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2018 19 AR.Pdf The Moment Momentum It’s always the little things that create the perfect moment. A single, perfectly magical moment can make any experience memorable. However, at Aitken Spence Hotels, we believe in something a little different. We believe that you shouldn’t just stop at one single moment. To us, every interaction with Aitken Spence Hotels is an opportunity to create a sequence of moments so special, they last a lifetime. When we create special moments for the people, the environment, and the communities we serve, we are creating not just one moment, but the momentum to create something extraordinary in our every working moment. CONTENT 04 Across The Region 06 VVisionision anandd VaValueslues 07About the Group 37 Strategic Report 123 Governance 08 About This Report 38 Value Creation Model 124 Chairman’s Message 10 Group Performance Highlights 40 Value Formation and Trade-Offs 126 Corporate Governance 12 Chairman’s Review 41 Stakeholder Relationships 140 Audit Committee Report 16 Managing Director’s Review 44 Our Operating Environment 143 Remuneration Committee Report 20 Board of Directors 48 SWOT & Materiality Analysis 145 Nomination Committee Report 24 Corporate Management Team 51 Strategy and Resource Allocation 147 Related Party Transactions Review 28 About the Group 55 Risk Management Committee Report 29 Commitment to Excellence 62 Sustainability at Aitken Spence 149 Statement of Directors’ 32 Group Structure Hotels Responsibilities 34 Milestones 65 Operational Review 150 Annual Report of The Board of 66 Sri Lankan Sector Directors 68 South Asian and Middle East Sector 155 The Board of Directors’ Statement 70 Capital Reports on Internal Controls 70 Financial Capital 78 Manufactured Capital 90 Human Capital 98 Intellectual Capital 104 Social Relationship Capital 114 Natural Capital 12 Chairman’s Review The Group continues to outpace benchmarks with smart strategy and careful execution. This year too, we have set our sights on sustainable growth leveraging a strong Balance Sheet and extensive experience in leadership across numerous industry sectors. 2 Aitken Spence Hotel Holdings PLC | Annual Report 2018/19 157Financial Statements 275 Supplementary Information 158 Financial Calender 276 Investor Information 159 Independent Auditor’s Report 281 Decade at a Glance 164 Statement of Profit or Loss and Other 282 Real Estate Holdings of the Group Comprehensive Income 283 Group Directory 166 Statement of Financial Position 286 Independent Assurance Statement 168 Statement of Changes In Equity 290 GRI Content Index 170 Statement of Cash Flow 296 Corporate Information 172 Notes to the Financial Statements 297 Glossary of Financial Terms 269 Quarterly Statistics 299 Notes 270 Indicative Us Dollar Financial 300 Notice of Meeting Statements 301 Form of Proxy 303 Investor Feedback Form 16 Managing Director’s Review Aitken Spence Hotel Holdings PLC is Sri Lanka’s most geographically diversified hotel company operating the highest room inventory, with 23 properties located in Sri Lanka and three other countries offering varied experiences to tourists, we continue to outperform industry as our diversity supports resilience in earnings from inevitable market volatility. 3 ∫ 102-2 ∫ 102-6 ACROSS THE REGION OMAN MALDIVES SRI LANKA INDIA Al Falaj Hotel Adaaran Club Rannalhi Heritance Kandalama Turyaa Chennai Desert Nights Camp Adaaran Select Hudhuran Fushi Heritance Ahungalla Al Wadi Hotel Adaaran Select Meedhupparu Heritance Tea Factory Sur Plaza Hotel Adaaran Prestige Vadoo Heritance Ayurveda Adaaran Prestige Water Villas Heritance Negombo Adaaran Prestige Ocean Villas Turyaa Kalutara Heritance Aarah Amethyst Resort Pasikudah Earl’s Regency Earl's Regent Bandarawela Hotel 4 Aitken Spence Hotel Holdings PLC | Annual Report 2018/19 HE RITA NC E AA R A H The Group marked an important milestone during 2019, launching its first Heritance branded property outside Sri Lanka with the introduction of Heritance Aarah in the Maldives. Nestled in an island in Raa Atoll 40 minutes from the Male international airport, Heritance Aarah is positioned as a premier, all-inclusive resort offering a differentiated Maldivian experience. With the introduction of the Heritance brand to the Maldives, the Group hopes to offer its discerning guests a unique proposition of quintessentially traditional, curated experiences delicately woven into star-classed luxury. Featuring luxury duplex ocean suites, sunset ocean villas and land villas, Heritance Aarah offers eight F&B outlets inclusive of six dining spaces, each featuring distinctive cuisine from around the world. Among the Hotel’s key facilities are the overwater swimming pool, a novelty for the Maldivian tourist and the Medi Spa catering to the rising demand in the wellness segment through a vast menu of spa treatments, salon services, beauty treatment and wellness programs. From express weight loss to anti-aging treatments, massage therapy to body care, facial care to revitalisation programs, Heritance Aarah will become a destination for those pursuing leisure and luxury along with wellness. 5 VISION To achieve excellence in all our activities, establish high growth businesses in Sri Lanka and across new frontiers, and become a globally competitive market leader in the region. VALUES Reliable Honest & Transparent Warm & Friendly Genuine Inspiring Confidence 6 Aitken Spence Hotel Holdings PLC | Annual Report 2018/19 MOMEN P TS O ROU F E G AD TH VE UT NT BO U A R E At Aitken Spence Hotels, we focus on doing things differently – taking risks, exploring new locations and embarking on visionary strategies to create endless possibilities. ABOUT THIS REPORT ∫ 102-46 ∫ 102-50 ∫ 102-51 ∫ 102-53 ∫ 102-54 This year we present our 8th Integrated Heritance Aarah in Maldives in April 2019; Annual Report, through which we hope to financial and Non-Financial Information Reporting Standards and provide information that communicates pertaining to this property has been Principles the alignment between our strategy, excluded from this year’s Report and will stakeholder needs, business model and be included from 2019/20. Financial Statements triple bottom line performance. As our Sri Lanka Financial Reporting Standards primary publication to shareholders, the Materiality Companies Act No. 7 of 2007 Report mainly addresses the information In selecting and prioritising the content Listing Rules of the Colombo Stock needs of investors, although it also to be included in this Report, we have Exchange contains information that is relevant adopted the principle of materiality. Strategic Report and Integrated Material topics are defined as the issues across our stakeholder universe. The Management Discussion & Analysis which could impact the Group’s ability to Report covers the Group’s operations for Integrated Reporting Framework of the the period from 1st April 2018 to 31st create value over the short, medium and International Integrated Reporting Council March 2019 and builds on our previous long-term and have been determined report for the financial year ending giving due consideration to the operating Sustainability Report 31st March 2018. We adopt an annual context, stakeholder concerns and the GRI Standards published by the Global Reporting Initiative - 'Core' Option of reporting cycle for both financial and Group’s strategic objectives. In improving Reporting sustainability reporting. the relevance and meaningfulness of ESG Reporting Guidelines of the Colombo this Report, we have expanded this year’s Stock Exchange Scope and Boundary material topic beyond those prescribed Sustainable Development Goals (SDG) set The Report covers the operations of by the GRI Standards to reflect issues by the United Nations General Assembly Aitken Spence Hotel Holdings PLC (“Aitken relevant to the Group and the industry we Spence Hotels” or the “Company”), its operate in. The process for determining Corporate Governance subsidiaries and interests in equity material topics is given on pages 48 to 50 Code of Best Practice on Corporate accounted investees (collectively of this Report. Governance issued by CA Sri Lanka (2017) referred to as the “Group”). The Financial Listing Rules of the Colombo Stock Exchange Statements presented on pages 159 to 273 and the discussion of financial aspects in the narrative report present a consolidated view of the Group, unless Owned Associate Managed Heritance otherwise stated. The non-financial Properties Properties Properties Aarah information presented across the narrative report is limited to 16 properties Financial information 3332 owned by Aitken Spence Hotels across Non-financial information 3322 Sri Lanka, Maldives, India and Oman including two associate properties in Property opened in April 2019, however the investment made has been captured which the Group has managing control. under financial information. Key changes to the Group’s operations during the year include the opening of Our Annual Report is also available online. Please visit our website at www.aitkenspencehotels.com/about-us/ www.aitkenspencehotels.com to access investor-relations.html the report 8 Aitken Spence Hotel Holdings PLC | Annual Report 2018/19 ∫ 102-48 ∫ 102-49 Assuring Our Disclosures External assurance on the Financial Navigation Icons Statements has been provided by Messrs. KPMG and is available on pages In improving the connectivity of information presented, we have used 159 to 163 of this Report. Assurance the following navigation icons across the Report. on sustainability reporting has been provided by DNV GL represented by DNV GL Business Assurance Lanka Capitals defined by the <IR> Framework (Private) Limited who have carried out an independent assurance engagement (Type 2, Moderate based on AA1000 AS) for the non-financial qualitative and quantitative information. The assurance opinion is available on pages 286 to 289 M l a F l a t of this Report. i a n i H l na it uf ap u ta ncial Cap actured C man Capi Feedback We understand that Integrated Reporting is an evolving discipline and a journey of continuous improvement. We welcome your ideas and suggestions on our Annual S l o a t Report and welcome you to direct your c i In l ia p t a l a N feedback through the Investor Feedback e it R C a al llec ap ela ip tu pit Form on pages 303 to 304 .
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