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Annual Report 2020

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Annual Report 2020 Contents Chairman’s Message 4 Group CEO’s Message 6 Key Company Milestones 2020 8 Our strategy in focus 10 Our business at a glance 12 Hotels & Resorts 14 Hospitality Education 16 Property Development 18 Dusit Foods 20 Hospitality-Related Services 21 Board of Directors 22 Awards 2020 24 Significant Financial Information 26 The Results of Operations and Profit Appropriation for 2020 27 Shareholding Structure 28 Revenue Structure 29 Nature of Business 32 Risk Factors 64 Shareholders 70 Dividend Policy 72 Management Structure 73 Corporate Governance Report 86 Dusit Thani and Sustainability Development 118 Internal Controls and Risk Management 141 Auditor’s fee 142 Related Party Transactions 143 Management Discussion and Analysis 2020 147 The Audit Committee Report for year 2020 158 The Nomination Remuneration and Corporate Governance 160 Committee Report for year 2020 The Investment Committee Report for year 2020 161 The Board of Directors’ Responsibility for Financial Reports 162 Independent Auditor’s Report and Financial Statements 163 Board of Directors, Executives, Authorized Persons and 290 Company Secretary Subsidiary and Associated Companies 318 General Information and Other Significant 326 Information Dusit Thani Public Company Limited Chairman’s Message “As we embark on our journey to recovery under the new normal, innovation will remain high on Dusit’s agenda.” The year 2020 will go down in history as one of the most disruptive on record. Like many other hospitality companies around the globe, our company found itself facing unprecedented challenges in dealing with the social and economic impact of the COVID-19 outbreak which brought travel to a halt and business to a crawl worldwide. In fact, with international lockdowns in place to prevent the spread of the virus, the travel and tourism industry was among the hardest hit. Temporary hotel closures, strict stay-in-place guidelines, and domestic and international quarantine programmes directly impacted revenue per available room (RevPAR) and saw our top and bottom lines plummet. International arrivals declined by 75% in 2020, translating into a loss of international tourist receipts valued at USD 1.1 trillion. The economic loss in terms of World GDP was USD 2 trillion. In Thailand, where foreign tourists account for approximately 75% of the total industry, and where tourism represents around 20% of GDP, the situation was especially difficult. We saw tourist arrivals to the kingdom drop from 39.8 million in 2019 to a mere 6.7 million in 2020 – a YoY decrease of 83%. Domestic travel also dropped, plunging from 130 million trips in 2019 to 75 million in 2020 (down 42% YoY). As a result, total revenue from tourism in Thailand fell from THB 3 trillion in 2019 to THB 0.7 million in 2020 – down by 77% YoY. While international travel restrictions were eased for specific groups from August to September, and Special Tourist Visas 4 5 Dusit Thani Public Company Limited Annual Report 2020 were made available for long-stay visits since October, That Dusit already has the foundations in place to cater to the re-emergence of the virus in Thailand and potential the shifting market trends of the post-pandemic world is source markets significantly limited the reach of such testament to the foresight and agility of our global teams. programmes, rendering their results negligible. It also speaks volumes of Dusit’s group-wide commitment to becoming an increasingly nimble company with the Protracted temporary closures of our international capacity to quickly iterate new ideas to the benefit of all properties, and subsequent cancellations from business stakeholders – even in times of adversity. and leisure travellers, further impacted our top and bottom lines throughout the year. Compounding our challenges As we embark on our journey to recovery under the new was the fact that practically every area of our business normal, innovation will remain high on Dusit’s agenda. And was affected by the pandemic. the Board of Directors and I will continue to make every effort to ensure the company is always positioned to Despite these significant challenges, Dusit International deliver the value that guests, customers, owners, rose to the occasion by quickly introducing new strategies associates, and all other stakeholders deserve. and business models to mitigate the impact of the pandemic and build a resilient future for our company. On behalf of the Board of Directors, I sincerely thank you all for your support. We greatly appreciate it. The board of Directors and I were particularly pleased to oversee the introduction of policies and procedures designed to position the company as an industry role Graciously yours, model for sustainability in all aspects – social, economic, and environment. Throughout the year, this translated into highly tangible actions which not only demonstrated the overflowing hearts and fighting spirit of our teams, but also brought enduring value to our broader communities. The stories of human caring, practical help, and business Arsa Sarasin, agility that emerged from these actions inspired hope Chairman / Independent Director among our industry, helping to pave the way for a better future for us all. There’s no doubt that life under the shadow of COVID-19 has dramatically altered mindsets and purchasing patterns worldwide. The shift from buying things to buying experiences has accelerated, and safety, wellness, sustainability, and flexibility have all become dominant consumer preferences. With this in mind, the Board of Directors and I were also happy to approve the introduction of new operating principles specially crafted to address these issues, and ultimately position all of Dusit’s business units for maximum value creation in the new normal. 5 Dusit Thani Public Company Limited Group CEO’s Message “Prudent cost management and ancillary revenue generation form the foundations of our resilient future.” The year 2020 was one of the most challenging years in our history as a company. But as I reflect on 12 months of unprecedented change across all sectors, I am heartened to see how our global teams united to protect the welfare of all our stakeholders, maintain the sustainability of our operations, and effectively reshape our strategy to position our company for maximum value creation in the new normal. Focused on three key areas – Resilience, Recovery, and Reshaping – our strategic response to the pandemic’s impact on our business included taking a deep dive into our customer journeys, product offerings, and daily operations and processes, and updating, reimagining and retooling where necessary for maximum efficiency and effectiveness. Ultimately, our mission was to balance the safety needs of employees, guests and customers with modified strategic direction for long-term success. To protect the financial health of our company, our journey to building resilience began in 1Q20 with the careful and prudent management of our liquid assets and fixed and variable costs; moves to delay selected investments; and accelerated implementation of our planned organisational transformation towards achieving enhanced performance and long-term sustainable cost savings. At year-end, these combined measures reduced costs and expenses by 27% YoY, a considerable saving. While saving costs was central to building financial resilience in 2020, to further mitigate the impact of COVID-19 on our business – particularly the 2Q20 temporary closure of Dusit Hotels and Resorts worldwide following country-specific government directives – we placed the creation of new short- and long-term revenue streams at the heart of our recovery. Our immediate response included pivoting our hotel operations to generate ancillary revenue via food delivery and other services. We also introduced new guest experiences and attractive travel packages that would stimulate demand and drive occupancy and higher RevPAR at our properties when they began reopening from 3Q20 onwards. Our considerate approach to recovery was suitably demonstrated at Dusit Thani Maldives, which leveraged the opening of international borders to achieve its highest revenue on record. Further positive results were demonstrated in the UAE, which also reopened to international travellers in 3Q20, and China, which saw a robust rebound in the domestic market. 6 7 Dusit Thani Public Company Limited Annual Report 2020 While Guam remained closed to international tourism, we Filipino infrastructure holding company Metro Pacific maintained steady revenue in the destination by working Investments Corporation (MPIC), and the expansion of with the local government to provide officially sanctioned Elite Havens into Australia. quarantine accommodation for all incoming passengers. As the speed of recovery for travel and tourism is tied both In other destinations, we marketed exclusively to domestic to the distribution of vaccines globally and the subsequent travellers, and our strategy to offer convenience, opening of borders to international tourists, it is clear that experience and value, rather than discounting, succeeded 2021 will be another challenging year for the hospitality in driving occupancy with maximum revenue generation. sector. While regional markets may return by 3Q21, international travel is not expected to start picking up until While hotel business was significantly impacted overall 4Q21. in 2020, quarterly results did indicate positive recovery – with total revenue of THB 1,031 million in 4Q20, With this in mind, we will continue to innovate
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