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The Audit Committee Report for Year 2016

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The Audit Committee Report for Year 2016 Annual Report 2016 Dusit Thani Public Company Limited 1 Contents 5 Message from the Chairman eage from Gro hief ectie Ocer 8 Financial Highlights he elt of Oeration and rofit roriation for ear olic and ine Oerie atre of ine 44 Risk Factors 49 Shareholders iidend olic 51 Management Structure ororate Goernance ororate Social eoniilit S ororate Stainailit eort 111 Internal Controls and Risks Management ditor ee elated art ranaction anagement icion and nali dit ommittee eort he oard of irector eoniilit for inancial eort ditor eort 137 Financial Statement oard of irector ectie thoried eron and oman Secretar Sidiar and ociated omanie General Information and Other Significant Information 4 Dusit Thani Public Company Limited Annual Report 2016 Annual Report 2016 Dusit Thani Public Company Limited 5 Message from Chairman Asa Sarasin Chairman Dear Shareholders, Although the global economy in 2016 was challenged by Bureau for the 19 rai of land on which Dusit Thani Bangkok worldwide political turmoil, as well as anxiety surrounding the stands, on the Silom-Rama 4 intersection. In accordance with the UK’s exit from the EU (Brexit), the Thai economy remained new agreement, which also grants us additional land between resilient and still continued to grow. The Bank of Thailand the Dusit Thani Office Building and Abdulrahim Building (BOT) estimated the country’s economy would grow 3.2 per alongside Rama IV Road, which currently has nothing but cent, up from 2.8 per cent in the previous year, driven mostly derelict buildings, the lease will be extended by 30 years by spending and investments in the public sector. with the right to extend for another 30 years. In total we As for tourism outturn, according to the latest information will have 23-2-2.72 rai of land (approximately 37,611 sq. m), from the Tourism Authority of Thailand, tourist arrivals in and we aim to develop this site to its maximum potential 2016 totaled 32.58 million. This was an 8.9 per cent rise to create a new destination in Bangkok. The new development from 2015, generating overall tourism revenue of 2.52 trillion will not only add economic value to the area, but it will Baht, up approximately 11 per cent from the previous year and also complement its surroundings and embrace the rich contributing to Thailand’s GDP by 17.7 per cent, the revenue heritage of Dusit Thani Bangkok by incorporating key of which contributed to overall local economy. elements of Thai culture, green space opposite Lumpini Park, Dusit Thani Public Company Limited, meanwhile, faced and new ring roads providing access to Rama 4, Silom and three immensely significant changes during 2016. The first and Sathorn Roads, and thus easing traffic congestion in the area. most unfortunate change to occur last year was the passing of We are well aware that Dusit Thani is a Thai brand His Majesty King Bhumibol Adulyadej, which tremendously and it is our duty to conduct business that benefits both the saddened all Thai nationals including everyone in our Dusit Company and community. We are confident that our accomplished family. In honour of His Majesty and his remarkable work, the list of business operations and investments throughout 2016 Company pledged to continue his dedication to the sustainable will play an important part in elevating our brand to become development of Thailand, by fostering growth to benefit each a prominent name in the local and global markets. and every stakeholder in our business. On behalf of the Board of Directors at Dusit Thani Public The second change saw Mr. Chanin Donavanik decide Company Limited, I would like to extend my sincere gratitude to take up the positions of Vice Chairman and Chairman of to our shareholders, guests, business partners, executives, Executive Committee to oversee corporate strategic policies. employees, and all other stakeholders, who have placed their This led to the Board of Directors appointing Mrs. Suphajee confidence in us and continued to support the company and Suthumpun as new Group Chief Executive Officer, responsible its subsidiaries as we grow and move our business forward. for managing and growing the organization in line with Mr. Chanin’s initial plans. As such, significant emphasis was placed over the past year on building solid foundations to prepare the Company for profitable and sustainable growth, as well as seamlessly performing business operations. The last change, which I am pleased to announce here, was the extension of our lease agreement with the Crown Property Asa Sarasin Chairman 6 Dusit Thani Public Company Limited Annual Report 2016 Message from Suphajee Suthumpun Group Chief Group Chief Executive Officer ectie Ocer Dear Shareholders and Stakeholders, 2016 was very much a year of change for Thailand. My first priority towards achieving these aims was The nation’s collective heart was broken last October to establish strong foundations which could support our with the passing of His Majesty the late King Bhumibol sustainable growth. We began by reviewing the fundamentals Adulyadej, the father of our nation. However, in line with of our business – people, processes, technology, properties, His Majesty’s wish for stable and sustainable development and financial instruments – and then started implementing in Thailand, we rallied together with our ‘can do’ spirit to changes designed to enhance overall performance, improve end the year as we mean to go on – that is, by practicing operational efficiency, reduce redundancy, provide a consistent His Majesty’s Sufficiency Economy principles in our business standard of service, and ultimately improve customer operations as we work diligently to introduce Thai culture engagement and satisfaction. to the world via distinctive gracious service and to become a leading hospitality company. With work on these foundations well underway, by mid-2016 our strategy for long-term sustainable and 2016 was also very much a year of change for profitable growth was clear. We formulated a three-pronged Dusit International as a company. My arrival in January approach based on balance, expansion and diversification, marked the first time in the Company’s long history that and we established the following goals to achieve within it would employ a Group Chief Executive Officer outside the next three-to-five years: Safeguard our future by of the founding family. And my objectives were based balancing our portfolio to have equal domestic and on positive disruption: usher in a new era, elevate international contributions; double our operations for not the Dusit brand, and prepare the Company for an only hotels, but also education; and invest in, and earn unprecedented period of growth which will see its from, business not directly linked to hotels or education. portfolio of hotels more than double in number within As part of our transformation and to align with our the next couple of years. strategies, we revisited Dusit’s Vision, Mission and Values Annual Report 2016 Dusit Thani Public Company Limited 7 to put greater emphasis on our employees and empowerment. On behalf of Dusit Thani Public Company Limted, To position ourselves as a global brand, and to maintain I would like to thank all of our shareholders, management, the same standards of service worldwide, we also shifted staff, partners, associates and all other stakeholders, for our focus from Thai hospitality, to gracious hospitality supporting us and continuing to support our business. inspired by our Thai heritage, and we began developing With strong foundations in place and the new mixed-use gracious behaviours for our international staff to follow. project officially announced, an exciting new chapter in The new values that now unite us all are ‘Care, Commit, Dusit International’s history has begun. We look forward Can Do.’ We hope these inspire all Dusit employees to to making it one that benefits all of our stakeholders, exceed expectations. Always. including Thai society at large, as we grow Dusit from being a dominant regional hospitality provider to one of During the year we enjoyed many successes, we the world’s best-known brands. opened five new properties, including the debut of our Yours sincerely, dusitD2 and DusitPrincess brands in UAE and China, respectively, which expanded our operations to 29 hotels in eight countries worldwide; and we signed eight new projects across Indonesia, Dubai, Myanmar, Philippines, Sri Lanka, Thailand and Turkey, taking our tally of upcoming Suphajee Suthumpun projects to 45. Group Chief Executive Officer Some of the most important work we carried out since 2016 involved laying the groundwork for our biggest venture to date, a world-class mixed-use development project consists of holels, residence, office building, and retail shopping center designed to leverage Dusit Thani Bangkok’s heritage and prime location to create a new icon for a new era of tourism and raise our profile internationally. Designed to benefit the local community as well as enhance Bangkok’s destination appeal worldwide, the new project will feature a large green space to complement the adjacent Lumpini Park, and will also incorporate new road infrastructure to alleviate local traffic congestion. Through its striking design and impeccable services, the new project will maintain and continue Dusit Thani Bangkok’s legacy to uniquely deliver gracious hospitality to the world. 8 Dusit Thani Public Company Limited Annual Report 2016 otal et Total Revenue 2015 2016 -4% 2015 2016 1% 10000 9,388 10000 9,012 9,033 6000 6000
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