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Aitken Spence Hotel Holdings PLC L Annual Report 2015/16

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Aitken Spence Hotel Holdings PLC L Annual Report 2015/16 Aitken Spence Hotel Holdings PLC l Annual Report 2015/16 A world of potential For over 30 years, Aitken Spence Hotels has been growing in value, setting the standards in the hospitality industry and winning recognition worldwide through our distinctive portfolio of hotels and resorts in Sri Lanka, Maldives, Oman, and India. Social, corporate and environmental responsibility remain hallmarks of our company, in all that we undertake to do. Aitken Spence Hotels’ focus on world class service, industry innovation and dependable value, sets us apart regionally in the leisure and hospitality sector. Our ethics of service is deeply important to us and we seek to offer outstanding destination experiences to every guest we serve. As we look ahead to a world of potential, we continue to envision a future in which we implement farseeing strategies across all our business operations and drive sustainable value for all our stakeholders. Aitken Spence Hotels own and manage 21 hotels and resorts in Sri Lanka, Maldives, Oman and India. Continuing to set precedence in creating benchmarks for the industry, the Group includes award winning properties such as the eco-friendly hotel – Heritance Kandalama, situated close to two UNESCO world heritage sites and the Desert Night Camp – rated one of the top ten desert retreats in the world. View this Aitken Spence Hotel Holdings PLC Annual Report online at http://www.aitkenspencehotels.com/about-us/investor-relations.html Contents Management Information and Performance Highlights Integrated Management Discussion and Analysis Chairman’s Statement 14 Introduction 96 Managing Director’s Review 20 Key Strategic Imperatives of Sustainable Growth 98 Group Performance Highlights 25 Macro Framework and Industry Outlook 103 The Board of Directors 26 Group Performance 112 Corporate Management Team 30 a. Analysis of Financial Performance 113 Group Structure 90 b. Review of Group’s Sustainability Strategy 121 Milestones 92 c. Outlook 137 2 Aitken Spence Hotel Holdings PLC Annual Report 2015/16 Governance Supplementary Information Corporate Governance 138 Quarterly Statistics 272 Audit Committee Report 154 Indicative US Dollar Financial Statements 273 Remuneration Committee Report 156 Decade at a Glance 276 Nomination Committee Report 158 Investor Information 277 Annual Report of the Board of Directors 160 Real Estate Holdings of the Group 282 Statement of Directors’ Responsibilities 165 Group Directory 283 Risk Management 166 GRI Index 286 Glossary of Financial Terms 292 Financial Reports Corporate Information 294 Notice of Meeting 295 Financial Calendar 178 Form of Proxy 297 Independent Auditors’ Report 179 Investor Feedback Form 299 Income Statement 180 Statement of Profit or Loss and Other Comprehensive Income 181 Statement of Financial Position 182 Statement of Changes in Equity 184 Statement of Cash Flow 186 Notes to the Financial Statements 188 3 Across the Region Our commitment to excellence has made us outstanding in our industry… Operating Geographies INDIA Turyaa Chennai, 143 roomed 5 star city hotel commenced operations during the 2nd half of the financial year OMAN Investments made in to Oman through the acquisition of Al Falaj Hotel in Muscat SI LANKA Driving growth by expanding our hotel portfolio through variety of MALDIVES business models New hotel developments/ t &YQBOTJPOBOESFMBVODIPG expansions and extensive Turyaa Kalutara as a 200 roomed renovations are well property under way t $PNNFODFNFOUPGPQFSBUJPOTPG Heritance Negombo in April 2016 t 1SPQPTFEPQFOJOHPG3*6 Ahungalla in July 2016 12 Aitken Spence Hotel Holdings PLC Annual Report 2015/16 In Sri Lanka Turyaa Kalutara Hotel Hilltop In Sri Lanka Amethyst Resort Passikudah Heritance Kandalama Earl’s Regency Heritance Ahungalla Bandarawela Hotel Heritance Tea Factory In India Heritance Ayurveda Maha Gedara Heritance Negombo Turyaa Chennai In Oman Al Falaj Hotel Desert Nights Camp Ruwi Hotel In Maldives Al Wadi Hotel Adaaran Club Rannalhi Sur Plaza Hotel Adaaran Select Hudhuran Fushi Adaaran Select Meedhupparu Adaaran Prestige Vadoo Adaaran Prestige Water Villas HERITANCE KANDALAMA AMETHYST RESORT PASSIKUDAH HOTEL EARL’S REGENCY HILLTOP HERITANCE TEA FACTORY HERITANCE NEGOMBO BANDARAWELA HOTEL TURYAA KALUTARA HERITANCE AYURVEDA MAHA GEDARA HERITANCE AHUNGALLA 13 Management Information and Performance Highlights > Integrated Management Discussion and Analysis > Governance > Financial Reports > Supplementary Information Looking at a world of potential We look to the world of potential we see in the future with anticipation, working to create sustainable value for our stakeholders through the far-sighted strategies we implement across our business operations today. Chairman’s Statement Dear Stakeholder, It is my pleasure to welcome you to the thirty ninth Annual General Meeting of Aitken Spence Hotel Holdings PLC and share with you a performance which once We will continue to again reflects the consistency with which your Group has delivered. The year saw us focus on augmenting look for opportunities our platform with several strategic investments and to expand our regional positioning of our premier brand, for enhanced and presence and to enhance sustained growth in the future. the many synergies The Group reported a net revenue of Rs. 13.1 billion during the year with net profit declining to Rs. 2.1 billion that we can harness over the previous year due to several challenges in the from a multi destination operating environment (as enumerated in the ensuing strategy. Managing Director’s review). Let me provide a brief overview of the industry and economic environment which provided a backdrop to your Company’s performance. Tourism Industry performance Sri Lanka’s tourist arrivals continued on its post war growth momentum with arrivals increasing by 17.8% to 1.8 million. The highest growth in arrivals once again came from China with a 67% rise, whilst arrivals from India grew by 30% and from the United Kingdom and Germany by 12% each. Western Europe continued to be the largest tourist origin for Sri Lanka with the number of arrivals increasing by 15.3%. 14 Aitken Spence Hotel Holdings PLC Annual Report 2015/16 D.H.S. Jayawardena Chairman 15 Management Information and Performance Highlights > Integrated Management Discussion and Analysis > Governance > Financial Reports > Supplementary Information G4-01 G4-13 Chairman’s Statement Sri Lanka’s earnings from tourism increased substantially particularly happy and excited to partner Spanish Hotel by 22.6% to US Dollars 2,431 million, supported by a developer and operator RIU on this land mark venture, for continued increase in arrivals and spending by tourists. the plethora of benefits it will offer, not just for your Group It is encouraging that the average spending per day by a but for the entire industry and the local economies. The tourist increased to US Dollars 164.1 in 2015 mainly due RIU brand’s global presence and marketing network with to higher arrivals of the higher spending tourists and the 108 hotels across the world, would boost the marketing enhanced facilities offered in the country. of destination Sri Lanka, and thus support a sustainable growth in arrivals to the country. Moreover, RIU Ahungalla Across the world, as per the UNWTO World Tourism will also see the recommencement of charter flights Barometer, international arrivals grew by 4.4% to reach to Sri Lanka in November 2016, enabling value addition a total of 1.18 billion in 2015. Number of travelers to across several diverse sectors of the economy such as international destinations grew by approximately 50 aviation and transport. In addition, we are also much million more. Although the overall demand for travel encouraged by its capacity to impact the local economies remained strong, individual destinations had mixed through employment generation and local sourcing and performances due to strong exchange rate fluctuations, procurement practices in keeping with the sustainable declining prices of oil and commodities which increased model that Aitken Spence follows. disposable incomes in importing countries but weakened demand in exporting nations. In addition, increased safety The year under review saw your Group make a strategic and security concerns also had a significant impact to acquisition of Al Falaj Hotel in Muscat, Oman. This 150 reduce travel to some regions. UNWTO’s projections for room four star property, is one of the five resorts in Oman 2016 estimate a 4% growth in international arrivals, at which Aitken Spence Hotels has been managing under slightly less than the last two years. its very successful model for management contracts, since its foray into the country in 2008. We have identified Expanding our trajectory considerable potential for further growth of Oman’s Construction of the newest addition to our premium brand tourism sector, and Oman is today one of the few safe portfolio - “Heritance Negombo”, was completed during havens in the Middle Eastern region. The acquisition of the year, and opened for operations in April 2016. This 139 ownership of this resort thus further underscores our roomed, state-of-the-art five star property fills a lacuna of buoyant outlook to capitalize on our expertise in the Oman a Heritance presence on Sri Lanka’s western coast and market, for enhanced profitability in the years ahead. brims with much potential as a beach property located in close proximity to the Katunayake International Airport. “Turyaa Chennai”, the five star city property in India which we acquired in 2014, obtained its operating Our property in Kalutara, which was previously known licenses during the year and became fully operational as “The Sands” was rebranded as “Turyaa Kalutara” and during the last quarter of the financial year. However, expanded during the year. A new wing which added 90 delays in obtaining the licenses, adversely impacted the rooms to increase the Hotel’s total room inventory to performance. We are encouraged by the online reviews 200, was opened in November 2015. Combined with the thus far, and the Group foresees growth potential in this newly refurbished and upgraded old wing and the addition market in the medium to long term.
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