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Manoeuvring Through Mayhem

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Manoeuvring Through Mayhem MANOEUVRING THROUGH MAYHEM AITKEN SPENCE HOTEL HOLDINGS PLC | ANNUAL REPORT 2020/21 MANOEUVRING THROUGH MAYHEM An account of the events from March 2020 to March 2021. The year in question was a period of unprecedented turmoil. Operations ceased and livelihoods were at risk; confinement, restrictions and controls were the order of the day. Countless industries experienced the weight of a global pandemic both here and abroad, but the greatest impact was undoubtedly felt within the hospitality industry, with a decline in performance being recorded across the board. Amid this time of mayhem and unpredictability, one organisation chose to be the calm amid the storm. Aitken Spence Hotels continued to rely on a spirit of resilience built upon vast stores of industry knowledge and expertise accumulated over decades of change. The past has proven that the best crafted strategies are a direct result of pressure and chaos; and so, equipped with a strong track record in the face of adversity, the Company continued to watchfully survey the environment to capitalize on every opportunity – relying on skills of expert navigation to journey through the surrounding turbulence and mitigate its impacts. The following pages unfold the year’s proceedings in this regard. We invite you to read on and discover the art of manoeuvring through mayhem. The growth rings of a tree trunk tell a story of continued progress, endurance and strength amid incredible adversity. The cover image depicts the Company’s journey, and its eventual transition from darkness into a better future, through change. A STORY OF ENDURANCE We’re augmenting our story of continued progress amid a history of change and chaos. Red symbolises actions taken in times of mayhem across your company’s history. 1973 Incorporates Aitken Spence Hotels Ltd. 1978 Incorporates Ahungalla Hotels Ltd., as a public quoted company. 1983 The Civil War begins. 1994 The Company gains controlling interest of Neptune Hotel, Kandalama Hotel and Pearl Beach Hotel. Kandalama Hotel commences Operations 1995 Becomes the first Lankan Hospitality company to invest overseas. Acquires a majority holding in Hethersett Hotels Ltd. (The Tea Factory Hotel) 2005 Twenty all-suite super luxury Water Villas are launched at Meedhupparu, Maldives. 2007 Becomes one of the first companies to become established as a hotel management company. Secures management contracts in India. Acquires its fourth resort in Maldives, ‘Adaaran Select HudhuRan Fushi’. 2008 Acquires Vadoo Island Resort Maldives. Ventures into Oman through management for 4 hotels. 2009 The Civil War ends. Adaaran Prestige Vadoo, commences operations. 2010 The Company acquires ownership of Golden Sun Resorts, Kalutara. 2012 Neptune undergoes a complete renovation and opens as a specialised ayurvedic resort – ‘Heritance Ayurveda Maha Gedara’. 2014 Entered to a joint venture agreement with RIU to construct a 501 room, 5-Star resort adjoining Heritance Ahungalla. 2016 The Group acquires its sixth island in Maldives, Raafushi in the Noonu Atoll. Launch of ‘Turyaa Chennai’, in India. Acquires ‘Al Falaj Hotel’ in Oman. 2017 Aitken Spence Hotels unveils Heritance Negombo and Riu. 2019 The Easter Sunday attacks crippled our nation. Investment in high-end safety equipment. 2020 The Group commenced commercial operations of its first Heritance’ property overseas Heritance Aarah to the Maldives, The COVID-19 pandemic devastates the world and causes global travel restrictions. Critical refurbishments of two hotel properties carried out. Investing in further health and safety measures for guests and staff. Zero retrenchments carried out. CONTENTS 18CHAIRMAN’S REVIEW 36OPERATING 60FINANCIAL CAPITAL ENVIRONMENT OVERVIEW MANAGEMENT GOVERNANCE 2 A Story of endurance DISCUSSION & 99 Corporate Governance 6 Vision, Values & Across the Region ANALYSIS 113 Audit Committee Report 8 About this report 116 Remuneration Committee Report 32 Value Creation Model 10 About the group 118 Nomination Committee Report 34 Stakeholder Engagement 12 Group Structure 119 Related Party Transactions Review 36 Operating Environment 14 2020 in Review Committee Report 42 Managing Risks and Opportunities 16 Financial Highlights 121 Statement of Directors’ Responsibilities 49 Material Topics 17 Operational Highlights 122 Annual Report of The Board of Directors 51 Strategy and Resource Allocation 18 Chairman’s Review 127 The Board of Directors’ Statement on 56 Sustainability at Aitken Spence Hotels Internal Controls 21 Manging Director’s Review 57 Sustainable tourism dashboard 130 Financial Calendar 25 Board of Directors Performance Analysis 29 Corporate Management Team 58 Sri Lankan Cluster 59 South Asian and Middle East Cluster Performance and Capital Management 60 Financial Capital 66 Manufactured Capital 76 Human Capital 82 Intellectual Capital 87 Social and Relationship Capital 92 Natural Capital 4 Aitken Spence Hotel Holdings PLC 99CORPORATE 144STATEMENT OF GOVERNANCE CASH FLOW FINANCIAL REPORTS SUPPLEMENTARY 131 Index to the Financial Statements INFORMATION 132 Independent Auditor’s Report 250 Investor Information 138 Statement of Profit or Loss and Other 255 Decade at a Glance Comprehensive Income 256 Real Estate Holdings of the Group 140 Statement of Financial Position 257 Group Directory 142 Statement of Changes in Equity 260 Corporate Information 144 Statement of Cash Flow 261 GRI Content Index 146 Notes to the Financial Statements 266 Glossary of Financial Terms 244 Quarterly Statistics 268 Notes 245 Indicative US Dollar Financial Statements 269 Notice of Meeting 271 Form of Proxy 273 Investor Feedback Form Annual Report 2020/21 5 To achieve excellence in all our activities, establish Vision high growth businesses in Sri Lanka and across new frontiers, and become a globally competitive market leader in the region. • Reliable • Honest & Transparent Values • Warm & Friendly • Genuine • Inspiring Confidence Across the Region Sri Lanka Maldives Oman India Al Falaj Hotel Turyaa Chennai Desert Nights Camp Heritance Kandalama Heritance Aarah Al Wadi Hotel Heritance Ahungalla Sur Plaza Hotel Heritance Tea Factory Heritance Ayurveda Heritance Negombo Adaaran Prestige Vadoo Adaaran Prestige Water Villas Adaaran Prestige Ocean Villas Turyaa Kalutara Adaaran Select Meedhupparu Adaaran Select Hudhuran Fushi Adaaran Club Rannalhi Amethyst Resort Passikudah Earl’s Regency Earl's Regent Bandarawela Hotel 6 Aitken Spence Hotel Holdings PLC TRAVELLING THROUGH TURMOIL We have always been geared to navigate through times of incredible turbulence and chaos, and we continue to do so, even today. ABOUT THE GROUP ABOUT THIS REPORT > > > > > > > > > > > > > 102-46 102-48 102-49 102-50 102-51 102-52 > 102-53 This year’s Integrated Report is the Group’s tenth through it we present a concise and balanced overview of all aspects that are material to the Group’s value creation process - including the operating landscape, strategy, performance, governance, and risk management. The Group’s integrated thinking forms the foundation of this report which has been prepared in line with the <IR> Framework published by the International Integrated Reporting Council. SCOPE AND BOUNDARY The financial statements and information The Report covers the operations of Aitken presented in this Report represent Spence Hotel Holdings PLC (“Aitken Spence consolidated information while the non- Hotels” or the “Company”), its subsidiaries financial information is limited to the 17 and interests in equity accounted investees properties owned by Aitken Spence Hotels (collectively referred to as the “Group”) for in Sri Lanka, Maldives, India, and Oman; it the period from 1 April 2020 to 31 March excludes the managed properties. There 2021. We adopt an annual reporting cycle, were no significant changes to the Group’s and this Report builds on the Group’s size, structure, or supply chain during the previous report for the financial year ending year under review or any change in the 31 March 2020. reporting boundary compared to FY 2020. Integrated Financial Non-financial 17-owned properties in Sri Lanka, Reporting Reporting Reporting Maldives, Oman and India including 2 Boundary Boundary Boundary associate companies with significant control Managed Properties Operating environment, external stakeholders including customers, value chain partners and communities Our Annual Report is also available online. Please visit our website at https://www.aitkenspencehotels.com/ www.aitkenspencehotels.com to access about-us/investor-relations.html the report 8 Aitken Spence Hotel Holdings PLC > > > 102-54 > 102-56 REPORTING PRINCIPLES AND ASSURANCE Financial Reporting Narrative Report and Integrated MDA Sustainability Reporting Corporate Governance Sri Lanka Accounting Integrated Reporting <IR>Framework GRI Standards published by Listing Rules of the Colombo Standards (SLFRS/LKAS) of the International Integrated the Global Reporting Initiative Stock Exchange and issued by CA Sri Lanka Reporting Council (including – In accordance with the ‘Core’ subsequent revisions to date revisions published in January 2021) criteria Companies Act No. 7 of 2007 ESG Reporting Guidelines issued Code of Best Practice on by the Colombo Stock Exchange Corporate Governance issued by CA Sri Lanka (2017) Listing Requirements of the Sustainable Development Goals Colombo Stock Exchange (SDG) of the United Nations (CSE) and subsequent revisions to date Gender Parity Reporting Framework of CA Sri Lanka Integrity of information The Group has implemented several internal and external assurance
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