DOCSLIB.ORG

Corporate Governance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Corporate Governance Corporate Governance About the Group | Management Discussion & Analysis Aitken | Spence Governance Hotel Holdings | Financial PLC | Reports Corporate |Governance Supplementary Disclosures Information 2019/20 1 CORPORATE GOVERNANCE An Effective Board Board Sub Committees The Board of Directors appointed by the shareholders becomes the of Parent Company conscience guardians and custodians of the Company, providing leadership for determining the strategic course of the Company and discharge of its obligations as a responsible corporate citizen. Consequently, composition of Executive Committees the Board is key to its effectiveness and determines the tone at the top, a sine qua non for sound corporate governance. Board Profiles on pages 16 to 18 of the Annual Report 2019/20 Managing Related Party Director Transactions Review Committee The Board of Directors Group Supervisory Board Remuneration Composition Committee Chairman Board of Management Executive Directors Independent Nomination Non-Executive Directors Committee Non-Independent Non-Executive Directors Senior Management Committees Audit Committee Internal Compliance Framework Audit Mandatory • Companies Act No.7 of 2007 • Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 • Articles of Association Administration • Listing Rules of the Colombo Stock Exchange (CSE) of the Board • Central Depository System Rules • Securities & Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended) Company Secretarial services • Group Code of Ethics are provided by Aitken Spence • Inland Revenue Act No. 24 of 2017 Corporate Finance (Private) Limited, a subsidiary of our parent • Foreign Exchange Act No. 12 of 2017 company, Aitken Spence PLC. Voluntary • Code of Best Practice on Corporate Governance issued by the Institute of Chartered Accountants 2017 • Aitken Spence Integrated Sustainability Policy and its Implementation Framework • Codes of regulatory authorities, professional institutions and Trade Associations • United Nations Global Compact (UNGC) • UNWTO Global Code of Ethics for Tourism • GRI Standards • Integrated Reporting Framework • Women’s Empowerment Principles • Social and Environmental Certification Requirements 2 Aitken Spence Hotel Holdings PLC | Corporate Governance Disclosures 2019/20 Board Composition The Board consisted of 9 members throughout the financial year 2019/20. The Directors bring a range of diverse skills, expertise and competencies to the Board to facilitate the effective discharge of Board responsibility. Five out of nine Directors are Non- Executive Directors, who are eminent professionals. All Directors must, by duty, act with independence of mind and in the best interests of the Company. This mandate is enhanced by the presence of five Non-Executive Directors, of whom three are Independent Directors. The Board of Aitken Spence Hotel Holdings PLC is represented by a young female Director, thus resulting in a gender balance in the Board amounting to 11% female and 89% male. TABLE 1: COMPOSITION OF THE BOARD Composition Gender Diversity Age % % % 11 11 22 33 45 22 45 22 89 Executive Directors Male Female 30-45 Years 66-75 Years Non-Independent Non-Executive Directors 46-65 Years >76 Years Independent Non-Executive Directors Tenure of Service Expertise % % 35 50 30 40 25 30 20 15 20 10 10 5 0 0 Tourism < 5 Years < 10 Years < 15 Years > 20 Years Business Leadership Economist & Scientist Accounting & Finance Investment & Banking Investment Aitken Spence Hotel Holdings PLC | Corporate Governance Disclosures 2019/20 3 CORPORATE GOVERNANCE Roles & Responsibilities of the Board Chairman’s Responsibility Managing Director’s Responsibility • Ensuring formulation and implementation • The role of the Chairman and the • Maintaining a close working relationship of a sound business strategy. Managing Director are separate, with the Chairman, and acting as a facilitating a balance of power and sounding board for the Chairman when • Ensuring that the Managing Director and authority. The Role of the Chairman is as required. Management Team possess the relevant follows: skills, experience, knowledge and • Developing Group’s business strategy for capacity to implement the strategy. • Provide leadership to the Board. approval by the Board. • Approving Budgets and major capital • Facilitate effective discharge of its • Developing and recommending to the expenditure. functions. Board, budgets that support the Group’s long-term strategy. • Establishing effective systems to secure • Facilitating participation by both the integrity of information, internal Executive and Non-Executive Directors. • Support the Executive Directors, Board controls, business continuity and risk of Management, and Senior Management • Ensuring that all Directors are adequately management. Committees on the day –to-day briefed on matters arising at Board management of the Group’s business • Ensuring the compliance of the Group’s Meetings. operations. statutory and regulatory obligations and • Ensuring that Directors contribute safeguarding the Group’s reputation • Ensuring that the Group operations are effectively leveraging the collective skills by promoting corporate values and an within the approved risk appetite. and experience of the Board. ethical culture. • Ensuring compliance with applicable • Ensuring that shareholders are • Considering and carefully balancing rules and regulations and Corporate given adequate opportunity to make stakeholder interests in corporate Governance principles. observations, express their views decisions. and seek clarifications at meetings of • Ensuring proper succession planning of • Recognising sustainable business shareholders. the Executive Management and assessing development in Corporate Strategy, their performance. • Building and maintaining stakeholder decisions and activities. trust and confidence. • Creating an ethical environment and • Setting up the Company values and nurturing a culture based on the Group’s standards with emphasis on adopting values. appropriate accounting policies and fostering compliance with financial regulations. • Establishing a process of monitoring and evaluating the progress on strategy implementations, budgets, plans and related risks. 4 Aitken Spence Hotel Holdings PLC | Corporate Governance Disclosures 2019/20 Independence of Non-Executive Further, two Directors of the Company, 225 of the Financial Statements of the Directors Deshamanya D.H.S. Jayawardena and Annual Report 2019/20 provides a list Directors exercise their independent Miss D.S.T. Jayawardena are related to of companies in which the Directors had judgement, promoting constructive each other. However, they act in the transactions during the year under review. deliberations and objective evaluation of best interests of the Group using their matters set before them. Independence independent judgement on matters referred of Directors is determined by the Board, to the Board. based on annual declarations submitted by Disclosures made by Directors from time to the Non-Executive Directors in compliance time, regarding their interest in transactions with the Listing Rules of the CSE and also in including the related party transactions line with schedule K of the Code. Annually, are formally noted and duly entered into the Board discusses the possibility of any the interest register. Note 49 on page impairment of Directors’ independence due to extended Board tenures, and collectively evaluates the re-election of such Board members. The period of service of Mr. R.N. The period of service of Mr. C.H. Mr. G.P.J. Goonewardena served Asirwatham as a Board Member Gomez as a Board Member exceeds as an Executive Director of Aitken exceeds nine years. Additionally, nine years. Additionally, Mr. C.H. Spence Hotel Holdings PLC until his Mr. R.N. Asirwatham is a Director of Gomez is a Director of the parent retirement on 30th June 2017 which the parent company in which majority company in which majority of the was during the period of two years of the other Directors of the Company other Directors of the Company are immediately preceding his appointment are Directors. However, his period of Directors. However, his period of as a Non-Executive Director on 30th service and his office of Independent service and his office of Independent March 2018. However, his appointment Non-Executive Director of the parent Non-Executive Director of the parent as an Executive Director within two company do not compromise his company do not compromise his years period immediately preceding independence and objectivity in independence and objectivity in his appointment as a Non-Executive discharging his functions as a Director discharging his functions as a Director Director of the Company does not of the Company. Therefore, the Board of the Company. Therefore, the Board compromise his independence and determined that Mr. R.N. Asirwatham determined that Mr. C.H. Gomez is objectivity in discharging his functions is ‘independent’ of Aitken Spence Hotel ‘independent’ of Aitken Spence Hotel as a Director of the Company. Holdings PLC as per the Listing Rules. Holdings PLC as per the Listing Rules. Therefore, the Board determined that Mr. G.P.J. Goonewardena is ‘independent’ of Aitken Spence Hotel Holdings PLC as per the Listing Rules. Mr. R.N. Asirwatham Mr. C.H. Gomez Mr. G.P.J. Goonewardene Aitken Spence Hotel Holdings PLC | Corporate Governance Disclosures 2019/20 5 CORPORATE GOVERNANCE Appointment, Re-Appointment, Regular presentations by management, Re-election and Resignation of
Load more

Recommended publications
  • A Strategy for Nature Tourism Management
    I I I A STRATEGY FOR NATURE TOURISM I MANAGEMENT: I Review of the EnvIronmental and Economic Benefits I of Nature TourIsm and Measures to Increase these Benefits I By I H M 8 C Herath M Sivakumar I P Steele I FINAL REPORT I August 1997 I Prepared for the Ceylon Tourrst Board and Department of Wildlife I USAIDI Natural Resources & Environmental Polley Project International Resources Group (NAREPP/IRG) I A project of the United States Agency for International Development and the I Government of Sri Lanka I I I I I I I DlScriptlOllS about Authors Mr HMC Herath IS a Deputy DIrector workIng for Department of WIldlIfe I ConservatIon, 18, Gregory's Road, Colombo 07, TP No 94-01-695 045 Mr M Sivakurnar IS a Research asSIStant, EnvIronmental DIvISIon Mmistry of I Forestry and EnvIronment, 3 rd Floor, Umty Plaza Bmldmg, Colombo 04 Mr Paul Steele IS an EconomIC Consultant workIng for EnvIronmental DIvISIon, I MllliStry of Forestry and EnvIronment, 3 rd Floor, Umty Plaza BUlldmg, Colombo 04 I I I I I I I I I I I I I I I I CONTENTS I Page I Executive Summary 1-11 1 IntroductIOn 12 I 2 EXIstmg market for nature tounsm 13-19 I 3 Survey of eXIstIng nature tounsm sItes 20-35 4 EnvIronmental and economIC ObjectIves of a I nature tounsm management strategy 36-42 5 QuantIfymg the economiC benefits from nature tounsm 43-56 I 6 ActI\ ltles and SItes for dIversIfymg and expandIng nature tounsm 57-62 I 7 ConclUSIOns and RecommendatIons for IncreasIng the e'1\ Ironmental and economIC benefits of I nature tounsm 63-65 8 References 66 I 9 Annex 1 LIst of persons consulted 67-68 I Annex 2 Graphs of VIsItor entrance and revenues 69-77 Annex 3 Summary of RecommendatIons of Nature Tounsm Workshop and LISt I of PartIcipants 78-80 I I I I I I I Executive summary I 1 Nature tOUrIsm should be promoted by the Ceylon TourlSt Board to mcrease the number of tourlSts vlSlt10g Sn Lanka.
    [Show full text]
  • 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.
    [Show full text]
  • Aitken Spence Newsletter
    MONTHLY NEWSLETTER JANUARY 2020 EXPLORE Awe-inspiring sights, sounds and sensations at Heritance Kandalama Heritance Kandalama is widely considered an architectural masterpiece and an eco-resort unlike any other. Adding to this allure is the hotel's idyllic location, which overlooks the world’s eighth wonder. The first thing you notice about the hotel is how it rises majestically alongside the face of a cliff and is engulfed by a canopy of tropical vegetation. This makes for a lush, panoramic setting, and a truly enchanting destination. The property's award winning design is a testament to the prowess of architect Geoffrey Bawa and the Company's vision towards sustainability. With a large number of accolades, recognition and certifications, Heritance Kandalama has been a trendsetter in hospitality, culinary excellence, service superiority and continues to make waves through its unique value propositions. Escape to your own private island with Adaaran Select Hudhuran Fushi, Maldives Adaaran Select Hudhuran Fushi is set amidst 83 sprawling acres of lush tropical beach property neighbouring the pristine Kani Beach on the enchanting Lohifushi Island. An atoll which richly deserves its title as the isle of white gold. The resorts unique design lets it blend into the tropical wilderness that surrounds it, making it one of the most aesthetically appealing resorts in the Maldives. This meticulous attention to detail extends to every facet of the resort, from the exquisite villas each offering a variety of settings, to the scrumptious gastronomy, endless excursions, and exhilarating activities. There are also endless options for rest and relaxation, including a spa that offers world-class therapy, accompanied by signature service that is always on call, ready to satisfy your every need.
    [Show full text]
  • Setting Standards Aitken Spence Hotel Holdings PLC Annual Report 2011/12 Contents
    Setting Standards Aitken Spence Hotel Holdings PLC Annual Report 2011/12 Contents Management Information and Financial Reports Performance Highlights 109 Independent Auditors’ Report 006 Chairman’s Review 110 Income Statement 009 Managing Director’s Review 111 Balance Sheet 038 Our Brands 112 Statement of Changes in Equity 039 Group Portfolio 113 Cash Flow Statement 040 Milestones 115 Notes to the Financial Statements 042 Five Years at a Glance 043 Group Financial Highlights Supplementary Information 044 The Board of Directors 152 Quarterly Statistics 046 Corporate Management Team 153 Consolidated Income Statement in US $ 154 Consolidated Balance Sheet in US $ Integrated Management Discussion 155 Shareholder & Investor Information and Analysis 160 Decade at a Glance 048 Operational Review 161 Real Estate Holdings of the Group 058 Setting Standards in Sustainability 162 Group Directory 076 Financial Review 164 Glossary of Financial Terms 084 Risk Management 166 Notice of Meeting 167 Form of Proxy Governance 169 Investor Feedback Form 092 Corporate Governance IBC Corporate Information 101 Audit Committee Report 102 Remuneration Committee Report 103 Nomination Committee Report 104 Annual Report of the Board of Directors 108 Statement of Directors’ Responsibilities Heritance Kandalama Setting Standards Aitken Spence Hotels have Aitken Spence Hotels set long been recognised for these initiatives in place setting the ‘green’ standard many years ago and this has in sustainability initiatives led to our wide experience and activities in the local and understanding of the hospitality industry. Multiple issues concerned. It is also awards both locally and the reason why our people internationally have proved now passionately own and our leadership while our drive the green philosophy flagship hotel Heritance that has made us who we Kandalama remains a model are.
    [Show full text]
  • Aitken Spence Hotel Holdings PLC
    Aitken Spence Hotel Holdings PLC Interim Update (Q1 FY 14/15) th 16 September 2014 Hotels and Travels Sector Revenue has gained 14% while profit attributable to shareholders increased Recommendation: BUY by 9% for the quarter ending June 2014 amidst a 9% increase in Sri Lanka LOLC SEC Valuation: LKR 103 sector revenue despite 2% decrease in South Asian sector revenue. GP margin has increased to 78% in Q1FY14/15 compared to 77% in the in Share Details Q1FY13/14. NP margin has increased from 8% in Q1FY13/14 to 11% in Bloomberg Ticker AHUN SL Q1FY 14/15. Share Price (LKR) 83.70 Market Cap (LKR Mn) 25,221 Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Issued Quantity (Mn) 336 12/13 13/14 13/14 13/14 13/14 14/15 Share Price Performance Revenue 3,875 2,470 2,856 3,286 4,027 2,543 1m 6m 12m 1,738 729 762 1,121 2,116 775 EBITDA Absolute -0.71 16.81 28.01 1,549 543 572 948 1,903 585 PBIT Relative To ASPI -3.91 -4.01 2.23 964 262 312 545 1,222 285 Net Profit 52 W High/Low (LKR) 87.00/62.10 PE (X) 14.81 11.56 11.92 12.25 10.34 12.03 52 W Avg. Volume 65,173 PBV (X) 1.67 1.69 1.79 1.75 1.26 1.87 Beta (6 months) 0.91 *Figures are in LKR Mn while PE is calculated using trailing 12 months earnings.
    [Show full text]
  • Manoeuvring Through Mayhem
    MANOEUVRING THROUGH MAYHEM AITKEN SPENCE HOTEL HOLDINGS PLC | ANNUAL REPORT 2020/21 MANOEUVRING THROUGH MAYHEM An account of the events from March 2020 to March 2021. The year in question was a period of unprecedented turmoil. Operations ceased and livelihoods were at risk; confinement, restrictions and controls were the order of the day. Countless industries experienced the weight of a global pandemic both here and abroad, but the greatest impact was undoubtedly felt within the hospitality industry, with a decline in performance being recorded across the board. Amid this time of mayhem and unpredictability, one organisation chose to be the calm amid the storm. Aitken Spence Hotels continued to rely on a spirit of resilience built upon vast stores of industry knowledge and expertise accumulated over decades of change. The past has proven that the best crafted strategies are a direct result of pressure and chaos; and so, equipped with a strong track record in the face of adversity, the Company continued to watchfully survey the environment to capitalize on every opportunity – relying on skills of expert navigation to journey through the surrounding turbulence and mitigate its impacts. The following pages unfold the year’s proceedings in this regard. We invite you to read on and discover the art of manoeuvring through mayhem. The growth rings of a tree trunk tell a story of continued progress, endurance and strength amid incredible adversity. The cover image depicts the Company’s journey, and its eventual transition from darkness into a better future, through change. A STORY OF ENDURANCE We’re augmenting our story of continued progress amid a history of change and chaos.
    [Show full text]
  • Case Studies from Sri Lanka Hospitality Industry
    Greening the Service Sector Dilshan G.M.David Case studies from Executive – Sustainability & Environmental Management Sri Lanka B.Sc (Natural Sciences) Reading - M.Sc (Environmental Management) Hospitality Industry President’s Medal Winner-Environmental Pioneer. ISO 9001:2008 Auditor ISO 22000:2005 Auditor 1 Supervising Food Safety in Catering Level 3 CIEH/UK 2 Importance of Green Business for hospitality industry in Sri Lanka Wise use of Natural Resources. Natural beauty and rich biodiversity. Importance of Local communities and their wellbeing. Richness and the diversity of culture and traditions. Sri Lanka posses many world heritage sites. Hospitality is becoming a Core Business. Will be a success story in the future. 3 Tools used to address Green Business 5S, 7S, Productivity and Waste Management Water Resource Management, Chemicals, Paper and Other resources – ISO 14001, Cleaner production Energy Resource Management – ISO 50001 Food Safety Management – HACCP/ISO 22000 Occupational Health & Safety Management – OHSAS 18001 CSR Training and Development Other certifications in place – Green Globe, Earth Check, Travelife, Switch Asia, National Awards – National Green Award, National Energy award, National HRM award 4 Green Design 5 Heritance Kandalama Dambulla, Sri Lanka 6 Some of the key features to recognize Heritance Kandalama as a unique model for green business Once a controversial hotel project became a green business through public pressure and change of thinking of the management. No water up take from the Kandalama tank and no waste water discharge to the tank First Hotel project in Sri Lanka went through the EIA process Unique master piece of Sir Geoffrey Bawa Eco design built in 1994 US LEED bronze certification First hotel in south Asia to win Green Globe standard The first hotel to have ISO 14001 certification .
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • Interim Financial Statement - 4Th Quarter (For the Twelve Months Ended 31St Marh 2021) Aitken Spence Hotel Holdings PLC
    Aitken Spence Hotel Holdings PLC Interim Financial Statement - 4th Quarter (For the twelve months ended 31st Marh 2021) Aitken Spence Hotel Holdings PLC Consolidated Income Statement Quarter ended Twelve months ended 31st March 31st March 2021 2020 2021 2020 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Unaudited Audited Unaudited Audited Revenue 3,814,131 5,731,897 5,728,379 19,019,241 Revenue taxes (99,083) (84,269) (136,611) (430,854) Net revenue 3,715,048 5,647,628 5,591,768 18,588,387 Other operating income/(expenses) 26,310 (26,384) (45,957) 117,801 Staff costs (792,188) (1,048,654) (2,431,437) (3,800,748) Depreciation (643,685) (613,996) (2,534,273) (2,116,136) Amortisation and impairment (206,291) (199,503) (804,178) (730,743) Other operating expenses - direct (938,555) (1,185,586) (1,512,542) (4,256,434) Other operating expenses - indirect (1,384,619) (1,695,590) (3,451,876) (6,238,460) Profit/(loss) from operations (223,980) 877,915 (5,188,495) 1,563,667 Finance income 28,265 41,321 134,707 186,699 Finance expense (508,316) (592,992) (2,173,971) (1,861,353) Net finance expense (480,051) (551,671) (2,039,264) (1,674,654) Share of loss of equity accounted investees (net of tax) (81,810) (90,000) (378,861) (322,036) Profit/(loss) before tax (785,841) 236,244 (7,606,620) (433,023) Income tax (expense)/refund 167,401 (117,204) 353,405 (462,701) Profit/(loss) for the period (618,440) 119,040 (7,253,215) (895,724) Attributable to: Equity holders of the parent company (372,145) 151,135 (4,669,045) (624,953) Non -controlling interests (246,295) (32,095) (2,584,170) (270,771) Profit/(loss) for the period (618,440) 119,040 (7,253,215) (895,724) Earnings/(loss) per share for the period - Rs.
    [Show full text]
  • Awards and Accolades: Financial Year 2020/21
    Awards and Accolades: Financial Year 2020/21 Aitken Spence PLC and its companies strive towards achieving excellence in all our activities, to establish high growth businesses in Sri Lanka and across new frontiers, and to become a globally competitive market leader in the region. In that effort, recognition we receive in our journey is an encouragement and testament to the success of our management approach. Recognition Received at Group level • Aitken Spence PLC was adjudged the first runners-up at the Best Corporate Citizen Sustainability Awards 2020 conducted by the Ceylon Chamber of Commerce. This is; o The 15th consecutive year that Aitken Spence PLC has been ranked among the Top Ten Best Corporate Citizens of Sri Lanka o The 8th year to have been ranked among the top three Best Corporate Citizens of Sri Lanka o Sector Award winner of the Diversified Holdings sector o Triple Bottom Line Award for; ▪ Planet (Environmental Sustainability) ▪ People (Social Sustainability) o Category award for ▪ Environmental Integration ▪ Environmental Commitment o Consistent Commitment award for ▪ Environmental Commitment ▪ Environmental Integration ▪ Environment Beyond the Business ▪ Employee Relations ▪ Customer Relations • Aitken Spence was ranked in the Top 3 Best Conglomerate Brands 2020 - Aitken Spence was ranked among the top three best conglomerate brands 2020 compiled in a special edition by LMD. • Aitken Spence PLC was ranked in the top 10 Most Awarded by LMD – 19 total awards won. • Aitken Spence PLC was recognised among the top companies in Sri Lanka’s first-ever assessment of transparency in corporate reporting by Transparency International Sri Lanka (TISL). • Aitken Spence PLC was recognised in the Honourable mention category for Most Admired Companies by The International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT.
    [Show full text]
  • 141 Aitken Spence Hotel Annu
    7+(YdWW`35,1&,3/( ,1129$7,1*6867$,1$%/(+263,7$/,7< $LWNHQ6SHQFH+RWHOVKDYHORQJEHHQVHWWLQJWKHEHQFKPDUNLQVXVWDLQDEOHWRXULVP,QIDFWRXU VXVWDLQDELOLW\SROLFLHVZHUHLPSOHPHQWHGORQJEHIRUHZRUGVOLNHµUHQHZDEOH¶DQGµJUHHQ¶EHFDPH IDVKLRQDEOH2XUULJRURXVREVHUYDQFHRIJOREDOVWDQGDUGVLQGDWDFROOHFWLRQDQGHYDOXDWLRQDQG UHSRUWLQJJXLGHOLQHVFRPELQHGZLWKWKHLPSOHPHQWDWLRQRILQWHUZRYHQVXVWDLQDELOLW\SROLFLHV GHVLJQHGWRIXVHOX[XULRXVKRVSLWDOLW\H[SHULHQFHVZLWKVRFLDODQGHFRORJLFDOFRQVFLRXVQHVVDUH ZKDWPDNHXVVXFKDFUHGLEOHHFRIULHQGO\FRPSDQ\ $VD'LUHFWRURI$LWNHQ6SHQFH+RWHOV0U0DOLQ+DSXJRGDUHPDUNHG ³$LWNHQ6SHQFHKDVLQYHVWHGDORWRIWLPHDQGILQDQFLDOUHVRXUFHVRYHU WKHGHFDGHVWRPDNHRXUKRWHOVZRUOGFODVVFDVHVWXG\H[DPSOHVRI VXVWDLQDELOLW\:HKDYHIRXQGRXWWKDWRXUEXVLQHVVDVVRFLDWHVDQGRXU JXHVWVDUHNHHQWROHDUQDERXWWKHVXVWDLQDELOLW\SUDFWLFHVRIWKHKRWHOV WKDQHYHUEHIRUH7KHXQLTXHVXVWDLQDELOLW\IHDWXUHVRIRXUKRWHOVDUH FOHDUO\JLYLQJXVDPDUNHWLQJDGYDQWDJH2XUH[SHUWLVHJDLQHGLQ VXVWDLQDELOLW\LQ6UL/DQNDLVVSUHDGLQJDFURVVWRRXUKRWHOVLQWKH 0DOGLYHV,QGLD 2PDQ´ 7RGD\WKH6UL/DQNDQJRYHUQPHQWHPSKDVL]HVWKHYDOXHRIVXVWDLQDEOHSUDFWLFHVLQWKH KRWHOLHULQJLQGXVWU\ZKLFKLVUDSLGO\EHFRPLQJDNH\YDOXHGULYHULQWKHQDWLRQ¶VHFRQRPLF VWUDWHJLHV$VLQQRYDWRUVRIVXVWDLQDEOHWRXULVPLQ6UL/DQND$LWNHQ6SHQFH+RWHOVKDV HQWKXVLDVWLFDOO\WDNHQXSWKHFKDOOHQJHDVHYLGHQFHGE\WKHQXPHURXVVXVWDLQDELOLW\DZDUGV ZHKDYHZRQ<HWRXUREOLJDWLRQVJRIDUEH\RQGWKHUHFRJQLWLRQDQGDZDUGVRIWRGD\2XU FRPPLWPHQWLVORQJWHUPDVDQ\JHQXLQHVXVWDLQDELOLW\SROLF\PXVWEHLQRUGHUWRGHOLYHUUHDO FDUERQUHGXFWLRQDQGHQHUJ\ZDWHUDQGZDVWHLPSURYHPHQWV :HXQGHUVWDQGWKDWWKHIXWXUHRIRXUSODQHWDQGRIJHQHUDWLRQV\HWXQERUQGHSHQGXSRQ
    [Show full text]