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John Keells Hotels Plc Annual Report 2019/20

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John Keells Hotels Plc Annual Report 2019/20 DistinctivJOHN KEELLS HOTELS PLC ANNUAL REPORT 2019/20 Distinctive DistinctiveEvery passing minute, across all our hotels, thousands of guests are living an adventure that will be cherished for a lifetime. As a pioneer in the industry, our distinct blend of style, service standards and passion have given us the ability to remain young in the hearts and minds of travellers worldwide, with our refreshing brand promise of ‘inspired living’. This report details our distinctive approach towards navigating a challenging year in the hospitality industry. It discusses how we strived forward with determination to create sustainable value for our stakeholders while focusing on our future strategic investments, repositioning ourselves for growth in the years to come. Join us, as we craft a distinctive path towards the future. CONTENTS About our Report 05 01 GROUP HIGHLIGHTS Group Structure 08 Performance Scorecard 10 About the Group 12 Our Journey 14 Year at a Glance 16 Group Financial and Operational Highlights 17 Chairman's Review 19 02 GOVERNANCE Board of Directors 25 Corporate Governance 28 Audit Committee Report 40 Report of the Human Resources and Compensation Committee 42 Report of the Nomination Committee 43 Report of the Related Party Transaction Review Committee 44 03 MANAGEMENT DISCUSSION AND ANALYSIS All about Strategy 48 Operating Environment 56 Cluster Review 57 Risk Management Report 63 Investor Information 68 04 FINANCIAL INFORMATION Financial Calendar 72 Index to the Financial Information 73 Annual Report of the Board of Directors 74 Statement of Directors' Responsibility 81 Independent Auditors' Report 82 Income Statement 85 Statement of Comprehensive Income 86 Statement of Financial Position 87 Statement of Changes in Equity 88 Statement of Cash Flows 89 Notes to the Financial Statements 91 05 SUPPLEMENTARY INFORMATION Quarterly Information 153 Indicative US Dollar Financial Statements 154 Decade at a Glance 156 Group Real Estate Portfolio 160 Consolidated Value Added Statement 161 Glossary of Financial Terms 162 Group Directory 165 Corporate Information 169 4 AnnualDistinctive Report 2019/20 John Keells Hotels PLC WE WILL ALWAYS BE THE HOSPITALITY TRENDSETTER 5 John Keells Hotels PLC AnnualDistinctive Report 2019/20 ABOUT OUR REPORT ABOUT OUR ANNUAL REPORT We, John Keells Hotels PLC (Company) and its subsidiaries STATEMENT BY THE BOARD (hereinafter referred to as “Hotel Group”) present to you, our 41st The Board acknowledges its responsibility to ensure the Annual Report which aims to provide a balanced review of the integrity of the Annual Report and is of the opinion that the Hotel Group’s financial, social, and environmental performance. Report addresses all material issues that it believes to have a bearing on the Company’s capacity to create value over the SCOPE AND BOUNDARY short medium and long-term. The Report was unanimously This Report covers the Sri Lankan and Maldivian operations approved by the Board and is signed on its behalf by of the Hotel Group for the period 1 April 2019 to 31 March 2020. Our Report focuses on aspects that are deemed to be material and relevant to the Hotel Group’s operations and to our key stakeholders. The process for determining materiality is On behalf of the Board of Directors described on page 51 of this Report. We have adopted an annual reporting cycle and this Report builds on the Group’s previous Annual Report for the period ending 31 March 2019. The financial FEEDBACK and non-financial information presented herein represents We value your feedback as it enables us to continuously improve consolidated figures for the Company and its subsidiaries unless our reporting and encourage your comments to: otherwise stated. Ms. Vindya Cooray, QUALITY ASSURANCE AND IMPROVEMENTS TO THE Sector Financial Controller, REPORT 117, Sir Chittampalam A Gardiner Mawatha, The Hotel Group has obtained an independent opinion on the Colombo 02. Financial Statements from its External Auditors, Messrs. Ernst E-mail: [email protected] & Young, which is set out on page 82 of this Report. Increased strategic orientation in reporting was introduced to the Annual Report this year to enhance the readability and quality of information provided to our stakeholders. FORWARD LOOKING STATEMENTS Our Report includes forward-looking statements, which discusses the possible future financial position and results of the Group’s operations. These statements however, involve an element of risk and uncertainty. We do not undertake to update or revise these statements publicly in the event of a change of circumstances. Group Highlights Group Structure 08 Performance Scorecard 10 About the Group 12 Our Journey 14 Year at a Glance 16 Group Financial and Operational Highlights 17 Chairman's Review 19 Group Highlights A D I S T I N C T I V E D Y N A M I C A combined force of vitality, strength and endurance, designed to deliver lasting value. 8 AnnualDistinctive Report 2019/20 John Keells Hotels PLC GROUP STRUCTURE JOHN KEELLS HOLDINGS PLC (Ultimate Parent Company) John Keells Hotels PLC 80.32% Kandy Walk Inn Yala Village Habarana Habarana Walk Trinco Holiday Ceylon Holiday Nuwara Eliya Rajawella Limited (Pvt) Limited Lodge Limited Inn Limited Resorts (Pvt) Resorts Holiday Resorts Hotels Co 98.39% 93.78% 98.35% 98.77% Limited Limited Limited Limited 100% 99.39% 100% 100% Cinnamon Cinnamon Cinnamon Habarana Citadel Kandy Wild Yala Lodge Village by Trinco Cinnamon 2.66 acres Habarana Cinnamon Blu by Bentota Beach of land in Cinnamon Nuwara Eliya Hikkaduwa Holiday Resorts (Pvt) Limited 100% Hikka Tranz by Cinnamon Resort Hotels Limited 100% 41.73 acres of land in Nilaveli 9 John Keells Hotels PLC AnnualDistinctive Report 2019/20 International Wirawila Walk Trinco Walk Inn Ahungalla Indra Hotels & Sentinel Realty Cinnamon John Keells Tourists & Inn Limited Limited Holiday Resorts Resorts Kandy (Pvt) Limited Holidays (Pvt) Maldivian Hoteliers 100% 100% (Pvt) Limited (Pvt) Limited 50% Limited Resorts (Pte) Limited 100% 40% 100% Limited 99.33% 25.15 acres of 14.64 acres Joint venture 100% land in Wirawila of land in 6.5 acres Associate 33.69 acres of Inbound & Trincomalee of land in Cinnamon Red lands in outbound tour Ahungalla Kandy (Under Vaakarai & operator construction) Kallarawa Beruwala Travel Club Holiday Resorts (Pte) Limited (Pvt) Limited 100% 100% Ellaidhoo Cinnamon Bey Maldives Beruwala by Cinnamon Fantasea World Investments (Pte) Limited 100% Cinnamon Hakuraa Huraa Maldives Tranquility (Pte) Limited 100% Cinnamon Dhonveli Maldives Cinnamon Velifushi Maldives 10 AnnualDistinctive Report 2019/20 John Keells Hotels PLC PERFORMANCE SCORECARD Indicator 2019/20 2018/19 Change yoy Profitability Revenue Rs. Million 9,712 11,033 (12%) TrevPAR Rs. 21,443 26,745 (20%) Operating Profit Rs. Million (764) 1,087 (170%) Profit for the year Rs. Million (1,201) 832 (244%) Earnings per share Rs. (0.82) 0.56 (246%) Dividend per share Rs. - 0.15 (100%) Financial Position Total Assets Rs. Million 60,576 37,250 63% Financial Capital Total Equity Rs. Million 28,872 28,897 0% Total Debt Rs. Million 28,609 5,455 424% Market & shareholder information Net Assets per share Rs. 19.74 19.75 0% Share Price Rs. 6.70 7.50 (11%) Market Capitalisation Rs. Million 9,756 10,921 (11%) Asset light expansion Property, plant and equipment Rs. Million 26,692 17,563 52% Room capacity No. of Rooms 1,476 1,123 31% Capital Capital expenditure Rs. Million 9,580 3,917 145% Manufactured Develop people capability Total employees No. 2,533 2,105 20% Payments to employees Rs. Million 2,502 2,083 20% No. of promotions No. 125 97 29% Attrition rate % 18 23 (22%) Female representation % 11 8 38% Investment in training Rs. Million 95 47 102% Human Capital Total training hours Hours 288,437 115,200 150% New recruits No. 989 571 73% Average training hours/employee Hours 118 68 67% Workplace injuries No. 25 33 (24%) 11 John Keells Hotels PLC AnnualDistinctive Report 2019/20 Indicator 2019/20 2018/19 Change yoy Build a recognisable brand Occupancy rate - Sri Lanka % 61 80 (24%) Occupancy rate - Maldives % 56 84 (33%) Customer satisfaction rate % 91 65 40% Social media presence - Facebook likes No. 206,267 199,311 3% - Twitter followers No. 4,338 3,817 14% - Instagram followers No. 20,132 12,000 68% - LinkedIn followers No. 20,598 6,829 201% - YouTube subscribers No. 2,310 1,109 108% Commitment: Creating value across our supply chain Social and Relationship Capital and Relationship Social Total suppliers No. 1,380 1,063 30% Payments to suppliers Rs. Million 3,657 2,159 69% Commitment: Empowering communities Total investment in CSR Rs. Million 6.8 10.6 (36%) Sustainability Carbon footprint tCO2e 15,784 17,484 (10%) Carbon footprint per guest night KgCO2e 28.55 24.98 14% Water withdrawn m3 523,070 554,737 (6%) Water withdrawn per guest night Litres 946 793 19% Natural Capital Total waste MT 1,450 1,712 (15%) Landfill waste per guest night Kg 0.607 0.536 13% 12 AnnualDistinctive Report 2019/20 John Keells Hotels PLC ABOUT THE GROUP With 12 luxury resort and hotel properties spread out across Sri Lanka and Maldives, the Company is one of Sri Lanka’s largest hotel operators. Our brand “Cinnamon” which is synonymous with unique destination experiences that encourage a passion for inspired living, continues to be recognised as one of the leading hospitality brands in Sri Lanka. Meanwhile, we continue to be in the forefront of encouraging sustainable tourism in Sri Lanka and Maldives by promoting the islands' natural diversity and engaging in conservation and awareness
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