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606 1370428889.Pdf TRANS ASIA HOTELS PLC | Annual Report 2012/13 Contents Financial and Operational Highlights 4 Chairman’s Statement 6 Profiles of the Board of Directors 10 Compliance Reports Corporate Governance Report 12 Management Discussion & Analysis Management Discussion and Analysis 36 Financial Review 48 Information to Shareholders & Investors 53 Risk Management 55 Sustainability Report Sustainability Report 58 Financial Reports Annual Report of the Board of Directors 104 Statement of Directors’ Responsibilities 110 Audit Committee Report 111 Independent Auditors’ Report 113 Statement of Comprehensive Income 114 Statement of Financial Position 115 Statement of Changes in Equity 116 Cash Flow Statement 117 Notes to The Financial Statements 118 Supplementary Information Quarterly Financial Data 147 Five Year Financial Summary & Key Indicators 148 Glossary of Financial Terms 150 Notice of Meeting 152 Form of Proxy 155 TRANS ASIA HOTELS PLC | Annual Report 2012/13 The ability to provide a stay to remember is our vision and here at Cinnamon Lakeside, we have refined it down to an art. An art that has been recognised, making us the best luxury hotel in Sri Lanka. Well known for creating unforgettable experiences along with luxury and class, we provide the holiday of a lifetime. We have been foremost in creating a space in which elegance and style blend seamlessly along with comfort and opulence, all in the heart of a bustling city that never slows down. With our inimitable brand of luxury we have mastered sophistication ensured excellence. 2 3 Vision “We will always be the hospitality trendsetter” Our pledges I will get it right the first time all the time I will care I will stand out wherever I am I will empower I will be green 8° ON THE LAKE Invite your guests to a breathtaking experience aboard Colombo’s only floating venue. 8° on the lake gives you a refreshingly new perspective of the city of Colombo. With a capacity of one hundred guests across an open upper and air conditioned lower deck, the venue is the perfect combination of indulgence and chic. Ideal for high profile events, this unique venue lends itself as effortlessly to corporate events as it does to wedding ceremonies, engagement, birthday or anniversary parties and even candlelit dinners. 2 3 TRANS ASIA HOTELS PLC | Annual Report 2012/13 Financial and Operational Room Occupancy 2012/13 60% Highlights 2011/12 55% 2010/11 62% Year Ended 31st March 2012 2013 Changes % 2009/10 41% Operational Highlights Occupancy % 55 60 5 2008/09 46% Room Nights Number 69,616 76,199 9 Average Room Rate Rs. 14,964 17,794 19 Profitability And Return Return on Capital Employed % 15 21 7 Return on Equity % 12 19 7 Revenue Rs.Mn 2,375 2,840 20 Total Revenue Gross profit Margin % 63 64 1 Profit from Operating Activities Rs.Mn 628 858 37 Profit before Tax Rs.Mn 743 1,211 63 Profit after Tax Rs.Mn 625 1,066 71 2012/13 Rs.2,840 Mn Investors Ratios 2011/12 Rs. 2,375 Mn Earning Based Earnings per Share Rs. 3.12 5.33 71 2010/11 Rs. 1,972Mn Price Earnings Ratio ( PE) Times 21.4 13.2 38 Return on Assets % 11 16 6 Rs. 1,067 Mn Total Shareholder Return % (29.6) 9.7 39 2009/10 Dividend Based 2008/09 Rs. 1,151 Mn Dividend per Share Rs. 2.00 3.00 50 Dividend Cover Times 1.56 1.78 14 Dividend Yield % 2.99 4.26 1 Dividend Payout Ratio % 64 56 (8) Position and Liquidity ended 31st March Current Ratio Times 1.88 2.43 29 Gross Profit Quick Asset Ratio Times 1.78 2.35 32 Total Assets Rs.Mn 6,036 6,901 14 Total Equity Rs.Mn 5,236 6,054 16 2012/13 Rs.1,819 Mn Net Asset Value per Share Rs. 26 30 16 No of Shares in issue Mn 200 200 - 2011/12 Rs. 1,503 Mn Interest cover Times 32,305 12,618 (61) Rs. 1,187 Mn Wealth Distribution 2010/11 Total value added Rs.Mn 1,621 2,263 40 To the employee Rs.Mn 446 500 12 2009/10 Rs. 537 Mn To the government Rs.Mn 382 512 34 To the providers of capitals Rs.Mn 300 600 100 2008/09 Rs. 654 Mn To others Rs.Mn 493 650 32 Wealth Creation Market value added Rs.Mn 8,144 8,026 (1) Market capitalisation Rs.Mn 13,380 14,080 5 Economic value added Rs.Mn 83 276 233 Market Price of Share as at 31st March Rs. 66.9 70.40 5 Return on Capital Employed 2012/13 21.5% Financial Calendar 2011/12 14.6% Interim Financial Statements 1st Quarter Ended 30th June 2012 released on 25th July 2012 2010/11 14.9% 2nd Quarter Ended 30th September 2012 released on 31st October 2012 3rd Quarter Ended 31st December 2012 released on 29th January 2013 2009/10 2.2% 4th Quarter Ended 31st March 2013 released on 29th May 2013 2008/09 3.1% Meeting 32nd Annual General Meeting 27th June 2013 4 5 TRANS ASIA HOTELS PLC | Annual Report 2012/13 Occupancy Revenue 60% Rs. 2 . 8 Bn 2011/12 : Rs. 2.4 Bn 2011/12 : 55% Profit Before Tax Cash from Operating Rs. 1. 2 Bn Activities 2011/12 : Rs. 0.74 Bn Rs. 1.1 Bn 2011/12 : Rs. 0.85 Bn Earnings per Share Return on Assets Rs. 5. 33 16% 2011/12 : Rs. 3.12 2011/12 : 11% Return on Assets Earnings Per Share Vs Price Net Asset Value Per Share Vs Market Earnings Ratio Price Per Share *Market Price Net Asset per Share EPS PE per Share 2012/13 16% 2012/13 Rs. 5.33 13 Times 2012/13 Rs. 70.4 Rs. 30 2011/12 11% 2011/12 Rs. 3.12 21 Times 2011/12 Rs. 66.9 Rs. 26 2010/11 12% 2010/11 Rs. 3.30 30 Times 2010/11 Rs. 97.9 Rs. 25 2009/10 2% 2009/10 Rs. 0.52 85 Times 2009/10 Rs. 44.1 Rs. 22 2008/09 3% 2008/09 Rs. 0.81 29 Times 2008/09 Rs. 23.1 Rs. 22 *Adjusted for the sub division of shares 4 5 TRANS ASIA HOTELS PLC | Annual Report 2012/13 Chairman’s Statement The year under review can be best defined as a luxurious year for the hotel. Whilst the hotel was “crowned as the ‘Best “ Luxury Hotel, Sri Lanka’, the hotel also maintained its position as the ‘Best City Five Star Hotel’ for the second consecutive year at the Sri Lanka Tourism Awards. For the first time in its history, the Profit Before Tax (PBT) of the hotel 1.2 billion crossed the rupees one billion mark. Profit Before Tax The profit attributable to shareholders increased significantly by 71 per cent 1.1 billion compared to previous year. Profit Attributable to Shareholders 6 7 TRANS ASIA HOTELS PLC | Annual Report 2012/13 Dear Stakeholders, PerformaNCE OVERView The profit attributable to shareholders It is with pleasure that I present to you the The hotel achieved commendable results increased significantly to Rs. 1.1Bn as against Annual Report and Financial Statements of in the financial year under review. For the the Rs. 625 Mn in the previous year, an Trans Asia Hotels PLC for the financial year first time in its history, the Profit Before increase of 71 per cent. Earnings per Share ended 31st March 2013. Tax (PBT) of the hotel crossed the rupees (EPS) increased from Rs 3.12 to Rs. 5.33, a one billion mark. The financial statements growth of 69 per cent. Net assets per share Notwithstanding the varied challenges for the financial year ended 2012/13 are grew by 15 per cent from Rs. 26.18 to Rs. posed by the global economy, the global in compliance with Sri Lanka International 30.27, reflecting the increase in the asset tourism industry continued to show Financial Reporting Standards (SLFRS) and base of the hotel which grew by 14 per cent resilience with arrivals growing by 4 percent adopted for the first time. to reach Rs. 6.9 Bn at the end of the financial in the calendar year 2012. As per the year. UNWTO’s Panel of Tourism Experts Forecast, The hotel recorded a total turnover of Rs. a similar growth is expected to continue 2.8 Bn during the financial year, a growth Accolades AND ACHIEVEMENTS during 2013 as well. of 20 per cent in comparison to the Rs. In terms of accolades, the year under review 2.4 Bn achieved in the previous year. The can be best defined as a luxurious year for The number of tourist arrivals to Sri Lanka main contributor towards the growth in the hotel. Whilst the hotel was crowned as surpassed the one million milestone in turnover was the Room Revenue of Rs. 1.4 the ‘Best Luxury Hotel, Sri Lanka’, the hotel 2012, while earnings from the tourism Bn, representing a commendable growth also maintained its position as the ‘Best City industry surpassed USD one billion. Despite of 30 per cent. Food and Beverage revenue Five Star Hotel’ for the second consecutive several challenges faced by the industry, contributed Rs. 1.2 Bn, achieving a growth year at the Sri Lanka Tourism Awards. the Government spearheaded several of 15 per cent. The average daily room rate infrastructure projects to place Sri Lanka of the hotel improved to USD135 from the The hotel’s steadfast belief in continuous as “the place to be”. Many prestigious USD130 achieved in the previous year whilst improvement and process-driven magazines such as “Lonely Planet” have average year round occupancy was 60 per performance was reconfirmed with its ISO featured Sri Lanka as “Best in Travel” and it is cent compared with 55 per cent in the 22000 recertification during the year.
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