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Setting Standards Aitken Spence Hotel Holdings PLC Annual Report 2011/12 Contents

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Setting Standards Aitken Spence Hotel Holdings PLC Annual Report 2011/12 Contents Setting Standards Aitken Spence Hotel Holdings PLC Annual Report 2011/12 Contents Management Information and Financial Reports Performance Highlights 109 Independent Auditors’ Report 006 Chairman’s Review 110 Income Statement 009 Managing Director’s Review 111 Balance Sheet 038 Our Brands 112 Statement of Changes in Equity 039 Group Portfolio 113 Cash Flow Statement 040 Milestones 115 Notes to the Financial Statements 042 Five Years at a Glance 043 Group Financial Highlights Supplementary Information 044 The Board of Directors 152 Quarterly Statistics 046 Corporate Management Team 153 Consolidated Income Statement in US $ 154 Consolidated Balance Sheet in US $ Integrated Management Discussion 155 Shareholder & Investor Information and Analysis 160 Decade at a Glance 048 Operational Review 161 Real Estate Holdings of the Group 058 Setting Standards in Sustainability 162 Group Directory 076 Financial Review 164 Glossary of Financial Terms 084 Risk Management 166 Notice of Meeting 167 Form of Proxy Governance 169 Investor Feedback Form 092 Corporate Governance IBC Corporate Information 101 Audit Committee Report 102 Remuneration Committee Report 103 Nomination Committee Report 104 Annual Report of the Board of Directors 108 Statement of Directors’ Responsibilities Heritance Kandalama Setting Standards Aitken Spence Hotels have Aitken Spence Hotels set long been recognised for these initiatives in place setting the ‘green’ standard many years ago and this has in sustainability initiatives led to our wide experience and activities in the local and understanding of the hospitality industry. Multiple issues concerned. It is also awards both locally and the reason why our people internationally have proved now passionately own and our leadership while our drive the green philosophy flagship hotel Heritance that has made us who we Kandalama remains a model are. of such sustainable processes in action. Aitken Spence Hotels. Today sustainability is a We are setting standards. key factor in the hospitality industry; no longer a choice but an imperative. Aitken Spence Hotels’ sustainability strategy is strongly rooted in the company’s mission to deliver the best in unique leisure experiences to a growing number of satisfied guests while maintaining a transparent, well-regulated and sustainable chain of processes in order to do so. We believe that sustainability is the key driver in our differentiation from other leisure groups and as such, we were the first to set in place a series of sustainability initiatives that have been in operation since 1998, giving us a deeper understanding and a more widely diffused practice of the activities and systems we wish to ingrain across the company. Our sustainability initiatives are broken down into three areas: Environment, Social and Economy. While we are constantly awarded both internationally and locally for our achievements in sustainable activities relating to the environment and eco-friendly practices, we have also achieved many of our targets relating to stakeholder engagement issues. In engaging with stakeholders, Aitken Spence Hotels does more than just deliver stakeholders’ expectations. We have always set the precedent in sustainability benchmarks rather than choosing to be a follower of trends in the hospitality industry. Today we are known for our pioneering activities and leadership role in this area. All this, because our understanding of sustainability matters is that the only future we have is the one we create today and therefore, excellence in corporate sustainability is the only way forward for a foresighted and value driven company. The company is on track to achieve all the sustainability targets it has set for 2015. More information regarding progress towards these targets and other achievements in 2011/12 can be found in the chapter on sustainability from page 58. India ADAARAN SELECT MEEDHUPPARU Beachside luxury A multiple award winning, star class resort in the Maldives, Adaaran Select Meedhupparu offers world class cuisine, discreet service and luxury accommodation set in the stunning beach landscapes 2 of the Maldive islands. ADAARAN PRESTIGE VADOO Adaaran hospitality Awarded as the World’s Leading Water Villa retreat at the World Travel Awards in 2010, Adaaran Prestige Vadoo is one of our finest Maldivian resort getaways. Guests are charmed by our signature Adaaran hospitality, offered together with international standards of service, cuisine and luxury 1 accommodation. Maldives Meedhupparu 2 3 HudhuRan Fushi Male Vadoo 1 4 Club Rannalhi Sri Lanka 1 Heritance Kandalama Hotel Hilltop 6 8 Earl’s Regency Browns Beach Hotel 7 3 Heritance Tea Factory Colombo 9 The Sands 5 Bandarawela Hotel Heritance Ayurveda Maha Gedara 4 Heritance Ahungalla 2 HERITANCE KANDALAMA Heritance Kandalama wins at the National Green Awards Heritance Kandalama, now recognised as the greenest hotel in Sri Lanka and one of the greenest in the world, was awarded the Gold Award in the Large Scale Hotel category of the National 1 Green Awards 2011. This prestigious award was one of four Gold Awards contested by three hundred applicants. HERITANCE TEA FACTORY Heritance Tea Factory becomes the only Sri Lankan hotel to win the PATA Grand Award 2012 The Pacific Asia Travel Association (PATA) Grand Awards are presented to outstanding entries in four principal categories: marketing; education and training; environment; and heritage and 3 culture. This year, Heritance Tea Factory won the Grand Award in the Heritage and Culture Category contested by three hundred applicants. Complete portfolio of properties is disclosed under “Our Brands” on page 38. Chairman’s Review > “I believe that we need to constantly view our industry as an agent of change for humanity but most of all, become champions of the world’s natural and heritage assets. At Aitken Spence Hotels we believe in the power of responsible tourism and take our role in making a difference for future generations seriously.” Profit to Equity Holders EPS Growth Rs. 1.40Bn 35% 6 Aitken Spence Hotel Holdings PLC International tourism With growth must come As our shareholders might recall, in the buoyant preservation previous financial year we furthered our Despite the varied challenges posed In the perspective of tourism and its commitment to sustainability stewardship to the global economy in 2011/12, importance to the global economy, through the calculation of the Group’s international tourism continued to show UNWTO Secretary-General, Taleb Rifai, carbon footprint. Perhaps the defining resilience. However, the cumulation has continually expounded on the value character of Aitken Spence Hotels is that of challenges ranging from the global of tourism to the global economy. With every person across the organisation has economic crisis, political change and respect to 2011’s international tourism the passion to realise triple bottom line unrest in the Middle East as well as performance, he credits the sector for objectives. a spate of natural disasters and freak being directly responsible for 5% of the weather patterns served to slow the world’s GDP, 6% of total exports and for Long recognised for setting the ‘green’ pace. As a result in 2011, international employing one out of every 12 people standard in sustainable tourism in tourism only grew at just over 4% to 980 in advanced and emerging economies. Sri Lanka, we continue to set the million arrivals as against 6.7% in 2010. As tourism stakeholders, I believe that standard for the industry both here As we look to 2012, this deceleration in we need to constantly view our industry and abroad. I am especially proud of the pace of growth is expected to persist as an agent of change for humanity but how passionately our people own and and UNWTO forecasts tourism arrivals most of all, become champions of the drive the green philosophy that has to rise at a rate between 3-4%, inching world’s natural and heritage assets. At made us who we are. As Sri Lanka’s towards the historic one billion tourism Aitken Spence Hotels we believe in the tourism matures, I sincerely hope that arrivals mark. power of responsible tourism and take we can continue to inspire others to act our role in making a difference for future responsibly to protect what we offer to generations seriously. I am not wrong tourists and travellers – a land of heritage Sri Lanka consolidates and untouched beauty. growth momentum when I say that at Aitken Spence Hotels our purpose of being is much more than Sri Lanka in 2011 and first quarter of mere commerce, we have and continue 2012, held the growth momentum that Consolidation of operations to use our business model for greater has characterised its tourism industry Sri Lanka remains the foundation for good. in the three years post conflict. Strong our strategy for growth. We foresee growth in 2011 enabled the industry great potential for the destination and Our legacy as a proponent of responsible to reach forecasted arrivals figures, will continue to invest into our product tourism spans a few decades. We almost a month ahead of schedule and portfolio going forward. We have seen chose the untrodden path of sustainable by the end of December 2011, tourist encouraging returns from our initiatives tourism long before it gained global arrivals reached a record 855,975 for the over the past years to upgrade our popularity. As we sowed the seeds of our year, surpassing the previous record of properties and develop our human business in the early years, we made the 654,476 in 2010, a rise of 30.8%. This resources and are confident that in commitment and went the extra mile to encouraging trend continues to persist as going forward, we can continue to set ensure that we did not destruct natural is evidenced from statistics for January to the standards in the industry. As such, resources in our attempt to construct March 2012, when tourist arrivals climbed investment and improvement of the a commercial dream. Our properties, 21.1% to 260,525 over the same period a existing properties will go hand in hand especially our mainstay property in year earlier.
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  • 141 Aitken Spence Hotel Annu
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