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Our whole approach to hospitality and to our stakeholders took great planning, foresight, commitment and passion to arrive at. At every step of the way, we stayed true to our unique identity and culture and the years have shown this to be a defining factor of the success enjoyed by any Jetwing enterprise. We did all this for one purpose...and one purpose alone. To serve up the very best of Jetwing Lighthouse, every day, every time, on a platter to our valued guests and all other stakeholders. This report places a complete account of the hotel’s performance for the year under review, on a platter, for the benefit of all. 03 About Us 12 About the Report 14 Highlights of the Year 16 Chairman’s Message 20 Managing Director’s Review 24 Business Model Organizational Profile...24 Operating Environment...26 Stakeholders...31 Materiality and Value Creation...33 38 Management Discussion and Analysis Deriving Value...38 Delivering Value...46 74 Stewardship Board of Directors...74 Corporate Governance...78 Remuneration Committee Report...85 Audit Committee Report...86 Risk Management...88 93 Financial Reports Contents Annual Report of the Board of Directors on the Affairs of the Company...94 Statement of Directors’ Responsibilities...99 Independent Auditor’s Report...100 Statement of Financial Position...101 Income Statement...102 Statement of Other Comprehensive Income...103 Statement of Changes in Equity...104 Statement of Cash Flows...105 Notes to the Financial Statements...106 141 Annexes Related Companies which had Transactions with the Company...141 Names of the Directors of the Related Companies which had Transactions with the Company...142 Information to Shareholders and Investors...143 Ten Year Summary...144 GRI Content Index...146 Corporate Information...151 Notice of Meeting...152 Form of Proxy Enclosed Stewardship… 74 Financial Reports… 93 Annexes… 141 Board of Directors Annual Report of the Board of Directors 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 Auditor’s Report Companies which had Transactions Risk Management Statement of Financial Position with the Company Income Statement Information to Shareholders and Investors Statement of Other Comprehensive Income Ten Year Summary Statement of Changes in Equity GRI Content Index Statement of Cash Flows Corporate Information Notes to the Financial Statements 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 2014/15 03 An evening of intimacy Rock dining at Jetwing Lighthouse is an immensely popular signature dining experience, in a completely unique setting One with the environment Geoffrey Bawa’s firm view of the hotel was one of open spaces, and where the buildings are one with the environment around them Relax, as long as you like The interiors of the hotel offer soothing and comfortable vibes Fit for a king Extremely spacious and luxurious rooms make Jetwing Lighthouse truly special Light and shadow The green grass at your side, and a pathway to bliss Decadent and scrumptious Dining is an experience unto its own; using only the finest in ingredients Healing hands Rejuvenate, relax, and feel peace Sunset feasts A speciality of Jetwing Lighthouse, the BBQ dinner is truly a feast of flavour! All that’s missing is you Courtyard dining arrangement at Jetwing Lighthouse, perfectly arranged for an memorable evening Elegant and inviting The two pools at Jetwing Lighthouse are perfect for a quick dip, or a leisurely lap - your choice About us… 03 About Highlights Messages… 16 Business Model… 24 Management Discussion the Report… 12 of the Year… 14 and Analysis… 38 Chairman’s Message Organizational Profile Managing Director’s Review Operating Environment Deriving Value Stakeholders Delivering Value Materiality and Value Creation About the Report Report Structure In this, our second integrated Annual Report we are presenting a comprehensive yet concise account of our performance during the year 2014/15. This year we have built further on the new format which we adopted last year. It allows the Company to communicate more effectively and coherently 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 preparing this report we have drawn on concepts, principles and guidance given in the following where applicable: - Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 (2013) [www.globalreporting.org] - The International Integrated Reporting Framework (2013) [www.theiirc.org] - The Smart Integrated Reporting MethodologyTM [www.smart.lk] Value Creation and Capital Formation Our approach to integrated reporting largely reflects integrated thinking and the way we do business. This year too 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 itself 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. Report Boundary and Materiality 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. 12 The Lighthouse Hotel PLC | Annual Report 2014/15 Stewardship… 74 Financial Reports… 93 Annexes… 141 Board of Directors Annual Report of the Board of Directors 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 Auditor’s Report Companies which had Transactions Risk Management Statement of Financial Position with the Company Income Statement Information to Shareholders and Investors Statement of Other Comprehensive Income Ten Year Summary Statement of Changes in Equity GRI Content Index Statement of Cash Flows Corporate Information Notes to the Financial Statements 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. Out Report focuses on aspects that are material and relevant. It is an assessment based on the extent to which they may substantively affect the Company’s ability to create value over the short, medium and long term. Materiality determination process is discussed under Business Model on page 24. Compliance This integrated Annual Report covers the 12-month period from 1st April 2014 to 31st March 2015. The Lighthouse Hotel PLC maintains an annual cycle for financial and sustainability reporting and the latter is in accordance with the core criteria of GRI G4 guidelines. There are no significant changes from previous reporting periods in the scope and aspect boundaries. The last published report - which was also an integrated report - was covered the 12-month period ended 31st March, 2014. There were no restatements of information provided in previous Reports. The information contained in this Report, as in the past, is in compliance with all applicable laws, regulations and standards. Precautionary Principle The Lighthouse Hotel PLC applies a precautionary principle across all its businesses with regard to social and environmental sustainability and we advocate a risk-based approach to our operations through our management systems. 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]