bC1-ѴѴbm1Ѵ7;u;tbu;l;m|v u;Ѵ-ঞm]|obm|;u;v|-m7r;m-Ѵঞ;v-vvo1b-|;7b|_m1;u|-bm|-|u;-|l;m|vĺ

$_;uor_-v-rrѴb;7vb]mbC1-m|f7];l;m|bmb7;mঞ=bm]m1;u|-bmঞ;vo;ubm1ol;|-|u;-|l;m|v-m7_-v1omvb7;u;7;-1_ m1;u|-bm|-|u;-|l;m|v;r-u-|;Ѵ-m7v;7|_;-rruo-1_|_-|oѴ7ru;7b1||_;u;voѴঞomo=|_;m1;u|-bm|ĺ

&rom-7orঞomo=|_;bm|;uru;|-ঞomķ;1;r|=ou|_;m1;u|-bmbm1ol;|-rovbঞomvu;1o]mb;7bm|_;;tb|o=!vĺƐķƐƑƑķƕƏƕņƷm7;u bmbঞ-Ѵ-rrѴb1-ঞomķ|_;uor7;|;ulbm;7|_-|b|v|-|u;-|l;m|vbѴѴ0;-11;r|;70|_;|--ঞom-|_oubঞ;vĺ

158 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƑƑķѵƒѶ Rs. ’000 Rs. ѵѶƖķƏƏƔ ƑƓƏķƔƕƓ ŐѵѶƖķƏƏƔő ŐƖƒƓķƔƏƑő ŐƐƒѵķƕƏѵő ŐƕƏƕķƐѵƐő ƑķƕƒƓķƖƔƖ ƐķƖƏƓķƒƑƔ ƐķƐƖƕķƐѵƓ ѵķѶƏƒķѵƑѶ ƐķѶƕƒķƕƑƓ ƐķƑƑѶķƓƑƕ ƐķƑƑѶķƓƑƕ ƐƖķƔƕƏķƔѶƖ ƑƏķƑƔƖķƔƖƓ ƐƖķƔƕƏķƔѶƖ ѵƒķѵƕƒķƖƔƕ ѵƓķƖƏƑķƒѶƓ ƑƖķƒѵƕķƏƏѶ ƒƏķƔƖƔķƓƒƔ ƒƓķƒƏѵķƖƓƖ 2018/2019 Group Group ƓƏķѵƖѶ !vĺĽƏƏƏ ѵѵƐķƑƖƖ ƐѶѵķѵƖƖ ѶѶƖķƏƏƒ ѶѶƖķƏƏƒ ŐѵѵƐķƑƖƖő ŐƒƑƑķƏƒѵő ŐƓƒƒķƏƑƒő ŐƓѵƑķƕƏƐő ŐѶƖƔķƕƑƓő ƐķƔѵƒķѵѵƕ ƒķƑƔƔķƏѶƏ ƑķѶƓѵķѶƕƖ ŐƐķѶѵƐķƒƔƒő ƐƖķƏƐƖķƑƓƐ ƐƖķƏƐƖķƑƓƐ ƐƖķѵѶƏķƔƓƏ ƕƒķƓѵƐķƏƒƐ ƕƓķƒƔƏķƏƒƓ ƑѶķƑѵƐķƓƑƕ ƑƖķƐƔƏķƓƒƏ ƓƔķƐƖƖķѵƏƓ ƑƏƐƖņƑƏƑƏ Ŋ Ŋ Ŋ ƒƐķƐƒƐ ƐƔķƓƐѵ Rs. ’000 Rs. ƐƔѵķƐƑƔ ŐƒƖƓķƑƐѵő ŐƑƒƐķƕƐƐő ƐķѵƓƒķƕѵƔ ƐķƑѶƏķѵѶƏ ƐķƏƓѶķƖѵƖ ѵķƔƔƑķƒѵƔ ƐķƏƐѵķѶѶƒ ƐƒķƏƑѵķƏƑƓ ƐƒķƐѶƑķƐƓƖ ƓƐķƔƕƏķƒƕƔ ƓƐķƔƕƏķƒƕƔ ƑƐķƔƑƏķƓƒƔ ƑƐķƔƑƏķƓƒƔ ƑƏķƏƓƖķƖƓƏ 2018/2019 Ŋ Ŋ Ŋ East Sector ѵķƒƔѵ ƒƑķƐƑƐ ŐѶѵķƕƏƏő ŐѶƖķƐѵƒő !vĺĽƏƏƏ Soth Asia and Middle Soth ƐƓƖķѵƒƖ ŐƐƕƔķѶѵƒő ƐķƑƒѵķƐƑѵ ƑķƖƓѶķƔƔƓ ƐķƖƖƐķѶƐƓ ŐƐķƒƔƓķƖƓƕő ƐƓķƑѵƐķƏƏƔ ƐƓķƓƐƏķѵƓƓ ƔƑķƏƐѶķƓƑƑ ƔƑķƏƐѶķƓƑƑ ƑƐķƑƒƓķƖƔƔ ƑƐķƑƒƓķƖƔƔ ƒƏķƕѶƒķƓѵƕ ƑƏƐƖņƑƏƑƏ ƕķƑƑƑ Rs. ’000 Rs. ƔƒƑķѶѶƏ ƑƏƖķƓƓƒ ѵƑƒķѵƓƔ ƐƓѶķƐƖƔ ƑƔƐķƑѵƒ ѶƔѵķѶƓƐ ŐƔƓƏķƑѶѵő ŐƐƒѵķƕƏѵő ŐƓƕƔķƓƔƏő ѵķƔƓƓķƔѵƔ ƕķƏƕƕķƓƓƔ ƐķƏƖƐķƐƖƓ ƐķƑƑѶķƓƑƕ ƕķѶƓѵķƔƕƒ ƐķƑƑѶķƓƑƕ ƖķƏƕƔķƏƏƏ ƑƑķƐƏƒķƔѶƑ ƑƒķƒƒƑķƏƏƖ ƐƓķƑƔƕķƏƏƖ 2018/2019 ƒƓķƒƓƑ !vĺĽƏƏƏ ƔƐƐķѵѵƏ ƒƑƕķƔƓƐ ƐƔƓķƔƕѶ ƒƏѵķƔƑѵ ѶƔƔķƏѵƔ ѶѶƖķƏƏƒ ѶѶƖķƏƏƒ ŐƔƏѵķƓƏѵő ŐƒƑƑķƏƒѵő ŐƒƓѵķƒƑƒő ŐƒƕƒķƔƒѶő ŐƕƐƖķѶѵƐő ƓķƕƔѶķƑƒѵ ƔķƑѵƖķѶƖѵ ƕķƏƑѵķƓƕƑ ƕķƖƐƔķƓƕƔ ƑƐķƓƓƑķѵƏƖ ƑƑķƒƒƐķѵƐƑ ƐƓķƓƐѵķƐƒƕ ƑƏƐƖņƑƏƑƏ Ŋ Ŋ Ŋ ѵķѵƔƖ ƐķѶƒƕ ƔķѵѵƔ ŐƓķƔƓƖő ƔƖķѶƓƓ ƖƖķѶƏƖ ŐѵƖķƕƖƓő Rs. ’000 Rs. ƔƑѵķѵƓƑ ƔѶѵķƓѶѵ ƒƖƒķƏѵƓ ƐѵƖķѵƏƒ ƑƓѵķƔƐƒ ƑƓѵķƔƐƒ ŐƑƒƏķƐƑƏő ƒķƖƑѵķƓƐѵ ŐƒķѵƕƖķƖƏƒő ŐƒķѵƕƖķƖƏƒő 2018/2019 Ŋ Ŋ 280 ƑķѵƔƕ ƖķƖƐƔ ѵķƐƔƓ ƐķƒƓƔ "ub-mh-m";1|ou ƓѶķƐƑƖ ŐƓѵķѶƑƕő !vĺĽƏƏƏ ƓƖƔķѶƒƓ ƔƓƒķƖѵƒ ƒѶѵķѶѶƕ ƐƐƖķƕѶƔ ƒѵƐķƐƒƔ ƒѵƐķƐƒƔ ŐƑƑƑķƖƒƑő ŐƐƏƖķѶƕƏő ƒķѵƑƕķƒƕѶ ŐƒķƑѵѵķƑƓƒő ŐƒķƑѵѵķƑƓƒő ƑƏƐƖņƑƏƑƏ Ŋ Ŋ -r_b1-Ѵvru;-7o=or;u-ঞomvĺ ѵķƑƒѶ ƓѶķƒѶѵ ƐƐķƕƕƐ Rs. ’000 Rs. -m7Ѵb-0bѴbঞ;v0-v;7om|_;uorĽvor;u-ঞm]v;]l;m|vĺ ѵƖѶķƐƒƏ ƑƏƑķƕѶƓ ƓƔƓķƏƓƑ ƑƓƖķƓƑѵ ѶƔƐķƐƕѵ ŐƒƐƏķƐѵѵő ŐƐƒѵķƕƏѵő ŐƓƏƔķѵƔѵő ѵķƓѶƓķƕƑƐ ѵķƓƖƏķƖƔƖ ƑƐķѶƔƕķƏѵƖ ƑƐķѶƔƕķƏѵƖ ƐƐķƔƑѵķƓƕѵ ƐƐķƔƑѵķƓƕѵ ƐƏķƒƒƏķƔƖƒ 2018/2019 Ŋ Ŋ ƐƔķѶƑѵ ƒƑķƖƖƕ ŐƔƖķƒƓѵő !vĺĽƏƏƏ ƐƔƐķƖƑƐ ƒƏѵķƑƓѵ ѶƓѶķƖƐƐ ŐƑѶƒķƓƕƓő ŐƑƕƔķƑƏƖő ŐƑѵƒķѵѵѶő ƓķƕƐƏķƐƏƕ ƓķƕƑƔķƖƒƒ ƑƐķƏѶƐķƓƕƓ ƑƐķƏѶƐķƓƕƓ ƐƏķƑƖƑķƕƐƔ ƐƏķƑƖƑķƕƐƔ ƐƏķƕѶѶķƕƔƖ ƑƏƐƖņƑƏƑƏ Finance income Finance m1ol;|-Ő;r;mv;őņu;=m7 -rb|-Ѵ;r;m7b|u; ;ru;1b-ঞom-m7-louঞv-ঞom |_;umomŊ1-v_;r;mv;v Total Total Ŋm|u-]uoru;;m; ;vvĹ$o|-Ѵm|u-]uoru;;m; uoC|ņŐѴovvvő=uolor;u-ঞomv tb|-11om|;7bm;v|;;v assets Net tb|-11om|;7bm;v|;;v $o|-ѴѴb-0bѴbঞ;v Geographical segment analysis of Group revenue revenue Group of analysis segment Geographical -m7ruoC| Ŋ |;um-Ѵu;;m; ;|";]l;m|!;;m;Ő!;;m;=uol;|;um-Ѵ 1v|ol;uvő uoC|ņŐѴovvő0;=ou;|--ঞomuoC|ņŐѴovvő=ou|_;;-u assets and Group of analysis segment Geographical Ѵb-0bѴbঞ;v ŐƓѵѵķƐƏѶő assets Total ŐƕƑƖķƕƕѵő "_-u;o=ruoC|ņŐѴovvőo=;tb|-11om|;7bm;v|;;v Total revenue Total cost Finance Group & Hotels Resorts OthersTotal $_;=oѴѴobm]|-0Ѵ;vru;v;m|u;;m;ķruoC|bm=oul-ঞomķ-vv;|v ƕ r;u-ঞm]";];l;m|v $_;uorĽvv;]l;m|v-u;7;|;ulbm;70-v;7om|_;uorĽv];o]u

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 159 NOTES TO THE FINANCIAL STATEMENTS

Ѷ !;;m; ѶĺƐ !;;m;0u;-h7om

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Total Revenue ƐƖķѵѶƏķƔƓƏ ƑƏķƑƔƖķƔƖƓ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ ;vvĹm|u-]uoru;;m; ŐѵѵƐķƑƖƖő ŐѵѶƖķƏƏƔő Ŋ Ŋ Revenue excluding intra group revenue ƐƖķƏƐƖķƑƓƐ ƐƖķƔƕƏķƔѶƖ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ ;vvĹ!;;m;|-Ŗ ŐƓƒƏķѶƔƓő ŐƔƐѵķƏƏƓő ŐƕķƔƐƕő ŐƐƖķƔƒƑő Net Revenue ƐѶķƔѶѶķƒѶƕ ƐƖķƏƔƓķƔѶƔ ѵƖѵķѵƖƑ ѶѵƓķƒѵƓ

Ŗ!;;m;|-Ŋvbmv|u1|;70|_;bmbv|uo= bm-m1;-m7-rruo;70|_;-0bm;|o=bmbv|;uvķ$_-v0;;m-0oѴbv_;7b|_ ;@;1|=uol ;1;l0;uƏƐķƑƏƐƖķr;m7bm]r-uѴb-l;m|-u-rruo-Ѵ=ou-l;m7l;m||o|_;-ঞombѴ7bm]$-1|ķoĺƖo=ƑƏƏƖĺ

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Revenue from contracts with customers ƐѶķѵѶƏķƔƏƔ ƐƖķƑƒƏķѵƖƓ ѵƖѵķѵƏѶ ѶƕƔķƐƑƑ |_;uu;;m; Ŋ!;m|-m7v_orbm1ol; ƒƒѶķƕƒѵ ƒƒƖķѶƖƔ ƕķѵƏƐ ѶķƕƕƓ ƐƖķƏƐƖķƑƓƐ ƐƖķƔƕƏķƔѶƖ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ

Ѷĺƒ bv-]]u;]-ঞomo=u;;m;=uol1om|u-1|vb|_1v|ol;uv ѶĺƒĺƐ $r;o=v;ub1;u;m7;u;7

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Apartment ƖķѵƏƓķƏƑƓ ƐƏķƓƔƔķƒѵѵ ƑѵƐķѶƒѶ ƐѶƒķѵƐѶ Restaurant ƓķƕѵƕķƖѵƔ ƓķƖѵƐķѶƕƓ ƒƓƕķƔƓƏ ƔƓƔķƏƐƐ Bar ƐķѶƔƑķƓƑƏ ƐķƔƖƏķѵƖƔ ƕƓķƑƏƒ ƐƑѶķѶѶƔ Spa related ƑƒѵķƔƐƐ ƑƓƒķƏѶƑ ƐƐķƖѶƖ ƐƔķѶƕƏ $u-mv=;uvş;1uvbomv ƐķѶƔѶķƖƖƑ ƐķƔƔƏķƕƐѶ Ɣѵ 420 Telephone ƔķƕƕƐ ƖƕƑ 18 Ɣѵ bbm]-m7bm7vuCm] ƑѶѵķѵƖƑ ƒƔƒķƏƔƓ Ŋ Ŋ -m7u ƑƏķƏƏƐ ƐƔķƏѶƖ ƖѵƓ ƐķƑѵƑ Management fees ƓѶķƐƑƖ ƔƖķѶƓƓ Ŋ Ŋ ƐѶķѵѶƏķƔƏƔ ƐƖķƑƒƏķѵƖƓ ѵƖѵķѵƏѶ ѶƕƔķƐƑƑ Rent and shop income ƒƒѶķƕƒѵ ƒƒƖķѶƖƔ ƕķѵƏƐ ѶķƕƕƓ Total ƐƖķƏƐƖķƑƓƐ ƐƖķƔƕƏķƔѶƖ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ

160 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ѶĺƒĺƑ ;o]u-r_b1-Ѵl-uh;|v

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Ŋ"ub-mh- ƓķƕƔѶķƑƒѵ ѵķƔƓƓķƔѵƔ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ Ŋ"o|_vb--m7b77Ѵ; -v| ƐƓķƑѵƐķƏƏƔ ƐƒķƏƑѵķƏƑƓ Ŋ Ŋ ƐƖķƏƐƖķƑƓƐ ƐƖķƔƕƏķƔѶƖ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ

Ѷĺƒĺƒ $blbm]o=u;;m;u;1o]mbঞom

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Ŋ!;;m;u;1o]mb;7-|-robm|bmঞl; ƖķƏƕѵķƓѶƐ ѶķƕƕƔķƒƑѶ ƓƒƓķƕƕƏ ѵƖƐķƔƏƓ Ŋ!;;m;u;1o]mb;7o;uঞl; ƖķƖƓƑķƕѵƏ ƐƏķƕƖƔķƑѵƐ ƑѵƖķƓƒƖ ƐƖƑķƒƖƑ ƐƖķƏƐƖķƑƓƐ ƐƖķƔƕƏķƔѶƖ ƕƏƓķƑƏƖ ѶѶƒķѶƖѵ

ѶĺƓ ;u=oul-m1;o0Ѵb]-ঞomv ;u=oul-m1;o0Ѵb]-ঞomvo=-o|;Ѵ;mঞ|l-bmѴbm1Ѵ7;ruolbv;v_b1_-u;1-uub;7o|om-1om|u-1|-ѴѴ-]u;;7rom|-vhĺ

;u=oul-m1;o0Ѵb]-ঞomvo=|_;uor1oѴ70;l-bmѴvll;ubv;7-v7;|-bѴ;70;ѴoĹ

$r;o=v;ub1; -|u;-m7ঞlbm]o=|_;v-ঞv=-1ঞomo= -|u;-m7ঞlbm]o=|_;v-ঞv=-1ঞom r;u=oul-m1;o0Ѵb]-ঞom o=r;u=oul-m1;o0Ѵb]-ঞom

Provision of food and beverages The following services are rendered under this Due within 30 days from the date of r;u=oul-m1;o0Ѵb]-ঞomĹ bmob1;ĺ Ɛĺ uobvbomo=ņņ l;-Ѵ=ou];v|v o11rbm]|_;_o|;Ѵv_b1_r-u|-m7r-uঞ-Ѵ o=|_;1om|u-1|;m|;u;7bm|oĺ!;;m;bv u;1o]mb;7-||_;ঞl;o=v-Ѵ;-m7bmob1; |o|_;1v|ol;uvom|_;1olrѴ;ঞomo=|_; 7u-ঞomo=|_;v|-

Ƒĺ uobvbomo=;|u-=oo7-m70;;u-];v ;-||_;ঞl;o=v;ub1;bv !;;m;bvu;1o]mbv;7-||_;ঞl;o=v-Ѵ; u;m7;u;7ĺ -m7bmob1;|o|_;1v|ol;uv-||_;ঞl;o= 1omvlrঞomĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 161 NOTES TO THE FINANCIAL STATEMENTS

$r;o=v;ub1; -|u;-m7ঞlbm]o=|_;v-ঞv=-1ঞomo= -|u;-m7ঞlbm]o=|_;v-ঞv=-1ঞom r;u=oul-m1;o0Ѵb]-ঞom o=r;u=oul-m1;o0Ѵb]-ঞom

$u-mv=;uv-m7 1uvbomv $_bvo0Ѵb]-ঞombv=ou1v|ol;uv;m|;ubm]bm|o Due within 30 days from the date of 1om|u-1|b|_o|;Ѵvbm|_;-Ѵ7b;vĺ";-rѴ-m; bmob1;ĺ and boat transfers are provided to customers to reach the Hotels and back as part of the contracts ;m|;u;7bm|oĺ!;;m;bvu;1o]mbv;7-||_;ঞl;o= provision of service and invoice to the customers -||_;ঞl;o=|_;1olrѴ;ঞomo=|_;v|-ĺ

uobvbomo=-m7uķ$;Ѵ;r_om;ķ These services are provided to customers as they ;-||_;ঞl;o=v;ub1;bv )-|;uvrou|vķvr-v;ub1;v;|1ĺ -u;blrѴb;7-v0vbm;vvru-1ঞ1;vbm|_;bm7v|u u;m7;u;7ĺ -m71u;-|;--Ѵb7;r;1|-ঞomo=|_;1v|ol;uĺ !;;m;bvu;1o]mbv;7-||_;ঞl;o=ruobvbomo= v;ub1;-m7bmob1;bvu-bv;7-||_;ঞl;o=v;ub1; bv1omvl;7ĺ

Management fees $_bvo0Ѵb]-ঞombv=ou_o|;Ѵv;m|;ubm]bm|o ;|b1;-;-uom1olrѴ;ঞomo= 1om|u-1|vb|__o|;Ѵl-m-];l;m|1olr-mb;vĺ Cuv|vblom|_v-m7om1olrѴ;ঞom uor;u|l-m-];l;m|v;ub1;vķ_-m7Ѵbm] o=;-u;m7-7b|ĺ o=;lrѴo;;vĽu;Ѵ-|;7-1ঞbঞ;vķl-uh;ঞm] -m7ruoloঞom-Ѵ-1ঞbঞ;v-m7o|_;uu;Ѵ-|;7 management services are mainly rendered m7;u|_bvr;u=oul-m1;o0Ѵb]-ঞomĺ!;;m;bv u;1o]mbv;7-||_;ঞl;o=ruobvbomo=v;ub1;v -m7bmob1;7omlom|_Ѵ0-vbvĺ

)-uu-mঞ;v-m7o0Ѵb]-ঞomv|ou;=m7v-m7o|_;uvblbѴ-uo0Ѵb]-ঞomv-u;_-m7Ѵ;701-v;v01-v;0-vbvĺ

ѶĺƔ ѴѴo1-ঞm]|_;|u-mv-1ঞomrub1;|or;u=oul-m1;o0Ѵb]-ঞomv m-ѴѴo1-ঞm]|_;|u-mv-1ঞomrub1;|o;-1_r;u=oul-m1;o0Ѵb]-ঞom0-v;7om|_;-lom||_-|7;rb1|v|_;-lom|o=1omvb7;u-ঞom|o _b1_|_;;mঞ|;r;1|v|o0;;mঞ|Ѵ;7bm;1_-m];=ou|u-mv=;uubm]o=ruolbv;7v;ub1;v|o|_;1v|ol;uvĺ

Ѷĺѵ om|u-1|vv;|v-m7om|u-1|b-0bѴbঞ;v $_;1om|u-1|-vv;|vrubl-ubѴu;Ѵ-|;|o|_;uorĽvub]_||o1omvb7;u-ঞom=ououh1olrѴ;|;70|mo|0bѴѴ;7-||_;u;rouঞm]7-|;ĺ

$_;1om|u-1|Ѵb-0bѴbঞ;vrubl-ubѴu;Ѵ-|;|o|_;-7-m1;1omvb7;u-ঞomu;1;b;7=uol1v|ol;uv=ou=|u;v|-bm_o|;Ѵvķ=ou_b1_ u;;m;bvu;1o]mb;7o;u|_;ঞl;ĺ

o;;u1olr-mb;vbm|_;uoru;1o]mbv;1omvb7;u-ঞomvour-l;m|vu;1;b;7rubou|o|u-mv=;uubm]o=v;ub1;v|o1v|ol;u-]-bmv| _-|bvub]_ѴѴ7;-||_;ঞl;o=|u-mv=;uubm]|_;v;ub1;vĺ$_;v;-lom|v_-;0;;mu;1o]mbv;7-v1om|u-1|-ѴѴb-0bѴbঞ;vbm|_; Cm-m1b-Ѵv|-|;l;m|vĺ

162 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ѶĺѵĺƐ om|u-1|0-Ѵ-m1;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

ѶĺѵĺƑ om|u-1|Ѵb-0bѴbঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 163 NOTES TO THE FINANCIAL STATEMENTS

Ɩ |_;ubm1ol;ņŐ;r;mv;vő

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Ŗmvu-m1;bm1ol;u;Y;1|;7-0o;bv|_;1olr;mv-ঞomu;1;b;7=uol|_;bmvu-m1;1olr-m=ou0vbm;vvbm|;uurঞom-m7Ѵovvo= l-|;ub-Ѵ7;|o-Cu;_b1_7;v|uo;7|oo1;-mbѴѴ-v-m7|_;u;v|-u-m|o= "!;vou|vŐ|ő|7ĺŐ7--u-m";Ѵ;1|7_u-m v_bő bm|_;;-uƑƏƐѶņƐƖĺ

ƐƏ |_;uor;u-ঞm];r;mv;vŊ7bu;1| |_;uor;u-ঞm];r;mv;vŊ7bu;1|7bv1Ѵov;7bm|_;bm1ol;v|-|;l;m|u;=;u|o|_;1ov|o=l-|;ub-Ѵ-m7v;ub1;vo|_;u|_-mv|-@1ov|vķ _b1_-u;7bu;1|Ѵu;Ѵ-|;7|ou;;m;ĺ

ƐƐ |_;uor;u-ঞm];r;mv;vŊbm7bu;1|

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

7lbmbv|u-ঞom-m7;v|-0Ѵbv_l;m| ƑķƓƒƓķƓƕƒ ƒķƐƏƓķƓƓƑ ƐѵƏķƕѵƕ ƐƓƓķƔƕƓ Repairs and maintenance ƐķƏƏƒķƏƖƓ ƖƐƔķƑƔƒ ƑƕķƓƔƕ ƒѵķѶƔƓ m;u] ƐķƑƑƕķѶƓƕ ƐķƐƒƓķѶƏƓ ƕƏķѵƒƓ ƕƒķƒѵƔ ";ѴѴbm]-m7l-uh;ঞm] ƐķƑƔƏķƔѵƒ ƐķƐƐƑķƓƕѵ ƓƐķƕƔƏ ƒƑķƕƐƔ Management fees ƒƑƑķƓѶƒ ƓѶƕķѵƑƑ ƑƓķƕƑƕ ƒѶķƕƖѵ Total ѵķƑƒѶķƓѵƏ ѵķƕƔƓķƔƖƕ ƒƑƔķƒƒƔ ƒƑѵķƒƏƓ

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Ɛƒ ;|Cm-m1bm];r;mv;

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 165 NOTES TO THE FINANCIAL STATEMENTS

v|_;ruorov;71_-m];v-u;;@;1ঞ;=uolƏƐv|-m-uƑƏƑƏķ ;r-u|l;m|o=mѴ-m7!;;m;_-vbvv;7-moঞ1;oĺņ$ņƑƏƑƏŊ Əѵ7-|;7Əѵ|_-ƑƏƑƏķruob7bm]bmv|u1ঞomvom|_;v0f;1|ľolr|-ঞomo=m1ol;$---0Ѵ;-m7-l;m|v=ou|_;+;-uo= vv;vvl;m|ƑƏƐƖņƑƏƑƏĿĺvr;ubmv|u1ঞomvbvv;7ķ|--0Ѵ;bm1ol;1olr|;7=ou|_;=ѴѴ;-um;;7v|o0;-rrouঞom;7o;u|_; |or;ubo7v0-rrѴbm]|_;ruoŊu-|-0-vbv0-v;7om|_;ঞl;Őbĺ;ĺƖlom|_v-m7ƒlom|_vő-m7|_;u;Ѵ;-m||-u-|;v=ou|or;ubo7v v_oѴ70;-rrѴb;7ĺuor_-v1olr|;7|_;1uu;m||-0-v;7om-0o;bmv|u1ঞomv-m7u;lb;7|_;|-r-l;m|vom|_;v-l; 0-vbvĺ$_;olr-m-m7|_;uor_-v-7or|;7|_;-0o;om|_;0-vbv|_-|=oul-Ѵ-l;m7l;m|v|o|_;mѴ-m7!;;m;1|oƑƓo= ƑƏƐƕoѴ70;l-7;bm|_;m;-u=|u;ĺ

$_;$--ঞom7;|-bѴvo=|_;o|_;uolr-mb;vbm|_;uor-u;-v=oѴѴovĹ

ƐƓĺƐ "ubѴ-mh-mor;u-ঞomv olr-mb;vbm1ourou-|;7bm"ub-mh--m7or;u-ঞm]o|vb7;"ub-mh- $_;0vbm;vvruoC|v-m7bm1ol;o=b|h;m"r;m1;o|;Ѵ-m-];l;m|vb-Ő|ő|7ķb|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7ķ b|h;m"r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7ķ0;bm]1olr-mb;vbm1ourou-|;7bm"ub-mh--m7ru;7olbm-m|ѴŖ;m]-];7bm|_;0vbm;vv o=;rou|o=v;ub1;v-u;Ѵb-0Ѵ;=ou|--|-1om1;vvbom-uu-|;o=ƐƓѷr|oƒƐv| ;1;l0;uƑƏƐƖķbm|;ulvo=mѴ-m7!;;m;1|oĺ ƑƓo=ƑƏƐƕĺ uolƏƐv|-m-uƑƏƑƏķ|_;0vbm;vvruoC|v-m7bm1ol;o=-0o;1olr-mb;voѴ70;;;lr|=uolbm1ol;|--v]-bmv -m7ruoC|v-u;7;ub;7=uolruobvbomo=v;ub1;u;m7;u;7bmouo|vb7;"ub-mh-|o-mr;uvom|o0;ঞѴbv;7o|vb7;"ub-mh-ķ_;u; |_;r-l;m|=ouv1_v;ub1;vbvu;1;b;7bm=ou;b]m1uu;m1|_uo]_-0-mhĺ-m-];l;m|=;;bm1ol;u;1;b;7=uol!;r0Ѵb1o= -Ѵ7b;vbvv0f;1||oƐƏѷb|__oѴ7bm]|--|vou1;-vr;u|_;vbm;vvuoC|$-1|o=!;r0Ѵb1o=-Ѵ7b;v-m7|_;ruoC|v;-um;7 0|_;olr-mbml-mbv|-;7-|ƐƔѷĺm1-Ѵ1Ѵ-ঞm]|_;bm1ol;|-Ѵb-0bѴb|bm"ub-mh-ķ1olr-mb;v-u;;mঞ|Ѵ;7|o7;71|bm1ol; |-r-b7bm=ou;b]mfubv7b1ঞomv-v=ou;b]m|-1u;7b|vĺ

olr-mb;vѴb-0Ѵ;|obm1ol;|--|v|-m7-u7u-|; $_;0vbm;vvruoC|v-m7bm1ol;o=;r|m;u;7b1(bѴѴ-];Ő|ő|7-ubvbm]=uolѴ;-vbm]o|Ѵ-m7ķbvѴb-0Ѵ;=oubm1ol;|--| v|-m7-u7u-|;o=ƑѶѷr|oƒƐv| ;1;l0;uƑƏƐƖ-m7ƑƓѷ|_;u;-[;uĺ

$_;0vbm;vvruoC|vo=;|-m$u-;Ѵ";ub1;voĺ||7ķoub;m;v|l;m|||7ķ "!;vou|vŐ|ő|7ķ&mbt;!;vou|vŐ|ő|7ĺ 1;!;vou|vŐ|ő|7ķu;v|"|-u|7ķu;v|"|-uŐ(ő|7ķ!oѴb7-ol;vŐ|ő|7ķ;ul0-Ѵ-l!;vou|vŐ|ő|7ķb|h;m"r;m1; o|;Ѵ";ub1;v|7ķb|h;m"r;m1;o|;Ѵ-m-];l;m|v"o|_m7b-Ő|ő|7-m7b|h;m"r;m1;!;vou|vŒb77Ѵ; -v|œķ0;bm]mom u;vb7;m|1olr-mb;vbm"ub-mh--m7mo|7;ubbm]m1ol;=uol"ub-mh--u;o|o=|_;"1or;o=m1ol;$--ঞombm"ub-mh-ĺ

$_;0vbm;vvruoC|vo=;|-m$u-;Ѵ";ub1;voĺ||7ķoub;m;v|l;m|||7ķ "!;vou|vŐ|ő|7ķ1;!;vou|vŐ|ő|7-m7 &mbt;!;vou|vŐ|ő|7_b1_-u;bm1ourou-|;7bm|_;!;r0Ѵb1o=-Ѵ7b;v-u;Ѵb-0Ѵ;=ou1ourou-|;|-bm-Ѵ7b;v-|-u-|;o=ƐƔѷ-v r;uvbm;vvuoC|$-1|o=!;r0Ѵb1o=-Ѵ7b;vĺ

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$_;0vbm;vvruoC|vo=!oѴb7-ol;vŐ|ő|7ķ;ul0-Ѵ-l!;vou|vŐ|ő|7-m7b|h;m"r;m1;o|;Ѵ";ub1;vŐ|ő|7ĸ0;bm] olr-mb;vbm1ourou-|;7bmm7b-oѴ70;Ѵb-0Ѵ;=ou|--|-u-|;o=ƑƔĺƐƕѷbmm7b-ķ_;m|_;olr-m1oll;m1;v1oll;u1b-Ѵ or;u-ঞomvĺ

$_;0vbm;vvruoC|vo=b|h;m"r;m1;o|;Ѵ-m-];l;m|v"o|_m7b-Ő|ő|7ķ0;bm]-olr-mb;vbm1ourou-|;7bmm7b-oѴ70; Ѵb-0Ѵ;|o-m;@;1ঞ;bm1ol;|-u-|;o=ƑƔĺƐƕѷ-vr;u|_;m7b-m|-Ѵ-ĺ

$_;0vbm;vvruoC|vo=b|h;m"r;m1;!;vou|vŐb77Ѵ; -v|őķ0;bm]-olr-mbm1ourou-|;7bml-moѴ70;Ѵb-0Ѵ;=ou 1ourou-|;|-u-|;o=ƐƔѷ-vr;u|_;l-m|-Ѵ-ĺ

ƐƓĺƒ vvo1b-|;-m7fobm|;m|u;1olr-mb;v $_;0vbm;vvruoC|v-m7bm1ol;o=uomv;-1_o|;Ѵv-ubvbm]=uolѴ;-vbm]o=Ѵ-m7|o;]ol0o;-1_!;vou|vŐ|ő |7|o1omv|u1|-m7or;u-|;-o|;ѴbvѴb-0Ѵ;=oubm1ol;|--|-v|-m7-u7u-|;o=ƑѶѷr|oƒƐv| ;1;l0;uƑƏƐƖ-m7ƑƓѷ |_;u;-[;uĺ

$_;0vbm;vvruoC|v-m7bm1ol;o=l;|_v|;bvu;|7ķbvѴb-0Ѵ;=oubm1ol;|--|v|-m7-u7u-|;o=ƑѶѷr|oƒƐv| ;1;l0;uƑƏƐƖ -m7ƑƓѷ|_;u;-[;uĺ

Ŗu;7olbm-m|Ѵm7;u|_;mѴ-m7!;;m;1|oĺƑƓo=ƑƏƐƕl;-mvѶƏѷoulou;1-Ѵ1Ѵ-|;70-v;7om]uovvbm1ol;ĺ

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ubm]|_;;-uķ|_;uor_-v-7or|;7" !"Ɛѵŋľ;-v;vĿ-m7 !Ƒƒŋľ&m1;u|-bm|o;um1ol;$-$u;-|l;m|vĿ-m7 u;1o]mbv;7|_;blr-1|om1uu;m||--m77;=;uu;7|-ĺ

!bm|;uru;|-ঞomƑƒŊm1;u|-bm|o;ubm1ol;|-|u;-|l;m| $_;m|;uru;|-ঞom-77u;vv;v|_;-11omঞm]=oubm1ol;|-;v_;m|-|u;-|l;m|vbmoѴ;m1;u|-bm||_-|-@;1|v|_;-rrѴb1-ঞom o="ƐƑŊm1ol;$-;vĺ|7o;vmo|-rrѴ|o|-;vouѴ;b;vo|vb7;|_;v1or;o="ƐƑķmou7o;vb|vr;1bC1-ѴѴbm1Ѵ7; u;tbu;l;m|vu;Ѵ-ঞm]|obm|;u;v|-m7r;m-Ѵঞ;v-vvo1b-|;7b|_m1;u|-bm|-|u;-|l;m|vĺ

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$_;uorbmbঞ-ѴѴ-7or|;7 !Ƒƒ=uolƐv|rubѴƑƏƐƖvbm]|_;lo7bC;7u;|uovr;1ঞ;-rruo-1_m7;u_b1_|_;1lѴ-ঞ; ;@;1|o=bmbঞ-Ѵ-rrѴb1-ঞombvu;1o]mbv;7bmu;|-bm;7;-umbm]v-||_;7-|;o=bmbঞ-Ѵ-rrѴb1-ঞomĺ 1;r|=ou|_;m1;u|-bmbm1ol;|- rovbঞomvu;1o]mbv;7bm|_;;tb|m7;ubmbঞ-Ѵ-rrѴb1-ঞomķ|_;uor_-v7;|;ulbm;7|_-||_;u;-u;moo|_;ub7;mঞC;7m1;u|-bmঞ;v bm|-|u;-|l;m|v|_-|-uu-m|v7bv1Ѵovu;ĺ

ƐƓĺƔ $-Ѵovv;v1-uub;7=ou-u7 vr;uv;1ঞomƐƖo=|_;mѴ-m7!;;m;1|oĺƑƓo=ƑƏƐƕķ-mm1Ѵ-bl;7|-Ѵovv;vbm1uu;77ubm]|_;;-u1oѴ70;1-uub;7 =ou-u7=ou=u|_;uvb;-uvĺolr-mb;vbm|_;uor_-;;-Ѵ-|;7|_;u;1o;u-0bѴb|o=m1Ѵ-bl;7Ѵovv;v|_uo]_|--0Ѵ;ruoC| =ou;1-v|v-m77;=;uu;7|--vv;|v_-;0;;mu;1o]mbv;7-11ou7bm]Ѵĺmu;b;bm]|_;u;1o;u-0bѴb|o=m1Ѵ-bl;7Ѵovv;vķuor_-v ;-Ѵ-|;7|_;blr-1|o=( ŊƐƖr-m7;lb1om|_;=|u;|--0Ѵ;ruoC|-0bѴb|o=|_;1olr-mb;vĺ ;=;uu;7|--vv;|vu;1o]mbv;7 om|-Ѵovv;voѴ70;u;b;;7-|;-1_u;rouঞm]7-|;0-v;7om|_;|--0Ѵ;ruoC|=ou;1-v|v-m7oѴ70;u;71;7|o|_;;|;m|o= u;1o;u-0Ѵ;-lom|ĺ

;=;uu;7|-=ou|_;;-u_-v0;;m1olr|;7om|_;;m-1|;7u-|;v-vr;umѴ-m7!;;m;1|oĺƑƓo=ƑƏƐƕķvbm1;ruorov;7u-|;v _-;mo|0;;mv0v|-mঞ-ѴѴ;m-1|;7ĺvr;u"ƐƑŋľm1ol;$-;vĿ-m7"ƐƏŋľ ;m|v-[;u|_;!;rouঞm];ubo7Ŀķ|_; 1olr-m-m7|_;uor_-v;vঞl-|;7|_;blr-1|o=|-u-|;1_-m];vomb|v1uu;m|-m77;=;uu;7|--vv;|v-m7Ѵb-0bѴbঞ;v-v=oѴѴovĺ

Group Company Rs. ’000 Rs. ’000

uu;m||-;r;mv; ŊŊ ;=;uu;7|-;r;mv;ņŐbm1ol;ő ՍŊ!;1o]mbv;7bmbm1ol;v|-|;l;m| ŐƐƔѵő Ŋ ՍŊ!;1o]mbv;7bmo|_;u1olru;_;mvb;bm1ol; ŐƐƕő Ŋ ՍŊ!;1o]mbv;7bm;tb| Ŋ Ŋ Total Impact ŐƐƕƒő Ŋ

168 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƓĺƕ $-u;1o]mbv;7bmbm1ol;v|-|;l;m|

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

uu;m||-;r;mv; $-om1uu;m|;-uruoC|v ƐƓĺƐƏ ƑƖƑķƕƔƑ ƓƐƔķƖƐѶ Ŋ Ŋ Ő;uőņ&m7;uruobvbombmu;vr;1|o=ru;bov ŐƑƓķƒƓƕő ƐƕķƓƒƒ Ŋ Őƕƕő years Withholding tax on dividends paid by subsidiaries ƖƒķƐƖƐ ѶƏķƏƔѵ Ŋ Ŋ ƒѵƐķƔƖѵ ƔƐƒķƓƏƕ Ŋ Őƕƕő ;=;uu;7|-;r;mv;ņŐbm1ol;ő ub]bm-ঞomņŐu;;uv-Ѵőo=|;lrou-u7b@;u;m1;v ƐƓĺƐƐ ƐƏƐķƐƏƔ ƐƖƒķƕƔƓ ŐѶķƕƐƕő Ɣķƒѵƒ ƐƏƐķƐƏƔ ƐƖƒķƕƔƓ ŐѶķƕƐƕő Ɣķƒѵƒ Total ƓѵƑķƕƏƐ ƕƏƕķƐѵƐ ŐѶķƕƐƕő ƔķƑѶѵ

m1ol;|-;r;mv;;1Ѵ7;vķ|_;uorĽvv_-u;o=|-;r;mv;o=|_;;tb|Ŋ-11om|;7bm;v|;;vu;1o]mbv;7bmruoC|ņŐѴovvőo= !vĺѵƔĺƓlbѴѴbomŐƑƏƐѶņƑƏƐƖŊ!vĺƐƐĺƖlbѴѴbomő_b1_bvbm1Ѵ7;7bmļv_-u;o=ruoC|o=;tb|Ŋ-11om|;7bm;v|;;vĽŐm;|o=|-őĺ

ƐƓĺѶ $-u;1o]mbv;7bmo|_;u1olru;_;mvb;bm1ol; 14.8.1 Group

ƑƏƐƖņƑƏƑƏ 2018/2019 ou|_;;-u;m7;7ƒƐv|-u1_ Before Tax Tax Net of Tax 2019/2020 Tax ;|o=$- expense expense !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ Rs. ’000 Rs. ’000 Rs. ’000

$-u;1o]mbv;7bmo|_;u1olru;_;mvb;bm1ol;;1Ѵ7;vķ|_;uorĽvv_-u;o=|-;r;mv;o=|_;;tb|Ŋ-11om|;7bm;v|;;v u;1o]mbv;7bm|_;o|_;u1olru;_;mvb;bm1ol;o=!vĺѵƖķƕƓƖņŊŐƑƏƐѶņƑƏƐƖŊ!vĺbѴő_b1__-v0;;mbm1Ѵ7;7bmļv_-u;o=o|_;u 1olru;_;mvb;bm1ol;o=;tb|Ŋ-11om|;7bm;v|;;vĽŐm;|o=|-őĺ

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14.8.2 Company

ƑƏƐƖņƑƏƑƏ 2018/2019 ou|_;;-u;m7;7ƒƐv|-u1_ Before Tax Tax Net of Tax 2019/2020 Tax ;|o=$- expense expense !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ Rs. ’000 Rs. ’000 Rs. ’000

ƐƓĺƖ $-u;1o]mbv;77bu;1|Ѵbm;tb|-v-|Ɛv|rubѴƑƏƐƖ

Group olr-m Before Tax Tax Net of Tax Before Tax Tax Net of Tax Ő;r;mv;őņ Ő;r;mv;őņ income income !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ

7fv|l;m|ombmbঞ-Ѵ-rrѴb1-ঞomo= ՍŊ" !"ƐѵŊ;-v;v ŐƕƕƖķƒѶƔő ƐƖƑķƐƏƐ ŐƔѶƕķƑѶƓő Ŋ Ŋ Ŋ ՍŊ !ƑƒŊm|;uru;|-ঞomvƑƒŊm1;u|-bm| Պo;ubm1ol;|-|u;-|l;m| Ŋ ŐƐķƐƑƒő ŐƐķƐƑƒő Ŋ Ŋ Ŋ "_-u;o=-lom|vu;1o]mbv;77bu;1|Ѵbm;tb| =ou;tb|Ŋ-11om|;7bm;v|;;vŐm;|o=|-ő ŐƕķѶѵƖő Ŋ ŐƕķѶѵƖő Ŋ Ŋ Ŋ ŐƕѶƕķƑƔƓő ƐƖƏķƖƕѶ ŐƔƖѵķƑƕѵő Ŋ Ŋ Ŋ

170 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƓĺƐƏ !;1om1bѴb-ঞomo=-11omঞm]ruoC|-m71uu;m|;-u|-

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

uoC|ņŐovvő0;=ou;|- ŐƓƒƒķƏƑƒő ƐķƖƏƓķƒƑƔ ѵƑƖķƐƔƓ ѶѵƓķƏƔƒ omvoѴb7-|;7-7fv|l;m|v ƒƑƑķƏƒѵ ƐƒѵķƕƏƔ Ŋ Ŋ uoC|-[;u-7fv|l;m|v ŐƐƐƏķƖѶƕő ƑķƏƓƐķƏƒƏ ѵƑƖķƐƔƓ ѶѵƓķƏƔƒ Income not liable for income tax ѶƖƓķƐѶƑ ƖƔѶķѶƏƏ Ɩķƕƒѵ Ŋ @;1|o=u;;m;v0f;1||o|--|vou1; ƔƔƐķƓƔƐ ƒƐƓķѵƕƔ Ŋ Ŋ 7fv|;7uoC|v ƐķƒƒƓķѵƓѵ ƒķƒƐƓķƔƏƔ ѵƒѶķѶƖƏ ѶѵƓķƏƔƒ om|--0Ѵ;u;1;br|vņ]-bmv Ŋ Ŋ ŐƖƏƐķƓƕѶő ŐƖƐƏķƔƓƒő Aggregate disallowed expenses ƓķƒƔƔķƏƑѵ ƑķƓƓƐķƕƖƓ ƑѶƐķƒѵƓ ƐƑƕķƓƒѶ -rb|-Ѵ-ѴѴo-m1;v ŐƑķƕƔѵķѶƔƏő ŐƒķƒƐƕķƕѵѶő ŐƔƓķƖƒƑő ŐƔƕķƏƓƔő ]]u;]-|;-ѴѴo-0Ѵ;7;71ঞomv ŐƐķƔƖƔķƔƑƏő ŐƑƔѵķѶƑƓő ŐƒƏķƒѵƏő ŐƑƐķƕƖѶő &ঞѴbv-ঞomo=|-Ѵovv;v ŐѵѶķƓƐƏő ŐƐƏƒķƑƕƓő Ŋ ŐƑķƐƏƔő uu;m|;-u|-Ѵovv;vmo|ঞѴbv;7 ƖѵƑķƏƕƐ ѶƐѶķƕƖƕ ѵѵķƔƐѵ Ŋ Taxable Income ƑķƑƒƏķƖѵƒ ƑķѶƖƕķƑƒƏ Ŋ Ŋ

&m7;uņŐ;uőruobvbombmu;vr;1|o=ru;bov years ŐƑƓķƒƓƕő ƐƕķƓƒƒ Ŋ Őƕƕő Withholding tax on dividends paid by subsidiaries ƖƒķƐƖƐ ѶƏķƏƔѵ Ŋ Ŋ ƒѵƐķƔƖѵ ƔƐƒķƓƏƕ Ŋ Őƕƕő

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ƐƓĺƐƐ ;=;uu;7|-;r;mv;ņŐbm1ol;ő

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

ƐƓĺƐƑ $-Ѵovv;v1-uub;7=ou-u7

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

uor|-;r;mv;bv0-v;7om|_;|--0Ѵ;ruoC|o=bm7bb7-Ѵ1olr-mb;vb|_bm|_;uorĺ

m1ol;7;ub;7=uol|_;ruobvbomo=v;ub1;v0momu;vb7;m|1olr-mb;vor;u-ঞm]bm|_;-Ѵ7b;vbvv0f;1||ob|__oѴ7bm]|-o= ƐƏѷĺ

vvr;1bC;7-0o;ķvol;1olr-mb;vbm|_;uor_-;1-uub;7=ou-u7|-Ѵovv;v_b1_-u;--bѴ-0Ѵ;|o0;v;|o@-]-bmv||_; =|u;|-ruoC|vo=|_ov;1olr-mb;vĺ ;=;uu;7|--vv;|vmo|-11om|;7bmu;vr;1|o=|_;v;Ѵovv;v-lom|;7|o!vĺѶƑƓķƓѶƔķѶƕѶņŊ ŐƑƏƐѶņƑƏƐƖŊ!vĺѵƓƔķƐƏѵķƐƐѶņŊővbm1;ঞѴb-ঞom-]-bmv|=|u;|--0Ѵ;ruoC|v-u;mo|ruo0-0Ѵ;ĺ oub|h;m"r;m1;o|;ѴoѴ7bm] ķ7;=;uu;7|--vv;|vm-11om|;7omѴovv;v-v-|ƒƐĺƏƒĺƑƏƑƏ-lom|;7|o!vĺѶķƑѵѵķѵƑƐņŊŐƑƏƐѶņƑƏƐƖŊ!vĺƔķƒѶƏķѶƖƒņŊőĺ

172 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƔ -umbm]vr;uou7bm-uv_-u; -vb1;-umbm]vr;uv_-u;bv1-Ѵ1Ѵ-|;707bb7bm]|_;m;|ruoC|=ou|_;;-u-ub0|-0Ѵ;|o|_;ou7bm-uv_-u;_oѴ7;uv0|_;;b]_|;7 -;u-];ml0;uo=ou7bm-uv_-u;vo|v|-m7bm]7ubm]|_;;-uĺ

$_;=oѴѴobm]u;Y;1|v|_;m;|bm1ol;-m7v_-u;7-|-v;7bm|_;0-vb1;-umbm]vr;uv_-u;1olr|-ঞomĺ

Group Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺ Rs. !vĺ Rs.

Amounts used as numerator uoC|ņŐѴovvő=ou|_;;-u-ub0|-0Ѵ;|o;tb| ŐѵƑƓķƖƔƒķƓƓѵő ѶƐƏķƔѶƐķƑƑƕ ѵƒƕķѶƕƐķƏƏƔ ѶƔѶķƕѵѵķƖƔѵ holders of the company ;vvĹ bb7;m7vomru;=;u;m1;v_-u;v ŐƐƓķѶƔƏķƏƏƏő ŐƐƓķѶƔƏķƏƏƏő ŐƐƓķѶƔƏķƏƏƏő ŐƐƓķѶƔƏķƏƏƏő ŐѵƒƖķѶƏƒķƓƓѵő ƕƖƔķƕƒƐķƑƑƕ ѵƑƒķƏƑƐķƏƏƔ ѶƓƒķƖƐѵķƖƔѵ

Number of ordinary shares used as the denominator Weighted Avearge number of ordinary shares in issue ƒƒѵķƑƖƏķƏƐƏ ƒƒѵķƑƖƏķƏƐƏ ƒƒѵķƑƖƏķƏƐƏ ƒƒѵķƑƖƏķƏƐƏ

-umbm]vr;uou7bm-uv_-u;ŊŐ!vĺő ŐƐĺƖƏő Ƒĺƒƕ ƐĺѶƔ ƑĺƔƐ

$_;u;;u;moro|;mঞ-ѴѴ7bѴঞ;ou7bm-uv_-u;vo|v|-m7bm]-|-mঞl;7ubm]|_;;-uķ_;m1;|_;7bѴঞ;;-umbm]vr;uv_-u;bv ;t-Ѵ|o|_;0-vb1;-umbm]vr;uv_-u;ĺ Ɛѵ bb7;m7v

Company ou|_;;-u;m7;7ƒƐv|-u1_ ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000

Final Dividends declared and paid Preference Dividend Preference dividend paid ŐƐƓķѶƔƏő ŐƐƓķѶƔƏő u7bm-u bb7;m7 Final ordinary dividend paid ŐƒƒѵķƑƖƏő ŐƓƑƏķƒѵƒő ŐƒƔƐķƐƓƏő ŐƓƒƔķƑƐƒő

Final ordinary dividends proposed Ŋ ƒƒѵķƑƖƏ Preference dividends proposed ƐƓķѶƔƏ ƐƓķѶƔƏ

u7bm-u bb7;m7r;u"_-u;ŊŐ!vĺő Ŋ ƐĺƏƏ

$_; bu;1|ouv_-;u;1oll;m7;7|o7;1Ѵ-u;-ru;=;u;m1;v_-u;7bb7;m7o=Ɩѷom1lѴ-ঞ;ru;=;u;m1;v_-u;v=ou|_;;-u;m7;7 ƒƐv|-u1_ƑƏƑƏĺ=b|bv-rruo;7-||_;mm-Ѵ;m;u-Ѵ;;ঞm]|o0;_;Ѵ7omƒƏ|_m;ƑƏƑƏķ|_;;mঞu;ru;=;u;m1;7bb7;m7vbѴѴ 0;r-b7o|o=|--0Ѵ;7bb7;m7vu;1;b;7=uolv0vb7b-u1olr-mb;v=uol_b1_ƐƓѷb|__oѴ7bm]|-_-v0;;m7;71|;7ĺ

o;;u=ou|_;rurov;o=1olrঞm]7bb7;m7vr;uv_-u;ķ7bb7;m7v|o0;-rruo;7_-v0;;m|-h;mbm|o1omvb7;u-ঞomĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 173 NOTES TO THE FINANCIAL STATEMENTS Total ƓķƐƓƕķƐƏƔ ƐѵķƖƐѶķƖƔƏ ƐƖ ƒķƑƔƔķƏѶƏ ƕƑƕő Ŋ Capital ouhŊbm ruo]u;vv Ə ƐƓķƐѵƖķƐѵƐ ѵƓķƏѵƔķƒƑƒ Ѷ ƑƏѶķƕƓƑ ѵƖķƓƕƒķƒƑƖ "o[ ƐƑķƑƒƒ Ŋ ƑķƐƐѵķƐƒѵ |Ѵ;uķ =umbv_bm]ķ Ѵ-vv-u; uo1h;uş b|=m1ঞomvm7;u|_;0vbm;vv1omঞmb|rѴ-mv-v & -v|om1;bm;;uC;;-uvmѴ;vv|_;u;bv-m -7_;ubm]|o-m7vrrouঞm]]o;uml;m|7bu;1ঞ;vĺ |u1ঞomo=1-rb|-Ѵ-vv;|vĺ vѴ-m7ĺ 7|o7-|;m7;uruor;u|rѴ-m|-m7;tbrl;m|-lom| ƖƔķƐƖѵѵѵķƔƑƏ ѶƏѶķƖƓƑ ƔƏƐķƒƏƐ ƑƏѶķƕƓƑ ƐƓķƐѵƖķƐѵƐ ƔƑķƔƔƓķƒƕƖ ƓƖķƖƐѶķƑƐѶ ;vb|_bmbvƔĺƓƓѷ|oѶĺƐƐѷ -11om|;7=oubm&mb|;7"|-|;v oѴѴ-uvķl-m!b-Ѵķ bমm]v C;7|_-||_;u;bvmor;ul-m;m|blr-bul;m|o=ruor;u| u1_ƑƏƑƏ-v!vĺƒķƖѵƖķƓƐƐķѵƐƑņŊŐƑƏƐѶņƑƏƐƖŊ Furniture Furniture v|-|;l;m|vĺ$-blr-1|omu;-Ѵ-ঞomo=Ѵ-m7bv]b;mbm Ƒѵ ƓƓķƑƒƑ ƓƑķѶƔƔ Ŋ ƕƏƒķƖƔƖ Motor ƑѵķƔƏƓ ѵƔķƒƑƏ ƓѵķƐѵѶ ƐķƐƑƑķƖƓѵ ƑķѵѵƖķƔƑƔ Vehicles Vehicles Plant tbrl;m| Machinery & Machinery bѴ7bm]v (Freehold) (Freehold) Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ŐƐķƏƑƔķƔƑƔő ŐƐķƏƑƔķƔƑƔő -v1-rb|-Ѵbv;70|_;uorĺ$_;|o|-Ѵbm|;u;v|1ov|1-rb|-Ѵbv; ŊŊ ƐƓķƑѵƑķƑƓƓ Ŋ ƐķƏƒѵķƔƓƏ ѶƒķƓƐƐ Ŋ ƐķƏƓƑķƑƑѵ ƒƕƕķƒƏѵ Ŋ ŐƐѵķѶƏƐķ Ŋ Ŋ ƔѵƏķƖѵѶ ƔѵƏķƖѵѶ Ŋ Ŋ ŐƑƏķƖѵƓő ŐƑķƑƔƏő ŐƐƏķƖƓѶő ŐƐƕķѶѶƏő Ŋ ŐƔƑķƏƓƑő Ŋ Ŋ ŐƐƖķƕƏƕő ŐƑķƑƔƏő ŐƐƏķƏѶƑő ŐƐѵķƑƐƐő Ŋ ŐƓѶķƑƔƏő Ŋ ƕķƒѵƓķƔƕƖŊ ƓķƑƒƑķƒѵƐ ѶķѶƏƔķƕƔƔ ƒƏƓķƔƕƖ ƓķƖѶƐķƒƕƓ ƐķƓƏѵķѶѶƕ ƒƕƒķƓƔѶ ѶƒѶķѵƖƖ ƐķѵѶƏķƕѶƕ ƐķƏƕƕķƔƕѵ Ŋ Ɛ Ŋ m1ঞom|_uo]_-Ѵ|;um-|;ouhbm]-uu-m];l;m|vķ_bѴv|v|ub1|Ѵ olr-mb;v-u;u;-Ѵ;70bm7;r;m7;m|ruo=;vvbom-Ѵ-Ѵ;uv-|Ѵ; |_;-lom|o=0ouuobm]1ov|v;Ѵb]b0Ѵ;=ou1-rb|-Ѵbv-ঞomu-m] |_;u;rouঞm]7-|;7;|o|_;( ŊƐƖr-m7;lb1ķ-m70vbm;vvm ub|-]-bmv|0ouuobm]v-u;7bv1Ѵov;7bmo|;ƒƔĺ ovbm]u-|;ĺ -|;l;m|v0-v;7omu;Ŋ-vv;vvl;m|o=|_;=-bu-Ѵ;o=|_;uorĽ u;1o]mbv;7m7;uruor;u|ķrѴ-m|-m7;tbrl;m|7ubm]|_;1omv -m7 mo=ruor;u|ķrѴ-m|-m7;tbrl;m|o==ou;b]m;mঞঞ;v_b1_-u; =|_;u;-Ѵ;7Ѵ-m7-u;]b;mbm|_;o|;Ɛƕĺƒ|o|_;Cm-m1b-Ѵ -v|r-u|o=|_;t-u|;u;m7bm]ƒƐ-u1_ƑƏƑƏķb|_-v0;;mb7;mঞ -m7;tbrl;m||_-|-u;vঞѴѴbmv;=ou|_;uor-v-|ƒƐv|- Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. (Freehold) (Freehold) ƕķƏƖƖķƏƐƐ ƒƏķѶƐƕķƔƐƒ ƕķƔƑƕķƑƒƕƕķƑƖƓķƖѵƕ ƓƒѶķƖƖƓ ƓѵķƒѵѶķѵƖƖ ƑķѵƕƒķƓƏƕ ƖķƑƓƏķƑƏƐ ƐķƒƓƏķƏƏ ƔƖѶķƑƐƖ ƒķѶƕƔķƖѶƒ ƐķѶѶѵķƔƐ ő r;u|_;uorubvhl-m-];l;m|v|u-|;]ķ-ѴѴobm]or;u-ঞomv|o= rѴ-m|-m7;tbrl;m|_b1_u;tbu;vruobvbombm|_;Cm-m1b-Ѵv| !vĺƒķƒƔѶķƖƑƒķƐƒƖņŊőĺ m7b-m!r;;v-m7|u-mvѴ-|;7|o|_;u;rouঞm]1uu;m1-||_;1Ѵ |o!vĺƐķѶѶƕķƓƕƔķѵƐƖņŊĺ$_;1-rb|-Ѵbv-ঞomu-|;v;7|o7;|;ulbm; bm7b1-ঞomo=-vb]mbC1-m|1_-m];bm|_;l-uh;|u-|;vĺ ;|-bѴvo o|;ƐƓ|o|_;Cm-m1b-Ѵv|-|;l;m|vĺ Transfers Transfers 77bঞomv-rb|-Ѵbv-ঞomo=bm|;u;v|-m77;ru;1b-ঞomŐo|;ƐѶķƒƔĺƒşƒѵĺƐ Disposals Ŋ ƒƑƖķƐƏƖ ƓƓƓķƔƖƏ ƔƐķƔѵƏ ƐƏƔķƖƕѶ ƐƓƏķƖƑƓ ƑķƐѶƑķƖ !;1Ѵ-vvbC1-ঞom|omom1uu;m|-vv;|v_;Ѵ7=ouv-Ѵ;Őo|;ƒƑő @;1|o=lo;l;m|bm;1_-m];u-|;v ƐƖƔķƖƔѵ ƖƔƖķѶƒƒ ƑƔƑķƕƖѶ ov|ouu;-Ѵ-ঞom -Ѵ-m1;-v-|ƏƐĺƏƓĺƑƏƐƖ -Ѵ-m1;-v-|ƒƐĺƏƒĺƑƏƑƏ 11lѴ-|;77;ru;1b-ঞomņblr-bul;m| -Ѵ-m1;-v-|ƏƐĺƏƓĺƑƏƐƖ -Ѵ-m1;-v-|ƒƐĺƏƒĺƑƏƑƏ -uubm]-Ѵ; v-|ƒƐĺƏƒĺƑƏƑƏv-|ƒƐĺƏƒĺƑƏƐƖ ƕķƑƖƓķƖѵƕ ƕķƏƖƖķƏƐƐ ƒƕķƔѵƑķƖƓƓ ƑƒķƓƔƑķƖƒƓ ƓķƑƔѶķѶƑƕ ƒķƑƖƓķѶƕѵ ƑƑƓķƕѵƐ ƐƒƓķƓƐƔ ƑķƐ ƐķƑ @;1|o=lo;l;m|bm;1_-m];u-|;v Ŋ ƓƐƒķƑƐƔ ƐѶƒķƑƒƐ ƑƏķƓ Disposals _-u];=ou|_;;-u Ŋ ƐķƏƑƕķƖѵƐ ƔѶƔķƓѶƖ ƔƏķƕƏƒ ƑƒƖķƕƔƏ Ƒ v-u;vѴ|o=|_;( ŊƐƖo|0u;-hbm"ub-mh-7ubm]|_;Ѵ ubm]|_;;-u0ouuobm]1ov|-lomঞm]|o!vĺƔƓƏķƑƒƕķƒƏƕņŊ -rb|-Ѵouhbmruo]u;vvu;ru;v;m|v|_;-lom|o=;r;m7b|u; m1olrѴb-m1;b|_|_;-11omঞm]roѴb1ķѴ-m7om;70uor1 $_;]uovv1-uubm]-lom|o==ѴѴ7;ru;1b-|;7ruor;u|ķrѴ-m| $_;;1_-m];7b@;u;m1;_-v-ubv;m-v-u;vѴ|o=|_;|u-mvѴ-ঞo $_;-Ѵ;o=|_;ruor;u|ķrѴ-m|-m7;tbrl;m|rѴ;7];7-vv;1 $_;uor7o;vmo|=ou;v;;-mbm7b1-ঞomvo=lr-bul;m|-v-| 17.1.7 17.1.4 ƐƕĺƐĺƔ 17.1.6 17.1.2 17.1 Group Group Ɛƕ17.1 uor;u|ķrѴ-m|-m7;tbrl;m| 17.1.1 ƐƕĺƐĺƒ

174 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ķƓƐƓ Total ƖƏ ƐķѵƑƓķƑƑƑ ƐķѵƏƑķƓƖƏ

"o[ |Ѵ;uķ =umbv_bm]ķ Ѵ-vv-u; uo1h;uş Ŋ & bমm]v Furniture Furniture Motor -u1_ƑƏƑƏ-v!vĺƔƒƐķƖѶѶķƔƔƕņŊĺ Vehicles Vehicles Plant Plant tbrl;m| Machinery & Machinery bѴ7bm]v (Freehold) (Freehold) Ŋ Ŋ ŐƒķƏѵƑő Ŋ ŐƑķƕƒƔő ŐѶƏƏő ŐѵķƔƖƕő Ŋ Ŋ ŐƑķƖƕƒő Ŋ ŐƐķƖƐƓő ŐƔƏƏő ŐƔķƒѶƕő Ŋ ƒѵƖķƕƑƑ ƒѶƓķƑƒƔŊ ƒƖƐķƐƖƔ Ɠƕ ƓƏƕķѵƑƔ ƑƑƓķƓƑƒ ƐƏƑķƐƒѶ Ɠƕ ƐķƏѶƏķƔѵƔ ƑƑƕķѶƓƓ ƐƏƖķѶѶƐ ƐķƐƒѵķƔƖƑ -m7 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ƕƐƏķƒƏƏ ƐķƏƕѵķƐƑƕ ƔƐƒķƐƕѵƕƐƏķƒƏƏ ƐķƏƕѵķƓƖƒ Ɠƕ ƔѶƑķƖƒƓ ƑѵƐķƒƒƕ Ɠƕ ƐƑƑķƏѵѶ ƑķѵѶƒķƏƔƔ ƑѵƏķѵƕƏ ƐƒƏķƒƕƏ ƑķƕѵƏķѶƐƓ (Freehold) (Freehold) ub|-]-bmv|0ouuobm]v-u;7bv1Ѵov;7bmo|;ƒƔĺ -m7;tbrl;m||_-|bvvঞѴѴbmv;=ou|_;olr-m-v-|ƒƐv| 77bঞomvDisposals Ŋ ƒѵѵ ƕƑķѶƑƏ Ŋ ƑķƏѵѶ ƖķƐƏƑ ѶƓķƒƔѵ Disposal ov|ouu;-Ѵ-ঞom -Ѵ-m1;-v-|ƏƐĺƏƓĺƑƏƐƖ -Ѵ-m1;-v-|ƒƐĺƏƒĺƑƏƑƏ 11lѴ-|;77;ru;1b-ঞomņblr-bul;m| -Ѵ-m1;-v-|ƏƐĺƏƓĺƑƏƐƖ _-u];=ou|_;;-u-Ѵ-m1;-v-|ƒƐĺƏƒĺƑƏƑƏ -uubm]-Ѵ; v-|ƒƐĺƏƒĺƑƏƑƏv-|ƒƐĺƏƒĺƑƏƐƖ Ŋ ƑƐķƓƕƒ ƕƐƏķƒƏƏ Ƒѵķƒѵƒ ƕƐƏķƒƏƏ ѵѶƔķƑƖѶ ƕƏѵķƓƏƔ ƐƕƔķƒƏƖ ƐƑѶķƖƓƐ Ŋ ƔķƒƒƔ Ŋ Ŋ ƒƑķѶƑѵ ѶķƑƓƒ ƒѵķƖƐƓ ƑƏķƓѶ ѵƐ ƐƖķƖƒ ŐƑƏƐѶņƑƏƐƖŊ!vĺƔƑƐķƔƐƏķƔѶƑņŊő $_;]uovv1-uubm]-lom|o==ѴѴ7;ru;1b-|;7ruor;u|rѴ-m| $_;-Ѵ;o=|_;ruor;u|ķrѴ-m|-m7;tbrl;m|rѴ;7];7-vv;1 17.2 Company Company 17.2 17.2.1 17.2.2

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 175 NOTES TO THE FINANCIAL STATEMENTS at cost at amount -uubm] Ɠƒƕ ƓķƏѵƒ ƖķƓƖƒ ƔķƑƏƕ ƐķƖƐѵ ƕķƒѶƓ surplus ѵѵķƕƏѶ ƐƓƔķѶƒѶ ƑƐķƔƐƑƖƒķƔƔƕƐƏķѶƑѵ ƐķƓѶѶ ƓƒķѵƔƏ ƔѵķƕƕƖ ƓƓķƏƏƏ ƖķƐƕƓ ƕƒƏķƏƏƏ ƓƑķƓƕѶ ƐƑƔķƏƏƏ ƐƏķƓƒƑ Rs. ’000 Rs. ’000 Rs. ѵƕƕķƒƖѶƒƐƒķƐƕƏ ƐѶķƑƏƑ ƐƐѵķƕƔѶ ƐƐķƏѶƏ ƐƏƏķƑѵƑ ƒѵƓķƒƖƔ ƐƖķƕѵƔ ƒƕƒķƕƑƏ ƔƔѵķƑѶѵ ƑķƐѶƏķƏƐѶ ƐķѶƏƏķƖѵƏ !;-Ѵ-ঞom as at ƖķƒƏƏ ƓķƔƏƏ amount ƐƓķƕƏƏ ƑƒķƏƏƏ ƑƏķƏƏƏ ƔƑķƖƐƏ -uubm] !vĺĽƏƏƏ ѵƖƔķѵƏƏ ƒƑƓķƑƔƏ ƑƐƕķƏƑƏ ƑƐƑķƔƓѵ ƒѶƓķƐѵƏ ƐƔƏķƒƒѵ ƕƕƒķѵƔƏ ƐѵƖķƏƏƏ ƖƒƏķƏƏѵ ƒķƖѶƏķƖƕѶ ƒƐĺƏƒĺƑƏƑƏ ub;m1;bm|_;Ѵo1-ঞom-m71-|;]ouo=ruor;u|0;bm] l-u-m7vvo1b-|;vŐm7b-ő ѶƏ ƒƖĺƑƖ !ķƏĺƖ ķƏ!ĺƕĺƔƑ ƖƑ!ƑƑĺƓƏ 29A 2R 9P 29A -m7;|;m|

ƕ Ɛƒ!ƒƒĺƑƏ ƒƏĺƏƖĺƑƏƐƕ date ƒƏĺƏƖĺƑƏƐƕ ƑĺƏ!ƒƔĺƖƑ h;|-Ѵ;0bm7;r;m7;m|ķt-ѴbC;7-Ѵ;uv_o_-;u;1;m|;r; -l-ķĺĺ(ĺŐ"ub-mh-ő o|_vb-ub-|;blb|;7Őm7b-ő -]-ѴѴ-ķ ƒƏĺƏƖĺƑƏƐƕ ƏƏ!ƐƖĺƒƏ m7-"bm]_ĺ"ĺĺŐ m]ĺőķ ĺĺ ķ ĺĺ(o=;vv;uvĺ!-f o1-ঞom -v|u;-Ѵ-ঞom "Heritance Ahungalla" "Heritance -ѴѴ;!o-7ķ_m]-ѴѴ- Island Meeraladuwa ƒƏĺƏƖĺƑƏƐƕ ƐƐƒ!ƒƓĺƏƑ ƐƓƓņƕķ!-fb-m7_b"-Ѵ-bķoম-hh-lķ ƐƖĺƏƒĺƑƏƐѶ Əĺƒ!ĺƐƔĺƓ Beruwala

176 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƕĺƒĺƑ -m71-uub;7-|1ov|Ő=-bu-Ѵ;ő olr-m

-uubm] amount As at o1-ঞom 1tbvbঞom7-|; |;m| ƒƐĺƏƒĺƑƏƑƏ !vĺĽƏƏƏ

b|h;m"r;m1;!;vou|vŐb77Ѵ; -v|ő v1-|ķl-m ƐƐĺƏƑĺƑƏƐѵ ƔķƏ!ķѶĺƏ ƒķƒƐƒķƖѶƖ

Total ƒķƒƐƒķƖѶƖ

!;-Ѵ-ঞomo=|_;-0o;ruor;u|_b1_-v-tbu;7b|_bmѴ-v|C;;-uvķ_-vmo|0;;m1-uub;7o|-v|_;1-uubm]-Ѵ;bv1omvbv|;m| b|_|_;l-uh;|-Ѵ;vĺ

Ɛƕĺƒĺƒ $o|-Ѵ1-uubm]-lom|o=Ѵ-m7

Group As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

ƐƕĺƓ -rb|-Ѵ;r;m7b|u;1ollb|l;m|v The following commitments for capital expenditure approved by the Directors as at 31st March 2020 have not been provided for in |_;-11om|vĺ

Group As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

Approximate amount approved but not contracted for Ŋ ƐķƔƏƐķƓƏƏ Approximate amount contracted for but not accounted ƐķƐƒƖķƓѵƏ ƐķƐѵƏķƑƑƔ Total ƐķƐƒƖķƓѵƏ ƑķѵѵƐķѵƑƔ

$_;-0o;1-rb|-Ѵ;r;m7b|u;1ollb|l;m|v1om|u-1|;7-u;|_;0-Ѵ-m1;ruof;1|r-l;m|vu;Ѵ-ঞm]|o1omv|u1ঞomo=ľ;ub|-m1; -u-_Ŀbml-Ѵ7b;vĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 177 NOTES TO THE FINANCIAL STATEMENTS

ƐѶ !b]_|Ŋo=Ŋv;-vv;|v ƐѶĺƐ o;l;m|7ubm]|_;;-u

Group As at !b]_|Ŋo=Ŋv; !b]_|Ŋo=Ŋv; Total -m7 0bѴ7bm]v ƒƐĺƏƒĺƑƏƑƏ Rs. ’000 Rs. ’000 !vĺĽƏƏƏ

ov|ou-Ѵ-ঞom Balance as at 01st April 2019 ŊŊŊ $u-mv=;uu;7=uolru;bovѴu;1o]mbv;7Ѵ;-v;_oѴ7ruor;uঞ;vŐѴ;-v;_oѴ7ub]_|vő ƒķƏѶƔķƖƕƕ Ŋ ƒķƏѶƔķƖƕƕ $u-mv=;uu;7=uolru;bovѴu;1o]mbv;7ru;r-b7or;u-ঞm]Ѵ;-v;v ƐķƒƔƔķѶƖƒ Ŋ ƐķƒƔƔķѶƖƒ !;1o]mbঞomo=or;u-ঞm]Ѵ;-v;vm7;u" !"Ɛѵ ƕķƖƖƑķƐƓѶ ƔķѶƔƒ ƕķƖƖѶķƏƏƐ 77bঞomv7ubm]|_;;-u ƑķƏƕƐķƓƕƔ Ŋ ƑķƏƕƐķƓƕƔ lr-1|om;1_-m];u-|;Y1|-ঞom ƐķƐƒƓķƑƏƐ Ŋ ƐķƐƒƓķƑƏƐ Balance as at 31st March 2020 ƐƔķѵƒƖķѵƖƓ ƔķѶƔƒ ƐƔķѵƓƔķƔƓƕ

11lѴ-|;77;ru;1b-ঞomņblr-bu;l;m| Balance as at 01st April 2019 Ŋ Ŋ Ŋ $u-mv=;uu;7=uolru;bovѴu;1o]mbv;7Ѵ;-v;_oѴ7ruor;uঞ;vŐѴ;-v;_oѴ7ub]_|vő ƖƐƓķƏѵƐ Ŋ ƖƐƓķƏѵƐ $u-mv=;uu;7=uolru;bovѴu;1o]mbv;7ru;r-b7or;u-ঞm]Ѵ;-v;v ƐƔѶķƔƏƕ Ŋ ƐƔѶķƔƏƕ !;1o]mbঞomo=or;u-ঞm]Ѵ;-v;vm7;u" !"Ɛѵ ƑķƒѵƔķƏƏѵ ƐķƖƔƐ ƑķƒѵѵķƖƔƕ _-u];=ou|_;;-u ƕƏƑķƕƓѵ ƐķƖƔƐ ƕƏƓķѵƖƕ _-u];1-rb|-Ѵbv;7 ƑƏķƕƒƐ Ŋ ƑƏķƕƒƐ lr-1|om;1_-m];u-|;Y1|-ঞom ƒƏѶķƑƏƔ Ŋ ƒƏѶķƑƏƔ Balance as at 31 st March 2020 ƓķƓѵƖķƑƔѵ ƒķƖƏƑ ƓķƓƕƒķƐƔѶ -uubm]-Ѵ; As at 31st March 2020 ƐƐķƐƕƏķƓƒѶ ƐķƖƔƐ ƐƐķƐƕƑķƒѶƖ As at 31st March 2019 Ŋ Ŋ Ŋ

$_;uor_-v|;v|;7b|vub]_|Ŋo=Ŋv;-vv;|v=oublr-bul;m|om|_;7-|;o=|u-mvbঞom-m7_-v1om1Ѵ7;7|_-||_;u;bvmobm7b1-ঞom |_-||_;ub]_|Ŋo=Ŋv;-vv;|v-u;blr-bu;7ĺ

$_;uorv;7-ml0;uo=ru-1ঞ1-Ѵ;r;7b;m|v_;m-rrѴbm]" !"Ɛѵ|oѴ;-v;vru;bovѴ1Ѵ-vvbC;7-vor;u-ঞm]Ѵ;-v;vm7;u "Ɛƕĺmr-uঞ1Ѵ-uķ|_;uorĹ

Ŋ7b7mo|u;1o]mbv;ub]_|Ŋo=Ŋv;-vv;|v-m7Ѵb-0bѴbঞ;v=ouѴ;-v;v=ou_b1_|_;Ѵ;-v;|;ul;m7vb|_bmƐƑlom|_vo=|_;7-|;o=bmbঞ-Ѵ -rrѴb1-ঞomĸ Ŋ7b7mo|u;1o]mbv;ub]_|Ŋo=Ŋv;-vv;|v-m7Ѵb-0bѴbঞ;v=ouѴ;-v;vo=Ѵo-Ѵ;-vv;|vŐ;ĺ]ĺ$;tbrl;m|vķlo|ou;_b1Ѵ;v;|1ő Ŋ;1Ѵ7;7bmbঞ-Ѵ7bu;1|1ov|v=uol|_;l;-vu;l;m|o=|_;ub]_|Ŋo=Ŋv;-vv;|-||_;7-|;o=bmbঞ-Ѵ-rrѴb1-ঞomĸ-m7 Ŋv;7_bm7vb]_|_;m7;|;ulbmbm]|_;Ѵ;-v;|;ulĺ

178 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƖ ;-v;_oѴ7ruor;uঞ;v

Group As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

;-v;_oѴ7ruor;uঞ;vu;ru;v;m||_;-1tbvbঞom1ov|o=Ѵ;-v;_oѴ7ub]_|vo=vol;o=|_;_o|;Ѵruor;uঞ;vbm|_;-Ѵ7b;vĺm-7orঞom o=" !"ƐѵomƏƐv|rubѴƑƏƐƖķ|_;0-Ѵ-m1;bm|_;Ѵ;-v;_oѴ7ruor;uঞ;v-v|u-mv=;uu;7|oub]_|Ŋo=Ŋv;-vv;|vĺ

ƑƏ u;r-b7or;u-ঞm]Ѵ;-v;v

Group As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

u;r-b7or;u-ঞm]Ѵ;-v;vu;ru;v;m||_;-lom|vr-b7bm-7-m1;=ouѴ;-v;_oѴ7ub]_|vo=vol;o=|_;_o|;Ѵruor;uঞ;vĺ m-7orঞomo=" !"ƐѵomƐv|rubѴƑƏƐƖķ|_;0-Ѵ-m1;bm|_;ru;r-b7or;u-ঞm]Ѵ;-v;v-v|u-mv=;uu;7|oub]_|Ŋo=Ŋv;-vv;|vĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 179 NOTES TO THE FINANCIAL STATEMENTS

ƑƐ m|-m]b0Ѵ;-vv;|v 21.1 Group

As at oo7bѴѴ Computer Total "o[-u; ƒƐĺƏƒĺƑƏƑƏ Rs. ’000 Rs. ’000 !vĺĽƏƏƏ

ov|ou(-Ѵ-ঞom Balance as at 01st April 2019 ƓƔƕķƒƕѵ ƐƏƐķƏƕƐ ƔƔѶķƓƓƕ @;1|o=lo;l;m|bm;1_-m];u-|;v ƒƔķƕѵƖ ƓķƓƓƒ ƓƏķƑƐƑ 77bঞomv Ŋ ƖѶķѵƔƑ ƖѶķѵƔƑ Balance as at 31st March 2020 ƓƖƒķƐƓƔ ƑƏƓķƐѵѵ ѵƖƕķƒƐƐ

$_;u;1o;u-0Ѵ;-lom|o=]oo7bѴѴbv7;|;ulbm;70-v;7om-Ѵ;ŊbmŊv;1-Ѵ1Ѵ-ঞomvĺ$_;v;1-Ѵ1Ѵ-ঞomvv;1-v_Yoruof;1ঞomv 0-v;7omCm-m1b-Ѵ07];|v-rruo;70l-m-];l;m|1o;ubm]C;;-ur;ubo7vĺ$_;h;-vvlrঞomvv;7-u;]b;m0;Ѵoĺ

mY-ঞom Ŋ -v;7om1uu;m|bmY-ঞomu-|;ĺ

bv1om|u-|; Ŋ !bvh=u;;u-|;-7fv|;7=ou|_;vr;1bC1ubvhu;Ѵ-ঞm]|o|_;bm7v|uĺ

-u]bm Ŋ -v;omr-v|r;u=oul-m1;-m707];|;7;r;1|-ঞomv

$_;;@;1|vo=( ŊƐƖr-m7;lb1_-;0;;m|-h;mbm|o;@;1|bm|_;1-v_Yo=ou;1-v|v-m7|_;7bv1om|u-|;v;7=ou|_; 1-Ѵ1Ѵ-ঞomĺ$_;u;bv-1omvb7;u-0Ѵ;7;]u;;o=f7];l;m|bmoѴ;7bmru;r-ubm]=ou;1-v|v-m7-vvlrঞomvbm1Ѵ7bm]7bv1om|u-|;vĺ

180 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 21.2 Company

As at Computer Total "o[-u; ƒƐĺƏƒĺƑƏƑƏ Rs. ’000 !vĺĽƏƏƏ

ov|ou(-Ѵ-ঞom Balance as at 01st April 2019 ƐƏķƕƐƖ ƐƏķƕƐƖ 77bঞomv ƑķƒѶƑ ƑķƒѶƑ Balance as at 31st March 2020 ƐƒķƐƏƐ ƐƒķƐƏƐ

11lѴ-|;7-louঞv-ঞomņblr-bul;m| Balance as at 01st April 2019 ƕķѵƔѶ ƕķѵƔѶ louঞv-ঞom ƑķƐƕƑ ƑķƐƕƑ Impairment during the year Ŋ Ŋ Balance as at 31st March 2020 ƖķѶƒƏ ƖķѶƒƏ -uubm]-Ѵ; v-|ƒƐĺƏƒĺƑƏƑƏ ƒķƑƕƐ ƒķƑƕƐ v-|ƒƐĺƏƒĺƑƏƐƖ ƒķƏѵƐ ƒķƏѵƐ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 181 NOTES TO THE FINANCIAL STATEMENTS

ƑƑ m;v|l;m|bmv0vb7b-ub;v ƑƑĺƐ m;v|l;m|vbmv0vb7b-ub;vŋmto|;7

Country of l0;u Company Group ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ bm1ourou-ঞom of Shares oѴ7bm] oѴ7bm] !vĺĽƏƏƏ Rs. ’000

-ő tb|v_-u;v b|h;m"r;m1;o|;Ѵv|7 "ub-mh- ƐƓķƕƏƐķƑƏƓ ƖѶĺƏƐѷ ƖѶĺƏƐѷ ƐƓƖķƕƔƏ ƐƓƖķƕƒѵ

u;v|"|-u|7Ŗ Hong Kong Ŋ Ŋ Ŋ Ŋ ƖķƖƑƐ Őu7bm-u"_-u;vo=ŪƐ;-1_ő

u;v|"|-uŐ(ő|7 ubঞv_(bu]bmvѴ-m7 ƒķƓƐƔķƏƏƏ ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ ƐѶƔķѵƑѶ ƐѶƔķѵƑѶ Őu7bm-u"_-u;vo=&"ŪƐ;-1_ő

oub;m;v|l;m|Ő|ő|7 Maldives ƔƑķƕƓƏ ѵƏĺƏƏѷ ѵƏĺƏƏѷ ƒƑƐķƕƒƒ ƒƑƐķƕƒƒ Őu7bm-u"_-u;vo=u=ƐƏƏƏ;-1_ő

b|h;m"r;m1;!;vou|vŐb77Ѵ; -v|ő l-m 01 ƏĺƏƐѷ ƏĺƏƐѷ Ŋ Ŋ Őu7bm-u"_-u;vo=!Ɛ;-1_ő

;|_;uv;o|;Ѵv|7 "ub-mh- ƑƓķƔƓƑķƏƏƏ ƖƓĺƓƓѷ ƖƓĺƓƓѷ ƐѵƐķƓƑƐ ƐѵƐķƓƑƐ

;r|m;u;7b1(bѴѴ-];Ő|ő|7 "ub-mh- ƔƏƏķƏƏƏ ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ ƔķƏƏƏ ƔķƏƏƏ

b|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7 "ub-mh- ƐƏķƕƓƓķƔѶƑ ƔƐĺƏƏѷ ƔƐĺƏƏѷ ƐѶƐķƏƑƓ ƐѶƐķƏƑƓ

b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ"o|_m7b-ő||7 India ƑƖķѶѵƖķƏƏƏ ƐѵĺѵƏѷ ƐѵĺѵƏѷ ƕƓƓķƒƑƔ ƒƏƕķƏƏƏ

$u--Ő|ő|7ĺ "ub-mh- ƑƐƖķѶƐƑķƒƑƑ ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ ƐķƔѶƒķѵƕƖ ƐķƔѶƒķѵƕƖ

$u--!;vou|vŐ|ő|7 "ub-mh- ƐƑƐķƖƑƏķƏƏƏ ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ ƐķƑƐƖķƑƏƏ ƐķƑƐƖķƑƏƏ

_m]-ѴѴ-!;vou|v|7 "ub-mh- ƕѶķƒѵƖķƏƑƓ ѵƏĺƏƏѷ ѵƏĺƏƏѷ ƑķƖƑѵķƒƑѵ ƑķƖƑѵķƒƑѵ

;;u-Ѵ-7-Ő|ő|7 "ub-mh- ƑƏķƑƑƕķѶƏƐ ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ ƑƏƑķƑƕѶ ƑƏƑķƑƕѶ

"!;vou|vŐ|ő|7 Maldives 01 ƏĺƏƐѷ ƏĺƏƐѷ Ŋ Ŋ

&mbt;!;vou|vŐ|ő|7 Maldives 01 ƏĺƏƐѷ ƏĺƏƐѷ Ŋ Ŋ

1;!;vou|vŐ|ő|7 Maldives 01 ƏĺƏƐѷ ƏĺƏƐѷ Ŋ Ŋ

bѴ-;Ѵb!;vou|vŐ|ő|7 "ub-mh- 01 ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ Ŋ Ŋ

bѴ-;ѴboѴ7-vŐ|ő|7 "ub-mh- 01 ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ Ŋ Ŋ

$_;-ѴѴ;;ub|-];Ő|ő|7 "ub-mh- 01 ƐƏƏĺƏƏѷ ƐƏƏĺƏƏѷ Ŋ Ŋ ƕķƕƒƐķѵƐƖ ƕķƒƏƓķƑƏƐ ;vvĹuobvbom=oulr-bul;m|o=bm;v|l;m|bm$u-- Ő|ő|7ŖŖ ŐƐƑƓķƕƕѶő Ŋ ƕķѵƏѵķѶƓƐ ƕķƒƏƓķƑƏƐ 0őu;=;u;m1;v_-u;v

b|h;m"r;m1;o|;Ѵv|7 "ub-mh- ƓƏķƏƏƏķƏƏƏ ƓƏƏķƏƏƏ ƓƏƏķƏƏƏ

Net carrying amount of investments in subsidiaries – mto|;7-v-|ƒƐv|-u1_ ѶķƏƏѵķѶƓƐ ƕķƕƏƓķƑƏƐ

Ŗu;v|"|-u|7ĸ-v0vb7b-uo=|_;1olr-m_b1_-vbm1ourou-|;7bmom]hom]-vѴbtb7-|;77ubm]|_;;-u;m7;7ƒƐv|-u1_ ƑƏƑƏĺ ŖŖlr-bul;m||o|_;1-uubm]-Ѵ;o=bm;vl;m|bm$u--Ő|ő|7-vu;1o]mbv;70-v;7om|_;7bv1om|;7=|u;1-v_Yov|o|_; ;|;m|o=|_;momu;1o;u-0bѴb|-lom|o=|_;bm;v|l;m|ĺ $_;;@;1|vo=( ŊƐƖr-m7;lb1_-;0;;m|-h;mbm|o;@;1|bm|_;1-v_Yo=ou;1-v|v-m7|_;7bv1om|u-|;v;7=ou|_; 1-Ѵ1Ѵ-ঞomĺ$_;u;bv-1omvb7;u-0Ѵ;7;]u;;o=f7];l;m|bmoѴ;7bmru;r-ubm]=ou;1-v|v-m7-vvlrঞomvbm1Ѵ7bm]7bv1om|u-|;vĺ

Country of l0;u m;v|ou Group ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ bm1ourou-ঞom of Shares oѴ7bm] oѴ7bm] !vĺĽƏƏƏ Rs. ’000

b|h;m"r;m1;o|;Ѵv|7 ՍŊ-m7-Ѵ-l-o|;ѴvŐ|ő|7 "ub-mh- ƐƏķƑƐѵķƑƐѵ ѵƒĺƏƏѷ ѵƐĺƕƔѷ ƑƒƓķƓƏѵ ƑƒƓķƓƏѵ ՍŊ;ub|-m1;Ő|ő|7ĺ "ub-mh- ƑķƐƑƔķѵƑƕ ƐƏƏĺƏƏѷ ƖѶĺƏƐѷ ƒƔķƕƔƐ ƒƔķƕƔƐ ƑƕƏķƐƔƕ ƑƕƏķƐƔƕ u;v|"|-uŐ(ő|7 ՍŊ;|-m$u-;Ѵ";ub1;voĺŐ|ő|7 Maldives ƓƕķƔƏƏ ƖƔĺƏƏѷ ƖƔĺƏƏѷ ƔƓƔķƓƕѵ ƔƏƔķƕѶƐ ƔƓƔķƓƕѵ ƔƏƔķƕѶƐ b|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7 ՍŊ "!;vou|vŐ|ő|7 Maldives ƐķƑƕƓķƖƖƖ ƐƏƏĺƏƏѷ ƔƐĺƏƏѷ ƐƏƒķƖƕƏ ƐƏƒķƖƕƏ ՍŊ&mbt;!;vou|vŐ|ő|7 Maldives ѵķƒƕƓķƖƖƖ ƐƏƏĺƏƏѷ ƔƐĺƏƏѷ ƔѵƑķѵѵƒ ƔѵƑķѵѵƒ ՍŊb|h;m"r;m1;o|;Ѵ";ub1;vŐ|ő|7 India ƐƏķƏƏƏ ƐƏƏĺƏƏѷ ƔƐĺƏƏѷ ƑƕƐ ƑƕƐ ՍŊb|h;m"r;m1;o|;Ѵ-m-];l;m|v India ƐƔƏķƏƓѶķƖƖƔ ѶƒĺƓƏѷ ƓƑĺƔƒѷ ƒķƒƖƏķƖƔѵ ƒķƒƖƏķƖƔѵ ՍՍŐ"o|_m7b-ő||7 ՍŊ1;!;vou|vŐ|ő|7 Maldives ѶķƓѶƏķƖƖƖ ƐƏƏĺƏƏѷ ƔƐĺƏƏѷ ƕƓƏķƐƔƔ ƕƓƏķƐƔƔ ՍŊb|h;m"r;m1;!;vou|vŐb77Ѵ; -v|ő l-m ƐƐķƒѵƒķƕƕƔ ƖƖĺƖƖѷ ƔƏĺƖƖѷ ƓķƓƔƐķƓƒƔ ƓķƓƔƐķƓƒƔ ՍŊb|h;m"r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7 "ub-mh- ƐƏƏķƏƏƏ ƐƏƏĺƏƏѷ ƔƐĺƏƏѷ ƐķƏƏƏ ƐķƏƏƏ ƖķƑƔƏķƓƔƏ ƖķƑƔƏķƓƔƏ

!oѴb7-ol;vŐ|ő|7 ՍŊ;ul0-Ѵ-l!;vou|vŐ|ő|7 India ƐƏķƏƏƏ ƐƏƏĺƏƏѷ ƓƒĺƐƒѷ ƑƔƏķƖƔƏ ƑƔƓķƖƓƖ ƑƔƏķƖƔƏ ƑƔƓķƖƓƖ

-m7-Ѵ-l-o|;ѴvŐ|ő|7ķ-m7;ub|-m1;Ő|ő|7ķ-u;v0vb7b-ub;vo=b|h;m"r;m1;o|;Ѵv|7ĺ

;|-m$u-;Ѵ";ub1;voĺ||7ķbv-v0vb7b-uo=u;v|"|-uŐ(ő|7ĺ

"!;vou|vŐ|ő|7ķ&mbt;!;vou|vŐ|ő|7ķb|h;m"r;m1;o|;Ѵ";ub1;vŐ|ő|7ķb|h;m"r;m1;o|;Ѵ-m-];l;m| Ő"o|_m7b-ő||7ķ1;!;vou|vŐ|ő|7-m7b|h;m"r;m1;!;vou|vŐb77Ѵ; -v|ő-u;v0vb7b-ub;vo=b|h;m"r;m1;o|;Ѵv m|;um-ঞom-ѴŐ|ő|7ĺ

;ul0-Ѵ-l!;vou|vŐ|ő|7ķbv-v0vb7b-uo=ĺ!oѴb7-ol;vŐ|ő|7ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 183 NOTES TO THE FINANCIAL STATEMENTS

b|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7 "ub-mh- "ub-mh-";1|ouŊ 49% 49% |_;uv _m]-ѴѴ-!;vou|v|7 "ub-mh- "ub-mh-";1|ou 40% 40% oub;m;v|l;m|vŐ|ő|7 Republic of Maldives South Asian Sector 40% 40% "!;vou|vŐ|ő|7 Republic of Maldives South Asian Sector 49% 49% &mbt;!;vou|vŐ|ő|7 Republic of Maldives South Asian Sector 49% 49% Aitken Spence Hotel Management South India Ő|ő|7 India South Asian Sector ƓƏĺѶƕѷ ƓƔĺƐƒѷ

1;r|=ou_m]-ѴѴ-!;vou|v|7-m7oub;m;v|l;m|vŐ|ő|7ķ|_;momŊ1om|uoѴѴbm]bm|;u;v|o=o|_;uv0vb7b-ub;v-u;_;Ѵ7b|_|_; _oѴ7bm]olr-mķb|h;m"r;m1;ĺ

oub;m;v|l;m|vŐ|ő|7 _m]-ѴѴ-!;vou|v|7 ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Revenue ƓķƔѶƓķƒƕƏ ƒķƔƏƐķƒѶƑ ƐķѵƔƐķƖƐƐ ƑķƐƓƔķƔƒѶ

Total comprehensive income ŐƑѵƏķƕƏƔő ѶƕƕķƔƖƖ ŐѵƓƑķƕƐƖő ŐƓƔƖķƐѵƓő $o|-Ѵ1olru;_;mvb;bm1ol;-ub0|-0Ѵ;|o ŐƐƏƓķƑѶƑő ƒƔƐķƏƓƏ ŐƑƔƕķƏѶѶő ŐƐѶƒķѵѵѵő

uu;m|vv;|v ƐķƐƏƓķƏѶƓ ƐķƐƖѵķƖƕƒ ƐķƐƒѶķƑѶƐ ѶƔѵķƔƕѶ omŊ1uu;m|-vv;|v ƑƓķƒƑƕķѵѶƑ ƐƕķƑƑѶķƔƓƔ ƐƏķƑƖѶķƐƑƔ ƐƏķƕƐƔķƑƓƐ uu;m|b-0bѴbঞ;v ŐƒķƕѵƐķƔƐƓő ŐƐķƔƔƖķƏѵƕő ŐѶƖѵķƖƔƏő ŐƕƐƑķƑƕƏő omŊ1uu;m|Ѵb-0bѴbঞ;v ŐƐƔķƔƏƐķƑƑƑő ŐƐƏķѵƒѶķƏƏƔő ŐƕķƔƔѶķƐƒƓő ŐѵķѶƑƓķƖƓƑő Net Assets ѵķƐѵƖķƏƒƏ ѵķƑƑѶķƓƓѵ ƑķƖѶƐķƒƑƑ ƓķƏƒƓķѵƏƕ ;|-vv;|v-ub0|-0Ѵ;|o ƑķƓѵƕķѵƐƑ ƑķƓƖƐķƒƕѶ ƐķƐƖƑķƔƑƖ ƐķѵƐƒķѶƓƒ

-v_Yo=uolor;u-ঞm]-1ঞbঞ;v ѵƑƔķƒƏѶ ƔƓѶķƔƔƔ ƔƐƔķƖƔƏ ŐƓƏƏķƓƖƔő -v_Yo=uolbm;vঞm]-1ঞbঞ;v ŐƑķƓѶƔķƖƏƕő ŐѵķƏƒƓķѶƔƏő ŐƔƐķƔѶƖő ŐƓѵķƏƏѵő -v_Yo=uolCm-m1bm]-1ঞbঞ;v ƐķƑƐƖķѶѶѶ ƔķѵƐѵķƒƓƔ ŐѶƔķƐѶƔő ŐƑķƕƑƐķѶƖѶő ;|bm1u;-v;bm1-v_-m71-v_;tb-Ѵ;m|v ŐѵƓƏķƕƐƐő ƐƒƏķƏƔƏ ƒƕƖķƐƕѵ ŐƒķƐѵѶķƒƖƖő

bb7;m7vr-b7|o7ubm]|_;;-u Ŋ Ŋ Ŋ Ŋ

184 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ƒƒ m;v|l;m|bm;tb|-11om|;7bm;v|;;v

Group Company ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

!;1o]mbv;7bm|_;v|-|;l;m|o=Cm-m1b-Ѵrovbঞom ՍŊm|;u;v|bmfobm|;m|u;v Ŋ Ŋ Ŋ Ŋ ՍŊm|;u;v|bm-vvo1b-|;v ƖƐƏķƓƕѶ ƐķƑƓƖķƖƏƑ ƐķƑƑƑķѶƕƒ ƐķƑѶƑķѶƕƒ -uubm]-lom|-v-|ƒƐv|-u1_ ƖƐƏķƓƕѶ ƐķƑƓƖķƖƏƑ ƐķƑƑƑķѶƕƒ ƐķƑѶƑķѶƕƒ

!;1o]mbv;7bm;tb| ՍŊm|;u;v|bmfobm|;m|u;v Ŋ Ŋ Ŋ Ŋ ՍŊm|;u;v|bm-vvo1b-|;v ŐƕķѶѵѶő Ŋ Ŋ Ŋ "_-u;o=" !"Ɛѵbmbঞ-Ѵ-rrѴb1-ঞom-7fv|l;m| Սo=;tb|-11om|;7bm;v|;;vŐm;|o=|-ő ŐƕķѶѵѶő Ŋ Ŋ Ŋ

Recognised in the income statement ՍŊm|;u;v|bmfobm|;m|u;v Ŋ Ŋ Ŋ Ŋ ՍŊm|;u;v|bm-vvo1b-|;v ŐƒƑƑķƏƒѵő ŐƐƒѵķƕƏѵő Ŋ Ŋ "_-u;o=ruoC|ņŐѴovvőo=;tb|-11om|;7 Սbm;v|;;vŐm;|o=|-ő ŐƒƑƑķƏƒѵő ŐƐƒѵķƕƏѵő Ŋ Ŋ

!;1o]mbv;7bm|_;v|-|;l;m|o=ruoC|ouѴovv-m7o|_;u comprehensive income ՍŊm|;u;v|bmfobm|;m|u;v Ŋ Ŋ Ŋ Ŋ ՍŊm|;u;v|bm-vvo1b-|;v ŐƖķƔƑƏő ƑѵƓ Ŋ Ŋ "_-u;o=o|_;u1olru;_;mvb;bm1ol;ņŐ;r;mv;őo=;tb| Ս-11om|;7bm;v|;;vŐm;|o=|-ő ŐƖķƔƑƏő ƑѵƓ Ŋ Ŋ

ƑƒĺƐ m;v|l;m|bm-vvo1b-|;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 185 NOTES TO THE FINANCIAL STATEMENTS

ƑƒĺƐĺƐ m;v|l;m|bm-vvo1b-|;vŊto|;7

Group Company As at No. of Group ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ No. of Company ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Shares oѴ7bm] !vĺĽƏƏƏ Rs. ’000 Shares oѴ7bm] !vĺĽƏƏƏ Rs. ’000

uomv;-1_o|;Ѵv ƓѶķƓƖƑķƓƔƐ ƒƕĺƓƑѷ ƖƑƔķƐƐƏ ƖƑƔķƐƐƏ ƓƕķƓƔƔķƕƔƏ ƒѵĺѵƑѷ ƖƏѵķѵƏƑ ƖƏѵķѵƏƑ ŐomvoѴb7-|;7b|_;]ol0o;-1_!;vou|vŐ|ő|7ő Investments made during the year Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Net book value as at 31st March ƓѶķƓƖƑķƓƔƐ ƒƕĺƓƑѷ ƖƑƔķƐƐƏ ƖƑƔķƐƐƏ ƓƕķƓƔƔķƕƔƏ ƒѵĺѵƑѷ ƖƏѵķѵƏƑ ƖƏѵķѵƏƑ "_-u;o=lo;l;m|bm;tb|-Ѵ; ŐƔƓƔķƔƒѶő ŐƑƖƔķѶƕƕő Ŋ Ŋ "urѴvomu;-Ѵ-ঞom ƒƐƕķƑƐѶ ƒƐƕķƑƐѶ Ŋ Ŋ tb|-Ѵ;o=m;v|l;m|-v-|ƒƐv|-u1_ ѵƖѵķƕƖƏ ƖƓѵķƓƔƐ ƖƏѵķѵƏƑ ƖƏѵķѵƏƑ -uh;|-Ѵ;o=to|;7bm;v|l;m|-v-|ƒƐv|-u1_ ƒѵѶķƔƓƒ ƔѵƑķƔƐƑ ƒѵƏķѵѵƓ ƔƔƏķƓѶƕ

ƑƒĺƐĺƑ m;v|l;m|bm-vvo1b-|;vŊmto|;7

l;|_v|;bvu;|7 ƐƒƓķѵѵѵķƏƔƔ ƑƕĺѶƖѷ ƑƓƖķƐѵƖ ƑƓƖķƐѵƖ ƐƒƓķѵѵѵķƏƔƔ ƑƕĺѶƖѷ ƑƓƖķƐѵƖ ƑƓƖķƐѵƖ ŐomvoѴb7-|;7b|_-u-7bv;!;vou|v-vvbh7-_ Ő|ő|7ő Investments made during the year Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Net book value as at 31st March ƐƒƓķѵѵѵķƏƔƔ ƑƕĺѶƖѷ ƑƓƖķƐѵƖ ƑƓƖķƐѵƖ ƐƒƓķѵѵѵķƏƔƔ ƑƕĺѶƖѷ ƑƓƖķƐѵƖ ƑƓƖķƐѵƖ "_-u;o=lo;l;m|bm;tb|-Ѵ; ŐƑƏѵķѵƑƑő ŐƐƕƒķƔƖƕő Ŋ Ŋ tb|-Ѵ;o=m;v|l;m|-v-|ƒƐv|-u1_ ƓƑķƔƓƕ ƕƔķƔƕƑ ƑƓƖķƐѵƖ ƑƓƖķƐѵƖ ;vvĹuobvbom=oulr-bul;m|o=bm;v|l;m|Ŗ Ŋ Ŋ ŐƐѵƏķƕƕƕő ŐƐƏƏķƕƕƕő tb|-Ѵ;o=m;v|l;m|-v-|ƒƐv|-u1_Ŋm;|o= impairment ƓƑķƔƓƕ ƕƔķƔƕƑ ѶѶķƒƖƑ ƐƓѶķƒƖƑ

b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7 ƒķѶѵƑķƒƔƒ ƓƖĺƏƏѷ ƑƑƕķѶƕƖ Ŋ ƒķѶѵƑķƒƔƒ ƓƖĺƏƏѷ ƑƑƕķѶƕƖ Ŋ ŐomvoѴb7-|;7b|_bh;m"r;m1;!;vou1;vŐ|ő|7ő Investments made during the year ŊŊŊ ƑƑƕķѶƕƖ Ŋ Ŋ Ŋ ƑƑƕķѶƕƖ Net book value as at 31st March ƒķѶѵƑķƒƔƒ ƓƖĺƏƏѷ ƑƑƕķѶƕƖ ƑƑƕķѶƕƖ ƒķѶѵƑķƒƔƒ ƓƖĺƏƏѷ ƑƑƕķѶƕƖ ƑƑƕķѶƕƖ "_-u;o=lo;l;m|bm;tb|-Ѵ; ŐƔѵķƕƒѶő Ŋ Ŋ Ŋ tb|-Ѵ;o=m;v|l;m|-v-|ƒƐv|-u1_ ƐƕƐķƐƓƐ ƑƑƕķѶƕƖ ƑƑƕķѶƕƖ ƑƑƕķѶƕƖ $o|-Ѵ;tb|-Ѵ;o=bm;v|l;m|o=bm;v|l;m|vbm -vvo1b-|;vŊmto|;7-v-|ƒƐv|-u1_ ƑƐƒķѵѶѶ ƒƏƒķƓƔƐ ƒƐѵķƑƕƐ ƒƕѵķƑƕƐ

Ŗlr-bul;m||o|_;1-uubm]-Ѵ;o=bm;vl;m|bml;|_v|;bvu;|7-vu;1o]mbv;70-v;7om7bv1om|;7=|u;1-v_Yov|o|_; ;|;m|o=|_;momu;1o;u-0bѴb|-lom|o=|_;bm;v|l;m|ĺ

uomv;-1_o|;Ѵv "ub-mh- mvŞ;]ol0o;-1_ !;vou|vŐ|ő|7 ƒƕĺƓƑѷ ƒѵѶķƔƓƒ

l;|_v|;bvu;|7 "ub-mh- mv-u-7bv;!;vou|v -vvbh7-_Ő|ő|7 ƑƕĺѶƖѷ Ŋ

-u-7bv;!;vou|v-vvbh7-_Ő|ő|7 mv-m7r;u-|;v ŐƐƏƏѷv0vb7b-uo=l;|_v|;bvu;|7ő ľl;|_v|!;vou|v-vvbh7-_Ŀ ƑƕĺѶƖѷ Ŋ

b|h;m"r;m1;!;vou1;vŐ|ő|7 "ub-mh- Provides Human Resources to ŐƐƏƏѷv0vb7b-uo=b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7ő all overseas hotels ƓƖĺƏƏѷ Ŋ

Ƒƒĺƒ "ll-ubv;7Cm-m1b-Ѵbm=oul-ঞomo=bm;v|l;m|bm-vvo1b-|;vb|_l-|;ub-Ѵ

l;|_v|;bvu;|7 uomv;-1_o|;Ѵv b|h;m"r;m1;o|;Ѵ -m-];l;m|vŐ|ő|7 ŐomvoѴb7-|;7b|_-u-7bv;!;vou|v ŐomvoѴb7-|;7b|_;]ol0o ŐomvoѴb7-|;7b|_ -vvbh7-_Ő|ő|7ĺ ;-1_!;vou|vŐ|ő|7ő b|h;m"r;m1; !;vou1;vŐ|ő|7ő ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 ƑƏƐƖņƑƏƑƏ 2018/2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Revenue ѵѶķƏƖƖ ƖƐķƐƕƓ ѵѶƖķƏƕƏ ƐķƏƕƑķѶƖƏ ѵƒƒķƑƏƏ Ŋ

uoC|ņŐovvő-[;u|- ŐƐƐƓķƏѵƐő ŐƐƓƑķƑƒƑő ŐѵƔƒķƖƐƔő ŐƑƔƔķƑƔƏő ŐƖƕķƒƐƏő Ŋ |_;u1olru;_;mvb;bm1ol; ŐƐƒƏő ŐƑѵő ѵѵƒ ƓƐƔ ƐƓķƓƒѶ Ŋ

Total comprehensive income ŐƐƐƓķƐƖƐő ŐƐƓƑķƑƔѶő ŐѵƔƒķƑƔƑő ŐƑƔƓķѶƒƔő ŐѶƑķѶƕƑő Ŋ ub0|-0Ѵ;|o ŐѶƑķƒƓƒő ŐƐƏƑķƔѶƑő ŐƓƏѶķѶƏƔő ŐƐƔƖķƓƕѵő ŐƓƑķƑѵƔő Ŋ ub0|-0Ѵ;|om;v|;;v"_-u;_oѴ7;uv ŐƒƐķѶƓѶő ŐƒƖķѵƕѵő ŐƑƓƓķƓƓƕő ŐƖƔķƒƔƖő ŐƓƏķѵƏƕő Ŋ

uu;m|vv;|v ƐƔķѵѶƒ ƑѵķƕƒƔ ƒƖƓķƔƖƔ ƑƖƖķƔƒƕ ƐķƏѶƔķƓƖƓ ѶѶѶķƖѶƖ omuu;m|vv;|v ƔƓѵķƔƓƐ ƔƔѵķƖƕƖ ƔķƒƓƔķƓƕѶ ƔķƔƓƏķƑƒƖ ƐѶѶķƐƓƒ ƑƑƏķƔƐƔ uu;m|b-0bѴbঞ;v ŐƒƔƔķƓƑƖő ŐƑѵƔķƕƔƓő ŐƕƔƑķƒƐƖő ŐƔƏƐķƒƕƕő ŐƐķƏƑƑķѶƖƖő ŐƕƒƑķѶƖѵő omŊuu;m|Ѵb-0bѴbঞ;v ŐƒƑƕķƑƓƐő ŐƒƐƖķƖƖƒő ŐƒķƐƑƔķƔƑƓő ŐƑķѶƏѶķƖƒƏő ŐƒƓķƏƓƏő ŐƒƏķѵƕƕő Net Assets ŐƐƑƏķƓƓѵő ŐƑķƏƒƒő ƐķѶѵƑķƑƒƏ ƑķƔƑƖķƓѵƖ ƑƐѵķѵƖѶ ƒƓƔķƖƒƐ ub0|-0Ѵ;|o ŐѶѵķѶƔƓő ŐƐķƓѵѵő ƐķƐѵƔķƒѶƓ ƐķƔѶƑķƖƓƑ ƐƐƏķƔƐѵ ƐѵƖķƔƏѵ ub0|-0Ѵ;|om;v|;;v"_-u;_oѴ7;uv ŐƒƒķƔƖƑő ŐƔѵƕő ѵƖѵķѶƓѵ ƖƓѵķƔƑƕ ƐƏѵķƐѶƑ ƐƕѵķƓƑƔ

Groups interest in net assets of investee at the beginning of ƕƔķƔƕƑ ƐƐѵķƖѶƐ ƖƓѵķƓƔƐ ƐķƏƓƐķѵƏƏ ƑƑƕķѶƕƖ Ŋ the year Investments made during the year Ŋ Ŋ Ŋ Ŋ Ŋ ƑƑƕķѶƕƖ $o|-Ѵ1olru;_;mvb;bm1ol;-ub0|-0Ѵ;|o|_;uor ŐƒƒķƏƑƔő ŐƓƐķƓƏƖő ŐƑƓƖķѵѵƐő ŐƖƔķƐƓƖő ŐƔѵķƕƒѶő Ŋ

Group's interest in net assets of investee at the end of the ƓƑķƔƓƕ ƕƔķƔƕƑ ѵƖѵķƕƖƏ ƖƓѵķƓƔƐ ƐƕƐķƐƓƐ ƑƑƕķѶƕƖ year

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 187 NOTES TO THE FINANCIAL STATEMENTS

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Note !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

bm-m1b-Ѵ-vv;|v-|=-bu-Ѵ;|_uo]_ ՍŊ&mto|;7;tb|v;1ubঞ;v ƑƓĺƐĺƐ ƐƔѶķƐѶƕ ƐƓѵķѵƕƔ Ŋ Ŋ

bm-m1b-Ѵ-vv;|v-|-louঞv;71ov| ՍŊ&mto|;77;0|v;1ubঞ;v-m7mv;1u;7 ՍՍѴo-mv ƑƓĺƐĺƑ ѵѶѶķƕƓƓ ѵƕƑķƑѶѵ ѵѶѶķƕƓƓ ѵƕƑķƑѶѵ -uubm]-lom|-v-|ƒƐv|-u1_ ѶƓѵķƖƒƐ ѶƐѶķƖѵƐ ѵѶѶķƕƓƓ ѵƕƑķƑѶѵ

uu;m|mto|;7;tb|-m77;0|v;1ubঞ;v ƑƓĺƐĺƑ ŐѶƑķѵѶѵő ŐƒƖķƖƕƔő ŐѶƑķѵѶѵő ŐƒƖķƖƕƔő omŊ1uu;m|mto|;77;0|-m7;tb|v;1ubঞ;v ƕѵƓķƑƓƔ ƕƕѶķƖѶѵ ѵƏѵķƏƔѶ ѵƒƑķƒƐƐ

ƑƓĺƐĺƐ &mto|;7;tb|v;1ubঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

$_;0-Ѵ-m1;u;Y;1|v|_;u;1;m|v-Ѵ;rub1;o=u;l-bmbm];tb|v_-u;vĺ

ƑƓĺƐĺƑ &mto|;77;0|v;1ubঞ;v-m7mv;1u;7Ѵo-mv

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Secured redeemable debentures -uѴŝvou|o|;Ѵ-m-];l;m|Ő|ő|7 ѵƏķƏƐƔ ƕƑķѵƒƖ ѵƏķƏƐƔ ƕƑķѵƒƖ ;vvĹlr-bul;m| ŐƐƐķƕƐƐő ŐѶķƐƏѶő ŐƐƐķƕƐƐő ŐѶķƐƏѶő ƓѶķƒƏƓ ѵƓķƔƒƐ ƓѶķƒƏƓ ѵƓķƔƒƐ Unsecured loans ;]ol0o;-1_!;vou|vŐ|ő|7 ѵƓƏķƓƓƏ ѵƏƕķƕƔƔ ѵƓƏķƓƓƏ ѵƏƕķƕƔƔ -uubm]-lom|-v-|ƒƐv|-u1_ ѵѶѶķƕƓƓ ѵƕƑķƑѶѵ ѵѶѶķƕƓƓ ѵƕƑķƑѶѵ uu;m|mto|;77;0|v;1ubঞ;v ŐѶƑķѵѶѵő ŐƒƖķƖƕƔő ŐѶƑķѵѶѵő ŐƒƖķƖƕƔő omŊ1uu;m|mto|;77;0|v;1ubঞ;v-m7 unsecured loans ѵƏѵķƏƔѶ ѵƒƑķƒƐƐ ѵƏѵķƏƔѶ ѵƒƑķƒƐƐ

188 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƑƔ ;=;uu;7|--vv;|v ƑƔĺƐ o;l;m|bm7;=;uu;7|--vv;|v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

ƑƔĺƑ olrovbঞomo=7;=;uu;7|--vv;|v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 189 NOTES TO THE FINANCIAL STATEMENTS

ƑƔĺƒ o;l;m|bm|-;@;1|o=|;lrou-u7b@;u;m1;vŊuorŊƑƏƐƖņƑƏƑƏ

ƑƏƐƖņƑƏƑƏ Balance as at Recognised Recognised Recognised 1_-m]; Balance as at ƏƐĺƏƓĺƑƏƐƖ bmruoC|şŐѴovvő in other bm;tb| ]-bmņŐѴovvő ƒƐĺƏƒĺƑƏƑƏ comprehensive income !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ

Deferred Tax Asset ;Cm;70;m;C|o0Ѵb]-ঞomv ƒķƏѵƕ 143 ŐƓƖő Ŋ ŐƐƔő ƒķƐƓѵ Tax losses carried forward ƑѵƓķƔѵƖ ƒƏķƓƒƏ Ŋ Ŋ ŐƐƐķƓƐƒő ƑѶƒķƔѶѵ r;1|;71u;7b|Ѵovv;v ƐķƏƏƕ ƐƐķѵƏƓ Ŋ Ŋ ŐƐķƏѵƔő ƐƐķƔƓѵ !b]_|Ŋo=Ŋv;-vv;|v Ŋ ƐƐķƕѶѶ Ŋ ƐѶƑķƕƒƑ ƐƓķƒƒƏ ƑƏѶķѶƔƏ ƑѵѶķѵƓƒ ƔƒķƖѵƔ ŐƓƖő ƐѶƑķƕƒƑ ƐķѶƒƕ ƔƏƕķƐƑѶ ;=;uu;7$-b-0bѴbঞ;v 11;Ѵ;u-|;77;ru;1b-ঞom=ou|-rurov;vomruor;u|ķrѴ-m| -m7;tbrl;m| ŐƐƏƕķƕƏƐő ŐƐƐƔķƏƓƐő Ŋ Ŋ ƐƐķƓѵƒ ŐƑƐƐķƑƕƖő ŐƐƏƕķƕƏƐő ŐƐƐƔķƏƓƐő Ŋ Ŋ ƐƐķƓѵƒ ŐƑƐƐķƑƕƖő Net deferred tax assets ƐѵƏķƖƓƑ ŐѵƐķƏƕѵő ŐƓƖő ƐѶƑķƕƒƑ ƐƒķƒƏƏ ƑƖƔķѶƓƖ

ƑƔĺƓ o;l;m|bm|-;@;1|o=|;lrou-u7b@;u;m1;vŊuorŊƑƏƐѶņƑƏƐƖ

2018/2019 Balance as at !;1o]mbv;7 !;1o]mbv;7 !;1o]mbv;7 1_-m]; Balance as at 01.04.2018 bmruoC|şŐѴovvő in other bm;tb| ]-bmņŐѴovvő ƒƐĺƏƒĺƑƏƐƖ 1olru;_;mvb; income Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

Deferred Tax Asset ;Cm;70;m;C|o0Ѵb]-ঞomv ƔķѶƑƓ ŐƖƏƒő ŐƐķƖƒƖő Ŋ ѶƔ ƒķƏѵƕ Tax losses carried forward ƑƐƔķƑѵѶ ƒѶķƒƐƒ Ŋ Ŋ ƐƏķƖѶѶ ƑѵƓķƔѵƖ r;1|;71u;7b|Ѵovv;v ƖƕƔ Ŋ 32 ƐķƏƏƕ ƑƑƐķƏƖƑ ƒѶķƒѶƔ ŐƐķƖƒƖő 32 ƐƐķƏƕƒ ƑѵѶķѵƓƒ ;=;uu;7$-b-0bѴbঞ;v 11;Ѵ;u-|;77;ru;1b-ঞom=ou|-rurov;vomruor;u|ķrѴ-m| -m7;tbrl;m| ŐƕƕķƏѵƓő ŐƒѵķƏƕƓő Ŋ Ŋ ƔķƓƒƕ ŐƐƏƕķƕƏƐő !;-Ѵ-ঞomvurѴvom=u;;_oѴ7Ѵ-m7 ŐƐƑƑő Ŋ 122 Ŋ Ŋ Ŋ ŐƕƕķƐѶѵő ŐƒѵķƏƕƓő 122 Ŋ ƔķƓƒƕ ŐƐƏƕķƕƏƐő Net deferred tax assets ƐƓƒķƖƏѵ ƑķƒƐƐ ŐƐķѶƐƕő 32 ƐѵķƔƐƏ ƐѵƏķƖƓƑ

190 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ƒѵ m;m|oub;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Food ƑƒƕķѶѶѶ ƑƏƑķƐѵƏ ѵķƔѵƔ ѵķƖƕѵ Beverage ƐƑѶķƓƖƏ ƖƔķƔƐѵ ƓķƑѵƑ ƓķƔѵƑ Maintenance ƑƕѵķƏƖƔ ƐƑƏķƐƖѶ ƒķƑƕѶ ƓķƔѶƔ "|-ঞom;u ƐƕķƔƖƓ ƐƔķƔѵƓ ѵƐƒ ƔѶƖ House keeping ƐƐƏķƔƏѵ ƒƑķƏƏƓ ƐķƑƐѶ ƐķƓѶƒ Ayurveda Stocks ƓķƖƑƏ ƑķƕƒƖ Ŋ Ŋ ;Ѵş|_;uv ƐƔѶķƏƓƕ ѶƓķѵƖƕ ƒķѵѶѶ ƑķƏƖƑ Total ƖƒƒķƔƓƏ ƔƔƑķѶƕѶ ƐƖķѵƑƓ ƑƏķƑѶƕ

$_;uor_-vb7;mঞC;71olr-mb;vb|_( ƐƖŊu;Ѵ-|;7u;;m;7;1Ѵbm;v-m7;-Ѵ-|;7_;|_;ub|bvu;tbu;7|o-7fv||_; 1-uubm]-Ѵ;o=|_;bm;m|ou=our;ubv_-0Ѵ;v-m7ruo71|vb|_v_ou|v_;Ѵ=Ѵb;vĺuu-m];l;m|_-;0;;ml-7;0|_;uorb|_ vrrѴb;uv|ou;|umv1_bm;m|oub;v-v-|;-u;m7ĺ$_;u;=ou;|_;uor7b7mo|=ou;v;;-mbm7b1-ঞomvo=blr-bul;m|o=bm;m|oub;vĺ

Ƒƕ $u-7;-m7o|_;uu;1;b-0Ѵ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Trade receivables ƐķƑƐƕķƓƐƔ ƐķѵƕƓķѶƕѶ ƐƐѶķѶѶƔ ƐƔƒķƏѵƏ Provision for impairment ŐƖƖķƒƕƒő ŐƐѶķƔƖƏő ŐƖķƓƒѶő ŐƑķƓƕƐő ƐķƐƐѶķƏƓƑ ƐķѵƔѵķƑѶѶ ƐƏƖķƓƓƕ ƐƔƏķƔѶƖ Non trade receivables ƐѶƒķƒƕѶ ƐƑƕķѶѵƖ ѶķƑƐƕ Ŋ ƐķƒƏƐķƓƑƏ ƐķƕѶƓķƐƔƕ ƐƐƕķѵѵƓ ƐƔƏķƔѶƖ Taxes receivable ƒƑƑķƐƕƐ ƐƖƒķƖƔƒ ƐѵķѶƒƔ Ŋ |_;uu;1;b-0Ѵ;v ƔƕķƕƔѶ ƐƐѵķѵƒƓ ƑķƒƕƏ ƐƏķѵƕѶ Total ƐķѵѶƐķƒƓƖ ƑķƏƖƓķƕƓƓ ƐƒѵķѶѵƖ ƐѵƐķƑѵƕ

oѴo-mv;u;]b;m|o;lrѴo;;vo;u-m7-0o;!vĺƑƏķƏƏƏņŊĺ

oѴo-mv_-;0;;m]b;m|o7bu;1|ouvo=|_;olr-mĺ

ƑƕĺƐ u;7b|-m7l-uh;|ubvhvķ-m7blr-bul;m|Ѵovv;v m=oul-ঞom-0o||_;uorĽv;rovu;|o1u;7b|ubvho=|u-7;u;1;b-0Ѵ;v_b1_7bv1vv;v_o|_;uorl-m-];v-m7l;-vu;v 1u;7b|t-Ѵb|o=|u-7;u;1;b-0Ѵ;vķl-uh;|ubvh-m7|_;blr-bul;m|Ѵovv;v-u;7bv1Ѵov;7bmo|;oĺƓѵĺ

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ƑѶ lom|v7;=uol_oѴ7bm]1olr-m

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Short term investments ƕƓƏķƑƒƑ ƐķƐƔƏķƏƕƒ ƒƑķƐƓѶ ƒƐƑķѵƐƖ

Total ƕƓƏķƑƒƑ ƐķƐƔƏķƏƕƒ ƒƑķƐƓѶ ƒƐƑķѵƐƖ

$_;-0o;v_ou||;ulbm;v|l;m|v;u;l-7;ommoul-Ѵl-uh;|bm|;u;v|u-|;vĺ

ƑƖ lom|v7;=uolr-u;m|Ľv]uor;mঞঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

b|h;m"r;m1;$u-;ѴvŐ|ő|7ĺ ƒƏѵķѵѶѵ ƑƐƐķƒƔƏ ѵѶķƒƑƕ ƐƕķƐƒƑ b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7ĺ ƐƔƑķƒƔƕ ѶƓķƓƕƒ ƑƓķѶƖѶ ƐѶķƑѵƓ b|h;m"r;m1; rou|vŐ|ő|7 ƑķƓƕƏ ƑķƏƖƔ Ŋ Ŋ b|h;m"r;m1;o|;Ѵv|7 Ŋ Ŋ 19 Ŋ b|h;m"r;m1;-u]oŐ|ő|7ĺ Ŋ 83 Ŋ Ƒƕ b|h;m"r;m1;-ul;m|v|7 Ŋ 138 Ŋ 83 1;-u]oŐ|ő|7 ѵƒ Ŋ 29 Ŋ b|h;m"r;m1; Ѷѵ 42 ѵѶ 33 ;]ol0o;-1_!;vou|vŐ|ő|7 Ƒѵƒ ѵƔ Ŋ Ŋ u;v|"|-uŐ(ő|7 Ŋ Ŋ Ŋ ѵƐķѵƒƑ ;r|m;u;7b1(bѴѴ-];Ő|ő|7 Ŋ Ŋ Ŋ ƐķƐƕƖ b|h;m"r;m1;o|;Ѵ-m-];l;m|vvb-Ő|ő|7ĺ Ŋ Ŋ Ŋ ƕķѶƓƑ $u--Ő|ő|7 Ŋ Ŋ ƐƒķƑѶƑ 214 ;;u-Ѵ-7-Ő|ő|7 Ŋ Ŋ 232 32 -u-7bv;!;vou|v-vvbh7-_Ő|ő|7 ƔķƐѵƐ ƔķƐƔƐ ƔķƐƔƐ ƔķƐƔƐ Total ƓѵƕķƏѶѵ ƒƏƒķƒƖƕ ƐƐƑķƏƏѵ ƐƐƐķƔѶƖ

ƒƏ |_;uCm-m1b-Ѵ-vv;|v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

|_;uCm-m1b-Ѵ-vv;|vŊ1uu;m|Őo|;ƑƓĺƐĺƑő ѶƑķѵѶѵ ƒƖķƖƕƔ ѶƑķѵѶѵ ƒƖķƖƕƔ Bank deposits ƓѵķƐƓƑ ƐƒķƐƒƒ Ŋ Ŋ Total ƐƑѶķѶƑѶ ƔƒķƐƏѶ ѶƑķѵѶѵ ƒƖķƖƕƔ

192 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƐ -v_-m71-v_;tb-Ѵ;m|v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Short term deposits less than 90 days Ŋ ѵƓƖķƕƏƖ Ŋ Ŋ -v_-|0-mh-m7bm_-m7 ƑķƓƕƒķƑѵѵ ƑķƔƏƒķƏƕƐ ƔƏƑķƕѵƔ ƓƔѵķƖƒƐ -v_-m71-v_;tb-Ѵ;m|vbm|_;v|-|;l;m|o=Cm-m1b-Ѵrovbঞom ƑķƓƕƒķƑѵѵ ƒķƐƔƑķƕѶƏ ƔƏƑķƕѵƔ ƓƔѵķƖƒƐ ;vvĹ-mh;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v ŐƑķƓƖƑķѶѶƒő ŐƑķƐƏѶķƖƕƐő ŐƑƓķѵƐƏő ŐƒƏķƒƕƒő -v_-m71-v_;tb-Ѵ;m|v-||_;;m7o=|_;;-u ŐƐƖķѵƐƕő ƐķƏƓƒķѶƏƖ ƓƕѶķƐƔƔ ƓƑѵķƔƔѶ

ƒƑ vv;|v1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ; $_;1-uubm]-Ѵ;o=|_;Ѵ;-v;_oѴ7ub]_|vo=!--=v_bvѴ-m7-v1Ѵ-vvbC;7m7;uľvv;|v_;Ѵ7=ouv-Ѵ;Ŀ7ubm]|_;;-u;m7;7ƒƐv| -u1_ƑƏƑƏķ1omv;t;m||o|_;7;1bvboml-7;01;!;vou|vŐ|ő|7ķ|o7bvrov;b|vѴ;-v;ĺ

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

;|-vv;|vo=uor1olr-mb;v1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ; Őo|;ƐƕĺƐő ƐķƏƑƔķƔƑƔ Ŋ Ŋ Ŋ ƐķƏƑƔķƔƑƔ Ŋ Ŋ Ŋ

ƒƒ "|-|;71-rb|-Ѵ

Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

vv;7ş=ѴѴr-b7u7bm-uv_-u;1-rb|-Ѵ ||_;0;]bmmbm]o=|_;;-uŊƒƒѵķƑƖƏķƏƐƏou7bm-uv_-u;v ƒķƒѶƖķƔѶƕ ƒķƒѶƖķƔѶƕ Issued during the year Ŋ Ŋ ||_;;m7o=|_;;-uŊƒƒѵķƑƖƏķƏƐƏou7bm-uv_-u;v ƒķƒѶƖķƔѶƕ ƒķƒѶƖķƔѶƕ

u;=;u;m1;v_-u;1-rb|-ѴŊu;7;;l-0Ѵ;1lѴ-ঞ; ||_;0;]bmmbm]o=|_;;-uŊƐѵķƔƏƏķƏƏƏru;=;u;m1;v_-u;v ƐѵƔķƏƏƏ ƐѵƔķƏƏƏ Issued during the year Ŋ Ŋ ||_;;m7o=|_;;-uŊƐѵķƔƏƏķƏƏƏru;=;u;m1;v_-u;v ƐѵƔķƏƏƏ ƐѵƔķƏƏƏ Total ƒķƔƔƓķƔѶƕ ƒķƔƔƓķƔѶƕ

$_;_oѴ7;uvo=ou7bm-uv_-u;v-u;;mঞ|Ѵ;7|ou;1;b;7bb7;m7v-v7;1Ѵ-u;7=uolঞl;|oঞl;-m7-u;;mঞ|Ѵ;7|oom;o|;r;u bm7bb7-Ѵru;v;m|-||_;l;;ঞm]o=v_-u;_oѴ7;uvouom;o|;r;uv_-u;bm1-v;o=-roѴѴĺ

u;=;u;m1;v_-u;v7omo|1-uu|_;ub]_||oo|;ĺѴѴv_-u;vu-mh;t-ѴѴb|_u;]-u7|ou;vb7-Ѵ-vv;|vķ;1;r||_-|ru;=;u;m1; v_-u;_oѴ7;ur-uঞ1br-|;omѴ|o|_;;|;m|o=|_;=-1;-Ѵ;o=v_-u;v-7fv|;7=ou7bb7;m7vbm-uu;-uvĺ

u;=;u;m1;"_-u;1-rb|-Ѵbv1Ѵ-vvbC;7-v;tb|-vu;7;;l-0Ѵ;omѴ-||_;1olr-mĽvorঞomĺ bb7;m7v|_;u;om-u;u;1o]mb;7-v 7bv|ub0ঞomvb|_bm;tb|rom-rruo-Ѵ0|_;1olr-mĽvv_-u;_oѴ7;uvĺ

u;=;u;m1;v_-u;_oѴ7;ubv;mঞ|Ѵ;7|o7bb7;m7v-|Ɩѷ-mm-ѴѴĺŐ;m|vƖƏr;uv_-u;ő

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ƒƓ !;v;u;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Notes !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

!;-Ѵ-ঞomu;v;u; ƒƓĺƐ ƑķƔѵƕķƕƓƑ ƑķƔƔƐķƕƖƐ ѵѶƒķƏƒƑ ѵѶƒķƏƒƑ General reserve ƒƓĺƑ ƑƑķƖƑƖ ƑƑķƖƑƖ ƑƑķƖƑƖ ƑƑķƖƑƖ -v_Yo_;7];u;v;u; ƒƓĺƒ ŐѶƏƐķѵƒƒő ŐѵƑѵķƕƐѵő Ŋ Ŋ Fair value reserve ƒƓĺƓ ŐƐƓķѶƕѶő Ŋ Ŋ Ŋ ou;b]m1uu;m1|u-mvѴ-ঞomu;v;u; ƒƓĺƔ ƒķѵƓƔķƑƔƖ ƒķƏƓƖķƐƒƐ Ŋ Ŋ Total ƔķƓƐƖķƓƐƖ ƓķƖƖƕķƐƒƔ ƕƏƔķƖѵƐ ƕƏƔķƖѵƐ

$u-mv-1ঞomlo;l;m| Balance brought forward ƓķƖƖƕķƐƒƔ ƒķƕƖƔķƏƑѶ ƕƏƔķƖѵƐ ƕƏƔķƖѵƐ $u-mv=;uv|oņŐ=uolő=ou;b]m1uu;m1|u-mvѴ-ঞomu;v;u; ƔƖѵķƐƑѶ ƐķƐƏƑķƐƖƖ Ŋ Ŋ during the year $u-mv=;u|oņŐ=uolő1-v_Yo_;7];u;v;u; ŐƐƕƓķƖƐƕő ŐƔƏķƓƕƕő Ŋ Ŋ $u-mv=;u|ou;-Ѵ-ঞomu;v;u;v=uolmom1om|uoѴbm] ƐƔķƖƔƐ Ŋ Ŋ Ŋ interest due to changes in % holding in subsidiaries Movement in fair value reserve ŐƐƓķѶƕѶő Ŋ Ŋ Ŋ "urѴvomu;-Ѵ-ঞom Ŋ ƐƔƏķƒѶƔ Ŋ Ŋ Balance carried forward ƔķƓƐƖķƓƐƖ ƓķƖƖƕķƐƒƔ ƕƏƔķƖѵƐ ƕƏƔķƖѵƐ

ƒƓĺƑ ;m;u-Ѵu;v;u;v $_;];m;u-Ѵu;v;u;u;Ѵ-|;v|ou;|-bm;7;-umbm]vv;|-vb7;0|_;uorĺ

ƒƓĺƒ -v_Yo_;7];u;v;u; $_bvu;ru;v;m|v|_;u;v;u;1u;-|;7|o;Ѵblbm-|;|_;;rovu;|_-|-ubv;v=uol1_-m];vbm1-v_Yovo=-Cm-m1b-ѴѴb-0bѴb|7;|o ;1_-m];u-|;Y1|-ঞomvĺ

ƒƓĺƓ -bu-Ѵ;u;v;u; $_bvu;ru;v;m|v|_;1lѴ-ঞ;m;|1_-m];bm|_;=-bu-Ѵ;o=;tb|v;1ubঞ;v7;vb]m-|;7-| (mঞѴ|_;bm;v|l;m|v-u; 7;u;1o]mbv;7ĺ

194 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƔ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƒƔĺƐ o-mv-m-Ѵv;70Ѵ;m7bm]bmvঞ|ঞom

Group Company ouuobm]|;ulv ;m7bm]mvঞ|ঞom ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

o-mƑŐbm!őŊ!;r--0Ѵ;bmѶ;t-Ѵ t-u|;uѴbmv|-Ѵl;m|v1oll;m1bm] =uolѴƑƏƑƏ=ou_b1_-ourou-|; -u-m|;;=uolb|h;m"r;m1;_-v 0;;mruob7;7-vv;1ub|ĺm|;u;v|Ѵbmh;7|o $u-|;vĺŐ-Ѵ-m1;o|v|-m7bm]-v-|ƒƐv| -u1_ƑƏƑƏbv!vѵƏĺƑlbѴѴbomő

om]hom]ş"_-m]_-b ѵķƏƒƓķƏƕѶ ѵķƒƑƐķƑѵѶ Ŋ Ŋ olrubv;vo=|o&" Ѵo-mvķom; uo -mhbm]ourou-ঞom|7 Ѵo-mķom;!Ѵo-m-m7om;!Ѵo-m

o-mƐŐ&" őŊ!;r--0Ѵ;bmƓѶlom|_Ѵ instalments commencing from January ƑƏƐƕ=ou_b1_-ourou-|;-u-m|;; =uolb|h;m"r;m1;o|;ѴoѴ7bm]v _-v0;;mruob7;7-vv;1ub|ĺm|;u;v| bmh;7|o!ĺŐ-Ѵ-m1;o|v|-m7bm]-v -|ƒƐv|-u1_ƑƏƑƏbv!vƐƓƑĺƓlbѴѴbomő

o-mƑŐ uoőŊ!;r--0Ѵ;bmѵƐlom|_Ѵ bmv|-Ѵl;m|v-m7Cm-Ѵ0ѴѴ;|r-l;m| 1oll;m1bm]=uol-ƑƏƐѶĺourou-|; Guarantee from Aitken Spence Hotel oѴ7bm]v=ou uoƐƖĺƔl-m7rubl-u mortgage over the Hotel property for uoƓƏl_-v0;;mruob7;7-vv;1ub|ĺ m|;u;v|bvC;7=ou|_;|;ulĺŐ-Ѵ-m1; outstanding as at 31st March 2020 is !vĺƒķƕƓƐĺѵlbѴѴbomő

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 195 NOTES TO THE FINANCIAL STATEMENTS

Group Company ouuobm]|;ulv ;m7bm]mvঞ|ঞom ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

o-mƔŐ!őŊ!;r--0Ѵ;bmƑѶt-u|;Ѵ instalments commencing from December ƑƏƐѶ=ou_b1_-ourou-|; -u-m|;;=uolb|h;m"r;m1; =ou!Ƒĺƕ-m7Cuv|u-mhbm]Ѵ;]-Ѵ lou|]-];o;u|_;Ѵ -Ѵ-fo|;Ѵuor;u| l-m=ou!Ɠĺѵl_-v0;;mruob7;7-v v;1ub|ĺm|;u;v|bvC;7v0f;1||ou;b; -mm-ѴѴĺŐ-Ѵ-m1;o|v|-m7bm]-v-|ƒƐv| -u1_ƑƏƑƏbv!vĺƐķƐƕƒĺƕlbѴѴbomő

196 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Group Company ouuobm]|;ulv ;m7bm]mvঞ|ঞom ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

"-lr-|_-mh ƓķƖƓƏ ѵķƐѵƐ Ŋ Ŋ olrubv;vo=om;!Ѵo-m o-mƐŐbm!őŊ!;r--0Ѵ;bmƕƑlom|_Ѵ instalments commencing from December ƑƏƐƕ=ou_b1_-ourou-|;-u-m|;; =uolb|h;m"r;m1;o|;ѴoѴ7bm]v_-v 0;;mruob7;7-vv;1ub|ĺm|;u;v|bvѵѷ r;u-mmlĺŐ-Ѵ-m1;o|v|-m7bm]-v-|ƒƐv| -u1_ƑƏƑƏbv!vĺƓĺƖlbѴѴbomő

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 197 NOTES TO THE FINANCIAL STATEMENTS

Group Company ouuobm]|;ulv ;m7bm]mvঞ|ঞom ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

$o|-Ѵo-mv ƑƕķѵƓѶķƒƏƏ ƑƔķƓѶƏķƒƑƕ ƕƑƕķѵѵƐ ѵѶƏķƑƒƏ

uu;m|rouঞomo=bm|;u;v| 0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ŐƑķƕƔƕķƓѶƏő ŐƑķƏƕƔķƏƒƔő ŐƑƔƔķѶƖѶő ŐƑƕƖķѵƒƏő

omuu;m|rouঞomo= bm|;u;v|0;-ubm]Ѵb-0bѴbঞ;v Ŋ0-mhv ƑƓķѶƖƏķѶƑƏ ƑƒķƓƏƔķƑƖƑ ƓƕƐķƕѵƒ ƓƏƏķѵƏƏ

ƒƔĺƑ ;0|lou-|oublv $_;uor-Ѵu;-7u;1;b;70;Ѵolou-|oubl=ou|_;Ѵo-mvo0|-bm;70"ub-mh-m";1|ou1olr-mb;v7;|o -v|;u"m7---1hbm rubѴƑƏƐƖĺ Ɛĺ o-m1-rb|-Ѵu;r-l;m|lou-|oubl=uolѴƑƏƐƖŊ-u1_ƑƏƑƏ Ƒĺ m|;u;v|lou-|oubl=uolѴƑƏƐƖ|o-u1_ƑƏƑƏĺm|;u;v|=ou|_;v-b7r;ubo7-v1om;u|;7|o-m;Ѵo-m-m7bvr-0Ѵ;bmƑƓ bmv|-ѴѴl;m|vĺ ƒ !;1;br|o=ouhbm]1-rb|-ѴѴo-m-|-1om1;vvbom-uu-|;o=bm|;u;v|ĺ u|_;uķbmѴb]_|o=|_;;1omolb1vѴo7ombm|_;1om|u7;|o|_;( ŊƐƖr-m7;lb1ķ|_;o;uml;m|o="ub-mh-|_uo]_|_; "_-vblrѴ;l;m|;7-ѵlom|_7;0|lou-|oubl=oubm|;u;v|-m71-rb|-Ѵ-m7|oŊ;-uouhbm]1-rb|-ѴѴo-m-|-mbm|;u;v|u-|;o=Ɠ r;u1;m||oblr-1|;7v;1|ouvĺ$_;uor_-v-Ѵu;-7l-7;v0lbvvbom|o0-mhvu;t;vঞm]=ou|_;v;1om1;vvbomvĺ

198 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƔĺƒ o;l;m|bmm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

o-m-rb|-Ѵ Balance brought forward ƑƔķƓƒƏķѵƒƏ ƑƑķƓƕƓķƓƑѵ ѵѵƕķƏƏƏ ƖƒƒķƓƏƏ @;1|o=lo;l;m|bm;1_-m];u-|;v ƐķƕƑƖķѵѶѶ ƐķѵƖƑķƓƑƏ Ŋ Ŋ o-mvu;1;b;77ubm]|_;;-u ƐķƖƓƐķƏƑƒ ƕķƕƏƐķƑѶѵ ƐƑƕķƑѵƐ Ŋ o-mu;r-l;m|v7ubm]|_;;-u ŐƐķƔѵƐķƖѶƐő ŐѵķƓƒƕķƔƏƑő ŐѵѵķѵƏƏő ŐƑѵѵķƓƏƏő ƑƕķƔƒƖķƒѵƏ ƑƔķƓƒƏķѵƒƏ ƕƑƕķѵѵƐ ѵѵƕķƏƏƏ o-mm|;u;v| Balance brought forward ƓƖķѵƖѵ ƔƐķѶƑƏ ƐƒķƑƒƏ ƐƕķƖƏѵ @;1|o=lo;l;m|bm;1_-m];u-|;v ѵķƑƓѶ ƐƒķƖƐƕ Ŋ Ŋ Interest accrued during the period ƐķƏƖƏķƒƏƐ ƐķƐѵƑķƑѶѵ ѵѶķѵƔƓ ѶƔķƓƖƐ Interest capitalised during the period ƓƔƖķƕƕƔ Ŋ Ŋ Ŋ Interest paid during the period ŐƐķƓƖƕķƏѶƏő ŐƐķƐƕѶķƒƑѵő ŐѶƐķѶѶƓő ŐƖƏķƐѵƕő ƐƏѶķƖƓƏ ƓƖķѵƖƕ Ŋ ƐƒķƑƒƏ Total ƑƕķѵƓѶķƒƏƏ ƑƔķƓѶƏķƒƑƕ ƕƑƕķѵѵƐ ѵѶƏķƑƒƏ

uu;m|rouঞomo=bm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ŐƑķƕƔƕķƓѶƏő ŐƑķƏƕƔķƏƒƔő ŐƑƔƔķѶƖѶő ŐƑƕƖķѵƒƏő om1uu;m|rouঞomo=bm|;u;v|0;-ubm] Ѵb-0bѴbঞ;vŊ0-mhv ƑƓķѶƖƏķѶƑƏ ƑƒķƓƏƔķƑƖƑ ƓƕƐķƕѵƒ ƓƏƏķѵƏƏ

ƒƔĺƓ m-Ѵv;701uu;m1;tb-Ѵ;m|bm!r;;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

"ub-mh-ur;;v ƐķƓѶƑķƖƓѶ ƐķƒƏƏķƓѶƖ ƕƑƕķѵѵƐ ѵѶƏķƑƒƏ United States dollars Ɛƕķѵѵѵķƒƒƕ ƐƔķѵƔƓķƏƒƔ Ŋ Ŋ uo ƕķƑƒƖķƑѶƑ ѵķѶƕƕķѶƒƓ Ŋ Ŋ Indian rupees ѵƓķƖƏƓ ƓƒƓķƑѵƔ Ŋ Ŋ l-mub-Ѵ ƐķƐƖƓķѶƑƖ ƐķƑƐƒķƕƏƓ Ŋ Ŋ Total ƑƕķѵƓѶķƒƏƏ ƑƔķƓѶƏķƒƑƕ ƕƑƕķѵѵƐ ѵѶƏķƑƒƏ

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ƒƔĺƔ m-Ѵv;70u;r-l;m|r;ubo7

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Payable within one year ƑķƕƔƕķƓѶƏ ƑķƏƕƔķƏƒƔ ƑƔƔķѶƖѶ ƑƕƖķѵƒƏ Payable between one and two years ƒķƖƕƐķƏѵƑ ƑķѵƏƕķѵƓƕ ƒƒƕķƔѵƒ ƑѵѵķƓƏƏ --0Ѵ;0;|;;m|o-m7C;;-uv ƐƐķѶƐѶķƔƒѵ ƐƒķƑƓƓķƐƏѶ ƐƒƓķƑƏƏ ƐƒƓķƑƏƏ --0Ѵ;-[;uC;;-uv ƖķƐƏƐķƑƑƑ ƕķƔƔƒķƔƒƕ Ŋ Ŋ Total ƑƕķѵƓѶķƒƏƏ ƑƔķƓѶƏķƒƑƕ ƕƑƕķѵѵƐ ѵѶƏķƑƒƏ

ƒѵ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƒѵĺƐ o;l;m|o=Ѵ;-v;Ѵb-0bѴbঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

uu;m|rouঞomo=bm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ŐƔƑƓķƐƐƑő Ŋ Ŋ Ŋ om1uu;m|rouঞomo=bm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ѶķѵƏƖķƑƕƓ Ŋ Ŋ Ŋ

ƒѵĺƑ ;|-bѴvo=Ѵ;-v;Ѵb-0bѴbঞ;vu;1o]mbv;77;|o!&-vv;|v

Company -|u;o=|_;Ѵ;-vbm]-1ঞbঞ;v !;l-bmbm]Ѵ;-v; period as at ƒƐĺƏƒĺƑƏƑƏ (No of years)

;-v;-m7 23 b|h;m"r;m1;o|;vѴ|7 ;-v;0bѴ7bm]=ou;r|m;u;7b11;m|u; Ŋ ;|_;uv;o|;vѴ|7 ;-v;-m7 ƕƓ -m7-Ѵ-l-o|;ѴvŐ|ő|7 ;-v;-m7 20 &mbt;!;vou|vŐ|ő|7 ;-v;-m7 ƑƔ ;|-m$-u;Ѵ";ub1;voĺŐ|ő|7 ;-v;-m7 21 "!;vou|vŐ|ő|7 ;-v;Ѵ-m7 ѵ ;;7_rr-uvѴ-m7Ŋ;-v;-m7 28 oub;m;v|l;m|vŐ|ő|7 ;ub|-m1;-u-_vѴ-m7Ŋ;-v;Ѵ-m7 ƓƔ

200 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒѵĺƒ lom|vu;1o]mbv;7bmruoC|ouѴovv

Group ou|_;;-u;m7;7ƒƐv|-u1_ 2020 !vĺĽƏƏƏ

ƒѵĺƓ lom|vu;1o]mbv;7bm|_;"|-|;l;m|o=1-v_Yov

Group ou|_;;-u;m7;7ƒƐv|-u1_ 2020 !vĺĽƏƏƏ

$o|-Ѵ1-v_o|Yo=ouѴ;-v;v ŐƐķƑƐƖķƕƓƐő

ƒѵĺƔ $_;u;;u;mo-mlo7bC1-ঞomv|o|_;oub]bm-Ѵ|;ulv-m71om7bঞomvo=|_;Ѵ;-v;1om|u-1|v7;|o|_;blr-1|o=( ƐƖr-m7;lb1 -v-||_;;-u;m7;7ƒƐv|-u1_ƑƏƑƏĺ

ƒƕ ;=;uu;7|-Ѵb-0bѴbঞ;v ƒƕĺƐ o;l;m|bm7;=;uu;7|-Ѵb-0bѴbঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

ƒƕĺƑ olrovbঞomo=7;=;uu;7|-Ѵb-0bѴbঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

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ƒƕĺƒ o;l;m|bm|-;@;1|o=|;lrou-u7b@;u;m1;vŊuorŊƑƏƐƖņƑƏƑƏ

ƑƏƐƖņƑƏƑƏ Balance as at Recognised Recognised in Recognised 1_-m]; Balance as at 01st April bmruoC|ş |_;u bm;tb| ]-bmņŐѴovv;vő 31 st March 2019 ŐѴovvő olru;_;mvb; 2020 Income !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ

ƒƕĺƓ o;l;m|bm|-;@;1|o=|;lrou-u7b@;u;m1;vŊuorŊƑƏƐѶņƑƏƐƖ

2018/2019 Balance as at !;1o]mbv;7 !;1o]mbv;7bm !;1o]mbv;7 1_-m]; Balance as at 01st April bmruoC|şŐѴovvő Other bm;tb| ]-bmņŐѴovv;vő ƒƐv|-u1_ 2018 olru;_;mvb; 2019 Income Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

;=;uu;7|-Ŋ-vv;|v ;Cm;70;m;C|o0Ѵb]-ঞomv ŐƐƓķƒƓƖő ŐƒķƐƔƓő ƕƏƕ Ŋ Ŋ ŐƐѵķƕƖѵő Tax losses carried forward ŐƑѶƐķѵƔƐő ƐķƖƐƕ Ŋ Ŋ ŐƒķƓѵѶő ŐƑѶƒķƑƏƑő r;1|;71u;7b|Ѵovv Ŋ ƐƕƏ Ŋ ŐƑķƑƏƐő Ŋ ŐƑķƏƒƐő Total assets ŐƑƖѵķƏƏƏő ŐƐķƏѵƕő ƕƏƕ ŐƑķƑƏƐő ŐƒķƓѵѶő ŐƒƏƑķƏƑƖő ;|7;=;uu;7|-Ѵb-0bѴbঞ;v ѵƓѵķƒѶƖ ƐƖѵķƏѵƓ ƖƐķƖƔƓ ŐƑķƑƏƐő ƑƐķƔѶƓ ƖƔƒķƕƖƏ

202 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƕĺƔ o;l;m|bm|-;@;1|o=|;lrou-u7b@;u;m1;vŊolr-m

ƑƏƐƖņƑƏƑƏ 2018/2019 Balance as at Recognised Recognised in Recognised in Balance as at !;1o]mbv;7 !;1o]mbv;7bm !;1o]mbv;7bm Balance as at 31st March bmruoC|ş |_;u ;tb| 31st March bmruoC|şŐѴovvő Other ;tb| 01st April 2020 ŐѴovvő olru;_;mvb; 2019 olru;_;mvb; 2018 Income Income !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

;=;uu;7|-Ŋ-vv;|v ;Cm;70;m;C|o0Ѵb]-ঞomv ŐƓķѶƒѵő ŐƑƒѵő ƒѵƕ Ŋ ŐƓķƖѵƕő Őƒƒѵő 291 Ŋ ŐƓķƖƑƑő Tax losses carried forward ŐƐƔƏķƏƓѵő ŐƔķƒѶƐő Ŋ Ŋ ŐƐƓƓķѵѵƔő ƔķѵƐѶ Ŋ Ŋ ŐƐƔƏķƑѶƒő r;1|;71u;7b|Ѵovv ŐƑķƖѵƐő ŐƐķƕƑѵő Ŋ Ŋ ŐƐķƑƒƔő ƕѶƔ Ŋ ŐƑķƏƑƏő Ŋ Total assets ŐƐƔƕķѶƓƒő ŐƕķƒƓƒő ƒѵƕ Ŋ ŐƐƔƏķѶѵƕő ѵķƏѵƕ 291 ŐƑķƏƑƏő ŐƐƔƔķƑƏƔő ;|7;=;uu;7|-Ѵb-0bѴbঞ;v ƓƐķƓƒƒ ŐѶķƕƐƕő ƒѵƕ Ŋ ƓƖķƕѶƒ Ɣķƒѵƒ 291 ŐƑķƏƑƏő ƓѵķƐƓƖ

ƒѶ |_;uѴb-0bѴbঞ;v ƒѶĺƐ ;-v;-11u-Ѵv

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

$_bvu;ru;v;m|v|_;-11u;7Ѵ;-v;u;m|o=or;u-ঞm]Ѵ;-v;vo=|_;bvѴ-m7o=-u-_!--|oѴѴŐoub;m;v|l;m|Ő|ő|7ő-m7bvѴ-m7 o=!--=v_bo=oom|oѴѴŐ1;!;vou|vŐ|ő|7őu;vѴঞm]=uolu;1o]mbvbm]|_;|o|-ѴѴ;-v;u;m|r--0Ѵ;o;u|_;Ѵ;-v;|;ulom- v|u-b]_|Ѵbm;0-vbvĺ$o|-ѴѴb-0bѴb|-v|u-mv=;u;7|oѴ;-v;Ѵb-0bѴbঞ;vom-7orঞomo=" !"ƐѵomƏƐv|rubѴƑƏƐƖĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 203 NOTES TO THE FINANCIAL STATEMENTS

ƑƏƐŊƒ ƓƏƐŊƑ

ƒƖ lrѴo;;0;m;C|v ƒƖĺƐ !;ঞu;l;m|0;m;C|o0Ѵb]-ঞomv

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

!;ঞu;l;m|0;m;C|o0Ѵb]-ঞomv u;v;m|-Ѵ;o=m=m7;7o0Ѵb]-ঞomv ƑƏƖķƕƐƓ ƑƏѵķƕƔƏ ƒƓķƔƓƔ ƒƔķƓƕƑ

!;1o]mbv;7Ѵb-0bѴb|=ou7;Cm;70;m;C|o0Ѵb]-ঞomv ƑƏƖķƕƐƓ ƑƏѵķƕƔƏ ƒƓķƔƓƔ ƒƔķƓƕƑ

ƒƖĺƑ o;l;m|bmru;v;m|-Ѵ;o=|_;7;Cm;70;m;C|o0Ѵb]-ঞomv

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

;Cm;70;m;C|o0Ѵb]-ঞomv-v-|ƏƐv|rubѴ ƑƏѵķƕƔƏ ƐƖƔķƐƖƓ ƒƔķƓƕƑ ƒƔķƐѵƑ

@;1|o=lo;l;m|bm;1_-m];u-|;v ƔķѵƕѶ ѶķѵƑѵ Ŋ Ŋ

;m;C|vr-b7 ŐƑƔķƖƒƓő ŐƑƔķƏƐƑő ŐƔķƏƒѶő ŐƓķƏƕƐő

;Cm;70;m;C|o0Ѵb]-ঞomv-v-|ƒƐv|-u1_ ƑƏƖķƕƐƓ ƑƏѵķƕƔƏ ƒƓķƔƓƔ ƒƔķƓƕƑ

204 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƒƖĺƒ r;mv;vu;1o]mbv;7bmbm1ol;v|-|;l;m|

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

uu;m|v;ub1;1ov| ƑƔķѶƐƑ ƑƕķƐƐƐ ƑķѵƔƐ ƑķƕƕƐ Interest cost ƐƓķƔƒѵ ƐƒķѶƒƒ ƓķƏƕƖ ƒķѵƖƑ ƓƏķƒƓѶ ƓƏķƖƓƓ ѵķƕƒƏ ѵķƓѵƒ

ƒƖĺƓ -bmvņovv;vu;1o]mbv;7bmo|_;u1olru;_;mvb;bm1ol;

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

;|-1|-ub-ѴŐ]-bmvőņѴovv;v ŐƐƕķƐƑѶő ŐƐƒķƏƏƑő ŐƑķѵƐƖő ŐƑķƏѶƑő ŐƐƕķƐƑѶő ŐƐƒķƏƏƑő ŐƑķѵƐƖő ŐƑķƏѶƑő

ƒƖĺƔ $_;ruobvbom=ouu;ঞu;l;m|0;m;C|vo0Ѵb]-ঞomv-v-|ƒƐv|-u1_ƑƏƑƏbv0-v;7om|_;-1|-ub-Ѵ-Ѵ-ঞom1-uub;7o|0 ruo=;vvbom-ѴѴt-ѴbC;7-1|-ub;vķuĺoor-Ѵ-m-|_-mo=;vvuvĺ1|-ub-Ѵş-m-];l;m|omvѴ|-m|vŐ|ő|7ķvbm]ľuof;1|;7&mb| u;7b|ĿŐ&ől;|_o7ķ|_;l;|_o7u;1oll;m7;70|_;"ub-mh-11omঞm]"|-m7-u7ŋ"ƐƖomľ lrѴo;;;m;C|vĿĺ

$_;-1|-ub-Ѵru;v;m|-Ѵ;o=|_;ruolbv;7u;ঞu;l;m|0;m;C|v-v-|ƒƐv|-u1_ƑƏƑƏ-lom|;7|o!vĺƑƏƖķƕƐƒķƖƕѵņƷĺ Őolr-mŊ!vĺƒƔķƔƓƓķѵƑƏő

$_;Ѵb-0bѴb|bvmo|;|;um-ѴѴ=m7;7ĺ

ƑƏƐƖņƑƏƑƏ 2018/2019

bm-m1b-Ѵ-vvlrঞomv ՍŊ bv1om|u-|; 10% ƐƐĺƔƏѷ ՍŊ"-Ѵ-ubm1u;l;m|u-|; Ŗ ;1ঞ;v|-@ ƔѷbmѴƑƏƑƐ 11% -m7ƕĺƔѷ=uol 2022 ŖomŊ;;1ঞ;v|-@ ƔѷbmrubѴƑƏƑƐ 8% -m7ƕĺƔѷ=uol 2022

b;m|_;v77;m=-ѴѴbml-uh;|v-m7|_;7;1Ѵbm;bm_b]_Ŋt-Ѵb|1ourou-|;0om7u-|;v|_-|_-vo11uu;7-v-u;vѴ|o=( ŊƐƖķ|_; uor_-v1omvb7;u;7|_;blr-1|om|_;7;Cm;70;m;C|o0Ѵb]-ঞomvb|_|_;bm7;r;m7;m|-1|-ub-Ѵvr;1b-Ѵbv|v-v-||_;u;rouঞm] 7-|;ĺ"bm1;|_;1olrѴ;b|o=|_;-Ѵ-ঞom-m7|_;m7;uѴbm]-vvlrঞomv-u;0-v;7omѴom]Ŋ|;ulm-|u;bm1Ѵ7bm]|_;-rrѴb1-ঞom o=ubvh7bv1om|u-|;_b1_bv=oulѴ-|;7om|_;l-uh;|b;Ѵ7o=Ѵom]Ŋ|;ul]o;uml;m|-m71ourou-|;0om7vķ|_;u;bvmovb]mbC1-m| blr-1|omu;ঞu;l;m|0;m;C|o0Ѵb]-ঞom=uol( ŊƐƖr-m7;lb1ĺ

|bv-Ѵvo-vvl;7|_-||_;1olr-mbѴѴ1omঞm;bm0vbm;vv-v-]obm]1om1;umĺ

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ƑƏƐƖņƑƏƑƏ 2018/2019

;lo]u-r_b1-vvlrঞomv Ŋou|-Ѵb|ş bv-0bѴb| ƐƖѵƕņƐƖƕƏlou|-Ѵb||-0Ѵ;ķbvv;7 0|_;mvঞ||;o=1|-ub;vķom7om Ŋ!;ঞu;l;m|-]; ƔƔ;-uv ƔƔ;-uv Ŋ"|-@|umo;uu-|;v-|;-1_-];1-|;]ou * 20 years ƏĺƏƕ ƏĺƏƕ ŖƑƔ;-uv ƏĺƏƔ ƏĺƏƔ * 30 years ƏĺƏƔ ƏĺƏƔ ŖƒƔ;-uv ƏĺƏƓ ƏĺƏƓ * 40 years ƏĺƏƒ ƏĺƏƒ * Above 40 years ƏĺƏƏ ƏĺƏƏ

ƒƖĺƕ ";mvbঞb|-m-Ѵvbv $_;=oѴѴobm]|-0Ѵ;7;lomv|u-|;v|_;v;mvbঞb||o-u;-vom-0Ѵ;rovvb0Ѵ;1_-m];bm|_;h;-vvlrঞomv;lrѴo;7b|_-ѴѴo|_;u -ub-0Ѵ;v_;Ѵ71omv|-m|bm|_;;lrѴol;m|0;m;C|Ѵb-0bѴb|l;-vu;l;m|ķbmu;vr;1|o=|_;;-uƑƏƐƖņƑƏĺ

$_;v;mvbঞb|o=|_;1olru;_;mvb;bm1ol;-m7v|-|;l;m|o=Cm-m1b-Ѵrovbঞombv|_;;@;1|o=|_;-vvl;71_-m];vbm7bv1om|u-|; -m7v-Ѵ-ubm1u;l;m|u-|;om|_;ruoC|ouѴovv=ou|_;;-u-m7;lrѴol;m|0;m;C|o0Ѵb]-ঞomv-v-|ƒƐv|-u1_ƑƏƑƏbv-v=oѴѴovĺ

@;1|om @;1|om 1olru;_;mvb; employment income 0;m;C|Ѵb-0bѴb| Őu;71ঞomőņ Őu;71ঞomőņ increase increase Rs. ’000 Rs. ’000

m1u;-v;ņŐ7;1u;-v;őbm7bv1om|u-|; ŊƐѷ ŐƐƏķƖƕƔő ƐƏķƖƕƔ +1% ƖķѵƑƏ ŐƖķѵƑƏő

m1u;-v;ņŐ7;1u;-v;őbmv-Ѵ-u;v1-Ѵ-ঞomu-|; ŊƐѷ ƖķƒƐƕ ŐƖķƒƐƕő +1% ŐƐƏķƓƒƖő ƐƏķƓƒƖ

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Within next 12 months ѶķƓƐƐ ƕķƒƔƕ ƑƕƑƕ 4009 ;|;;mƐŊƑ;-uv ƐƑķƖƕƑ ƐƒķƒƑƑ ƔƑƕƕ 4292 ;|;;mƑŊƔ;-uv ƑƏķƖƕƓ ƐƖķѵѵƏ ѵƕƕƖ ѶƏѵƔ ;om7C;;-uv ƐѵƕķƒƔƕ ƐѵѵķƓƐƐ ƐƖƕѵƑ ƐƖƐƏѵ ƑƏƖķƕƐƓ ƑƏѵķƕƔƏ ƒƓķƔƓƔ ƒƔķƓƕƑ ƒƖĺƖ );b]_|;7-;u-];7u-ঞomŐmoo=;-uvőo=7;Cm;70;m;C| o0Ѵb]-ঞom ƖĺƏƑ 9.11 ƕĺƒƓ ƕĺƑƒ

ƓƏ |_;uruobvbomv-m7r--0Ѵ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Accrued payables ƐķѵƓƖķƓƏƔ ƐķƏƕƕķƐƓƔ ƑѶķƒƒѶ ƓѶķƔѵƏ om|u-1|Ѵb-0bѴbঞ;v ƐķƐƓƑķƒƐƏ ƐķƒƒƏķƑƑƑ ƐѶķƏƔƕ ƒƕķƓƒѵ ƑķƕƖƐķƕƐƔ ƑķƓƏƕķƒѵƕ ƓѵķƒƖƔ ѶƔķƖƖѵ Unclaimed dividends ƑƒķƒƔƓ ƐƔķƖѵƒ ƐƐķƑѶƒ ƐƏķƐƓƕ Taxes and other miscellaneous payables and provisions ѵƕƖķƑѶƔ ƔƔƒķƕѵƒ ƓƕķƖѵƐ ƓƕķƐѵѵ Total ƒķƓƖƓķƒƔƓ ƑķƖƕƕķƏƖƒ ƐƏƔķѵƒƖ ƐƓƒķƒƏƖ

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ƓƐ lom|v7;|or-u;m|Ľv]uor;mঞঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

ƓƑ ou;b]m1uu;m1|u-mvѴ-ঞom $_;rubm1brѴ;;1_-m];u-|;vv;7=ou|u-mvѴ-ঞomo=-vv;|v-m7Ѵb-0bѴbঞ;v-v-||_;u;rouঞm]7-|;-u;-v=oѴѴovĹ

Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000

US Dollar ƐѶƖĺƖƐ ƐƕѵĺƏƖ Indian Rupee ƑĺƔƐ ƑĺƔƓ UK Pound ƑƒƔĺƑѶ ƑƒƏĺѵѵ l-m!b-Ѵ ƓƖƒĺƐƓ ƓѵƑĺѶѵ uo ƑƏѶĺƒƒ ƐƖƕĺƕƔ

ƓƓĺƐ 11omঞm]1Ѵ-vvbC1-ঞomvo=Cm-m1b-Ѵbmv|ul;m|v ƓƓĺƐĺƐ 11omঞm]1Ѵ-vvbC1-ঞomvo=Cm-m1b-Ѵbmv|ul;m|vŊuor

bm-m1b-ѴѴb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƒƔ Ŋ Ŋ ƑƕķѵƓѶķƒƏƏ ƑƕķѵƓѶķƒƏƏ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƒѵ Ŋ Ŋ ƖķƐƒƒķƒѶѵ ƖķƐƒƒķƒѶѵ Trade payables Ŋ Ŋ ƖƓƏķƔѶƑ ƖƓƏķƔѶƑ |_;uruobvbomv-m7r--0Ѵ;v 40 Ŋ Ŋ ƑķƕƖƐķƕƐƔ ƑķƕƖƐķƕƐƔ Amount due to holding company Ŋ Ŋ ƐƒƓķƑƖƒ ƐƒƓķƑƖƒ lom|7;|or-u;m|ŝv]uor;mঞঞ;v 41 Ŋ Ŋ ƕƓķƏƏƖ ƕƓķƏƏƖ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v 31 Ŋ Ŋ ƑķƓƖƑķѶѶƒ ƑķƓƖƑķѶѶƒ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v Ŋ Ŋ ƓƒķƑƐƔķƐѵѶ ƓƒķƑƐƔķƐѵѶ

bm-m1b-ѴѴb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bঞѴb;vŊ0-mhv ƒƔ Ŋ Ŋ ƑƔķƓѶƏķƒƑƕ ƑƔķƓѶƏķƒƑƕ Trade payables Ŋ Ŋ ƖƑƒķƔƏƓ ƖƑƒķƔƏƓ |_;uruobvbomv-m7r--0Ѵ;v 40 Ŋ Ŋ ƑķƓƏƕķƒѵƕ ƑķƓƏƕķƒѵƕ Amount due to holding company Ŋ Ŋ ƐƐƏķƏƑƏ ƐƐƏķƏƑƏ lom|7;|or-u;m|ŝv]uor;mঞঞ;v 41 Ŋ Ŋ ƔѵķƏƔƐ ƔѵķƏƔƐ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v 31 Ŋ Ŋ ƑķƐƏѶķƖƕƐ ƑķƐƏѶķƖƕƐ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v Ŋ Ŋ ƒƐķƏѶѵķƑƓƏ ƒƐķƏѶѵķƑƓƏ

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ƓƓĺƐĺƑ 11omঞm]1Ѵ-vvbC1-ঞomvo=Cm-m1b-Ѵbmv|ul;m|vŊolr-m

bm-m1b-ѴѴb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bঞѴb;vŊ0-mhv ƒƔ Ŋ Ŋ ƕƑƕķѵѵƐ ƕƑƕķѵѵƐ Trade payables Ŋ Ŋ ƐƕķƖƖƕ ƐƕķƖƖƕ |_;uruobvbomv-m7r--0Ѵ;v 40 Ŋ Ŋ ƓѵķƒƖƔ ƓѵķƒƖƔ Amount due to holding company Ŋ Ŋ ƓƑķѶƒѵ ƓƑķѶƒѵ lom|7;|or-u;m|ŝv]uor;mঞঞ;v 41 Ŋ Ŋ ƔƏƐķƑѶƓ ƔƏƐķƑѶƓ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v 31 Ŋ Ŋ ƑƓķѵƐƏ ƑƓķѵƐƏ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v Ŋ Ŋ ƐķƒѵƏķƕѶƒ ƐķƒѵƏķƕѶƒ

bm-m1b-Ѵb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bঞѴb;vŊ0-mhv ƒƔ Ŋ Ŋ ѵѶƏķƑƒƏ ѵѶƏķƑƒƏ Trade payables Ŋ Ŋ ƑƖķƐѵƔ ƑƖķƐѵƔ |_;uruobvbomv-m7r--0Ѵ;v 40 Ŋ Ŋ ѶƔķƖƖѵ ѶƔķƖƖѵ Amount due to holding company Ŋ Ŋ ƑƓķƐƓƖ ƑƓķƐƓƖ lom|7;|or-u;m|ŝv]uor;mঞঞ;v 41 Ŋ Ŋ ƕѶƒķƐƓѵ ƕѶƒķƐƓѵ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v 31 Ŋ Ŋ ƒƏķƒƕƒ ƒƏķƒƕƒ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v Ŋ Ŋ ƐķѵƒƒķƏƔƖ ƐķѵƒƒķƏƔƖ

210 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƓĺƑ -bu-Ѵ;o=Cm-m1b-Ѵbmv|ul;m|v $_;=-bu-Ѵ;o=Cm-m1b-Ѵ-vv;|v-m7Cm-m1b-ѴѴb-0bѴbঞ;vķ|o];|_;ub|_|_;1-uubm]-lom|vv_ombm|_;v|-|;l;m|o=Cm-m1b-Ѵ rovbঞom-v-||_;u;rouঞm]7-|;v-u;-v=oѴѴovĹ

uorŊƑƏƐƖņƑƏ olr-mŊƑƏƐƖņƑƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ !vĺĽƏƏƏ

bm-m1b-Ѵb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƑƕķѵƓѶķƒƏƏ ƑƕķѵƓѶķƒƏƏ ƕƑƕķѵѵƐ ƕƑƕķѵѵƐ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƖķƐƒƒķƒѶѵ ƖķƐƒƒķƒѶѵ Ŋ Ŋ Trade payables ƖƓƏķƔѶƑ ƖƓƏķƔѶƑ ƐƕķƖƖƕ ƐƕķƖƖƕ |_;uruobvbomv-m7r--0Ѵ;v ƑķƕƖƐķƕƐƔ ƑķƕƖƐķƕƐƔ ƓѵķƒƖƔ ƓѵķƒƖƔ Amount due to holding company ƐƒƓķƑƖƒ ƐƒƓķƑƖƒ ƓƑķѶƒѵ ƓƑķѶƒѵ lom|7;|or-u;m|ŝv]uor;mঞঞ;v ƕƓķƏƏƖ ƕƓķƏƏƖ ƔƏƐķƑѶƓ ƔƏƐķƑѶƓ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v ƑķƓƖƑķѶѶƒ ƑķƓƖƑķѶѶƒ ƑƓķѵƐƏ ƑƓķѵƐƏ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v ƓƒķƑƐƔķƐѵѶ ƓƒķƑƐƔķƐѵѶ ƐķƒѵƏķƕѶƒ ƐķƒѵƏķƕѶƒ

Group - 2018/19 Company - 2018/19 -uubm]-lom| -bu-Ѵ; -uubm]-lom| -bu-Ѵ; Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

bm-m1b-Ѵb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƑƔķƓѶƏķƒƑƕ ƑƔķƓѶƏķƒƑƕ ѵѶƏķƑƒƏ ѵѶƏķƑƒƏ Trade payables ƖƑƒķƔƏƓ ƖƑƒķƔƏƓ ƑƖķƐѵƔ ƑƖķƐѵƔ |_;uruobvbomv-m7r--0Ѵ;v ƑķƓƏƕķƒѵƕ ƑķƓƏƕķƒѵƕ ѶƔķƖƖѵ ѶƔķƖƖѵ Amount due to holding company ƐƐƏķƏƑƏ ƐƐƏķƏƑƏ ƑƓķƐƓƖ ƑƓķƐƓƖ lom|7;|or-u;m|ŝv]uor;mঞঞ;v ƔѵķƏƔƐ ƔѵķƏƔƐ ƕѶƒķƐƓѵ ƕѶƒķƐƓѵ -mho;u7u-[v-m7o|_;uv_ou||;ul0ouuobm]v ƑķƐƏѶķƖƕƐ ƑķƐƏѶķƖƕƐ ƒƏķƒƕƒ ƒƏķƒƕƒ $o|-ѴCm-m1b-ѴѴb-0bѴbঞ;v ƒƐķƏѶѵķƑƓƏ ƒƐķƏѶѵķƑƓƏ ƐķѵƒƒķƏƔƖ ƐķѵƒƒķƏƔƖ

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$_;u;bvmoblr-1||o|_;;vb|l-|;7u;1o;u-0Ѵ;-lom|o=|_;ruor;u|ķrѴ-m|-m7;tbrl;m|o=|_;uor7;|o( ƐƖblr-1| -v|_;l-foub|o=-vv;|vu;ru;v;m|vbllo-0Ѵ;ruor;u|ĺ

Financial Assets measured at fair value through other comprehensive income m;v|l;m|vbm;tb|bmv|ul;m|vŊto|;7-m7mto|;7 $_;=-bu-Ѵ;o=bm;v|l;m|vbmto|;7;tb|v_-u;v=ou_b1_|_;u;bv-m-1ঞ;v_-u;l-uh;|bv7;|;ulbm;7vbm]|_;1Ѵovbm]l-uh;| rub1;vĺm;v|l;m|vbmmomto|;7v_-u;v-u;7;|;ulbm;70-v;7omru;v;m|-Ѵ;o==|u;1-v_Yov7bv1om|;7-||_;l-uh;| bm|;u;v|u-|;v-||_;u;rouঞm]7-|;ĺ

m;v|l;m|vbm7;0|bmv|ul;m|vŊmto|;7 m;v|l;m|vbm7;0|bmv|ul;m|Ŋmto|;7_b1_1omvbv|o=7;0;m|u;vbv1omvb7;u;7-v-Ѵo-m-m7blr-bu;7vbm],v1ou;l;|_o7ĺ |;lrѴ-|;_-v0;;m=oulѴ-|;7=ou|_bvrurov;|-hbm]bm|o1omvb7;u-ঞomo=ruo0-0bѴb|o=7;=-Ѵ|0-v;7omѴ-v|;-u-7b|;7-11om|vĺ o;;ub=-rubl-ulou|]-];0om7bv0;bm]ruob7;7-]-bmv||_;7;0;m|u;vķ|_;Ѵovv]b;m7;=-Ѵ|Őruo0-0bѴb|o=7;=-Ѵ|őoѴ7 0;1omvb7;u;7-v;uo-m7blr-bul;m|bvl-7;ĺ ouo|_;u=oulvo=]-u-m|;;vv1_-vr;uvom-Ѵ]-u-m|;;v;|1ĺ|_;Ѵovv]b;m7;=-Ѵ| oѴ7-u0;|;;mƓƔѷŊƐƏƏѷĺ

o;;u|_;uor_-v|-h;mbm|o-11om||_;1_-m];v|ol-1uo;1omolb1=-1|ouv-m7ubvh-uov;7;|o( ŊƐƖblr-1|-m7 =oulѴ-|;7m;1;vv-u-Ѵ|;u-ঞomv|o|_;blr-bul;m||;lrѴ-|;vĺ$_;u;vѴ|-m|bm1u;-v;bmblr-bul;m|ruobvbom7;|o|_bv1_-m];bv bm1ourou-|;7|o|_;1-uubm]-Ѵ;o=bm;v|l;m|vbm7;0|bmv|ul;m|vŊmto|;7-v-||_;;-u;m7ĺ

Trade and other receivables -bu-Ѵ;o=|u-7;u;1;b-0Ѵ;vbv7;|;ulbm;7-|-lom|;vঞl-|;7|o0;u;-Ѵbv;7-[;ul-hbm]ruobvbom=oublr-bul;m|0-v;7om ;r;1|;71u;7b|Ѵovvlo7;Ѵĺ oublr-bul;m|rurov;v-Ѵovvu-|;_-v0;;m;v|-0Ѵbv_;7|-hbm]bm|o1omvb7;u-ঞom=ou-u7Ѵoohbm] =-1|ouv|_-|-@;1|1v|ol;u7;=-Ѵ|u-|;vĺ ou-u7Ѵoohbm]l-1uo;1omolb17-|-v1_-v bvbm1ourou-|;7bm1-Ѵ1Ѵ-ঞm]|_; ruo0-0bѴb|o=7;=-Ѵ|ĺ$_;1u;7b|Ѵovv7;ub;7vbm]|_;ruobvboml-|ubbv-7fv|;70-v;7om|_;=|u;-7fv|;7 =-1|ouvĺ

$_;uor_-v|-h;mbm|o-11om||_;1_-m];v|ol-1uo;1omolb1=-1|ouv-m7ubvh-uov;7;|o( ŊƐƖblr-1|-m7=oulѴ-|;7 m;1;vv-u-Ѵ|;u-ঞomv|o|_;blr-bu;l;m||;lrѴ-|;vĺ$_;u;vѴ|-m|bm1u;-v;bmblr-bul;m|ruobvbom7;|o|_bv1_-m];bvbm1ourou-|;7 |o|_;1-uubm]-Ѵ;o=|_;|u-7;-m7o|_;uu;1;b-0Ѵ;-v-||_;;-u;m7ĺ

bm-m1b-ѴѴb-0bѴbঞ;v-|-louঞv;71ov| -bu-Ѵ;o=bm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhvķbm|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;vķ|u-7;-m7o|_;ur--0Ѵ;-m7v_ou||;ul0-mh 0ouuobm]v-u;7;|;ulbm;70-v;7om|_;-lom|;vঞl-|;7|o0;u;-vom-0Ѵbm1uu;7bm|_;=ou;v;;-0Ѵ;=|u;Ѵ;vvblr-bul;m|ĺ

Őbő o|;7rub1;vŐm-7fv|;7őbm-1ঞ;l-uh;|v=oub7;mঞ1-Ѵ-vv;|vouѴb-0bѴbঞ;vŐ;;ѴƐő

Őbbő mr|vo|_;u|_-mto|;7rub1;vbm1Ѵ7;7b|_bmѴ;;ѴƐ|_-|-u;o0v;u-0Ѵ;=ou|_;-vv;|vouѴb-0bѴbঞ;vķ;b|_;u7bu;1|Ѵoubm7bu;1|Ѵ Ő;;ѴƑő

Őbbbő $;1_mbt;v_b1_v;bmr|v|_-|_-;-vb]mbC1-m|;@;1|om|_;u;1ou7;7=-bu-Ѵ;|_-|-u;mo|0-v;7omo0v;u-0Ѵ;l-uh;|7-|- Œmr|v|_-|-u;mo0v;u-0Ѵ;|_-|u;Y;1|l-m-];l;m|om-vvlrঞomvœŐ;;Ѵƒő

ƓƔĺƐĺƐ -bu-Ѵ;l;-vu;l;m|_b;u-u1_ŊƑƏƐƖņƑƏ

Group Company ;;ѴƐ ;;ѴƑ ;;Ѵƒ Total ;;ѴƐ ;;ѴƑ ;;Ѵƒ Total Notes Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

Ŗ$_;uor_-v|-h;mbm|o-11om||_;1_-m];v|ol-1uo;1omolb1=-1|ouv7;|o( ƐƖblr-1|-m7=oulѴ-|;7m;1;vv-u -Ѵ|;u-ঞomv|o|_;|;lrѴ-|;v_b1__-v0;;mv;7|o-uub;-||_;blr-bul;m|ruobvbomvĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 213 NOTES TO THE FINANCIAL STATEMENTS

ƓƔĺƐĺƑ -bu-Ѵ;l;-vu;l;m|_b;u-u1_ŊƑƏƐѶņƐƖ

Group Company ;;ѴƐ ;;ѴƑ ;;Ѵƒ Total ;;ѴƐ ;;ѴƑ ;;Ѵƒ Total Notes Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

&mto|;7;tb|v;1ubঞ;v

Group Company As at ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ ƒƐĺƏƒĺƑƏƑƏ ƒƐĺƏƒĺƑƏƐƖ !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Balance brought forward ƐƓѵķѵƕƔ ƐƏƒķƒѵƐ Ŋ Ŋ Shares disposed during the year Ŋ ŐƐƖķƑƒƒő Ŋ Ŋ @;1|o=lo;l;m|bm;1_-m];u-|;v ƐƐķƔƐƑ ѵƑķƔƓƕ Ŋ Ŋ Balance carried forward ƐƔѶķƐѶƕ ƐƓѵķѵƕƔ Ŋ Ŋ

ƓƔĺƑĺƐ $u-mv=;uv0;|;;mѴ;;Ѵvo==-bu-Ѵ;_b;u-u1_ $_;u;;u;mo|u-mv=;uv0;|;;m;;ѴƐķ;;ѴƑ-m7;;Ѵƒ7ubm]|_;;-uĺ

Assets (-Ѵ-ঞom$;1_mbt; "b]mbC1-m| ";mvbঞb|o=|_; COVID - 19 impact mo0v;u-0Ѵ; bmr||o|_;=-bu-Ѵ; inputs

uor;u|rѴ-m|-m7;tbrl;m|

ƓƔĺƒĺƑ vv;|v-m7Ѵb-0bѴbঞ;v=ou_b1_=-bu-Ѵ;v-u;7bv1Ѵov;7Ŋ!;1uubm]

Assets (-Ѵ-ঞom$;1_mbt; "b]mbC1-m|mo0v;u-0Ѵ;bmr|v COVID - 19 impact

|_;u bm-m1b-Ѵvv;|v

ՍŊ&mto|;77;0|v;1ubঞ;vՊ (-Ѵ-ঞom7;|;ulbm;70-v;7omru;v;m| 1-v_Yoruof;1ঞomvņ The resultant increase in Պ-m7mv;1u;7Ѵo-mv -Ѵ;o==|u;1-v_Yov7bv1om|;7 7bv1om|;7u-|;Ő1uu;m| impairment provision in -||_;l-uh;|bm|;u;v|u-|;vĺ l-uh;|bm|;u;v|u-|;ő mto|;77;0|v;1ubঞ;v-m7 ՍŊ-mh7;rovb|v unsecured loan as a result of ( ŊƐƖblr-1|ķ-v !vĺƒĺƖlmĺ

m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ banks !;=;uo|;ƒƔĺƑ-m7o|; bv1om|;71-v_Yov uu;m|l-uh;|bm|;u;v|u-|; m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ ƒѵĺƔ leases

ƓƔĺƒĺƒ vv;|v-m7Ѵb-0bѴbঞ;vl;-vu;7-|=-bu-Ѵ;ŊomŊu;1uubm]

Assets (-Ѵ-ঞom$;1_mbt; "b]mbC1-m|mo0v;u-0Ѵ;bmr|v

vv;|v1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ; ov|-rruo-1_Ŋ-Ѵ;7-||_;1-uubm] Not applicable -lom|rubou|o-vv;|v1Ѵ-vvC;7-v_;Ѵ7 =ouv-Ѵ;ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 215 NOTES TO THE FINANCIAL STATEMENTS

Ɠѵ bm-m1b-Ѵ!bvh-m-];l;m| ƓѵĺƐ ;ub; $_;uor_-v;rovu;|o|_;=oѴѴobm]ubvhv=uolb|vv;o=Cm-m1b-Ѵbmv|ul;m|vĺ

Ŋu;7b|ubvh Ŋbtb7b|ubvh Ŋ-uh;|ubvh

$_bvmo|;ru;v;m|vbm=oul-ঞom-0o||_;uorĽv;rovu;|o;-1_o=|_;-0o;ubvhvķ|_;uorĽvo0f;1ঞ;vķroѴb1b;v-m7ruo1;vv;v =oul;-vubm]-m7l-m-]bm]ubvhvķ-m7|_;uorĽvl-m-];l;m|o=1-rb|-Ѵĺ

Ɠѵĺƒ u;7b|ubvh u;7b|ubvhbv|_;ubvho=Cm-m1;Ѵovv|o|_;uorb=-1v|ol;uou1om|;ur-u||o-Cm-m1b-Ѵbmv|ul;m|=-bѴv|ol;;|b|v1om|u-1|-Ѵ o0Ѵb]-ঞomvķ-m7-ubv;vrubm1br-ѴѴ=uol|_;uorĽvu;1;b-0Ѵ;v=uol1v|ol;uv-m7bm;v|l;m|vĺ

u;7b|ubvh;rovu; $_;uorĽvl-bll;rovu;|o1u;7b|ubvh-v-||_;;-u;m70-v;7om|_;1-uubm]-Ѵ;o=Cm-m1b-Ѵ-vv;|vbm|_;v|-|;l;m|o= Cm-m1b-Ѵrovbঞombv]b;m0;Ѵoĺ$_;u;-vmoo@0-Ѵ-m1;v_;;|;rovu;-v-||_;;-u;m77-|;ĺ

Group % olr-m % v-|ƒƐv|-u1_ 2020 ѴѴo1-ঞom 2020 ѴѴo1-ঞom !vĺĽƏƏƏ !vĺĽƏƏƏ

Financial Assets bm-m1b-Ѵ-vv;|v-|=-bu-Ѵ;|_uo]_ |_;uCm-m1b-Ѵ-vv;|vŊ&mto|;7;tb|v_-u;v ƐƔѶķƐѶƕ 3% Ŋ Ŋ

216 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 u;7b| rovu;omu;1;b-0Ѵ;v Trade receivables The Group’s maximum exposure to credit risk on trade receivables as at the year end based on the carrying value in the statement of Cm-m1b-Ѵrovbঞombv]b;m0;ѴoĹ

Group olr-m v-|ƒƐv|-u1_ 2020 2020 Note !vĺĽƏƏƏ !vĺĽƏƏƏ

Trade receivables Ƒƕ ƐķƑƐƕķƓƐƔ ƐƐѶķѶѶƔ Total ƐķƑƐƕķƓƐƔ ƐƐѶķѶѶƔ

$_;uor_-v;v|-0Ѵbv_;7-1u;7b|roѴb1m7;u_b1_;-1_m;1v|ol;ubv-m-Ѵv;7bm7bb7-ѴѴ=ou1u;7b|ou|_bm;vvĺ$_;uorĽv u;b;bm1Ѵ7;vo0|-bmbm]0-mh]-u-m|;;vŐ1oѴѴ-|;u-Ѵvő-m7u;=;u;m1;vĺv-||_;u;rouঞm]7-|;-Ѵ;o=1oѴѴ-|;u-Ѵvo0|-bm;7=uol 1v|ol;uv-lom|;7|o!vĺƐlbѴѴbomĺu;7b|Ѵblb|v-u;;v|-0Ѵbv_;7=ou;-1_1v|ol;u-m7|_;v;Ѵblb|v-u;u;b;;7=u;t;m|Ѵĺ v|ol;uv|_-|=-bѴ|ol;;||_;uorĽv0;m1_l-uh1u;7b|ou|_bm;vvl-|u-mv-1|b|_|_;uoromѴom-ru;r-l;m|0-vbvĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 217 NOTES TO THE FINANCIAL STATEMENTS

Impairment losses lr-bul;m|=ou|u-7;u;1;b-0Ѵ;vbv;v|-0Ѵbv_;70-v;7om;r;1|;71u;7b|Ѵovvl;|_o7ĺ$_;l-bm1olrom;m|o=|_bv-ѴѴo-m1;bv- vr;1bC1Ѵovv1olrom;m||_-|u;Ѵ-|;v|obm7bb7-ѴѴvb]mbC1-m|;rovu;v0-v;7om-]bm]o=|_;o|v|-m7bm]Ľvĺ$_;Ѵovvu-|;1-Ѵ1Ѵ-|;7 0-v;7om|_;_bv|oub1-Ѵruobvboml-|ubbv-7fv|;70-v;7om|_;=|u;1-Ѵb0u-|;7ruo0-0bѴb|o=7;=-Ѵ|-m7|_;Ѵovv]b;m7;=-Ѵ|ĺ ou-u7Ѵoohbm]=-1|ouv|_-|-@;1|1v|ol;u7;=-Ѵ|u-|;v-m7l-1uo;1omolb17-|-v1_-v -u;1omvb7;u;7bm1-Ѵ1Ѵ-ঞm]|_; |_;ruo0-0bѴb|o=7;=-Ѵ|ĺ

o;;u|_;uor_-v|-h;mbm|o-11om||_;1_-m];v|ol-1uo;1omolb1=-1|ouv-m7ubvh7;|o( ŊƐƖblr-1|-m7=oulѴ-|;7 m;1;vv-u-Ѵ|;u-ঞomv|o|_;blr-bu;l;m||;lrѴ-|;vĺ$_;u;vѴ|-m|bm1u;-v;bmblr-bul;m|ruobvbom7;|o|_bv1_-m];bvbm1ourou-|;7 |o|_;1-uubm]-Ѵ;o=|u-7;-m7o|_;uu;1;b-0Ѵ;v-v-||_;;-u;m7ĺ

$_;-]bm]o=|u-7;u;1;b-0Ѵ;vŊo|vb7;|_;uor-v-||_;u;rouঞm]7-|;-vĹ

v-|ƒƐv|-u1_ƑƏƑƏ Group Company ob7ƐƖblr-1| Rs. ’000 Rs. ’000

;vv|_-mƒƏ7-v ƔƕƓķƐƑƔ ƓƒķƒƐƒ ƒƏŊѵƏ7-v ƒƑƒķƕѶƓ ƑƕķƒƕƑ The resultant increase in ѵƏŊƖƏ7-v ƐƔƏķƔƔƑ ƑƔķƓƏƓ impairment provision in ƖƏŊƐѶƏ7-v ƐƏƓķƐƔƖ ƐƔķƏƕƖ Trade receiivable as a result ƐѶƏŊƒѵƔ7-v ƓƔķƓƕƔ ƓķѵѶƔ o=ob7ƐƖblr-1|-v !vĺƐƐĺƒlmĺ lou;|_-mƒѵƔ7-v ƑƑķƒƓƏ ƓķƓѶƒ Advances received ŐƒķƏƑƏő ŐƐķƓƔƐő ƐķƑƐƕķƓƐƔ ƐƐѶķѶѶƔ ;vvĹlr-bul;m|om|u-7;u;1;b-0Ѵ; ŐƖƖķƒƕƒő ŐƖķƓƒѶő -uubm]-Ѵ;o=|u-7;u;1;b-0Ѵ;v ƐķƐƐѶķƏƓƑ ƐƏƖķƓƓƕ

$_;lo;l;m|bm|_;-ѴѴo-m1;=oublr-bul;m|bmu;vr;1|o=|u-7;u;1;b-0Ѵ;v7ubm]|_;;-u-vĹ

v-|ƒƐv|-u1_ƑƏƑƏ Group Company Rs. ’000 Rs. ’000

218 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Short term deposits The Group’s maximum exposure to credit risk on term deposits as at the year end based on the carrying value in the statement of Cm-m1b-Ѵrovbঞom|bv]b;m0;Ѵoĺ

v-|ƒƐv|-u1_ƑƏƑƏ Group % Company % Rs. ’000 Rs. ’000

o;uml;m|om;7-mhbm]mvঞ|ঞomv ƔƏ 0% Ŋ Ŋ oll;u1b-Ѵ-mhv ƓѵķƏƖƑ 100% Ŋ Ŋ Total ƓѵķƐƓƑ 100% Ŋ Ŋ

oll;u1b-Ѵ0-mhv m;v|l;m|vl-7;b|_o|_;uoll;u1b-Ѵ-mhv1omvbv|o=C;77;rovb|v-m7|;ul7;rovb|v_;Ѵ7b|_]o;uml;m|om;70-mhv-m7 rub-|;1oll;u1b-Ѵ0-mhvĺ

-v_-m71-v_;tb-Ѵ;m|v $_;uorѴblb|vb|v;rovu;|o1u;7b|ubvh0bm;vঞm]omѴbmѴbtb7bmv|ul;m|vb|_u;r|;70-mhbm]mvঞ|ঞomvĺ$_;uor-Ѵvo v;v0uo-7bm;v|l;m|rouoѴbo-m7Ѵblb|vbm;v|l;m|vb|_-vbm]Ѵ;1om|;ur-u|ĺ

ƓѵĺƓ btb7b|ubvh btb7b|ubvhbv|_;ubvh|_-||_;uorbѴѴ;m1om|;u7bL1Ѵ|bml;;ঞm]|_;o0Ѵb]-ঞomv-vvo1b-|;7b|_b|vCm-m1b-ѴѴb-0bѴbঞ;v|_-| -u;v;Ѵ;707;Ѵb;ubm]1-v_ou-mo|_;uCm-m1b-Ѵ-vv;|ĺ$_;uorĽv-rruo-1_|ol-m-]bm]Ѵbtb7b|bv|o;mvu;ķ-v=-u-vrovvb0Ѵ;ķ |_-|b|bѴѴ-Ѵ-v_-;vL1b;m|Ѵbtb7b||ol;;|b|vѴb-0bѴbঞ;v_;m7;ķm7;u0o|_moul-Ѵ-m7v|u;vv;71om7bঞomvķb|_o| bm1uubm]m-11;r|-0Ѵ;Ѵovv;vouubvhbm]7-l-];|o|_;uorĽvu;r|-ঞomĺ

$_;uor1omঞmovѴru;r-u;-m7lomb|ouvuoѴѴbm]1-v_Yo=ou;1-v|v-m7-11;vv|_;Ѵbtb7b|u;tbu;l;m|vo=;-1_or;u-ঞm]mb| |o;mvu;b|_-vvL1b;m|1-v_|ol;;|or;u-ঞom-Ѵm;;7vĺ!;]Ѵ-uu;b;v-u;-Ѵvo1-uub;7o||o1_;1h-1|-Ѵr;u=oul-m1;-]-bmv| 07];|;7|-u];|vĺ

"urѴv1-v__;Ѵ70|_;or;u-ঞm]mb|vo;u-m7-0o;0-Ѵ-m1;u;tbu;7=ououhbm]1-rb|-Ѵl-m-];l;m|-u;bm;v|;7bmbm|;u;v| 0;-ubm]ঞl;7;rovb|voub|_;m|u-Ѵ$u;-vu ;r-u|l;m|o=_oѴ7bm]1olr-mĺ||_;u;rouঞm]7-|;ķ|_;uor_;Ѵ7|;ul7;rovb|v |_-|-u;;r;1|;7|ou;-7bѴ];m;u-|;1-v_bmYov=oul-m-]bm]Ѵbtb7b|ubvho=Ѵb-0bѴbঞ;v-v-||_;u;rouঞm]7-|;ĺ

$_;uor_-v-Ѵu;-7or|;7=ou7;0|lou-|oublvl-7;--bѴ-0Ѵ;|_uo]_Cm-m1b-Ѵbmvঞ|ঞomv-v-rruo;70|_;"=ou ( ŊƐƖblr-1|;7bm7v|ub;v_b1_bѴѴ;-v;|_;1-v_Yo1omv|u-bm|vĺ

Group v-|ƒƐv|-u1_ƑƏƑƏ -uubm] Current Non Current --0Ѵ;om Amount demand Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

bm-m1b-Ѵb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƑƕķѵƓѶķƒƏƏ ƑķƕƔƕķƓѶƏ ƑƓķѶƖƏķѶƑƏ Ŋ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƖķƐƒƒķƒѶѵ ƔƑƓķƐƐƑ ѶķѵƏƖķƑƕƓ Trade payables ƖƓƏķƔѶƑ ƖƓƏķƔѶƑ Ŋ Ŋ |_;uruobvbomv-m7r--0Ѵ;v ƑķƕƖƐķƕƐƔ ƑķƕƖƐķƕƐƔ Ŋ Ŋ Amount due to holding company ƐƒƓķƑƖƒ ƐƒƓķƑƖƒ Ŋ Ŋ lom|7;|or-u;m|ŝv]uor;mঞঞ;v ƕƓķƏƏƖ ƕƓķƏƏƖ Ŋ Ŋ Short term bank borrowings ƑķƓƖƑķѶѶƒ Ŋ Ŋ ƑķƓƖƑķѶѶƒ Total ƓƒķƑƐƔķƐѵѶ ƕķƑƑƑķƐƖƐ ƒƔķƔƏƏķƏƖƓ ƑķƓƖƑķѶѶƒ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 219 NOTES TO THE FINANCIAL STATEMENTS

Company v-|ƒƐv|-u1_ƑƏƑƏ -uubm] Current Non Current --0Ѵ;om Amount demand Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000

bm-m1b-Ѵb-0bѴbঞ;v m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƕƑƕķѵѵƐ ƑƔƔķѶƖѶ ƓƕƐķƕѵƒ Ŋ Trade payables ƐƕķƖƖƕ ƐƕķƖƖƕ Ŋ Ŋ |_;uruobvbomv-m7r--0Ѵ;v ƓѵķƒƖƔ ƓѵķƒƖƔ Ŋ Ŋ Amount due to holding company ƓƑķѶƒѵ ƓƑķѶƒѵ Ŋ Ŋ lom|7;|or-u;m|ŝv]uor;mঞঞ;v ƔƏƐķƑѶƓ ƔƏƐķƑѶƓ Ŋ Ŋ Short term bank borrowings ƑƓķѵƐƏ Ŋ Ŋ ƑƓķѵƐƏ Total ƐķƒѵƏķƕѶƒ ѶѵƓķƓƐƏ ƓƕƐķƕѵƒ ƑƓķѵƐƏ

ƓѵĺƔĺƐ ou;b]m;1_-m];ubvh $_;uor0;bm]bmoѴ;7bm_o|;Ѵb;ubm]or;u-|;vbm|;um-ঞom-ѴѴ-m7bv;rov;7|o=ou;b]m;1_-m];ubvh-ubvbm]=uol-ubov 1uu;m1;rovu;vrubl-ubѴb|_u;vr;1|o=|_;&"7oѴѴ-uĺ;u|-bmuool1om|u-1|v-u;;m|;u;7bm|obm=ou;b]m1uu;m1b;v-m7bmob1;7 bm!vbm]|_;1om;uvbomu-|;v;v|-0Ѵbv_;70|_;bm7v|uĺu1_-v;vv1_-vblrou|o=1-rb|-Ѵ]oo7v=ou_o|;Ѵor;u-ঞomv-u;-Ѵvo |u-mv-1|;7bm=ou;b]m1uu;m1ĺ

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ƓѵĺƔĺƐĺƐuoC|şѴovv

ou|_;+;-u m7;7ƒƐv|-u1_ƑƏƑƏ Group Company

ou;b]muu;m1;rovu;=ouƑƏƐƖņƑƏ Foreign currency denominated income Ŋ&" ƐƓƓķƖƕƓ ѵķƑƑƓ Foreign currency denominated expenses Ŋ&" Ŋ Ŋ Foreign currency denominated income Ŋ uo ƔƒķƖƔƒ ƒƕƑ Foreign currency denominated expenses Ŋ uo ŐƔƐƐķƓƖѵő Ŋ

;|;rovu;Ŋbm=ou;b]m1uu;m1 Ŋ&" ƐƓƓķƖƕƓ ѵķƑƑƓ ;|;rovu;Ŋbm=ou;b]m1uu;m1 Ŋ uo ŐƓƔƕķƔƓƒő ƒƕƑ

]1om;uvbomu-|;v;7=ou|_;;-uƑƏƐƖņƑƏ Ŋ&" ƐƕƖĺƒƔ ƐƕƖĺƒƔ ]1om;uvbomu-|;v;7=ou|_;;-uƑƏƐƖņƑƏ Ŋ uo ƐƖƖĺƐƑ ƐƖƖĺƐƑ

;|&" ;rovu;Ŋbm!vŝƏƏƏ ƑѵķƏƏƐ ƐķƐƐѵ ;| uo;rovu;Ŋbm!vŝƏƏƏ ŐƖƐķƐƏѵő ƕƓ

] uo1om;uvbomu-|;b|_!vĺƐĺƏƏbm1u;-v; ƑƏƏĺƐƑ ƑƏƏĺƐƑ ] uo1om;uvbomu-|;b|_!vĺƐĺƏƏ7;1u;-v; ƐƖѶĺƐƑ ƐƖѶĺƐƑ

lr-1||ouoC|şovv b|_!vĺƐĺƏƏbm1u;-v;bm|_;-;u-];&" 1om;uvbomu-|;Ŋbm!vŝƏƏƏ ƐƓƔ ѵ b|_!vĺƐĺƏƏ7;1u;-v;bm|_;-;u-];&" 1om;uvbomu-|;Ŋbm!vŝƏƏƏ ŐƐƓƔő Őѵő

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ƓѵĺƔĺƐĺƑ tb|

v-|ƒƐv|-u1_ƑƏƑƏ Group Compnay &" GPB &! OMR &" GPB &!

ou;b]muu;m17;molbm-|;7 Cm-m1b-Ѵ-vv;|v-m7Cm-m1b-ѴѴb-0bѴbঞ;v Trade and other receivables ƖƓƖķƑƔƔ ƔѵƑķƔƓѵ ƐķƒƏѵķƑƏƔ ѵƕķƖƔƐ ѵƐƕķƖƏƏ ƔƐƏķƓƒƖ ƔƕƑķѵѶѶ |_;uCm-m1b-Ѵ-vv;|v Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ -v_-m71-v_;tb-Ѵ;m|v ƒķƒѶƔķƔƕƕ Ŋ ƒķƑƓƖķƑƖƓ Ŋ ƑķƒƖƕķƓѵƑ Ŋ 228 Trade payables Ŋ Ŋ ŐƒƖķѶƏƑő Ŋ Ŋ Ŋ Ŋ m|;u;v|0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv Ŋ Ŋ ŐƒƓķƕƓƖķƐƐƏő Ŋ Ŋ Ŋ Ŋ ;|;rovu;Ŋbm=ou;b]m1uu;m1 ƓķƒƒƓķѶƒƑ ƔѵƑķƔƓѵ ŐƒƏķƑƒƒķƓƐƒő ѵƕķƖƔƐ ƒķƏƐƔķƒѵƑ ƔƐƏķƓƒƖ ƔƕƑķƖƐѵ

lr-1||ouoC|-m7ovv b|_!vĺƐĺƏƏbm1u;-v;bm|_;-;u-];1om;uvbomu-|; Ŋ!vŝƏƏƏ ƓķƒƒƔ Ɣѵƒ ŐƒƏķƑƒƒő ѵѶ ƒķƏƐƔ ƔƐƏ Ɣƕƒ b|_!vĺƐĺƏƏ7;1u;-v;bm|_;-;u-];1om;uvbomu-|; Ŋ!vŝƏƏƏ ŐƓķƒƒƔő ŐƔѵƒő ƒƏķƑƒƒ ŐѵѶő ŐƒķƏƐƔő ŐƔƐƏő ŐƔƕƒő

$_;ubvhl-m-];l;m|o0f;1ঞ;o=|_;1-v_Yo_;7];bv|o_;7];|_;ubvho=-ub-ঞombm|_;=ou;b]m1uu;m1;1_-m];u-|;v -vvo1b-|;7b|_ &!1uu;m17;molbm-|;7=ou;1-v|v-Ѵ;vĺ$_;ubvhl-m-];l;m|v|u-|;]bv|ov;|_;=ou;b]m1uu;m1-ub-0bѴb| Ő]-bmvņѴovv;vő-ubvbm]=uolu;-Ѵ-ঞomo=|_;=ou;b]m1uu;m10ouuobm]-ub0|-0Ѵ;|o1_-m];bm|_;vro|=ou;b]m;1_-m];u-|;v|o o@Ŋv;||_;-ub-0bѴb|ķ7;|o=ou;b]m;1_-m];u-|;lo;l;m|vķom!1om;uvbomo= &!7;molbm-|;7=ou;1-v|v-Ѵ;vĺ

$_;;@;1ঞ;rouঞomo=|_;]-bmouѴovvom|_;_;7]bm]bmv|ul;m|bvu;1o]mbv;7bm|_;|_;uolru;_;mvb;m1ol;"|-|;l;m|Őő -m7-mbm;@;1ঞ;rouঞombvu;1o]mbv;7bll;7b-|;Ѵbm|_;m1ol;"|-|;l;m|ĺ

$_;-lom|u;1o]mbv;7bm|_;uolru;_;mvb;m1ol;bv|u-mv=;uu;7|o|_;m1ol;"|-|;l;m|_;m|_;_;7];|u-mv-1ঞomo11uv Ő_;m|_;=ou;1-v|;7u;;m;bvu;-Ѵbv;7őĺ=|_;=ou;1-v||u-mv-1ঞombvmoѴom];u;r;1|;7|oo11uķ|_;1lѴ-ঞ;]-bmouѴovv ru;bovѴu;1o]mbv;7bm|_;uolru;_;mvb;m1ol;bv|u-mv=;uu;7|o|_;m1ol;"|-|;l;m|ĺ

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u|_;uķo|v|-m7bm]0-Ѵ-m1;o= &!ƒƑĺѵm-v-|ƒƐ-u1_ƑƏƐѶ_-v0;;mu;Cm-m1;7;@;1ঞ;=uol|_;Ɛv|t-u|;uo=ƑƏƐѶņƐƖ =ou-m;|;m7;7|;mouĺ

$_;;@;1ঞ;rouঞomo=|_;]-bmouѴovvom|_;_;7]bm]bmv|ul;m|o=!vĺƑƖƑmŐƑƏƐѶņƐƖŋ!vĺѶƓmőbvu;1o]mbv;7bm|_;|_;u olru;_;mvb;m1ol;"|-|;l;m|Őő-m7bm;@;1ঞ;rouঞomo=!vĺƐƏmŐƑƏƐѶņƐƖŋ!vĺƒƓmőbvu;1o]mbv;7bll;7b-|;Ѵbm|_; m1ol;"|-|;l;m|m7;um;|=ou;b]m;1_-m];]-bmņŐѴovvőbmo|_;uor;u-ঞm]bm1ol;ĺ

-v_Yo_;7];u;v;u;

Group Company v-|ƒƐv|-u1_ 2020 2019 2020 2019 !vĺĽƏƏƏ Rs. ’000 !vĺĽƏƏƏ Rs. ’000

Balance at the beginning of the year ŐѵƑѵķƕƐѵő ŐƔƕѵķƑƒƖő Ŋ Ŋ ;|lo;l;m|bm1-v_Yo_;7];u;v;u; ŐƐƕƓķƖƐƕő ŐƔƏķƓƕƕő Ŋ Ŋ Balance at the end of the year ŐѶƏƐķѵƒƒő ŐѵƑѵķƕƐѵő Ŋ Ŋ

$_;uor_-v1omvb7;u;7|_;;1omolb1|u0Ѵ;m1;u;vѴঞm]=uol( ƐƖr-m7;lb1_;m-vv;vvbm]|_;uorĽvubvh;rovu;v -m7_;7];;@;1ঞ;m;vvĺ

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Ɠѵĺƕ m|;u;v|u-|;ubvhv m|;u;v|u-|;ubvhbv|_;ubvho=Y1|-ঞomo=|_;-Ѵ;ou1-v_Yovo=-mbmv|ul;m|7;|o1_-m];vbm|_;l-uh;|bm|;u;v|u-|;vĺ

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Financial Year 2019/20 Increase/ decrease @;1|omuoC| bm0-vbvrobm|v ;=ou;$- Group Company Rs. ’000 Rs. ’000

"ub-mh-ur;;Ѵo-mv +100 ƐƓķѶƒƏ ƕķƑƕƕ USD loans +10 Ɛƕķѵѵƕ Ŋ uoѴo-mv +10 ƒķƕƕѵ Ŋ

"ub-mh-ur;;Ѵo-mv ŊƐƏƏ ŐƐƓķѶƒƏő ŐƕķƑƕƕő USD loans ŊƐƏ ŐƐƕķѵѵƕő Ŋ uoѴo-mv ŊƐƏ Őƒķƕƕѵő Ŋ

$_;-0o;|-0Ѵ;7;lomv|u-|;v|_;v;mvbঞb||o-u;-vom-0Ѵrovvb0Ѵ;1_-m];bmbm|;u;v|u-|;vomѴo-mv_;u;Yo-ঞm]u-|;v-u; -rrѴb1-0Ѵ;0ƐƏƏ0-vbvrobm|v=ou!r;;Ѵo-mv-m7ƐƏ0-vbvrobm|v=ou&" Ѵo-mv-m7 uoѴo-mvb|_-ѴѴo|_;u-ub-0Ѵ;v_;Ѵ7 1omv|-m|ĺ

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224 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓѵĺѶ tb|rub1;v $_;uorĽvbm;v|l;m|bm;tb|Ŋto|;7-u;u;1ou7;7-||_;bul-uh;|rub1;ĺuorĽvbm;v|l;m|vbm;tb|-11om|;7bm;v|l;m|v bvv1or;7o|-vv|-|;7-0o;ĺ tb|bm;v|l;m|vmomto|;7-u;1-uub;7bm|_;omvoѴb7-|;7"|-|;l;m|o= bm-m1b-Ѵovbঞom-v Cm-m1b-Ѵ-vv;|v-|=-bu-Ѵ;|_uo]_ĺo|_to|;7-m7momto|;7bm;v|l;m|v-u;=-bu-Ѵ;7-v-|;-1_u;rouঞm]7-|;ĺ

Ɠƕ -rb|-Ѵl-m-];l;m| $_;uorĽvo0f;1ঞ;v_;ml-m-]bm]1-rb|-Ѵ-u;|ov-=;]-u7|_;uorĽv-0bѴb||o1omঞm;-v-]obm]1om1;mbmou7;u|oruob7; u;|umv=ouv_-u;_oѴ7;uv-m70;m;C|v=ouo|_;uv|-h;_oѴ7;uv-m7|ol-bm|-bm-morঞl-Ѵ1-rb|-Ѵv|u1|u;|ou;71;|_;1ov|o=|_; 1-rb|-Ѵĺ

$_;1-rb|-Ѵo=|_;1olr-m1omvbv|o=|_;=oѴѴobm]Ĺ

tb|-rb|-Ѵ Ŋu7bm-uv_-u;1-rb|-Ѵ Ŋu;=;u;m1;v_-u;1-rb|-Ѵ

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$_;uorlomb|ouv1-rb|-Ѵom|_;0-vbvo=|_;7;0||o;tb|u-ঞoĺ$_bvu-ঞobv1-Ѵ1Ѵ-|;70-v;7om|_;Ѵom]|;ulbm|;u;v|0;-ubm] 7;0|-m7ru;=;u;m1;v_-u;v7bb7;70|o|-Ѵ;tb|1-rb|-Ѵĺ$o|-Ѵ7;0|1omvbv|o=|o|-Ѵmom1uu;m|0ouuobm]v-m7|o|-Ѵ;tb|1omvbv| o=|o|-Ѵ;tb|Ѵ;vvru;=;u;m1;v_-u;v1-rb|-Ѵĺ$_;=oѴѴobm]=-1|ouv-u;-Ѵvoo0f;1ঞ;Ѵ|-h;mbm|o1omvb7;u-ঞombml-m-]bm]1-rb|-Ѵo= |_;uorĺ

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ƓƖ !;Ѵ-|;7r-u||u-mv-1ঞomv b|h;m"r;m1;o|;ѴvoѴ7bm]vuor1-uub;vo||u-mv-1ঞomvbm|_;ou7bm-u1ouv;o=0vbm;vvb|_r-uঞ;v_o-u;7;Cm;7-v u;Ѵ-|;7r-uঞ;v-vr;u"ub-mh-11omঞm]"|-m7-u7"ƑƓŊ!;Ѵ-|;7-u| bv1Ѵovu;vķ_b1_-u;|u-mv-1|;7-|moul-Ѵ0vbm;vv |;ulvĺ$_;rub1bm]roѴb1-rrѴb1-0Ѵ;|ov1_|u-mv-1ঞomv-u;1olr-u-0Ѵ;b|_|_ov;|_-|oѴ7_-;0;;m1_-u];7=uolmu;Ѵ-|;7 1olr-mb;vĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 225 NOTES TO THE FINANCIAL STATEMENTS

uĺĺ bvv-m--h;bv|_; ;r|_-bul-mş-m]bm] bu;1|ouo=|_;olr-m-m7|_;-u;m|olr-mb|h;m"r;m1;ĺ; bv-Ѵvobv- bu;1|ou=ouuomv;-1_o|;Ѵvķu;v|"|-uŐ(ő|7ĺķoub;m;v|l;m|vŐ|ő|7ĺķ1;!;vou|vŐ|ő|7ĺķb|h;m "r;m1;o|;Ѵ-m-];l;m|v"o|_m7b-Ő|ő|7ĺķb|h;m"r;m1;!;vou|vŐb77Ѵ; -v|őĺķb|h;m"r;m1;o|;Ѵvm|;um-ঞom-Ѵ Ő|ő|7ĺķb|h;m"r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7ĺķĺ!oѴb7-ol;vŐ|ő|7ĺķ;ul0-Ѵ-l!;vou|vŐ|ő|7ĺķb|h;m"r;m1; o|;Ѵv|7ĺķ;ub|-m1;Ő|ő|7ĺķb|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7ĺķ-m7-Ѵ-l-o|;ѴvŐ|ő|7ĺķ_m]-ѴѴ-!;vou|v|7ĺķ ;|_;uv;o|;Ѵv|7ĺķ;r|m;u;7b1(bѴѴ-];Ő|ő|7ĺķ$u--!;vou|vŐ|ő|7ĺķ$u--Ő|ő|7ĺķ;;u-Ѵ-7-Ő|ő|7ĺķ uomv;-1_o|;Ѵvĺ1;-u]oŐ|ő|7ĺķb|h;m"r;m1;]ub1Ѵ|u;Ő|ő|7ĺķb|h;m"r;m1; m]bm;;ubm]"oѴঞomvŐ|ő|7ĺķ b|h;m"r;m1;ubmঞm]ş-1h-]bm]Ő|ő|7ĺķb|h;m"r;m1;$u-;ѴvŐ|ő|7ĺķѴo0-Ѵ-u1;Ѵ ;Ѵb;uŐ|ő|7ĺķ Ѵ;-|ouvŐ|ő|7ĺ -m7 Ѵrbঞ-Ѵ-m|-ঞomvĺ$u-mv-1ঞomv1-uub;7o|0|_;uorb|_|_;v;1olr-mb;vbm|_;ou7bm-u1ouv;o=0vbm;vv-u; 7bv1Ѵov;7bmo|;oĺƓƖĺƐĺƐĺƓƖĺƐĺƑ-m7ƓƖĺƐĺƓĺ

vĺ ĺ"ĺ$---u7;m-ķ- bu;1|ouo=|_;olr-mbv-Ѵvo|_;_-bur;uvomo=b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7ĺķb|h;m "r;m1;o|;Ѵv|7ĺķ$u--Ő|ő|7ĺķ$u--!;vou|vŐ|ő|7ĺķ-m7-Ѵ-l-o|;ѴvŐ|ő|7ĺķ;|_;uv;o|;Ѵv|7ĺķ;ub|-m1;Ő|ő |7ķ;r|m;u;7b1(bѴѴ-];Ő|ő|7ĺķ;;u-Ѵ-7-Ő|ő|7ĺķ;|-m$u-;Ѵ";ub1;volr-mŐ|ő|7ĺķoub;m;v|l;m|vŐ|ő |7ĺķ "!;vou|vŐ|ő|7ĺķ&mbt;!;vou|vŐ|ő|7ĺķ1;!;vou|vŐ|ő|7ĺķb|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7ĺķb|h;m "r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7ĺķ_m]-ѴѴ-!;vou|v|7ĺķ-m7b|h;m"r;m1;o|;Ѵ-m-];l;m|vvb-Ő|ő|7ĺķ$u-mv-1ঞomv 1-uub;7o|0|_;uorb|_|_;v;1olr-mb;vbm|_;ou7bm-u1ouv;o=0vbm;vv-u;7bv1Ѵov;7bmo|;oĺƓƖĺƐĺƑĺ

vĺ ĺ"ĺ$---u7;m-bv-Ѵvo- bu;1|ouo=|_;r-u;m|olr-mb|h;m"r;m1;ĺ-m7- bu;1|ouo=l;|_v|;bvu;|7ĺķ -u-7bv;!;vou|v-vvbh7-_Ő|ő|7ĺķuomv;-1_o|;Ѵvĺķ-m7;]ol0o;-1_!;vou|vŐ|ő|7ĺķ_b1_-u;;tb| -11om|;7bm;v|;;vo=|_;uorĺ"_;bv-Ѵvo|_;_-bur;uvomo="rѴ;m7ou;7b-Ő|ő|7ĺķ-m7- bu;1|ouo="|-vvomv oo7vŐ|ő |7ĺķ-mh-bѴh oo7vŐ) őĺķ-mh- -bub;vŐ|ő|7ĺķ-m7"|-vv;m rou|vŐ|ő|7ĺ$u-mv-1ঞomv1-uub;7o|0|_;uorb|_ |_;v;1olr-mb;vbm|_;ou7bm-u1ouv;o=0vbm;vv-u;7bv1Ѵov;7bmo|;oƓƖĺƐĺƐķƓƖĺƐĺƒ-m7ƓƖĺƐĺƔĺ

uĺĺĺol;ķ- bu;1|ouo=|_;1olr-mbv-Ѵvo- bu;1|ouo=|_;-u;m|olr-mb|h;m"r;m1;ĺ

uĺĺĺ"--b1hu-l-ķ- bu;1|ouo=|_;olr-mbv-Ѵvo|_;-m-]bm] bu;1|ouo=b|h;m"r;m1;o|;Ѵ-m-];l;m|vŐ|ő|7ĺķ -m7- bu;1|ouo=b|h;m"r;m1;o|;Ѵv|7ĺķ$u--Ő|ő|7ĺķ$u--!;vou|vŐ|ő|7ĺķ-m7-Ѵ-l-o|;ѴvŐ|ő|7ĺķ;|_;uv;o|;Ѵv |7ĺķ;ub|-m1;Ő|ő|7ķ;r|m;u;7b1(bѴѴ-];Ő|ő|7ĺķ;;u-Ѵ-7-Ő|ő|7ĺķ_m]-ѴѴ-!;vou|v|7ĺķu;v|"|-uŐ(ő|7ķ ;|-m$u-;Ѵ";ub1;volr-mŐ|ő|7ĺķoub;m;v|l;m|vŐ|ő|7ĺķ "!;vou|vŐ|ő|7ĺķ&mbt;!;vou|vŐ|ő|7ĺķ1;!;vou|v Ő|ő|7ĺķ!oѴb7-ol;vŐ|ő|7ĺķ;ul0-Ѵ-l!;vou|vŐ|ő|7ĺķb|h;m"r;m1;o|;Ѵ-m-];l;m|v"o|_m7b-Ő|ő|7ĺķ b|h;m"r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7ĺķ-m7b|h;m"r;m1;o|;Ѵvm|;um-ঞom-ѴŐ|ő|7ĺķ$u-mv-1ঞomv1-uub;7o|0|_;uor b|_|_;v;1olr-mb;vbm|_;ou7bm-u1ouv;o=0vbm;vv-u;7bv1Ѵov;7bmo|;oĺƓƖĺƐĺƑĺ

uĺĺĺ"--b1hu-l-bv-Ѵvo- bu;1|ouo=;]ol0o;-1_!;vou|vŐ|ő|7ĺķ_b1_bv-m;tb|-11om|;7bm;v|;;vo=|_;uorĺ

;|-bѴvo=|u-mv-1ঞomv1-uub;7o|0|_;uorb|_u;Ѵ-|;7r-uঞ;v-m7o|v|-m7bm]0-Ѵ-m1;vb|_|_;u;Ѵ-|;7r-uঞ;v-u;]b;mbm o|;oĺƓƖĺƐĺƐ|oƓƖĺƐĺƔĺ

226 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ŋ Ŋ Ŋ 19 ŐƑƕő 232 ƒƑķƐƓѶ ƐƒķƑѶƑ ŐƓƑķѶƒѵő !vĺĽƏƏƏ ŐƔƏƏķƕƒƒő |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ Ŋ Ŋ Ŋ Ŋ Ŋ Value ƓķƏƏƏ ƑѶķƐƑƓ ƓѶķƓƐѵ Rs. ’000 Rs. ŐƑѶƏķƓƕƐő ŐƑƕƖķѶƑѶő $u-mv-1ঞom Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ !vĺĽƏƏƏ ƕƓƏķƑƒƑ ŐƐƒƓķƑƖƒő |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ m Ŋ Ŋ Ŋ Value ƓķƏƏƏ ƓƐķƐƐƔѵƓķƑƓƑ ƔķƖƐƐ ƒƏķƕƔƔ ƑƒķƏѶѵ ƓѶķƓƐѵ Rs. ’000 Rs. ƑƑѵķƖƔѶ ŐƓƏƖķѶƓƐő ruoC|v terms Market ƑƑƑķƏƑƖ Market terms Market terms Market ruoC|v ƐѵƕķƐѵƔ Market terms Market terms Market ";Ѵ;l;m|o=v_ou||;ul-7-m1;v ;-v;!;m|r-b7ourou-|;]-u-m|;;=;;v services paid for Fees om|u-1|-Ѵ-l;m| terms Market ƐķƔƏƏ Ŋ Group Company ;|b|_7u--Ѵņbm;v|l;m|o=v_ou||;ul=m7v ;m|u-Ѵ;u1_-m7bvbm]mb|_-m7Ѵbm]1_-u];v on advancesInterest terms Market !;Ѵ-ঞomv_br -|u;o=|u-mv-1ঞom $;ulvo=|_;|u-mv-1ঞom $u-mv-1ঞo Subsidiary hotels managing overseas for fees Management Subsidiary and revenue of Percentage Subsidiary term advances Short SubsidiarySubsidiary term advances Short term Short term advances Short term Short term Short Subsidiary hotels managing overseas for fees Management and revenue of Percentage Name of the Related Party the Related of Name b|h;m"r;m1;Ѵo0-Ѵr;u-ঞomvŐ|ő|7 $u--Ő|ő|7ĺ -m7-Ѵ-l-o|;ѴvŐ|ő|7 b|h;m"r;m1;o|;Ѵv|7 ;;u-Ѵ-7-Ő|ő|7 $u-mv-1ঞomvb|_-u;m|olr-m b|h;m"r;m1;$u-mv-1ঞomvb|_"0vb7b-ub;v b|h;m"r;m1;o|;Ѵ-m-];l;m|Ővb-ő||7 -u;m|olr-m m|;u;v|;-um;7ņŐr-b7őŊm;| ƓƖĺƐ ;|-bѴvo=|u-mv-1ঞomv1-uub;7o|b|_!;Ѵ-|;7olr-mb;v 49.1.1 49.1.2

;Ѵ-m-];l;m|vŐ|ő|7ĺ Name of the Related Party the Related of Name ;]ol0o;-1_!;vou|vŐ|ő|7 b|h;m"r;m1;o| m;v|;;v -u-7bv;!;vou|v-vvbh7-_Ő|ő|7 ƓƖĺƐĺƒ $u-mv-1ঞomvb|_ tb|11om|;7

228 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ 29 ŐƐƕƐő ŐƐƕƐő ŐƑƒѶő ŐƐķƒƔƕő !vĺĽƏƏƏ ѵѶķƒƑƕ |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ƔƑƒ Value ƐķƐѵƔ ƔķƕƑƓ ƒķƐƔƕ ƒķƖƐѵ ƔķƓƐѶ Rs. ’000 Rs. ƒƒķƐƐƓ ƐƑƐķƕƑƐ $u-mv-1ঞom Ŋ ѵƒ ŐƒƏő ŐƓѶő ŐѵѶő ŐƒѶѵő ŐƑƔƐő 134 ŐѵƏƒő ƑķƓƕƏ ŐƐķѵƖƐő ŐƑķƓƖƒő !vĺĽƏƏƏ ƒƏѵķѵѶѵ ŐƒƔķƏƖƔő |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ m ƓƖƔ ƖѵѶ Value ƔķѵƕƏ ƑķѵƔƐ ƖķѵƒƑ ƒķѶѵƑ ƐƑķѵƔƒ Rs. ’000 Rs. ƐƒķƓƐƐ ƑƑķƔѵƑ ƑƒķƖƕƑ ƔƓƏķƐƐƔ ƐķƏƐƖķƐƓƐ Market terms Market terms Market terms Market Market terms Market terms Market and Annual Group Company in the ordinary rooms Hotel of Sale business of course overseas for Tickets Air of Purchase travelwater mineral of Purchase terms Market ubmঞm]ş$r;v;মm]_o|;Ѵ ruoloঞom-ѴѴb|;u-|u; terms Market terms Market tea leaves of Purchase oub;u";ub1;v Ѵ;-ubm]o=blrou|;7b|;lv terms Market vegetables of Purchase u1_-v;o=$;tbrl;m| terms Market Reports Repairs and Maintenance of Hotel Hotel of and Maintenance Repairs Ѵ;-|ouv beverages of Purchase items food of Purchase terms Market terms Market !;Ѵ-ঞomv_br -|u;o=|u-mv-1ঞom $;ulvo=|_;|u-mv-1ঞom $u-mv-1ঞo Subsidiary of the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m Subsidiary of the of Subsidiary -u;m|olr-m the of Subsidiary -u;m|olr-m Subsidiary of the of Subsidiary -u;m|olr-m olr-m olr-m $u-mv-1ঞomvb|_-u;m|Ľvuor mঞঞ;v b|h;m"r;m1;$u-;ѴvŐ|ő|7ĺ Name of the Related Party the Related of Name b|h;m"r;m1; rou|vŐ|ő|7ĺ b|h;m"r;m1;ubmঞm]ş-1h-]bm]Ő|ő |7ĺ Ѵ;-|ouvŐ|ő|7 Ѵrbঞ-Ѵ-m|-ঞomv Ѵo0-Ѵ-u1;Ѵ ;Ѵb;uŐ|ő|7 b|h;m"r;m1;-u]oŐ|ő|7 b|h;m"r;m1;]ub1Ѵ|u;Ő|ő|7 b|h;m"r;m1; m]bm;;ubm]"oѴঞomvŐ|ő |7 bvঞѴѴ;ub;volr-mo="ub-mh- |_;uu;Ѵ-|;7 "|-vv;m rou|vŐ|őblb|;7 |_;uu;Ѵ-|;7 49.1.4 ƓƖĺƐĺƔ $u-mv-1ঞomvb|_|_;u!;Ѵ-|;7olr-mb;v

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 229 NOTES TO THE FINANCIAL STATEMENTS Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ƕķƒѶƒ ŐƐķƏƏƐő !vĺĽƏƏƏ |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ Ŋ Ŋ Ŋ Ŋ Ŋ ƕƔ ƒƐƕ ƕѶƒ Value ƐķѶƒѶ ѶķƏƒƏ ƕķƒѶƒ Rs. ’000 Rs. ƑƏķƔƒƐ $u-mv-1ঞom Ŋ Ŋ Ŋ ŐƔƐő ŐƐƐő ŐƓѵő ƓѵƓ 431 ŐƕѶѶő ŐƓƓƏő ƖķƔƐƔ ŐƒķƓƓƒő !vĺĽƏƏƏ |v|-m7bm] -|ƒƐĺƏƒĺƑƏƑƏ m ƔƐ ѶƖƕ ѵƒƕ Value -mƐƏĺƐlbѴѴbomő=uolv-Ѵ;o=_o|;Ѵr-1h-];v|o ƒķƏƑѶ ƐķƓƖѶ ƑķƓƒѵ ƑƏƑƏbvu;Y;1|;7bmo|;oĺƑƖŊlom|v7; Rs. ’000 Rs. ƐƏķƐѵѵ ƐѵķƓƒƒ ƐƐķѵƔƒ ƓƑƑķƒƏƕ m7bm]-v-|ƒƐv|-u1_ƑƏƑƏbv7bv1Ѵov;7-0o;ĺ $ouor;u-|ouvķ=ou_olb|h;m"r;m1;$u-;ѴvŐ|ő Market terms Market termsMarket 801 ;vőĺ-Ѵ-m1;vo|v|-m7bm]=uol|_;v;1olr-mb;v-v-|ƒƐv|-u1_ bm;vv_-;=ou|_;v-Ѵ;o=_o|;Ѵuoolvķ1om|u-1|;7b|_1;u|-bm bm;vv_-;];m;u-|;7u;;m;v-lomঞm]|o!vĺƒƓĺƔlbѴѴbomŐolr |o|-Ѵu;;m;];m;u-|;70v1_1olr-m-m7|_;0-Ѵ-m1;o|v|- Group Company Purchase of milk powder of Purchase items food of Purchase terms Market uobvbomo=|;Ѵ;1ollmb1-ঞom v;ub1;vĺ beverages of Purchase terms Market items food of Purchase goods of Purchase terms Market services insurance of Provision terms Market maintenance vehicle of Provision terms Market services terms Market items food of Purchase milk products of Purchase 810 items porcelain of Purchase terms Market terms Market milk products of Purchase terms Market terms Market !;Ѵ-ঞomv_br -|u;o=|u-mv-1ঞom $;ulvo=|_;|u-mv-1ঞom $u-mv-1ঞo olr-m olr-m olr-m olr-m olr-m olr-m olr-m olr-m olr-m olr-m olr-m olr-m |7ĺķ_-v1om|u-1|;7b|_=ouruobvbomo=_o|;Ѵv;ub1;vĺ$_; b|h;m"r;m1;-m7b|v"0vb7b-ub;vŐ;1Ѵ7bm]o|;Ѵolr-mb Name of the Related Party the Related of Name -mh-bѴh oo7vŐ) ő-mh- b-ub;vŐ|őѴ|7 |_;uu;Ѵ-|;7 -mh-;ѴѴ|7ĺ;ub1;ѴŐ|ő|7 |_;uu;Ѵ-|;7 -মroѴ-b;"|o1holr-m|7 |_;uu;Ѵ-|;7 !o-Ѵ;u-lb1 |_;uu;Ѵ-|;7 |_;uu;Ѵ-|;7 omঞm;m|-Ѵmvu-m1;-mh-blb|;7 |_;uu;Ѵ-|;7 ;Ѵv|-o]bvঞ1vŐ|ő|7 |_;uu;Ѵ-|;7 "|-vvomv oo7vŐ|ő|7 |_;uu;Ѵ-|;7 l0;;Ѵ-uo71|vŐ|ő|7 |_;uu;Ѵ-|;7 -mho|-ou1;Ѵ-bm |_;uu;Ѵ-|;7 -মroѴ-b;"|o1hoĺ|7 |_;uu;Ѵ-|;7 |_;uu;Ѵ-|;7 =uol-u;m|Ľvuor mঞঞ;vĺ $_;olr-m-m7|_;"0vb7b-ub;vbm|_;ou7bm-u1ouv;o=0v $_;olr-m-m7|_;"0vb7b-ub;vbm|_;ou7bm-u1ouv;o=0v ƓƖĺƐĺѵ ƓƖĺƐĺƕ

230 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƓƖĺƑ om!;1uu;m|$u-mv-1ঞomvb|_!;Ѵ-|;7-uঞ;v

Name of the Related Party !;Ѵ-ঞomv_br $_;u-ঞom-Ѵ;=ou (-Ѵ;o=|_;u;Ѵ-|;7 Value of the Value of the $;ulv-m71om7bঞomvo=|_; ;m|;ubm]bm|o|_; r-u||u-mv-1ঞomv related party related party u;Ѵ-|;7r-u||u-mv-1ঞom |u-mv-1ঞom entered into during |u-mv-1ঞomv-v- |u-mv-1ঞomv-v-ѷ |_;Cm-m1b-Ѵ;-u ѷo=;tb| of total Assets. ending 31st March 2020 !vĺĽƏƏƏ

49.2.1 $u-mv-1ঞomb|_"0vb7b-ub;v Aitken Spence Hotel Subsidiary m;v|l;m|bm;tb| ƓƒƕķƒƑƔ 2% ƏĺƔƖѷ Market Terms Managements South India Ő|ő|7ĺ

49.2.2 $u-mv-1ঞomb|_ tb| 11om|;7m;v|;;v ;]ol0o;-1_!;vou|vŐ|ő Associate Interest earned from ƕƐķƐƑƒ ƏĺƑƓѷ ƏĺƐƏѷ o-mbvu;r--0Ѵ;bmƐƏ |7 shareholder loan years with grace r;ubo7o=ƒ;-uvĺ m|;u;v|Ѵbmh;7|o)!

$_;u;;u;momomu;1uu;m||u-mv-1ঞomv1-uub;7o|b|_u;Ѵ-|;7r-uঞ;v7ubm]|_;;-u_;u;|_;-]]u;]-|;-Ѵ;o=|u-mv-1ঞom ;1;;7vƐƏѷo=;tb|ouƔѷo=|o|-Ѵ-vv;|v_b1_;;ubvѴo;uĺ

ƓƖĺƒ !;1uu;m|$u-mv-1ঞomvb|_!;Ѵ-|;7-uঞ;v

Name of the Related Party !;Ѵ-ঞomv_br $_;u-ঞom-Ѵ;=ou;m|;ubm] (-Ѵ;o=|_;u;Ѵ-|;7 Value of the related $;ulv-m71om7bঞomv bm|o|_;|u-mv-1ঞom r-u||u-mv-1ঞomv r-u||u-mv-1ঞomv of the related party entered into during -v-ѷo=u;;m; |u-mv-1ঞom |_;Cm-m1b-Ѵ;-u ending 31st March 2020 !vĺĽƏƏƏ

b|h;m"r;m1;$u-;ѴvŐ|ő|7ĺ Subsidiary of Parent Sale of Hotel rooms in the ƐķƏƐƖķƐƓƐ ƔĺƓѶѷ Market Terms olr-m ordinary course of business

$_;u;;u;mou;1uu;m||u-mv-1ঞomv1-uub;7o|b|_u;Ѵ-|;7r-uঞ;v7ubm]|_;;-u_;u;|_;-]]u;]-|;-Ѵ;o=|u-mv-1ঞom ;1;;7vƐƏѷo=1omvoѴb7-|;7]uovvu;;m;o=|_;uorĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 231 NOTES TO THE FINANCIAL STATEMENTS

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238 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 v-|ƒƐv|-u1_ 2020 2019 &"ŪŝƏƏƏ &"ŪŝƏƏƏ

omŊuu;m|b-0bѴbঞ;v m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƐƒƐķƏѵѵ ƐƒƑķƖƐƕ m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƓƔķƒƒƒ Ŋ ;=;uu;7|-Ѵb-0bѴbঞ;v ƔķƑƑƏ ƔķƓƐѵ |_;uѴb-0bѴbঞ;v Ŋ ƕķƒƖƓ lrѴo;;0;m;C|v ƐķƐƏƓ ƐķƐƕƓ ƐѶƑķƕƑƒ ƐƓѵķƖƏƐ uu;m|b-0bѴbঞ;v Trade payables ƓķƖƔƒ ƔķƑƓƓ |_;uruobvbomv-m7r--0Ѵ;v ƐѶķƓƏƏ ƐѵķƖƏƕ Amounts due to holding company ƕƏƕ ѵƑƔ lom|v7;|or-u;m|ŝv]uor;mঞঞ;v 390 318 m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊ0-mhv ƐƓķƔƑƏ ƐƐķƕѶƓ m|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;vŊѴ;-v;v ƑķƕѵƏ Ŋ uu;m||-r--0Ѵ; ƓƑƔ ƐķƏƕƏ Short term bank borrowings ƐƒķƐƑƕ ƐƐķƖƕѵ ƔƔķƑѶƑ ƓƕķƖƑƓ $$$ " ƑƒѶķƏƏƔ ƐƖƓķѶƑƔ $$ &$+ $ " ƒƖƐķƔƏƐ ƒѵѶķƔƕƓ

1_-m];u-|;v;7=ou|u-mvѴ-ঞom ƐѶƖĺƖƐ ƐƕѵĺƏƖ

Highlights | Management Discussion & Analysis | Governance | Financial Reports d<66£'1'2;!8@ 2(381!ধ32 239 <66£'1'2;!8@ 2(381!ধ32

Reconsolidang our Strengths

We’re relying on our collecve strengths to amplify our capabilies; generang a future of powerful, impacul change.

240 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ( "$! !$

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Highlights | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 241 ( "$! !$

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242 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Ɩĺuor @;1ঞ;oѴ7bm]bm"0vb7b-uķobm|(;m|u;v-m7vvo1b-|;olr-mb;v

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Highlights | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 243 ( "$! !$

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244 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ƐƑĺbv|ouo=o;l;m|mu7bm-u"_-u;-rb|-Ѵ

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Highlights | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 245 $

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"" $" uor;u|ķrѴ-m|ş;tbrl;m| ƔƑķƔƔƓķƒƕƖ ƓƖķƖƐѶķƑƐѶ ƓƐķƓƏƓķƕѶѶ ƒƕķѵѶƕķƐѵƏ ƑƒķƐƏƐķƒѵƏ ƐѵķƓƏƑķƓƖƐ ƐƑķƔƕƐķƖƏƒ ƐƐķƖѵƑķƓƕƑ ƐƐķƏѶƕķƕƒƖ ѶķѶƕƖķƑƓƖ !b]_|Ŋo=Ŋv;-vv;|v ƐƐķƐƕƑķƒѶƖ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ;-v;_oѴ7ruor;u| Ŋ ƑķƑƐƓķƔƐѶ ƑķƏƑƒķƖƏƒ ƑķƏƓƑķƓѵƏ ƑķƏƏѵķƕƑѶ ƐķƖƏѵķƔƑѵ ƐķƓѵƐķƐƏƏ ƐķƓѵƒķƖƒƏ ƐķƔƑƐķƐƏƏ ƐķƒƔƓķƏƑѵ u;r-b7or;u-ঞm]Ѵ;-v;v Ŋ ƐķƖƑƓķƒƑƖ ƐķƕƕƑķƐƕƑ ƐķƕƖƐķƐѵƖ ƐķѶƐƐķƏƕƐ ƐķƏѵƕķƏѵƒ ƐķƏƓѶķѵƑƐ ƐķƏƑƏķƔƔƒ ƐķƏѵƕķѶƏƏ ƓѵķƔƏƏ Intangible assets ƔѶƏķѵƑƕ ƓƕƑķѶƕƖ ƓƐѵķƏƔƒ ƓƏƓķѵƐƑ ƒѶƏķƐѵѵ ƑķѶƓƑ ƐƒķƒƖƏ ƑѵķƖƑƖ ƑѵķѶѵƑ Ŋ Investments ƖƐƏķƓƕѶ ƐķƑƓƖķƖƏƑ ƐķƐƔѶķƔѶƐ ƐķƑƖƓķƓƑƕ ƓķƖѶƑķƑƐƑ ƒķƏƖѶķƓƕƓ ƐķƒƒѵķѶƐƓ ƐķƒƏƑķѵƖƓ ƐķƑƑƕķƒƕƐ ƖѵƏķѶƕѶ |_;uCm-m1b-Ѵ-vv;|v ƕѵƓķƑƓƔ ƕƕѶķƖѶѵ ƕѵƒķƕѶƏ ƐƑѵķѵƔƏ ƑƏƑķƒƖƔ ƐѶƏķƐƖƐ ƐƖƕķƓƕѶ ƑƑƐķƏƕƑ ƑƒƒķƑƏƕ ƑƑƑķƒƖƔ Deferred tax assets ƑƖƔķѶƓƖ ƐѵƏķƖƓƑ ƐƓƒķƖƏѵ ƐƔƕķƕѵƏ ƐƓƕķƖѵƖ ƐƐƖķƏƐƕ ƐƐƔķƖƕƕ ƐƒƑķƕƑƑ ƐƒƏķƏƐѶ ƓѶķƒƖƖ uu;m|-vv;|v ƕķƏƓѵķƔƓƑ ѶķƐѶƑķѵƐƏ ƐƏķƖƐƏķƑƐƓ ѶķѵƕƒķƕƓƖ ƔķѶƐѵķƒƐƒ ƐƏķƏƐƐķѵѵƑ ƖķƑƒƐķѵƓƔ ѵķƑƑƖķƓƑƕ ƓķƔƖƕķƐѶƔ ƓķƑƔƓķƒƑƏ vv;|v1Ѵ-vvbC;7-v_;Ѵ7=ouv-Ѵ; ƐķƏƑƔķƔƑƔ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ Ŋ ƖķѶƑѵ Total Assets ƕƓķƒƔƏķƏƒƓ ѵƓķƖƏƑķƒѶƓ ƔѶķƔƖƒķƒƖƕ ƔƑķƐƕƕķƖѶƕ ƒѶķƓƓѶķƑƐƓ ƒƑķƕѶѶķƑѵƕ ƑƔķƖƕѵķƖƑѶ ƑƑķƒƔƖķƕƖƖ ƐƖķѶƖƐķƑѶƑ ƐƔķƕƕƔķƔƖƒ

" ) uolor;u-ঞm]-1ঞbঞ;v ƒķƒƏƒķƕƕƐ ƑķѶƔѶķƖƓƐ ƑķѶƏƐķƖƖƑ ƑķƔѶƕķƓѶƔ ƒķƓƕƖķƕѵƖ ƒķƖѶѵķƑƑƖ ƒķѶƑƏķѶƖƏ ƒķƔƑѶķƒѵƐ ƒķƐƔѵķѵƖƕ ѵѵƒķƑƔƕ uolbm;vঞm]-1ঞbঞ;v ŐƒķƑƐƓķƕѵƏő ŐѵķƑƕƑķƑƒѵő ŐƒķƏƔƏķѶƏƖő ŐƑķƑƕƖķƔѶѶő ŐѵķƔƏƕķѵƏѶő ŐѵķƐƒƕķƓƕƑő ŐƒķƓƓѵķƒѵѶő ŐƐķѵѶѵķѶƏƓő ŐƑķƔƒƒķƒƕƐő ŐƐķƏƑƒķƒƒѵő uolCm-m1bm]-1ঞbঞ;v ŐƐķƓƒƕķƒƓѶő ƕѵƕķƒƐѵ ƒķƑѵѵķƐƒѶ ƐƑƏķƕѶƑ ƐķƓƏƖķѵƖƓ ƑķƓƐƑķƖƑѵ ŐѵƏƕķƒƐƑő ŐƒѶƖķƕƕѵő ŐƕѵƔķѶѵƓő ƐķƖѵƔķƐƖѶ ;|1-v_bmYoņŐoѴoő ŐƐķƒƓѶķƒƒƕő ŐƑķѵƓƔķƖƕƖő ƒķƏƐƕķƒƑƐ ƓƑѶķѵƕƖ ŐƐķѵƐѶķƐƓƔő ƑѵƐķѵѶƑ ŐƑƒƑķƕƖƏő ƐķƓƔƐķƕѶƐ ŐƐƓƑķƔƒѶő ƐķѵƏƔķƐƐƖ

+ $!" -umbm]vr;uou7bm-uv_-u;Ő!vĺő ŐƐĺƖƏő Ƒĺƒƕ ƒĺƓƒ ƐĺƖƕ ƓĺƐƒ ѵĺѵƏ ѵĺƖƑ ƔĺƑѵ ƓĺƏƔ ƒĺƏƒ ;|vv;|v-Ѵ;r;uou7bm-uv_-u;Ő!vĺő ѵƏĺѵѵ ѵƑĺƖѵ ƔѶĺƒƏ ƔѵĺƓƖ ƔƓĺƑƓ ƔƏĺƕƔ ƓƔĺƑƓ ƒƕĺƖƔ ƒƑĺƕƑ ƑѵĺƒƓ Ѵovbm]rub1;r;uv_-u;Ő!vĺő ƐƔĺƐƏ ƑƒĺƕƏ ƒƒĺƔƏ ƒƔĺƑƏ ƔƒĺƏƏ ѵƕĺƏƏ ƕƏĺƏƏ ƕƓĺƏƏ ƕƏĺƏƏ ƖѶĺƏƏ bb7;m7r;uv_-u;Ő!vĺő Ŋ ƐĺƏƏ ƐĺƑƔ ƏĺƕƔ ƐĺƑƔ ƐĺƔƏ ƐĺƔƏ ƐĺƏƏ ƏĺƕƏ ƏĺƔƏ bb7;m71o;uŐ$bl;vő Ŋ Ƒĺƒƕ ƑĺƕƔ ƑĺѵƑ ƒĺƒƏ ƓĺƓƏ ƓĺѵƐ ƔĺƑѵ ƔĺƕƖ ѵĺƏѵ ub1;|o;-umbm]vu-ঞoŐ$bl;vő ŐƕĺƖƓő ƐƏĺƏƑ Ɩĺƕѵ ƐƕĺƖƐ ƐƑĺѶƒ ƐƏĺƐƔ ƐƏĺƐƑ ƐƓĺƏƕ ƐƕĺƑѶ ƒƑĺƒƒ ;-ubm]Ő7;0|ņŐ7;0|Ƴ;tb|őőѷ Ɣƒĺƕƒ ƓƒĺѵƔ ƒƖĺƕѶ ƒƓĺƖƏ ƑѵĺƏѶ ƑƏĺƒƏ ƐƒĺƖƓ ƐƔĺѶƕ ƐѶĺƒƏ Ƒƒĺѵƕ m|;u;v|1o;uŐ$bl;vő ƏĺƖƓ ƒĺƐѶ ƒĺƓƔ ƒĺƒƐ Ѷĺƕƒ ƑƑĺƑƐ ƑƑĺƏƒ ƐƒĺƕƐ ƐƑĺƓƏ ƕĺƏѶ !;|umom-;u-];v_-u;_oѴ7;uvŝ=m7vŐѷő ŐƒĺƏѶő ƒĺƖƏ ƔĺƖѶ ƒĺƔƔ ƕĺѶƕ ƐƒĺƕƔ Ɛѵĺѵƒ ƐƓĺƖƏ Ɛƒĺƕƒ ƐƓĺѵѶ

246 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ! "$$ " $ !&

b|h;m"r;m1;o|;ѴoѴ7bm]v Heritance Ahungalla ƐƔƑ Ahungalla ƑƔƒķƔƖƏ 3 ƐƐĺƖѵ Ŋ ƕƐƏķƒƏƏ ѵѶƔķƑƖѶ

;;u-Ѵ-7-Ő|ő|7 Meeraladuwa Island Ŋ -Ѵ-rbঞ- Ŋ Ŋ ƑƖĺƔƔ Ŋ ƑƐƕķƏƑƏ Ŋ

-m7-Ѵ-l-o|;ѴvŐ|ő|7 Heritance Kandalama ƐƔƑ Dambulla ƓƕƏķƓƒѶ 3 ƐѵƖĺѵƓ ƔƏĺƏƏ ƖķƒƏƏ ƓѶƔķƒƔƖ

;|_;uv;o|;Ѵv|7 Heritance Tea Factory ƔƓ -u- Ѵb- ѵѵķƐƑƏ 4 Ŋ ƑƔĺƏƏ Ŋ ƐƏѵķƑƔƔ

b|h;m"r;m1;o|;Ѵv|7 Heritance Ayurveda ѵƓ Beruwala ƐƒƔķƒƕƑ 3 Ŋ ѵĺƓƓ Ŋ ƒƔƔķѵѵƒ

;ub|-m1;Ő|ő|7 Ŋ Beruwala Ŋ Ŋ ƔĺƕƖ Ŋ ƒƑƓķƑƔƏ Ŋ

;r|m;u;7b1(bѴѴ-];Ő|ő|7 Ŋ Beruwala ƐƑķƔƏƏ Ŋ ƏĺƐƑ Ŋ ƓķƔƏƏ ƐƒķƒƑѶ

$u--Ő|ő|7 109 Kalutara ƐƖƑķѵѶѵ 20 ƔĺƖƒ Ŋ ƓƏƕķƐѵƏ ѵѵƕķƑƏѶ Turyaa Kalutara

$u--!;vou|vŐ|ő|7 90 Kalutara ƐƐƒķƏѵƏ 3 ƑĺƓƑ Ŋ ƐƕƏķƒƒѵ ƐķƐƏƏķƒƐƔ Turyaa Kalutara

_m]-ѴѴ-!;vou|v|7 o|;Ѵ!&"ub-mh- ƔƏƐ Ahungalla ѵƏƐķƕƔƐ 11 ƐƑĺƖƕ Ŋ ƖƓƑķѵƔƏ ѶķƏƔƐķѵƕƓ

;|-m$u-;Ѵ";ub1;voĺŐ|ő|7 7--u-mѴ0!-mm-Ѵ_b 122 Maldives ƖѶķѵѵƕ 43 Ŋ ƐƐĺѵƖ Ŋ ѶƖƓķƐƖƑ

oub;m;v|l;m|Ő|ő|7 Adaaran Select Meedhupparu 231 Maldives ƑƖƖķƐƑƓ 122 Ŋ ƓƓĺƓƔ Ŋ ƑķƕƏƐķƓƔƖ Heritance Aarah ƐƔƏ Maldives ƑƔƓķƒƔѵ 244 Ŋ ƑѵĺƖƏ Ŋ ƐƓķƏƓƏķƏѶƕ

"!;vou|vŐ|ő|7 Adaaran Select Hudhuran Fushi ƐƖƕ Maldives ƐƕƏķƓƓѵ 210 Ŋ ƕѶĺƏƏ Ŋ ѵѶƖķѵƔƕ

&mbt;!;vou|vŐ|ő|7 7--u-mu;vঞ];(-7oo ƔƏ Maldives ƓƏķƒƑƓ Ɣƒ Ŋ ƓĺƓѶ Ŋ ƐķƕƖƕķƐƒƏ

1;!;vou|vŐ|ő|7 Raafushi Island Maldives Ŋ Maldives Ŋ Ŋ Ŋ ƓƔĺƑƔ Ŋ Ŋ

Aitken Spence Hotel Managements Ő"o|_m7b-ő||7 $u--_;mm-b 140 _;mm-bņm7b- ƐƑѵķѶƑƔ 1 ƏĺѶƓ Ŋ ƖƒƏķƏƏѵ ƑķѵƖƑķѵƔƑ

;ul0-Ѵ-l!;vou|vŐ|ő|7 Ŋ _;mm-bņm7b- Ŋ Ŋ ƓĺƏƔ Ŋ ƔƑķƖƐƏ Ŋ

ĺ!oѴb7-ol;vŐ|ő|7 Ŋ _;mm-bņm7b- Ŋ Ŋ ƐƓĺƏƓ Ŋ ƑƐƑķƔƓѵ Ŋ

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250 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 CORPORATE INFORMATION

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ƐƏƑŊƔƔ

Material GRI Disclosure !;l-uhvş!;=;u;m1;v -]; Aspects Indicator

252 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Material GRI Disclosure !;l-uhvş!;=;u;m1;v -]; Aspects Indicator

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Material GRI Disclosure !;l-uhvş!;=;u;m1;v -]; Aspects Indicator

254 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 Material GRI Disclosure !;l-uhvş!;=;u;m1;v -]; Aspects Indicator

!ƒƏƓĹ ƒƏƓŊƐ r;u-ঞom-Ѵvb|;vom;7ķѴ;-v;7ķl-m-];7bmķou -|u-Ѵ-rb|-ѴŊbo b;uvb| Ɩѵ Biodiversity -7f-1;m||oķruo|;1|;7-u;-v-m7-u;-vo=_b]_ ƑƏƐѵ biodiversity value outside protected areas ƒƏƓŊƑ "b]mbC1-m|blr-1|vo=-1ঞbঞ;vķruo71|v-m7 -|u-Ѵ-rb|-ѴŊbo b;uvb| Ɩѵ services on biodiversity ƒƏƓŊƒ Habitats protected or restored -|u-Ѵ-rb|-ѴŊbo b;uvb| Ɩѵ ƒƏƓŊƓ &!;7bv|vr;1b;v-m7m-ঞom-Ѵ1omv;u-ঞom -];ƐƑƓo=ƑƏƐƕņƐѶmm-Ѵ!;rou| Ɩѵ Ѵbv|vr;1b;vb|__-0b|-|vbm-u;-v-@;1|;70 or;u-ঞomv !ƒƏƔĹ ƒƏƔŊƐ uovv7bu;1|Ő"1or;Ɛő;lbvvbomvbml;|ub1 -|u-Ѵ-rb|-ѴŊ-u0om oo|rubm| ƖƔ lbvvbomv |omvo=Ƒ;tb-Ѵ;m| ƑƏƐѵ ƒƏƔŊƑ m;u]m7bu;1|Ő"1or;Ƒő lbvvbomvbml;|ub1 -|u-Ѵ-rb|-ѴŊ-u0om oo|rubm| ƖƔ |omvo=Ƒ;tb-Ѵ;m| ƒƏƔŊƔ !;71ঞomvo=;lbvvbomv -|u-Ѵ-rb|-ѴŊ-u0om oo|rubm| ƖƔ r;u-ঞom-Ѵb]_Ѵb]_|v 9 !ƒƏѵĹ ƒƏѵŊƑ Waste by type and disposal method -|u-Ѵ-rb|-ѴŊ)-v|;-m-];l;m| ƖƔ Z;m|ş ;u=oul-m1;Ő$-0Ѵ;ő )-v|;ƑƏƐѵ ƒƏѵŊƒ "b]mbC1-m|vrbѴѴv -|u-Ѵ-rb|-ѴŊ)-v|;-m-];l;m|-m7 94 Recycling ƒƏѵŊƔ )-|;u0o7b;v-@;1|;70-|;u7bv1_-u];v-m7ņou -|u-Ѵ-rb|-ѴŊ; mbuoml;m|-Ѵm7b1-|ouv 93 umo@ !ƒƏƕĹ ƒƏƕŊƐ omŊ1olrѴb-m1;b|_;mbuoml;m|-ѴѴ-vou -|u-Ѵ-rb|-Ѵ 91 mbuoml;m|-Ѵ u;]Ѵ-ঞomv olrѴb-m1; ƑƏƐѵ " !ƓƏƐĹ ƓƏƐŊƐ New employee hires and employee turnover l-m-rb|-Ѵ ƕƒņƕƕ lrѴol;m| ƓƏƐŊƑ ;m;C|vruob7;7|o=ѴѴŊঞl;;lrѴo;;v|_-|-u; bm-m1b-Ѵm=oul-ঞomŊ lrѴo;;;m;C|v 204 ƑƏƐѵ mo|ruob7;7|o|;lrou-uour-u|Ŋঞl;;lrѴo;;v !ƓƏƑĹ ƓƏƑŊƐ bmbllmoঞ1;r;ubo7vu;]-u7bm]or;u-ঞom-Ѵ l-m-rb|-ѴŊou7b-Ѵm7v|ub-Ѵ!;Ѵ-ঞomv ƕƓ -0ouņ changes Management !;Ѵ-ঞomv ƑƏƐѵ !ƓƏƒĹ ƓƏƒŊƐ )ouh;uvu;ru;v;m|-ঞombm=oul-Ѵfobm| l-m-rb|-ѴŊ mvubm];-Ѵ|_ş"-=;|o= ƕƔ 11r-ঞom-Ѵ l-m-];l;m|Ŋouh;u_;-Ѵ|_-m7v-=;|1ollb;;v lrѴo;;v Health and ƓƏƒŊƑ $r;vo=bmfu-m7u-|;vo=bmfuķo11r-ঞom-Ѵ l-m-rb|-ѴŊ mvubm];-Ѵ|_ş"-=;|o= ƕƔ "-=;|ƑƏƐѵ 7bv;-v;vķѴov|7-v-m7-0v;m|;;bvl-m7ml0;uo= lrѴo;;v ouhŊu;Ѵ-|;7=-|-Ѵbঞ;vĺ !ƓƏƓĹ ƓƏƓŊƐ Average hours of training per year per employee l-m-rb|-ѴŊ;-umbm]-m7 ;;Ѵorl;m| ƕѵ Training and ƓƏƓŊƑ Programs for upgrading employee skills and l-m-rb|-ѴŊ;-umbm]ş ;;Ѵorl;m| ƕѵ 71-ঞom |u-mvbঞom-vvbv|-m1;ruo]u-lv ƑƏƐѵ ƓƏƓŊƒ Percentage of employees receiving regular l-m-rb|-ѴŊ!;-u7vş!;1o]mbঞom ƕƓ performance and career development reviews !ƓƏƔĹ ƓƏƔŊƐ Diversity of governance bodies and employees l-m-rb|-ѴŊ b;uv;)ouh=ou1; ƕƕ Diversity ourou-|;o;um-m1;Ŋo-u7olrovbঞom 99 -m7 t-Ѵ ƓƏƔŊƑ !-ঞoo=|_;0-vb1v-Ѵ-u-m7u;lm;u-ঞomo= l-m-rb|-ѴŊ b;uv;)ouh=ou1; ƕƕ rrou|mb| women to men ƑƏƐѵ

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Material GRI Disclosure !;l-uhvş!;=;u;m1;v -]; Aspects Indicator

HUMAN RIGHTS !ƓƏѵĹomŊ ƓƏѵŊƐ m1b7;m|vo=7bv1ublbm-ঞom-m71ouu;1ঞ;-1ঞomv l-m-rb|-ѴŊ b;uv;)ouh=ou1; ƕƕ bv1ublbm-ঞom taken ƑƏƐѵ !ƓƏƕĹ ƓƏƕŊƐ r;u-ঞomv-m7vrrѴb;uvbm_b1_|_;ub]_||o l-m-rb|-ѴŊou7b-Ѵm7v|ub-Ѵ!;Ѵ-ঞomv ƕƓ Freedom of =u;;7olo=-vvo1b-ঞom-m71oѴѴ;1ঞ;0-u]-bmbm] "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ vvo1b-ঞom may be at risk -m7oѴѴ;1ঞ; Bargaining ƑƏƐѵ !ƓƏѶĹ_bѴ7 ƓƏѶŊƐ r;u-ঞomv-m7vrrѴb;uv-|vb]mbC1-m|ubvh=ou "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ -0ouƑƏƐѵ incidents of child labour !ƓƏƖĹ ƓƏƖŊƐ r;u-ঞomv-m7vrrѴb;uv-|vb]mbC1-m|ubvh=ou "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ Forced or incidents of forced or compulsory labour olrѴvou -0ouƑƏƐѵ !ƓƐƑĹ ƓƐƑŊƑ lrѴo;;|u-bmbm]om_l-mub]_|vroѴb1b;vou l-m-rb|-ѴŊ;-umbm]-m7 ;;Ѵorl;m| ƕѵ Human Rights procedures Assessment ƑƏƐѵ " $+ !ƓƐƒĹo1-Ѵ ƓƐƒŊƐ r;u-ঞomvb|_Ѵo1-Ѵ1ollmb|;m]-];l;m|ķ "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊollmb| 88 ollmbঞ;v impact assessments and development programs m]-];l;m| ƑƏƐѵ ƓƐƒŊƑ r;u-ঞomvb|_vb]mbC1-m|-1|-Ѵ-m7ro|;mঞ-Ѵ "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊollmb| 88 m;]-ঞ;blr-1|vomѴo1-Ѵ1ollmbঞ;v m]-];l;m| !ƓƐƓĹ ƓƐƓŊƐ New suppliers that were screened using social "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ Supplier Social criteria Assessment ƓƐƓŊƑ ;]-ঞ;vo1b-Ѵblr-1|vbm|_;vrrѴ1_-bm-m7 "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ ƑƏƐѵ -1ঞomv|-h;m !ƓƐѵĹ ƓƐѵŊƐ Assessment of the health and safety impacts of "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊv|ol;uv ѶƔ v|ol;u product and service categories Health and "-=;|ƑƏƐѵ ƓƐѵŊƑ m1b7;m|vo=momŊ1olrѴb-m1;1om1;umbm]|_;_;-Ѵ|_ "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊv|ol;uv ѶƔ and safety impacts of products and services !ƓƐƕĹ ƓƐƕŊƐ !;tbu;l;m|v=ouruo71|-m7v;ub1;bm=oul-ঞom "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊ"rrѴb;uv Ѷƕ -uh;ঞm]-m7 and labeling -0;Ѵbm]ƑƏƐѵ ƓƐƕŊƑ m1b7;m|vo=momŊ1olrѴb-m1;1om1;umbm]ruo71| "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊv|ol;uv Ѷƕ -m7v;ub1;bm=oul-ঞom-m7Ѵ-0;Ѵbm] ƓƐƕŊƒ m1b7;m|vo=momŊ1olrѴb-m1;1om1;umbm]l-uh;ঞm] "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊv|ol;uv Ѷƕ 1ollmb1-ঞomv !ƓƐѶĹ ƓƐѶŊƐ "0v|-mঞ-|;71olrѴ-bm|v1om1;umbm]0u;-1_;vo= "o1b-Ѵş!;Ѵ-ঞomv_br-rb|-ѴŊv|ol;uv Ѷƕ v|ol;u customer privacy and losses of customer data ub-1ƑƏƐѵ !ƓƐƖĹ ƓƐƖŊƐ omŊ1olrѴb-m1;b|_Ѵ-v-m7u;]Ѵ-ঞomvbm|_; Sustainable Tourism Dashboard Ɣƒ Socioeconomic social and economic area olrѴb-m1; ƑƏƐѵ

256 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ""!+ $ !"

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oѴѴ-|;u-ѴŊom;|-uoumomŊlom;|-u-vv;|rѴ;7];7ouu;1;b;7-v v;1ub|bmѴb;o=-Ѵo-mou1u;7b||;ulvo0|-bm;7ouruob7;7ĺ F -bu(-Ѵ;Ŋ The price that would be received to sell an asset omঞm];m|b-0bѴbঞ;vŊ1om7bঞomouvb|-ঞom-||_;!;rouঞm] ou|u-mv=;u-Ѵb-0bѴb|bm-mou7;uѴ|u-mv-1ঞom0;|;;ml-uh;| 7-|;o=_b1_|_;Cm-m1b-Ѵ;@;1|bѴѴ0;7;|;ulbm;7omѴom|_; r-uঞ1br-m|v-||_;l;-vu;l;m|7-|;ĺ o11uu;m1;ķoumomŊo11uu;m1;o=om;oulou;m1;u|-bm=|u; ;;m|vĺ -bu(-Ѵ;$_uo]_uoC|-m7ovvŊCm-m1b-Ѵ-vv;|ņѴb-0bѴb| -1tbu;7ņbm1uu;7rubm1br-ѴѴ=ou|_;rurov;v;ѴѴbm]ouu;ru1_-vbm] om|u-1|b-0bѴb|Ŋm;mঞ|Ľvo0Ѵb]-ঞom|o|u-mv=;u]oo7v b|bm|_;m;-u|;ulĺ ouv;ub1;v|o-1v|ol;u=ou_b1_|_;;mঞ|_-vu;1;b;7 1omvb7;u-ঞomŐou|_;-lom|v7;ő=uol|_;1v|ol;uĺ -bu(-Ѵ;$_uo]_Ő (őŊ Financial instruments that are held for trading and measured at fair value through other comprehensive u;7b|!bvhŊ!bvh|_-||_;1om|;ur-u||o-|u-mv-1ঞom=-bѴv|ol;;| bm1ol;ĺ b|v1om|u-1|-Ѵo0Ѵb]-ঞomvbm-11ou7-m1;|o|_;-]u;;7|;ulv-m7 1om7bঞomvĺ bm-m1b-Ѵvv;|vŊm-vv;||_-|bv1-v_ķ-m;tb|bmv|ul;m|o= -mo|_;u;mঞ|ou-1om|u-1|-Ѵub]_||ou;1;b;1-v_ou-mo|_;u uu;m|!-ঞoŊuu;m|-vv;|v7bb7;701uu;m|Ѵb-0bѴbঞ;vĺ Cm-m1b-Ѵ-vv;|=uol-mo|_;u;mঞ|ĺ

bm-m1b-Ѵmv|ul;m|vŊm1om|u-1||_-|]b;vubv;|oCm-m1b-Ѵ-vv;|v D o=om;;mঞ|-m7Cm-m1b-ѴѴb-0bѴb|ou;tb|bmv|ul;m|o=-mo|_;u ;0|ņ tb|!-ঞoŊ!-ঞo0;|;;mѴom]Ŋ|;ulbm|;u;v|Ŋ0;-ubm] ;mঞ|ĺ Ѵb-0bѴbঞ;v-m7|o|-Ѵ;tb|ĺ|v_ov|_;;|;m||o_b1_|_;Culbv Cm-m1;707;0|ĺ

Highlights | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 257 ""!+ $ !"

bm-m1b-Ѵb-0bѴb|ŊmѴb-0bѴb||_-|bv-1om|u-1|-Ѵo0Ѵb]-ঞom|o 7;Ѵb;u1-v_ou-mo|_;uCm-m1b-Ѵ-vv;||o-mo|_;u;mঞ|ĺ P ub1; -umbm]v!-ঞoŐ !őŊ-uh;|rub1;r;uv_-u;7bb7;70|_; G ;-umbm]vr;uv_-u;ĺ ;-ubm]Ŋuorouঞomo=|o|-Ѵbm|;u;v|Ŋ0;-ubm]Ѵb-0bѴbঞ;v|o1-rb|-Ѵ ub1;|oooh(-Ѵ;!-ঞoŐ(őŊ Market price per share divided by ;lrѴo;7ĺ!;=;u ;0||o;tb|ĺ m;|-vv;|vr;uv_-u;ĺ

uo0-0bѴb|o= ;=-Ѵ|Ő őŊ vঞl-|;o=Ѵbh;Ѵb_oo7|_-|-0ouuo;u I bѴѴ0;m-0Ѵ;|ol;;|7;0|o0Ѵb]-ঞomvĺ lr-bul;m|Ŋ This occurs when recoverable amount of an asset is Ѵ;vv|_-mb|bv1-uubm]-lom|ĺ R m|;u;v|o;uŊ$_bvbm7b1-|;v|_;-0bѴb|o=-m;mঞ||o1o;uѴom]Ŋ !;|umom-rb|-Ѵ lrѴo;7Ő! őŊuoC|0;=ou;Cm-m1;;r;mv; |;ul-m7v_ou|Ŋ|;ulbm|;u;v|;r;mv;vb|_ $ĺ -m7|--v-r;u1;m|-];o=-;u-];1-rb|-Ѵ;lrѴo;7ĺ

ŐuoC|0;=ou;m|;u;v|ş$--ঞomƳ"_-u;o= tb|11om|;7 !;|umom tb|ŊuoC|-ub0|-0Ѵ;|ov_-u;_oѴ7;uv-v-r;u1;m|-]; bm;v|;;v7bb7;70|o|-Ѵm|;u;v|1_-u];7=ou|_;;-uőĺ o=-;u-];v_-u;_oѴ7;uvĽ=m7vĺ

m|-m]b0Ѵ;vv;|vŊmb7;mঞC-0Ѵ;momŊlom;|-u-vv;|b|_o| !;Ѵ-|;7-uঞ;vŊr;uvomou;mঞ||_-|bvu;Ѵ-|;7|o|_;;mঞ||_-| r_vb1-Ѵv0v|-m1;_;Ѵ7=ouv;bm|_;ruo71ঞomouvrrѴo=]oo7v bvru;r-ubm]b|v bm-m1b-Ѵ"|-|;l;m|vĺ ouv;ub1;v=ouu;m|-Ѵ|oo|_;uvou=ou-7lbmbv|u-ঞ;rurov;vĺ !;;m;!;v;u;vŊ Reserves considered as being available for K 7bv|ub0ঞomv-m7bm;v|l;m|vĺ ;-m-];l;m|;uvomm;ѴŐőŊKMP are those persons having !b]_|Ŋo=Ŋv;vv;|Ő!&őŊ!&-vv;|bv-m-vv;||_-|u;ru;v;m|v- -|_oub|-m7u;vromvb0bѴb|=ourѴ-mmbm]7bu;1ঞm]-m71om|uoѴѴbm]|_; Ѵ;vv;;Ľvub]_||ov;-mm7;uѴbm]-vv;|o;u|_;Ѵ;-v;|;ulĺ -1ঞbঞ;vo=|_;;mঞ|ķ7bu;1|Ѵoubm7bu;1|Ѵķbm1Ѵ7bm]-m bu;1|ou Ő_;|_;u;;1ঞ;ouo|_;ubv;őo=|_-|;mঞ|ĺ S ";]l;m|-Ѵm-ѴvbvŊm-Ѵvbvo=Cm-m1b-Ѵbm=oul-ঞom0v;]l;m|v o=-m;mঞ|vr;1bC1-ѴѴķ|_;7b@;u;m|];o]u-r_b1-Ѵ-u;-vbm_b1_b| btb7b|!bvhŊ$_;ubvho=-m;mঞ|_-bm]1omv|u-bmv|ov;Ѵ;b|v or;u-|;vĺ Cm-m1b-ѴѴb-0bѴbঞ;vĺ "_-u;_oѴ7;uĽv m7vŊ$_;vlo="_-u;1-rb|-Ѵķ-rb|-Ѵ!;v;u;v-m7 M !;;m;!;v;u;vĺ -uh;|-rb|-Ѵb-ঞomŊ The number of ordinary shares in issue lѴঞrѴb;70|_;l-uh;|rub1;r;uv_-u;ĺ T $o|-Ѵ tb|Ŋ$o|-Ѵo=v_-u;1-rb|-Ѵķu;v;u;vķu;|-bm;7;-umbm]v-m7 -|;ub-Ѵb|Ŋ$_;u;Ѵ-ঞ;vb]mbC1-m1;o=-|u-mv-1ঞomou-m;;m|ķ|_; momŊ1om|uoѴѴbm]bm|;u;v|ĺ olbvvbomoulbvv|-|;l;m|o=_b1_1oѴ7bmY;m1;|_;7;1bvbomvo= v;uvo= bm-m1b-Ѵ"|-|;l;m|vĺ ( (-Ѵ;77;7Ŋ$_;;-Ѵ|_1u;-|;70|_;or;u-ঞomo=|_;1olr-mĺ N The value is distributed among the stakeholders and the balance ;|vv;|v;u"_-u;Ŋ Shareholders’ funds divided by the number of u;|-bm;7b|_bm|_;0vbm;vvĺ ou7bm-uv_-u;vbmbvv;-v-||_;!;rouঞm]7-|;ĺ

omŊom|uoѴѴbm]m|;u;v|Ŋ-u|o=|_;m;|u;vѴ|vo=or;u-ঞomv-m7 W o=m;|-vv;|vo=-v0vb7b-u-ub0|-0Ѵ;|obm|;u;v|v_b1_-u;mo| om;7ķ7bu;1|Ѵoubm7bu;1|Ѵķ|_uo]_"0vb7b-ub;vķ0|_;-u;m| )ouhbm]-rb|-ѴŊ-rb|-Ѵu;tbu;7|oCm-m1;7-Ŋ|oŊ7-or;u-ঞomvķ 1olr-mĺ 1olr|;7-v|_;;1;vvo=1uu;m|-vv;|v1o;u1uu;m|Ѵb-0bѴbঞ;vĺ |_;uolru;_;mvb;m1ol;Ŋ An entry that is generally found bm|_;v_-u;_oѴ7;uvĽ;tb|v;1ঞomo=|_;"|-|;l;m|o= bm-m1b-Ѵ ovbঞomĺ

258 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 NOTES

Highlights | Management Discussion & Analysis | Governance | Financial Reports | <66£'1'2;!8@ 2(381!ধ32 259 $ $

oঞ1;bv_;u;0]b;m|_-||_; ou|$_bu7ŐƓƒu7őmm-Ѵ;m;u-Ѵ Ŗo|;Ĺ ;;ঞm]o=b|h;m"r;m1;o|;ѴoѴ7bm]vŖbѴѴ0;_;Ѵ7-|b|h;m Ɛĺm|_;bm|;u;v|o=ruo|;1ঞm]r0Ѵb1_;-Ѵ|_-m7=-1bѴb|-ঞm] "r;m1;$o;uķoĺƒƐƔķ(-_-ѴѴ"|u;;|ķoѴol0oƏƑķ-|ƐƐĺƏƏ-ĺlĺ compliance with the Health and Safety guidelines issued by the om$;v7-ķƒƏ|_m;ƑƏƑƏķ=ou|_;=oѴѴobm]rurov;vĹŊ o;uml;m|o="ub-mh-ķ|_; ou|$_bu7ŐƓƒu7őmm-Ѵ;m;u-Ѵ ;;ঞm]o=b|h;m"r;m1;o|;ѴoѴ7bm]vbѴѴ0;-bu|-Ѵ Ɛĺ$ou;1;b;-m71omvb7;u|_;mm-Ѵ!;rou|o=|_;o-u7o= l;;ঞm]_;Ѵ70r-uঞ1br-m|vfobmbm]bmr;uvomouruo-m7 Directors together with the Financial Statements for the year |_uo]_-7boou-7bobv-Ѵl;-mvbm|_;l-mm;uvr;1bC;7 ;m7;7ƒƐv|-u1_ƑƏƑƏb|_|_;!;rou|o=|_;7b|ouv|_;u;omĺ 0;ѴoĹ Ƒĺ$ou;Ŋ-rrobm| ;v_-l-m- ĺĺ"ĺ---u7;m-_obvo;u|_; bĺ;m7-m1;o=|_;_-bul-m-m7|_;o-u7o= bu;1|ouv -];o=ƕƏ;-uvķ-v- bu;1|ou0r-vvbm]|_;=oѴѴobm]!;voѴঞom $_;_-bul-mķ|_;-m-]bm] bu;1|ouķ1;u|-bml;l0;uvo= -v-mu7bm-u!;voѴঞomĹ |_;o-u7o= bu;1|ouvķ|_;olr-m";1u;|-ub;vķ|_; |;um-Ѵ ľ$" ! +! "( |_-||_;-];Ѵblb|vঞrѴ-|;7bm";1ঞom 7b|ouv-m7|_;;]-Ѵomv;ѴbѴѴ0;ru;v;m|-||_;b|h;m ƑƐƏo=|_;olr-mb;v1|oĺƕo=ƑƏƏƕv_-ѴѴmo|-rrѴ|o "r;m1;$o;uķoĺƒƐƔķ(-_-ѴѴ"|u;;|ķoѴol0oƏƑ-| ;v_-l-m- ĺĺ"ĺ---u7;m-_obvƕƕ;-uvo=-];-m7|_-| ƐƐĺƏƏ-ĺlĺom$;v7-ķƒƏ|_m;ƑƏƑƏĺ _;0;u;Ŋ-rrobm|;7- bu;1|ouo=|_;olr-mĺĿ bbĺ"_-u;_oѴ7;ur-uঞ1br-ঞom ƒĺ$ou;Ŋ-rrobm|uĺ!ĺĺvbu-|_-l_obvo;u|_;-];o=ƕƏ -ő$_;v_-u;_oѴ7;uv-u;;m1ou-];7|o-rrobm|- bu;1|ouo=|_; ;-uvķ-v- bu;1|ou0r-vvbm]|_;=oѴѴobm]!;voѴঞom-v-m olr-m-v|_;buruo|ou;ru;v;m||_;l-||_;l;;ঞm]ĺ u7bm-u!;voѴঞomĹ 0ő$_;v_-u;_oѴ7;uvl--Ѵvo-rrobm|-mo|_;ur;uvomvo|_;u ľ$" ! +! "( |_-||_;-];Ѵblb|vঞrѴ-|;7bm";1ঞom |_-m- bu;1|ouo=|_;olr-m-v|_;buruo-m7|_;ruo ƑƐƏo=|_;olr-mb;v1|oĺƕo=ƑƏƏƕv_-ѴѴmo|-rrѴ|o vo-rrobm|;7v_-ѴѴr-uঞ1br-|;-||_;l;;ঞm]|_uo]_-7bo uĺ!ĺĺvbu-|_-l_obvƕƕ;-uvo=-];-m7|_-|_;0; or audio visual means omѴĺ u;Ŋ-rrobm|;7- bu;1|ouo=|_;olr-mĺĿ 1ő$_;v_-u;_oѴ7;uv_obv_|or-uঞ1br-|;-||_;l;;ঞm] Ɠĺ$ou;Ŋ-rrobm|uĺĺĺ"ĺub|o_obvo;u|_;-];o=ƕƏ;-uvķ bѴѴ0;-0Ѵ;|ofobm|_;l;;ঞm]|_uo]_-7boou-7bo -v- bu;1|ou0r-vvbm]|_;=oѴѴobm]!;voѴঞom-v-mu7bm-u bv-Ѵl;-mvĺ$o=-1bѴb|-|;|_bvruo1;vvķ|_;v_-u;_oѴ7;uv !;voѴঞomĹ -u;u;tbu;7|o=umbv_|_;bu7;|-bѴv0r;u=;1ঞm] mm;u; to the circular to shareholders and forward same ľ$" ! +! "( |_-||_;-];Ѵblb|vঞrѴ-|;7bm";1ঞom ƑƐƏo=|_;olr-mb;v1|oĺƕo=ƑƏƏƕv_-ѴѴmo|-rrѴ|o |olbmu-Š1v;ĺѴhou0=-1vblbѴ;omƳƖƓƐƐƑƒƏѶƏƖƖķ|o uĺĺĺ"ĺub|o_obvƕƒ;-uvo=-];-m7|_-|_;0; reach the Registrars mo|Ѵ;vv|_-mC;ŐƏƔő7-v0;=ou;|_; u;Ŋ-rrobm|;7- bu;1|ouo=|_;olr-mĺĿ 7-|;o=|_;l;;ঞm] so that the l;;ঞm]Ѵo]bmbm=oul-ঞom 1oѴ70;=ou-u7;7|o|_;;Ŋl-bѴ-77u;vv;vvoruob7;7ĺ Ɣĺ$ou;Ŋ-rrobm|uĺĺĺ7;"bѴ- ;-7b|-_obvo;u|_;-];o= The circular to the shareholders will be posted to all the ƕƏ;-uvķ-v- bu;1|ou0r-vvbm]|_;=oѴѴobm]!;voѴঞom-v-m v_-u;_oѴ7;uv-Ѵom]b|_|_;oঞ1;o=;;ঞm]-m7|_; oul u7bm-u!;voѴঞomĹ o=uoĺ ľ$" ! +! "( |_-||_;-];Ѵblb|vঞrѴ-|;7bm";1ঞom 7ő$o=-1bѴb|-|;|_;-rrobm|l;m|o=ruob;vķ|_; oulo=uo ƑƐƏo=|_;olr-mb;v1|oĺƕo=ƑƏƏƕv_-ѴѴmo|-rrѴ|o bv--1_;7_;u;|o-m7|_;7ѴCѴѴ;7 oulvo=uov_oѴ7 uĺĺĺ7;"bѴ- ;-7b|-_obvƕƑ;-uvo=-];-m7|_-|_; 0;v;m||ou;-1_|_;olr-m";1u;|-ub;vb-;Ŋl-bѴ|o 0;u;Ŋ-rrobm|;7- bu;1|ouo=|_;olr-mĺĿ mu-mbŠ-b|h;mvr;m1;ĺѴhou=-1vblbѴ;omƳƖƓƐƐƑƒƏѶƏƖƖou 0rov||o|_;u;]bv|;u;7-77u;vvo=|_;olr-moĺƒƐƔķ ѵĺ$ou;Ŋ;Ѵ;1|uĺĺĺĺoom;-u7;m-_ou;ঞu;vbm|;ulvo= (-_-ѴѴ"|u;;|ķoѴol0oƑķmo|Ѵ;vv|_-m=ou|;b]_|ŐƓѶő uঞ1Ѵ;Ѷƒo=|_;uঞ1Ѵ;vo=vvo1b-ঞomķ-v- bu;1|ouĺ _ouv0;=ou;|_;ঞl;C;7=ou|_;l;;ঞm]ĺ ƕĺ$o-|_oubv;|_; bu;1|ouv|o7;|;ulbm;1om|ub0ঞomv|o1_-ubঞ;vĺ bbbĺ"_-u;_oѴ7;uvĽt;ub;v Ѷĺ$ou;Ŋ-rrobm||_;u;ঞubm] |;um-Ѵ7b|ouvķ;vvuvĺķ The shareholders are hereby advised that if they wish to raise _-u|;u;711om|-m|v-m7-|_oubv;|_; bu;1|ouv|o7;|;ulbm; -mt;ub;vķv1_t;ub;vv_oѴ70;v;m||ou;-1_|_;olr-m |_;buu;lm;u-ঞomĺ ";1u;|-ub;vķb-;Ŋl-bѴ|omu-mbŠ-b|h;mvr;m1;ĺѴhou=-1vblbѴ; Ɩĺ$o1omvb7;u-mo|_;u0vbm;vvo=_b1_7;moঞ1;_-v0;;m on +94 11 2308099 or by post to the registered address of the ]b;mĺ olr-moĺƒƐƔķ(-_-ѴѴ"|u;;|ķoѴol0oƑķnot less than C;ŐƔő7-v0;=ou;|_;7-|;o=|_;l;;ঞm]ĺ This is in order to ;m-0Ѵ;|_;olr-m";1u;|-ub;v|o1olrbѴ;|_;t;ub;v-m7 u7;uo=|_;o-u7 =ou-u7v-l;|o|_;-;mঞomo=|_;o-u7o= bu;1|ouvvo|_-| b|h;m"r;m1;o|;ѴoѴ7bm]v v-l;1oѴ70;-77u;vv;7-||_;l;;ঞm]ĺ Ƒĺ$_;mm-Ѵ!;rou|o=|_;olr-m=ou|_;;-u;m7;7ƑƏƐƖņƑƏƑƏ bѴѴ0;--bѴ-0Ѵ;=our;uv-Ѵom|_;olr-m;0vb|;ķ|_; oѴol0o"|o1h 1_-m];;0vb|;-m7|_;vo1b-Ѵl;7b-vb|;vo=|_; olr-mĺ b|h;m"r;m1;ourou-|; bm-m1;Őub-|;őblb|;7 Secretaries

29th May 2020 oѴol0o

260 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ! !*+

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Ļĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ0;bm]-l;l0;uņl;l0;uvo=b|h;m"r;m1;o|;Ѵ

oѴ7bm]v_;u;0-rrobm|ĺĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĺĻĻĻĻĻĻĻĻĻĻĻĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺo=ĻĻĻĻĺĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻ

ĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĺĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺŐ_ol=-bѴbm]őķ

-vlņouuo|ou;ru;v;m|l;ņvķ|ovr;-h-m7|oo|;omlņou0;_-Ѵ=-||_;mm-Ѵ;m;u-Ѵ;;ঞm]o=|_;olr-m|o0;_;Ѵ7om|_; ƒƏ|_m;ƑƏƑƏķ-m7-|-m-7fouml;m||_;u;o=-m7-|;;uroѴѴ_b1_l-0;|-h;mbm1omv;t;m1;|_;u;o=ĺ

ņ);|_;m7;uvb]m;7_;u;0-|_oub;lņouruo|oo|;omlņou0;_-Ѵ=bm-11ou7-m1;b|_|_;ru;=;u;m1;bm7b1-|;70;ѴoĹ

!;voѴঞom ou ]-bmv|

Ɛ $ou;Ŋ-rrobm| ;v_-l-m- ĺĺ"ĺ---u7;m-_obvo;u|_;-];o=ƕƏ;-uv

Ƒ $ou;Ŋ-rrobm|uĺ!ĺĺvbu-|_-l_obvo;u|_;-];o=ƕƏ;-uv

ƒ $ou;Ŋ-rrobm|uĺĺĺ"ĺub|o_obvo;u|_;-];o=ƕƏ;-uv

Ɠ $ou;Ŋ-rrobm|uĺĺĺ7;"bѴ- ;-7b|-_obvo;u|_;-];o=ƕƏ;-uv

Ɣ $ou;Ŋ;Ѵ;1|uĺĺĺĺoom;-u7;m-_ou;ঞu;vbm|;ulvo=uঞ1Ѵ;Ѷƒo=|_;uঞ1Ѵ;vo=vvo1b-ঞom

ѵ $o-|_oubv;|_; bu;1|ouv|o7;|;ulbm;1om|ub0ঞomv|o1_-ubঞ;v

ƕ $ou;Ŋ-rrobm||_;u;ঞubm] |;um-Ѵ7b|ouvķ;vvuvĺķ_-u|;u;711om|-m|v-m7-|_oubv;|_; bu;1|ouv|o7;|;ulbm;|_;buu;lm;u-ঞom

"b]m;7|_bvĻĺĺĺĺĺĺĺĺĺĺĺĺĻĻ7-o=m;$o$_ov-m7$;m|ĺ

ĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĺĻ "_-u;_oѴ7;uĽv"b]m-|u;ņŐvő

ĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĺĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻĻ "_-u;_oѴ7;uĽvņ oѴbooĺuo_oѴ7;uĽvoĺ

mv|u1ࢼomv-v|o1olrѲ;ࢼom-u;mo|;7om|_;u;;uv;_;u;o=ĸث;|o

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INSTRUCTIONS AS TO COMPLETION Ɛĺ bm7Ѵr;u=;1||_; oulo=uo0CѴѴbm]bm|_;l-m7-|ou7;|-bѴvu;tbu;7-0o;ķvb]mbm]bm|_;vr-1;ruob7;7-m7 CѴѴbm]bm|_;7-|;o=vb]m-|u;ĺ

Ɣĺ ѴCѴѴ;7 oulvo=uov_oѴ70;v;m||ou;-1_|_;olr-m";1u;|-ub;vb-;Ŋl-bѴ|omu-mbŠ-b|h;mvr;m1;ĺѴh ou=-1vblbѴ;omƳƖƓƐƐƑƒƏѶƏƖƖou0rov||o|_;u;]bv|;u;7-77u;vvo=|_;olr-moĺƒƐƔķ(-_-ѴѴ"|u;;|ķ oѴol0oƑķmo|Ѵ;vv|_-m=ou|;b]_|ŐƓѶő_ouv0;=ou; |_;ঞl;C;7=ou|_;l;;ঞm]ĺ

Ѵ;-v;ruob7;|_;=oѴѴobm]7;|-bѴvŐl-m7-|ouőĹ

ņņolr-m!;]bv|u-ঞomoĺo=|_;"_-u;_oѴ7;uņvĹĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

oѴbooĺ Ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

o0bѴ;oĺ Ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

b;7Ѵbm; Ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

262 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20 ( "$! !

ƐƏƑŊƑƐ ƐƏƑŊƒƒ

-l;Őrঞom-Ѵő Ĺ ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

77u;vvŐrঞom-Ѵő Ĺ ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

l0;uo=v_-u;v_;Ѵ7Őrঞom-ѴőĹ ĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺĺ

Ѵ;-v;u-|;|_;=oѴѴobm]-u;-vŐ_;u;-rrѴb1-0Ѵ;őom-v1-Ѵ;o=Ɛ|oƔ_;u;Ɛbv|_;Ѵo;v||oƔ o;v|b]_;v| 0;bm]|_;_b]_;v| Ɛ Ƒ ƒ Ɠ Ɣ

0ő &v;=Ѵm;vvo=|_;bm=oul-ঞombm|_;bm|;ubl bm-m1b-Ѵ"|-|;l;m|v

1ő bh;Ѵb_oo7o=|_;Cm-m1b-Ѵbm=oul-ঞombm|_;mm-Ѵ!;rou||obmY;m1;bm;v|l;m|7;1bvbomv

7ő bh;Ѵb_oo7o=|_;;mbuoml;m|-Ѵbm=oul-ঞombm|_;mm-Ѵ!;rou||obmY;m1;bm;v|l;m|7;1bvbomv

;ő bh;Ѵb_oo7o=|_;vo1b-Ѵbm=oul-ঞombm|_;mm-Ѵ!;rou||obmY;m1;bm;v|l;m|7;1bvbomv

=ő "-ঞv=-1ঞomb|_|_;ubvhl-m-];l;m|v|u-|;]b;vo=|_;olr-m

Ƒĺ ourou-|;ollmb1-ঞom -ő -Ѵb|o=uor1ollmb1-ঞomv-rr;-ubm]bm|u-7bঞom-Ѵl;7b-Őm;vr-r;uvķu-7boķ|;Ѵ;bvbomő

0ő -Ѵb|o=uor1ollmb1-ঞomv-rr;-ubm]bm;l;u]bm]-m7m;l;7b-Ővo1b-Ѵl;7b-ķ;0ő

1ő "-ঞv=-1ঞomb|_|_;=u;t;m1-m7oѴl;o=uor1ollmb1-ঞomv-rr;-ubm]bml-vvl;7b-1_-mm;Ѵv Őm;vr-r;uvķu-7boķ|;Ѵ;bvbomő

;ő -Ѵb|o=v;ub1;-m7bm=oul-ঞomruob7;7-|v|-h;_oѴ7;u1om|-1|1_-mm;Ѵv Ő;0ķ];m;u-ѴѴbm;ķ=uom|oL1;ņu;1;rঞomő

=ő "-ঞv=-1ঞomb|_|_;1om|-1|1_-mm;Ѵv--bѴ-0Ѵ;=out;ub;v-m7=;;70-1h

ƒĺ l-m!;vou1;v -ő "-ঞv=-1ঞomb|_|_;1om71|o=;lrѴo;;v

0ő olr;|;m1o=;lrѴo;;v0-v;7omouu;1;m|bm|;u-1ঞomvĺ

1ő 11;vv|o!u;Ѵ-|;7bm=oul-ঞom

Ɠĺ "v|-bm-0bѴb| -ő "-ঞv=-1ঞomb|_|_;v|u-|;]b;v7;;Ѵor;7=ou;1omolb1vv|-bm-0bѴb|

0ő "-ঞv=-1ঞomb|_|_;1ollb|l;m|o=|_;uor|o-u7v;mbuoml;m|-Ѵ1omv;u-ঞom

1ő "-ঞv=-1ঞomb|_|_;1ollb|l;m|o=|_;uor|o-u7vvo1b-Ѵ;lro;ul;m|-m71ollmb|7;;Ѵorl;m|

7ő |_b1-Ѵ1om71|o=|_;uorbm0vbm;vv-1ঞbঞ;v

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Ѵ;-v;ঞ1hlou;|_-mom;_;u;-rrѴb1-0Ѵ;Ĺ

Ɣĺ )_-|-u;-vo=|_;=oѴѴobm]0vbm;vv-1ঞbঞ;v-u;obm|;u;v|;7bmu;1;bbm]lou;bm=oul-ঞomu;]-u7bm]b-uor 1ollmb1-ঞomvĵĵ -ő "v|-bm-0bѴb|bmbঞ-ঞ;v

0ő !;rouঞm]ruo1;vv;v

1ő m|;um-Ѵor;u-ঞomv

7ő ;0vbm;vvbmbঞ-ঞ;v

ѵĺ )_-|1_-mm;Ѵvo=1ollmb1-ঞom-u;ru;=;uu;7_;mu;1;bbm]uoru;Ѵ-|;7bm=oul-ঞomĵ -ő );0

0ő ;vr-r;uv

1ő Ѵ;1|uomb1l;7b-

7ő "o1b-Ѵl;7b-

;ő o0bѴ;

0ő )-|;u

1ő bo7b;uvb|

7ő )-v|;l-m-];l;m|

;ő !;vou1;;L1b;m1

=ő ;lbvvbomu;71ঞom

]ő "o1b-Ѵ;lro;ul;m|

_ő m=u-v|u1|u;7;;Ѵorl;m| bő 71-ঞom

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