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Download Link embracing change preserving . creating . evolving . expanding . serving Throughout our 30 year history, Aitken Spence Hotel Holdings has offered world-class standards of service to Sri Lankans while taking our own brand of famous Sri Lankan hospitality to the world. Through our strong portfolio of branded luxury hotels and high-end resorts in Sri Lanka, Maldives, India and Oman we have maintained our position as a regional leader in the hospitality industry. We are confident that the year ahead will be a positive one despite the challenges that impacted our business last year, and we are confident that we will continue to perform well by identifying and exploiting more opportunities for future expansion and growth, both locally and overseas. Sri Lanka Heritance Kandalama “Blending perfectly with the natural environment, while preserving the principles of sustainable tourism.... Aitken Spence Hotels continues to be one of the world’s most environmentally friendly hotel operating companies...” The Tea Factory preserv Sri Lanka Heritance Ahungalla “Today, we look back on a year of sustained operations through a turbulent period, with fresh hope and energy to take on any challenge ahead. In keeping with our strategy to keep growing, we remain focused to create newer opportunities that will open further vistas of growth”. Neptune Hotel Neptune Ayurveda creat Maldives Adaaran Prestige Ocean Villas HudhuRan Fushi Adaaran Prestige Vadoo Adaaran Prestige Water Villas Meedhupparu Adaaran Select HudhuRan Fushi Adaaran Select Meedhupparu evolv “Maldives has been a stronghold for the Group since the commencement of our operations in this market. In today’s customer-driven marketplace, we take note of changing environments, anticipating the process of change and evolving to bring the finest service and care to every guest.” Adaaran Club Rannalhi Adaaran Ayurveda Village Meedhupparu India Barefoot at Havelock Andaman Islands Heritance Madurai Atithi Pondicherry expand “From an operational perspective, increased emphasis on overseas expansion has placed the company on a strong footing, spreading our risk and adding new avenues to profitability...” Poovar Island Resort Poovar Ayurveda Village Oman Desert Nights Camp “Over its history of 30 years Aitken Spence Hotel Holdings has continuously offered world-class standards of service to Sri Lankans while taking the best of our own famous Sri Lankan hospitality to the world.” Al Falaj Hotel Ruwi Hotel serving G preserving G creating G evolving G expanding G serving Sur Plaza Hotel Al Wadi Hotel Aitken Spence Hotel Holdings PLC Annual Report 2008/09 Our Brands Sri Lanka Sri Lanka Maldives The Tea Factory, Nuwara Eliya Heritance Ahungalla Adaaran Prestige Vadoo Neptune Hotel, Beruwala Heritance Kandalama Adaaran Prestige Water Villas, Meedhupparu Neptune Ayurveda Village, Beruwala Adaaran Prestige Ocean Villas, HudhuRan Fushi Browns Beach Hotel, Negombo India Adaaran Select Meedhupparu Hotel Hilltop, Kandy Heritance Madurai Adaaran Select HudhuRan Fushi Earl's Regency, Kandy Adaaran Ayurveda Village Meedhupparu Ramada Resort, Kalutara Adaaran Club Rannalhi Bandarawela Hotel, Bandarawela India Poovar Island Resort, Trivandrum Poovar Ayurveda Village, Trivandrum Barefoot at Havelock, Andaman Islands Atithi, Pondicherry Oman Desert Nights Camp, Al Wasil Al Falaj Hotel, Muscat Ruwi Hotel, Muscat Sur Plaza Hotel, Sur Al Wadi Hotel, Sohar 12 Aitken Spence Hotel Holdings PLC Annual Report 2008/09 Group Portfolio Aitken Spence Hotel Holdings PLC Heritance Ahungalla 51% 97.8% 100% 60% 51% Aitken Spence Aitken Spence Crest Star Cowrie Aitken Spence Hotel Hotels Ltd. Investment Hotels Managements (Pvt) Ltd. International Asia (Pvt) Ltd. Neptune Hotel Ltd. Adaaran Select Meedhupparu 4% 83.90 % 11 % 100% 63% 95% 16 % 100% 100 % 100 % 50% Barefoot PR Holiday Floatels India Heritance Kandalama Jetan Travel Barefoot ADS Resorts Unique Aitken Spence Aitken Spence Resort & Homes (Pvt) (Pvt) Ltd. (Pvt) Ltd. Hotels Ltd. Services Co. Resort & (Pvt) Ltd. Resorts (Pvt) Hotel Services Hotel Leisure Ltd. (India) formerly (Pvt) Ltd. Leisure (Pvt) Ltd. (Pvt) Ltd. Managements (Pvt) Ltd. Poovar Island Pearl Heritance Ltd. Adaaran Select India South India Resort & Beach Hotels Kandalama Adaaran Club HuduRan Fushi Adaaran (Pvt.) Ltd. Barefoot Poovar Ltd. Rannalhi Barefoot Prestige Resort Ayurveda Resort Vadoo Village 100% 29.5% 29.6% 80.13% 100% Neptune 100% Ayurvedic Browns Beach MPS Hethersett Ahungalla Ace Village Ayurvedic Hotels PLC Hotels Ltd. Hotels Ltd. Resorts Ltd. (Pvt) Ltd. Proposed Hotel (Pvt) Ltd. Browns Hotel Hilltop The Project Neptune Beach Hotel Tea Factory in Ahungalla Ayurveda Village 13 Aitken Spence Hotel Holdings PLC Annual Report 2008/09 Five Years at a Glance Consolidated Revenue & Earnings per Share (Rs. Mn.) Profit after Tax (Rs.) 8,000 20 7,000 15.03 6,000 15 12.95 5,000 4,000 10 3,000 4.88 2,000 5 4.14 2.48 1,000 0 0 04/05 05/06 06/07 07/08 08/09 04/05 05/06 06/07 07/08 08/09 2004/05 2005/06 2006/07 2007/08 2008/09 Revenue EPS PAT Average Occupancy Net Assets Value per Share (%) (Rs.) 118.62 100 120 100 93.46 80 81.56 80 69.25 60 65.61 60 40 40 20 20 0 0 2004/0504/05 2005/0605/06 2006/0706/07 2007/0807/08 2008/0908/09 04/05 05/06 06/07 07/08 08/09 Sri lanka India Net Assets Value Maldives Oman 14 Aitken Spence Hotel Holdings PLC Annual Report 2008/09 Group Financial Highlights Performance for the Year 2008/09 2007/08 Gross Revenue Rs. '000 6,611,893 6,412,699 Group Profit Before Tax Rs. '000 845,333 810,860 Group Profit After Tax Rs. '000 824,358 789,566 Group Profit Attributable to Equity Holders of Parent Rs. '000 592,587 512,651 Ordinary Dividend Proposed Rs. '000 19,217 38,433 Dividend per Share Rs. 0.50 1.00 Earnings per Share Rs. 15.03 12.95 EPS Growth % 16.08 165.37 Cost of Finance Rs. '000 368,723 362,461 Increase in Cost of Finance % 1.73 39.01 Interest Cover No. of times 3.30 3.22 Return on Equity % 12.67 13.86 Pre Tax ROCE % 8.53 10.13 Position as at Year End Total Assets Rs. '000 12,711,371 10,568,278 Long Term Interest Bearing Borrowings Rs. '000 3,746,361 2,930,155 Total Equity Rs. '000 6,070,129 4,976,809 Number of Shares in Issue 000 's 38,433 38,433 Net Assets per Share Rs. 118.62 93.46 Debt/Equity % 66.24 64.32 Debt/Total Assets % 30.77 29.29 Current Ratio % 0.74:1 0.87:1 Quick Asset Ratio % 0.67:1 0.80:1 Market/Shareholder Information Market Price per Share Rs. 90 93 Market Capitalization Rs. '000 3,458,983 3,574,282 Price Earnings Ratio No. of times 5.99 7.18 Dividend Payout % 3.3 7.7 Dividend Yield % 0.56 1.08 Value Added To Government Rs. '000 321,636 343,325 To Employees Rs. '000 857,989 760,721 To Providers of Capital Rs. '000 600,494 639,376 To Shareholders Rs. '000 34,067 53,283 Retained for Reinvestment and Future Growth Rs. '000 1,156,979 995,809 Total Value Added Rs. '000 2,971,165 2,792,514 15 Chairman’s Review D.H.S. Jayawardena Chairman “Aitken Spence Hotel Holdings has constantly set the pace through service innovation. A trend setter can only achieve optimum success if a certain dynamism is displayed in order to fulfill one’s goals. At Aitken Spence Hotel Holdings, we have witnessed, we have encouraged and we have embraced the strength of this dynamism. We believe it to be the ‘spirit’ of our company.” 16 Aitken Spence Hotel Holdings PLC Annual Report 2008/09 Chairman’s Review “Embracing Change: the prescription for For Sri Lanka's tourism industry the global economic future success” meltdown has been an additional woe. Sri Lanka's traditional tourism originating markets are predominantly Across the globe we have seen over the year 2008/09, from Western Europe - UK, Germany and France - all of corporates from all sectors of business and industry face which have been reeling from the shock of the downturn. the ultimate litmus test. Described as what could possibly Decreased arrivals as a result of the recession have heavily be the worst economic recession since the Great impacted the industry with small and medium players Depression, the world economy has witnessed a startling pushed to breaking point due to a drop in revenue. depression in demand, detonating a vicious cycle of During the year under review, the industry suffered a economic lethargy. multi-pronged onslaught as the nation's war against terror Naturally, the impact of the downturn cascaded and garnered greater international focus. This together with affected Sri Lanka's already struggling tourism industry. the economic scenario resulted in a steep drop in revenue The impact on Maldives, India and Oman where we for almost all industry stakeholders. operate hotels although significant, was comparatively low. Currently the industry faces a price war with almost all Due to the hotel portfolio spread across the region and regional markets engaging in price cutting in an effort to constant adaptation to change, Aitken Spence Hotel entice a shrinking potential traveller segment. However, Holdings has once again beat the odds and reported a Sri Lanka's ability to attract international travellers healthy profit. remained marred by misperceptions surrounding safety despite low cost offers and promotional efforts. With the Our achievements have been propelled by supportive military conflict coming to an end the international shareholders and fuelled by a committed Management and perception on travel to Sri Lanka would certainly change Staff, an equation that enabled the Company to face and we expect a surge in inbound travel.
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