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AITKEN SPENCE HOTEL HOLDINGS PLC Annual Report 2014/15

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AITKEN SPENCE HOTEL HOLDINGS PLC Annual Report 2014/15 AITKEN SPENCE HOTEL HOLDINGS PLC Annual Report 2014/15 The Diamond is representative of Aitken Spence’s centrality within the services industry: it is a metaphor for excellence and endurance, a solidity and brilliance of cut that dates back to 1868, and one that will continue to cast its glow far into the future. Signature of Quality Aitken Spence Hotel Holdings PLC has over 36 years of experience in delivering unforgettable destination experiences to the thousands of guests we are privileged to serve. We have built a reputation for excellence in the classic elegance and architecture of our properties situated in some of the finest locations in the island and in the fine dining and luxurious accommodation only we can offer, all delivered with the original Aitken Spence signature of quality that few can match. For years we have developed our offering, evolving your company to become one of the premier hospitality and leisure groups operating in Sri Lanka and beyond. This report analyses our triple bottom line performance in the year under review while looking ahead as well, to the vast potential for growth and progress in the future we see. THE AITKEN SPENCE SIGNATURE OF QUALITY Sculpture at Heritance Kandalama 4 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Contents Management Information Financial Reports and Performance Highlights Independent Auditors’ Report 145 Chairman’s Statement 15 Income Statement 146 Managing Director’s Review 19 Statement of Profit or Loss and Other Group Performance Highlights 23 Comprehensive Income 147 The Board of Directors 24 Statement of Financial Position 148 Corporate Management Team 28 Statement of Changes in Equity 150 Our Brands 32 Statement of Cash Flow 151 Organisation Structure 68 Notes to the Financial Statements 153 Milestones 70 Supplementary Information Integrated Management Discussion Quarterly Statistics 220 and Analysis (MD&A) Indicative US Dollar Financial Statements 221 Introduction 72 Decade at a Glance 224 Key Strategic Imperatives 75 Investor Information 225 Macro Framework and Industry Outlook 79 Real Estate Holdings of the Group 230 Group Performance 88 Group Directory 231 a. Group Financial Performance 88 GRI Index 234 b. Our Social Performance 95 Glossary of Financial Terms 241 i. Our Human Capital 95 Corporate Information 243 ii. Engaging with our Communities 100 Notice of Meeting 244 iii. Environmental Performance 102 Form of Proxy 245 c. Outlook 107 Investor Feedback Form 247 Governance Corporate Governance 108 Audit Committee Report 124 Remuneration Committee Report 126 Nomination Committee Report 128 Annual Report of the Board of Directors 129 Statement of Directors’ Responsibilities 134 Risk Management 135 5 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Sunset at Ahungalla Take only memories, leave only footprints. Chief Seattle 6 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Elephants at the Kandalama Tank Life is either a daring adventure or nothing. Helen Keller 7 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Diving with the Sea Turtles - Maldives It is not down in any map; true places never are. Herman Melville 8 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Gadaladeniya Temple at Diggala A good traveller has no fixed plans, and is not intent on arriving. Lao Tzu 9 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Fine Dining at our Hotels A journey is best measured in friends, rather than miles. Tim Cahill 10 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Early Morning Balloon rides at Heritance Kandalama The world is a book and those who do not travel read only one page. St. Augustine 11 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Across the region Manages six Acquisition of a 143 properties spread over roomed hotel in Chennai the key tourist cities and commencement of of Muscat, Sur and operations under the Wahiba Sands. brand ‘Turyaa’. Oman India Sri Lanka Expansion continued with the portfolio now covering the East Maldives Coast. Acquisition of two new islands in the Maldives Aarah in Raa Atoll and Raafushi in Noonu Atoll. 12 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Adaaran Club Rannalhi Adaaran Select HudhuRanfushi Adaaran Select Meedhupparu Heritance Kandalama Amethyst Resort Adaaran Prestige Vadoo Passikudah Adaaran Prestige Water Villas Earl’s Regency Hotel Hilltop Heritance Tea Factory Bandarawela Hotel Heritance Negombo The Sands By Aitken Spence Hotels Sri Lanka The Sands By Aitken Spence Hotels Heritance Ayurveda Maha Gedara Hotel Hilltop Amethyst Resort Passikudah Heritance Ahungalla Earl’s Regency Bandarawela Hotel India Turyaa Chennai Oman Al Falaj Hotel Heritance Ahungalla Desert Nights Camp Heritance Kandalama Ruwi Hotel Heritance Tea Factory Al Wadi Hotel Heritance Ayurveda Maha Gedara Sur Plaza Hotel Heritance Negombo Jabal Akhdhar Hotel 13 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY 14 AITKEN SPENCE HOTEL HOLDINGS PLC ANNUAL REPORT 2014/15 THE AITKEN SPENCE SIGNATURE OF QUALITY Chairman’s Statement Dear Stakeholder, Sri Lanka also reduced demand whilst attractive off seasonal offerings by It is my pleasure to welcome you to the thirty eighth Annual General destinations such as Thailand and Vietnam also detracted tourists away Meeting of Aitken Spence Hotel Holdings PLC and share with you the from Sri Lanka. audited financial statements for the year ended 31st March 2015. At the same time Sri Lanka’s inventory of hotels has also seen a rapid rise Let me begin with an overview of the industry environment that provided since the post war boom of the industry commenced in 2009. This has the backdrop for your Company’s performance. however, also resulted in excess capacity in certain areas with competition being based on price per se. Sri Lanka’s Tourism Industry: Continuing on the post war growth momentum, Sri Lanka’s tourism sector Group Performance: performed well during the year, with arrivals exceeding the targeted During the year under review, your Group achieved a revenue growth 1.5 million and growing by 19.8% over 2013, to reach 1.527 million of 2.5% over the previous year supported by higher arrivals. Although arrivals. Significant increases in investment, infrastructure development Group profit before tax declined marginally mainly reflecting the decline and introduction of new tourist attractions supported this rise in arrivals. in profits in Sri Lanka’s hotel sector. Our rates for resorts on the Southern Arrivals during the first three months of 2015 up to March, have grown by coast line remained almost static due to intense price competition that 13.6% over the corresponding period last year. Although Western Europe inhibits the growth of the industry in Sri Lanka. Moreover, as I mentioned continued to be the largest origin of tourists, its share as a percentage in my last year’s message, the 4 and 5 star accommodation occupancies of total arrivals further declined to 31.4% in 2014 from 33% in 2013 have not been reflective of the trend of sharp increases in arrivals to and 37% in 2012. Accordingly, the share of tourist arrivals from East Sri Lanka. However, it is most encouraging that the year under review saw Asia and Eastern Europe increased and China, Indonesia and Japan two of our flagship properties - Heritance Kandalama and Heritance Tea were the key contributors to this growth of arrivals from East Asia. On Factory, achieve their highest ever revenues and PBT respectively. the basis of individual countries, India remained the leading country of origin followed by UK, China, Germany and Maldives. These five The contribution from our Maldivian sector declined during the year countries together accounted for over 46% of tourist arrivals to Sri Lanka mainly due to the Russian and Ukraine crisis and the fact that the Ocean in 2014. The highest growth of over 136%, to 128,166 - tourist arrivals Villas at Adaaran Select HudhuRanFushi were non-operational during the was recorded from China. The majority of tourists who visited the country first half of 2014 having been destroyed by a fire the previous year. were for holiday purposes, accounting for 68% whilst those on business Following restoration and upgrade the Ocean Villas have been open for visits declined to 1.9%. occupancy since September 2014. Sri Lanka’s earnings from tourism continued to grow at a healthy pace In my last year’s review, I indicated our plans to grow our presence in the increasing by 41% to US Dollars 2,431 million in 2014. It is encouraging Maldives, and I am delighted to share with you the news that we were that this growth was supported by higher spending and increased duration able to acquire two more islands since then. This brings the total number of stay. The average spending per tourist rose to US Dollars 160.8 per of islands held by Aitken Spence in the atolls to six. We will commence day in 2014 from US Dollars 156.5 per day in 2013, according to the the construction of two new resort properties on these two islands, Aarah latest annual survey on tourist spending and duration of stay conducted in Raa Atoll and Raafushi in Noonu Atoll during the year ahead. by the Sri Lanka Tourism Development Authority (SLTDA). Meanwhile, the average duration of stay per tourist increased to 9.9 days in 2014 Our strategy of being a regional player once again paid dividends compared to 8.6 days in 2013.
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