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The Kingsbury PLC | Annual Report 2020/21

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The Kingsbury PLC | Annual Report 2020/21 THE POSITIVE PERSPECTIVE The Kingsbury PLC | Annual Report 2020/21 THE POSITIVE PERSPECTIVE The power of true Sri Lankan hospitality intertwines care, empathy, warmth and friendliness; and at The Kingsbury we are built upon these values to renew the way our stakeholders experience the unique hospitality of our nation. As we empower our people with assurance and care amid a pandemic, this year our core values ensured business continuity amid challenging terrains, extending memorable experiences to all those we serve. This report pays tribute to the remarkable spirit of agility and adaptability that enabled us to embrace new environments, technologies and market conditions to exemplify the positive perspective of a future of opportunity. CONTENTS Financial Highlights ......................................3 Statement of Directors’ Responsibilities ..................23 Operational Highlights ....................................3 Related Party Transactions Review Committee Report ....24 Chairman’s Review .......................................4 Audit Committee Report .................................25 Managing Director’s Review ..............................5 Financial Statements .....................................26 Board of Directors ........................................6 Information to Shareholders .............................74 Corporate Governance ....................................8 Ten Year Financial Summary and Key Indicators .........76 Risk Management .......................................18 Notice of Meeting ........................................78 Annual Report of the Board of Directors Form of Proxy ...........................................79 on the Affairs of the Company ...........................20 Corporate Structure ......................................81 2 The Kingsbury PLC | Annual Report 2020/21 FINANCIAL HIGHLIGHTS Year ended 31st March 2021 2020 Earnings Highlights and Ratios Revenue (Rs '000) 777,923 1,843,754 Earnings Before Interest & Tax (EBIT) (Rs '000) (799,278) (289,341) Profit/(Loss) Before Tax (PBT) (Rs '000) (881,394) (405,133) Profit/(Loss) After Tax (PAT) (Rs '000) (758,194) (392,849) Earnings Per Share (Basic) (Rs) (1.57) (0.81) Return on Capital Employed % (19.42) (6.32) Return on Assets % (21.41) (8.84) Gross Profit Margin % (10.92) 33.70 Financial Position Highlights and Ratios Shareholders Fund (Rs '000) 1,484,931 2,235,136 Total Assets (Rs '000) 4,116,182 4,581,621 Total Debt (Rs '000) 1,651,173 1,275,354 Return on Equity % (51.06) (17.58) Gearing % 49.68 35.93 Debt/Equity % 111.20 57.06 Net Assets Per Share (Rs) 3.07 4.62 Quick Asset Ratio No. of Times 0.12 0.26 Equity Asset Ratio No. of Times 0.36 0.49 Current Ratio No. of Times 0.17 0.32 Market/Shareholder Information Market Price Per Share (Rs) 6.00 8.70 Market Capitalisation (Rs '000) 2,904,000 2,105,400 Price Earnings Ratio No. of Times (3.83) (5.36) OPERATIONAL HIGHLIGHTS Revenue Net Profit/(Loss) Shareholders Funds and Market Capitalisation Rs. Mn. Rs. Mn. Rs. Mn. 3,500 600 5,000 3,085 3,061 4,356 380 4,500 3,000 2,957 400 4,000 3,751 200 139 2,500 101 3,500 0 3,098 3,000 2,904 2,000 1,844 2,574 2,534 (200) 2,500 2,391 2,235 1,500 2,105 (400) 2,000 1,485 (393) 1,000 8 1,500 77 (600) 1,000 500 (800) 500 (758) 0 (1,000) 0 7 8 9 0 1 16/17 17/18 18/19 19/20 20/21 16/1 17/1 18/1 19/2 20/2 16/17 17/18 18/19 19/20 20/21 Shareholders Funds Market Capitalisation The Kingsbury PLC | Annual Report 2020/21 3 CHAIRMAN'S REVIEW DEAR SHAREHOLDER MARKET PERFORMANCE Health Organization (WHO), The Ministry I am pleased to present to you the The Food & Beverage Revenue showed of Health Sri Lanka and the Sri Lanka Annual Report and the Audited Financial improved performances from the dining Tourism and Development Authority Statements of The Kingsbury PLC for the facilities following the first lockdown. (SLTDA). year ended 31st March 2021. Our pioneering food delivery platform, ACKNOWLEDGEMENTS OVERVIEW OF FINANCIAL YEAR ‘Indulgence’ is an ongoing success and a I would like to take this opportunity to prime example of the innovative measures Repercussions of the COVID-19 global thank our shareholders for their continued taken by your company. This trendsetting pandemic were felt strongly during the trust in the Hotel. website continues to be one of the most year under review, as the global travel and popular in Colombo, delivering five-star tourism industry continued to be among My sincere gratitude is extended to meals to suit diverse palates in a safe and the hardest hit. Managing Director, Hayleys Leisure Sector, secure manner. Mr. Rohan Karr and my colleagues on the The cessation of international tourist Board of Directors for their unwavering arrivals, enforcement of curfew and FINANCIAL PERFORMANCE support. general uncertainty had a negative knock- Our financial performance reflected the on effect. With lower room occupancy and continued stress of a global crisis that I am deeply appreciative of the reduced footfall in restaurants and bars, began at the end of the last financial year. contribution from the members of The revenues declined across the board. Your Company ended the year reporting an Kingsbury family, who once again showed overall loss of Rs. 758Mn on revenue of steadfast commitment and great courage With the strength of the parent company Rs. 778Mn. in the face of daunting circumstances. Hayleys PLC, your Hotel took measures To our guests, I express my earnest to remain buoyant through it all, with WAY FORWARD innovative ideas and prudent measures appreciation for their continued patronage The socio-economic impact of COVID-19 helping the Hotel remain an industry and invite them to keep visiting the Hotel in the past year has been tremendous, leader. to enjoy our brand of hospitality. particularly for the tourism industry which repeatedly bore the brunt of it. SHOWCASING CONTINUOUS The closure of borders, followed by their RESILIENCE conditional re-opening were far from Adhering to stipulated Health and adequate to propel the industry into A. M. Pandithage Safety guidelines, The Kingsbury team’s recovery. Executive Chairman courageous and untiring efforts enabled the continuation of banqueting operations, Your Company will maintain its positive 10th May 2021 whenever possible, in keeping with the outlook and focus on future opportunities. country’s COVID-19 situation. By embracing the new reality of the business environment, implementing Despite the constraints, the Hotel modern technology and adapting to remained true to its brand standards market conditions, we will continue to be a offering gourmet excellence, luxury leader in the industry. accommodation and unmatched service standards. With its innovative culture and renewed vigour, The Kingsbury pledges to strike the right balance between safeguarding its patrons and ensuring uncompromised service quality. The Company has strengthened its processes in line with recommendations made by The World 4 The Kingsbury PLC | Annual Report 2020/21 MANAGING DIRECTOR’S REVIEW The year under review dawned with a pragmatic cost management measures. challenges with exemplary dedication and fresh set of challenges as the COVID-19 Staff welfare was keenly looked into with resilience of spirit. pandemic took control of the world no pay cuts during the lean period and the economy. Inbound tourism to Sri Lanka introduction of a hardship allowance. My sincere appreciation to the Chairman remained stagnant. At the time of writing, and Board of Directors for their valuable the trajectory of the pandemic has yet Your Hotel has implemented a series guidance and support at all times. again proven unpredictable as we enter the of measures to counter the spread of third wave in Sri Lanka. COVID-19, keeping in mind the safety I would also like to extend a heartfelt of guests and staff alike. Procedures thank you to our stakeholders for their Your Hotel weathered the storms with have been implemented according to vote of confidence and trust placed in us. great aplomb, seeking opportunities recommendations made by The World where others were daunted by the Health Organization (WHO), The Ministry challenges. Our collective efforts and the of Health Sri Lanka, The Sri Lanka resilient spirit of our team ensured that Tourism and Development Authority the Hotel successfully upheld its brand (SLTDA), as well as industry best practices. and reputation throughout this period These include measures such as enhanced Rohan Karr of adversity. The property made great sanitisation, social distancing, use of Managing Director strides to bring a new level of service Personal Protective Equipment (PPE), excellence across operations, despite the heightened food safety measures and 10th May 2021 uncertainty of the country’s situation. As a regular staff training on Health and Safety. City Hotel, we continued to face significant The Hotel received the ‘Safe and Secure competition as others looked to rebuild Tourism’ Compliance Certificate from the their revenue with food and beverage SLTDA during the year under review, being operations. Customer satisfaction levels among the initial batch of recipients. were maintained with diligent attention to detail and going beyond expectations. The emergence of COVID-19 has battered a tourism industry that was gradually The Hotel’s trailblazing digital food raising its head from the devastating delivery platform, ‘Indulgence’, continued repercussions of the 2019 Easter attacks. to perform admirably during the year Nevertheless, your Hotel remains under review, providing five-star cuisine to steadfast in its commitment to provide please all palates; delivered safely home. unmatched service excellence to its guests, Managed by dedicated staff members personifying five-star hospitality. I firmly who have gone beyond the call of duty believe in seeing opportunities when to provide peerless service, ‘Indulgence’ obstacles loom and thus, we will continue continues to tap into new markets while to tread new paths and seek new solutions. expanding its reach. We have to embrace new horizons of Towards the end of the financial year, the opportunity with agility, adaptability and Hotel, in keeping with its pioneering spirit, a positive outlook.
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