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Sublimememories the Lighthouse Hotel PLC | Annual Report 2013/14 Co memories sublime 2013/14 The Lighthouse Hotel PLC | Annual Report Report Annual | PLC Hotel Lighthouse The sublimememories Co. Reg. No. PQ 73 Annual Report 2013/14 SCAN FOR ONLINE VERSION http://thelighthousehotelplc2013-14.annualreports.lk sublimememories At the core of every single hotel stay, be it on business or pleasure, there remains one constant - a benchmark of success, happiness and satisfaction. Memories last forever, and the experience of the traditional Sri Lankan hospitality complemented by the charming ambience of Jetwing Lighthouse is one to last infinite lifetimes. At Jetwing Lighthouse, we create the finest memories - always. Contents 03...About Us 14...About the Report 16...Highlights of the Year 18...Chairman’s Message 22...Managing Director’s Review 26...Business Model Organizational Profile...26 Operating Environment...28 Goals and Strategies...34 Stakeholders...34 The Duality in Value Creation...36 38...Management Discussion and Analysis Deriving Value...38 Delivering Value...45 70...Recognition 71...Stewardship Board of Directors...71 Corporate Governance...75 Remuneration Committee Report...82 Audit Committee Report...83 Risk Management...85 89...Financial Reports Annual Report of the Board of Directors on the Affairs of the Company...90 Statement of Directors’ Responsibilities...95 Independent Auditors’ Report...96 Statement of Financial Position...97 Income Statement...98 Statement of Comprehensive Income...99 Statement of Changes in Equity...100 Statement of Cash Flows...101 Notes to the Financial Statements...102 137...Annexes The Related Companies which had Transactions with the Company...137 Names of the Directors of the Related Companies which had Transactions with the Company...138 Information to Shareholders and Investors...139 Ten Year Summary...140 GRI Content Index...142 Corporate Information...147 Notice of Meeting...148 Form of Proxy Enclosed About Us The Lighthouse Hotel PLC was incorporated in 1994. An integral member of the Jetwing Family of Hotels, it is a luxury hotel establishment located along the South Western coast of Sri Lanka close to the historic city of Galle. It bears the distinctive architecture and design flair of one of Sri Lanka’s most iconic geniuses, Geoffrey Bawa. Jetwing Lighthouse targets up-market leisure and business travellers and has a current inventory of 85 rooms including 05 themed suites. In addition, it also owns Jetwing Kurulubedda, a boutique hotel with two private dwellings. The Lighthouse Hotel PLC has a vision - ‘To be world class in everything we do’. In achieving the aims of its mission statement, ‘To be a family of people and companies committed to legendary and innovative service leading to high stakeholder satisfaction’ the Hotel banks on four defined traits - Passion, Humility, Integrity and Tenacity. The Lighthouse Hotel PLC | Annual Report 2013/14 03 Reflections at night Wing overlooking the first pool Warm welcomes Entrance of Jetwing Lighthouse The past meets the present Deluxe room at Jetwing Lighthouse Awaiting you The Indian Ocean provides a perfect backdrop and view from the verandah Island life Garden area at Jetwing Lighthouse, near the spa The sea’s embrace Waves crash against the famed rocks of Jetwing Lighthouse Serene afternoons The verandah at Jetwing Lighthouse Quick dips Red wattled lapwing at the edge of the pool Bawa’s genius Interior spaces in Jetwing Lighthouse Ocean blues Outside dining in the verandah Rocky beaches Setting used for the famous BBQ dining experience Breakfast in paradise Poolside dining The future Newly constructed super deluxe wing at Jetwing Lighthouse Whale ahoy! Whale watching excursions offered at Jetwing Lighthouse, accompanied by the resident naturalist About us… 03 About Highlights Messages… 18 Business Model… 26 Management Discussion the Report… 14 of the Year… 16 and Analysis… 38 Chairman’s Message Organizational Profile Managing Director’s Review Operating Environment Deriving Value Goals and Strategies Delivering Value Stakeholders The Duality in Value Creation About the Report Report Structure Our Annual Report for 2013/14 adopts a significantly different format to that of the previous year. In your hands is our first integrated Annual report. Its advantage over the previous format is that it allows the Company to communicate more effectively and concisely the interactions and interdependence of the many aspects of our business - such as strategy, governance, performance and prospects - in the context of creating value over time. In order that we may balance the twin considerations of brevity and completeness we have made use of multiple media. The print version of the integrated report thus provides cross references to additional details that may be accessed by scanning the QR code found on relevant pages, while one may also visit our interactive online report for a more comprehensive account. (http://thelighthousehotelplc2013-14.annualreports.lk) Value Creation and Capital Formation Although our Annual Report 2012/13 included a Sustainability Report, commencing this year, we have seamlessly integrated financial reporting and sustainability reporting to better describe the duality of our purpose, namely, deriving and delivering value that leads to internal and external capital formation. Our internal capital formation is a result of value created by The Lighthouse Hotel PLC for The Lighthouse Hotel PLC and comprises financial capital and institutional capital. Our external capital formation is a result of financial and non-financial value created by The Lighthouse Hotel PLC for its stakeholders. Both aspects are relevant as the ability of The Lighthouse Hotel PLC to create value for itself is linked to the value it creates for others. These concepts are discussed in greater detail on pages 36 and 37. In preparing this report we have drawn on concepts, principles and guidance given in the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G3.1 (2011) [www.globalreporting.org] International Integrated Reporting Framework (2013) and the [www.theiirc.org] Smart Integrated Reporting MethodologyTM [www.smart.lk] 14 The Lighthouse Hotel PLC | Annual Report 2013/14 Recognition… 70 Stewardship… 71 Financial Report… 89 Annexes… 137 Board of Directors Annual Report of the Board of Directors The Related Companies which had Corporate Governance on the Affairs of the Company Transactions with the Company Remuneration Committee Report Statement of Directors’ Responsibilities Names of the Directors of the Related Audit Committee Report Independent Auditors’ Report Companies which had Transactions with the Company Risk Management Statement of Financial Position Income Statement Information to Shareholders and Investors Statement of Comprehensive Income Ten Year Summary Statement of Changes in Equity GRI Content Index Statement of Cash Flows Corporate Information Notes to the Financial Statements Report Boundary The Lighthouse Hotel PLC does not have any subsidiaries or associates. Hence, the material contained in this report pertains solely to properties of The Lighthouse Hotel PLC. However, non-financial information included, are only for owned properties of The Lighthouse Hotel PLC. In arriving at the materiality of content, we have been guided by topics such as areas of business focus, geographical spread and profiles of stakeholders, among others. An important consideration to be noted is that since Jetwing Lighthouse is an entity operating within the Jetwing Brand, many of its practices and processes and its statutory orientation conforms to standard practices observed across the Jetwing Family of Hotels. This explains why the reader will find phraseology such as ‘Jetwing Family of Hotels’; ‘Jetwing Hotels’; ‘associates’ and the like interspersed in our narrative. Our reporting period is 1st April, 2013 to 31st March, 2014 and we maintain an annual cycle of reporting. Contact We welcome your comments, queries and suggestions. Please channel these to: Group Accountant, Jetwing Hotels Ltd., Jetwing House, 46/26, Nawam Mawatha, Colombo 02. Tel: +94 11 234 5700 Ext. 1315 or 2259 E-mail: [email protected] The Lighthouse Hotel PLC | Annual Report 2013/14 15 About us… 03 About Highlights Messages… 18 Business Model… 26 Management Discussion the Report… 14 of the Year… 16 and Analysis… 38 Chairman’s Message Organizational Profile Managing Director’s Review Operating Environment Deriving Value Goals and Strategies Delivering Value Stakeholders The Duality in Value Creation Highlights of the Year 2014 2013 Performance for the year ended 31st March Revenue Rs. '000 681,105 614,727 Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) Rs. '000 197,872 174,097 Profit Before Tax (PBT) Rs. '000 136,597 127,292 Profit After Tax (PAT) Rs. '000 122,319 112,154 Earnings Per Share (EPS) Rs. 2.66 2.44 EPS Growth % 9 1 Return on Equity % 5 5 Financial Position as at 31st March Total Assets Rs. '000 2,742,109 2,509,784 Total Debt Rs. '000 138,779 – Total Equity Rs. '000 2,430,650 2,403,531 Number of Shares in Issue No. 000s 46,000 46,000 Net Assets Per Share Rs. 52.84 52.25 Debt/Equity % 6 – Debt/Total Assets % 5 – Current Ratio 0.75:1 2.65:1 Quick Asset Ratio 0.60:1 2.40:1 Market/Shareholder Information Market Price Per Share as at 31st March Rs. 44.40 47.40 Market Capitalisation Rs. '000 2,042,400 2,180,400 Price Earnings Ratio Times 16.69 19.43 Dividend Payout % 75 82 Dividend Proposed Rs. '000 92,000 92,000 Dividend Per Share Rs. 2.00 2.00 Value Added for the year ended 31st
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