!;bm ;m m]...4 aitken spence hotel holdings plc | annual report 2019/20 realigning our course...
TRANSCRIPT
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1
Curve
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/202
CONTENT
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3
Maldives Sri Lanka India
VISION
VALUES
Across the Region
Oman
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/204
Realigningour Course
We’re adap�ng to changing condi�ons by embarking on a new direc�on of con�nued momentum and progress.
About the Group
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5
ABOUT THIS REPORT
Integrated Repor�ng
Financial Repor�ng
Non-Financial Repor�ng
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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66 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Financial Capital
Manufactured Capital Intellectual Capital
Capital
Natural Capital
Sustainable Development Goals (SDG) of the United
Na�ons General Assembly
Gender Parity Repor�ng Framework of CA
Sri Lanka
Repor�ng Standards
Sri Lanka Accoun�ng Standards (SLFRS/LKAS) issued by CA Sri Lanka
Companies Act No. 7 of 2007
Lis�ng Requirements of the Colombo Stock Exchange (CSE) and subsequent revisions
to date
Financial Repor�ng
GRI Standards published by the Global Repor�ng Ini�a�ve – ‘Core’ Op�on
of Repor�ng
ESG Repor�ng Guidelines issued by the Colombo Stock
Exchange
Sustainability Repor�ng
Lis�ng Rules of the Colombo Stock
Exchange (CSE) and subsequent revisions
to date
Corporate Governance
Code of Best Prac�ce on Corporate Governance issued by CA Sri Lanka
(2017)
Integrated Repor�ng (IR) Framework of the
Interna�onal Integrated Repor�ng Council
Narra�ve Report and Integrated Management
Discussion & Analysis
Human Capital
Feedback
ABOUT THIS REPORT
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77
GROUP PERFORMANCE HIGHLIGHTS
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/208
OPERATIONAL HIGHLIGHTS
rooms
rooms
Capital Expenditure
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
202020192018
Rs.Mn
0
1
2
3
4
20202019
Rs. Bn
-900-600-300
0300600900
1,2001,5001,8002,100
20202019201820172016
Rs.Mn %
-6-4-202468
101214
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9
Business Partners
Heritance Aarah - First
in the Maldives
0
3,000
6,000
9,000
12,000
15,000
18,000
55
57
59
61
63
65
67
20202019
Rs.Mn %
Payments to Suppliers Purchases from Community
Average Length of
Carbon Footprint
0
6,000
12,000
18,000
24,000
30,000
36,000
42,000
32
34
36
38
40
42
44
46
20202019
GHG Emissions (Scope 1 & 2)
GHG Emissions/Guest Night
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2010
CHAIRMAN’S REVIEW
We remain on high alert for developments
about the future, as multiple stakeholders have much at stake.
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11
Support for the Sector
Performance
The Road Ahead
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2012
CHAIRMAN’S REVIEW
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13
MANAGING DIRECTOR’S REVIEW
Decades of leading
differentiated offering that championed
in a strong position to lead the revival of the
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2014
MANAGING DIRECTOR’S REVIEW
Financial Performance
A People Business
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15About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2016
BOARD OF DIRECTORS
Mr. C.H. Gomez
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17
Deshamanya D.H.S. JayawardenaChairmanAppointed in May 2003
Deshamanya D.H.S. Jayawardena was appointed to the Board of Aitken Spence PLC, on 1st April 2000 and has been the Chairman of the Company since 25th April 2003.
A visionary with a good business acumen, he has led many enterprises in very diverse fields to achieve great success. He is the Founder Director and current Chairman/Managing Director of the Stassen Group of Companies, the Chairman of Lanka Milk Foods (CWE) PLC, Browns Beach Hotels PLC, Balangoda Plantations PLC, Madulsima Plantations PLC, Melstacorp PLC, Ambewela Livestock Company Ltd, Lanka Bell Ltd and the Chairman of the Distilleries Company of Sri Lanka PLC. He is also a Director of several other listed and privately held Companies in Sri Lanka and is a former Director of Hatton National Bank PLC, the largest listed bank in Sri Lanka.
Mr. Jayawardena has been sought after to lead large public sector institutions and is a former Chairman of Ceylon Petroleum Corporation and Sri Lankan Airlines.
He is presently the Honorary Consul for Denmark and on 9th February 2010, was knighted by Her Majesty the Queen of Denmark with the prestigious honour of ‘Knight Cross of Dannebrog’.
In 2005 Mr. Jayawardena was awarded the prestigious title, ‘Deshamanya’ in recognition of his services to the Motherland.
Dr. M.P. Dissanayake Managing DirectorAppointed in March 2019
Dr. Parakrama Dissanayake is the Managing Director of Aitken Spence Hotel Holdings PLC, with effect from 15th March 2019.
Prior to this appointment he was Secretary to the Ministry of Ports, Shipping and Southern Development.
He was appointed as the first non-British International President of the Institute of Chartered Shipbrokers UK founded in 1911 and Royal Charter conferred in 1920.
Dr. Dissanayake has also held positions in the past that include, Chairman – Sri Lanka Ports Authority (two stints), Chairman – Chartered Institute of Logistics and Transport (Sri Lanka), Board Director of Urban Development Authority and Board Director of Ceylon Shipping Corporation.
During the period June 2004 to May 2017, he served as a Director of Aitken Spence PLC and the Chairman and CEO of its Maritime and Freight Logistics Sector.
Dr. Dissanayake is an Alumni of the University of Sri Jayawardenapura, NORAD, JICA, Business Alumni of the University of Oxford (UK) and a Fellow of Harvard Business School (EEP).
He is also Chairman of Elpitiya Plantations PLC, Hon. Consul General of Fiji Islands and serves as a Professor in Maritime Studies (visiting) at Shanghai Maritime University and Dalian Maritime University.
Ms. D.S.T. Jayawardena Executive Director Appointed in July 2014
Ms. Stasshani Jayawardena joined the Aitken Spence Group in January 2010 as a Management Trainee. After gaining experience in several of its key Strategic Business Units and Group Companies, she was appointed to the Board of Aitken Spence PLC., in December 2013 and to the Board of Aitken Spence Hotel Holdings PLC., in July 2014. She was appointed as Chairperson of Aitken Spence Hotel Managements (Private) Limited in January 2016 and as Director of Aitken Spence Aviation (Pvt) Ltd. in July 2017. Ms. Jayawardena is overall responsible for the Tourism Sector of the Group that includes Hotels, Destination Management and Overseas Travel.
She’s also a Director of Stassen Group and Lanka Milk Foods (CWE) PLC, Chairperson of Splendor Media (Private) Limited (Subsidiary of Melsta Corp)
Ms. Jayawardena is also a member of the Executive Board of The Hotel Association of Sri Lanka (THASL) and was appointed to represent THASL at the Ceylon Chamber of Commerce committee meetings 2019/20 (Hotel Sector).
A graduate of St. James’ & Lucie Clayton College and Keele University in the United Kingdom, Ms. Jayawardena was the youngest intern to work under US Senator Hilary Rodham Clinton and the Former US President Bill Clinton in 2003. She was the Sri Lankan Ambassador for EY NextGen Club for 2017 to 2019.
At present Ms. Jayawardena leads a team of international professionals in strengthening the service foundations and formulating a strategic road map for the Tourism Sector of the Group. In 2017, Ms. Jayawardena was recognized with the Hotel & Hospitality Sector Gold Award at the Top 50 Professional & Career Women Awards in Sri Lanka.
Mr. C.M.S. JayawickramaExecutive Director Appointed in April 2005
Mr. Susith Jayawickrama is the Joint Managing Director of Aitken Spence Hotel Managements (Pvt) Ltd, which manages all hotels of the Group.
He serves on the Boards of most hotel companies in the Group including that of Aitken Spence Hotel Holdings PLC. He is a Fellow member of the Chartered Institute of Management Accountants UK and has substantial experience in senior management positions in the Group’s hotel division, counting three decades of exposure in the tourism industry in Sri Lanka and overseas.
Mr. Jayawickrama is a past Vice President of the Tourist Hotels Association of Sri Lanka (THASL).
Mr. J.M.S. BritoNon-Executive DirectorAppointed in July 2001
Mr. Brito joined the Board of Aitken Spence PLC. in April 2000, with a multi- discipline academic background and a wealth of experience from a career counting over 40 years that includes experience working with several international organisations. He was then appointed as the Managing Director of Aitken Spence PLC, in December 2001 and Deputy Chairman in April 2003 which position he held until his retirement on 15th March 2019. After retirement, Mr. Brito continues to be a Non-Executive Director of Aitken Spence Hotel Holdings PLC.
About the Group | Management Discussion & Analysis | Governance | Financial Reports | Supplementary Information
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2018
Mr. C.H. Gomez
BOARD OF DIRECTORS
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19
CORPORATE MANAGEMENT TEAM
Mr. Rohitha Rajaratne Mr. Bjorn van der HorstMr. Darell De Crusz
Mr. Dimuthu KumarasingheMs. Dinali Alexander
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Mr. Srinith De Silva
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2020
Mr. Srinith De Silva
Mr. Rohitha Rajaratne
Mr. Darell De Crusz
Mr. Bjorn Van Der Horst
CORPORATE MANAGEMENT TEAM
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21
Ms. Dinali Alexander
Mr. Dimuthu Kumarasinghe
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2022
ABOUT THE GROUP
Our Brands
- -
- -Total
1,303
261
236
750
140 150Managed
Owned
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23
AWARDS AND RECOGNITION
Corporate
Excellence
Overall
Sustainable Tourism
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2024
GROUP STRUCTURE
60%
51%
100%
51%
Aitken Spence Hotel Holdings PLC
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25About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2026
MILESTONES
1973
1978
1994
1995
2000
2006
1996
1997 2005
1981
1986
1994
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27
2007
2009
2011
2015
2013
2017
2019
2008
2010
2014
2016
2018 2020
2012
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2028
Revolu�onisingthe Future
We’re transforming the face of hospitality to circumvent obstacles and journey beyond surrounding constraints.
Management Discussion & Analysis
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29
OPERATING ENVIRONMENT
Global Economic Environment Global Economic Growth
0
1
2
3
4
5
Wor
ldO
utpu
t
Adva
nced
Ec
onom
ies
Euro
Are
a
Emer
ging
M
arke
t and
D
evel
opin
g Ec
onom
ies
2017 2018 2019
%
GDP Growth - Sri Lanka
0
1
2
3
4
5
%
20202019201820172016
Interest Rate Trends
6
7
8
9
10
11
12
13
%
AWPLR 1 Year TB Rate
Apr
-19
May
-19
Jun-
19Ju
l-19
Aug
-19
Sep-
19O
ct-1
9N
ov-1
9D
ec-1
9Ja
n-20
Feb-
20M
ar-2
0
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2030
Global Tourism
World Tourist Arrivals
0
200
400
600
800
1,000
1,200
1,400
1,600
-25
-20
-15
-10
-5
0
5
10
15
20202019201820172016
Mn %
World Tourist Arrivals Growth (YoY)
Sri Lanka Tourism
Monthly Tourist Arrivals - Sri Lanka
0
50,000
100,000
150,000
200,000
250,000
300,000
Rs.Mn
2018/19 2019/20
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nove
mbe
r
Dece
mbe
r
Janu
ary
Febr
uary
Mar
ch
Arrivals by Source Markets - Sri Lanka
India
UK
China
Germany
Australia
France
Russia
USA
Others
%
19
10
9
75544
37
Maldives
OPERATING ENVIRONMENT
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31
Maldives - Room Supplyand Occupancy
0
10,000
20,000
30,000
40,000
50,000
60
61
62
63
64
65
20202019201820172016
No.
of B
eds
Occ
upan
cy
Occupancy Rate
Oman
India
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2032
GLOBAL TRENDS IN TOURISM
Demographics and Travel Trends
36%
38%
48%
>77%
>55%
Eco Travel
55%
73%
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33
OPPORTUNITIES AND CHALLENGES
WeaknessesStrengths
Threats
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2034
VALUE CREATION MODEL
Rs. 20.6 Bn
3,235
372,105 GJ
753,155 m3
Activities
Housekeeping
Food and Beverage
Maintenance
Finance
Hotel Support Services
Branding and Corporate
Corporate Housekeeping
Corporate Food and Beverages
Central Purchasing and Merchandising
Engineering & Projects
Corporate Finance
Corporate Learning and Development
Other Group Support Services
A Unique Collection
of Properties
Brands and ArchitectureSharpening Our Competitive Edge through
Underpinned
Commitment ToManagement
Robust Corporate
VISION
Rs. 52.6 Bn
140
3,623
800
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35
At Generating Shared Value
Expansion and Upgrade
Excellence
Developing Our Talent Pool
2e
Rs. 22.9 Mn
Outputs/Impacts
Impacts
Outcomes Linked To Stakeholder Value
Shareholders
Government
Business Partners
Customers
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2036
MATERIAL TOPICS
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37About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2038
RISK MANAGEMENT
Approach to Risk Management
2nd Line of Defence
Business Management Units
Group Strategic Risk Unit
Internal Audit
Risk Governance
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39
Board of Directors
Managing Director
Corporate Management
General Managers
Internal Audit
Risk Management Process
Risk Management Process
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2040
Principal Risks
Assessment
Assessment
Assessment
Assessment
RISK MANAGEMENT
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41
Assessment
Assessment
Indicators
Assessment
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2042
Indicators
Assessment
Assessment
Risk Heat Map
4
RISK MANAGEMENT
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43
PeopleDemand
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2044
STRATEGIC VISION
Developing Our Talent Pool
USD 1.24 Mn
Omani Rial 0.82 Mn
Key Performance Indicators:
Capital Expenditure
0
500
1,000
1,500
2,000
2,500
3,000
0
2,000
4,000
6,000
8,000
10,000
12,000
20202019201820172016
Rooms Rs.Mn
Operational Rooms Capital Expenditure
25%
Short to medium-term:
Long-term:
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45
Rs. 515 Mn
Rs. 326 Mn
Key Performance Indicators:
Average Customer Review Score (GRI )
90.6
90.8
91.0
91.2
91.4
91.6
20202019
%
+ 42%
Short to medium-term:
Long-term:
Developing Our Talent Pool
3,235
Rs. 22.9 Mn
Rs. 3.8 Bn
Key Performance Indicators:
Training Record
0
20,000
40,000
60,000
80,000
5
10
15
20
25
202020192018
Hours Rs.Mn
Total Training Hours
Investment in Training
20%
Short to medium-term:
Long-term:
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2046
Rs. 18.6 Mn
Key Performance Indicators:
Carbon Footprint
0
6,000
12,000
18,000
24,000
30,000
36,000
42,000
32
34
36
38
40
42
44
46
202020192018
Carbon Footprint Carbon Intensity
62%
42%
Short to medium-term:
Long-term:
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47
BRANDS AND ARCHITECTURE
Architecture and Design
Heritance Adaaran
For Further Information Refer to
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2048
92
member
229
Milestones
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49
OmanMaldives India
+31% +54% +20% +110%
For Further Information Refer to
Channels to Market%
7317
10
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
DISTRIBUTION AND MARKETING
Sri Lanka
4
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2050
E-Business
Target Target
C
TargetTarget
CRM
DIGITISATION
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51
Business Ethics
Environmental Management
Human Resources
Integrated Sustainability Policy
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2052
Governance Structure
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53
SUSTAINABLE TOURISM DASHBOARD
Emission
Protected Areas
Contribution
Economic ImpactTotal Value Added
Overall 10%
Female
193 acres
128 SpeciesBirds: 183 SpeciesNatural Streams: 11
19 SpeciesMammals: 17 Species
64 Species
Rs. 3.8 Bn
Rs. 22.9 Mn
216
1,064
Rs. 811 Mn
Compliance
For Further Information Refer to
42%
62%
Trees Planted
Coral
in Maldives: 2 area
Reef Carbon Footprint
0
6,000
12000
18,000
24,000
30,000
36,000
42,000
32
34
36
38
40
42
44
46
202020192018
Carbon Footprint
Carbon Footprint/Guest Night
0100,000200,000300,000400,000500,000600,000700,000800,000900,000
1,000,000
Energy Consumption (GJ)
Water Consumption (Litres)
2018/19 2019/20
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2054
Strategic Focus
Way Forward
Sri Lanka
Capital Expenditure Footprint
Financial Capital
Manufactured Capital Intellectual Capital
Capital
Natural Capital
Human Capital
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55
Performance - Sri Lanka
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
202020192018
Rs.Mn Rs.Mn
Revenue
-400
-200
0
200
400
600
800
1,000
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2056
Strategic Focus
Way Forward
South Asia and Middle East
Rs. 2.9 Bn Capital Expenditure Footprint
Financial Capital
Manufactured Capital Intellectual Capital
Capital
Natural Capital
Human Capital
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57
Performance - South Asia and Middle East
0
3,000
6,000
9,000
12,000
15,000
202020192018
Rs.Mn Rs.Mn
Revenue
-400
0
400
800
1,200
1,600
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2058
CAPITAL MANAGEMENTFinancial Capital
Highlights 2019/20 Challenges Way Forward
in ensuring sustainable returns to shareholders. Financial
Financial Capital
Rs. 20.6 Bn Rs. 30.1 Bn Rs. 3.3 Bn
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59
Financial Performance
RevenueRevenue Trends
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-30
-20
-10
0
10
20
30
40
50
20202019201820172016
Rs. MnYoYGrowth%
Sri Lankan Sector South Asian Sector
Growth - Sri Lankan Sector
Growth - South Asian & Middle East Sector
-7,000
-3,500
0
3,500
7,000
10,500
14,000
17,500
21,000
Rs.Mn
A B C D E F G H
A. Net RevenueB. Other Income/(Expenses)
2018/19 2019/20
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2060
EBITDA
0
1,000
2,000
3,000
4,000
5,000
15
20
25
30
35
40
20202019201820172016
Rs.Mn %
EBITDA EBITDA Margin
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Sri Lankan Sector South Asian Sector
20202019201820172016
Rs.Mn
Finance Expenses
CAPITAL MANAGEMENTFinancial Capital
Finance Expense
0
350
700
1,050
1,400
1,750
2,100
0
2
4
6
8
10
12
20202019201820172016
Rs.Mn Times
Finance Expense Interest Cover
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61About the Group | Management Discussion & Analysis | Governance | Financial Reports |
-900-600-300
0300600900
1,2001,5001,8002,100
20202019201820172016
Rs.Mn %
-6-4-202468
101214
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2062
Balance Sheet Strength
2020
2019
2018
Rs.Bn
PPE, Right-of-use assets,
Other Non Current Assets Non-Controlling Interests
015 5 525 1535 2545 3555 4565 5575 7565
Assets
CAPITAL MANAGEMENTFinancial Capital
Capital Expenditure & Investments
0
2,000
4,000
6,000
8,000
10,000
20202019201820172016
Rs.Mn
Gearing and Capital Structure
Gearing
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0
7
14
21
28
35
42
49
56
20202019201820172016
Rs.Mn D/(D+E)
Debt Equity D/(D+E)
LKR
USD
EUR
OMR
5
64
26
4
%
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63
Economic Value Added
Total Investment Capital
- - - -
Adjusted Investment Capital
Economic Value Added
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2064
Highlights 2019/20 Challenges Way Forward
CAPITAL MANAGEMENTManufactured Capital
Manufactured Capital
Rs. 74.3 Bn 2,343 497
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65
Oman
Maldives Sri Lanka
India
4
•
• •
•
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2066
Heritance Ahungalla Heritance Kandalama
CAPITAL MANAGEMENTManufactured Capital
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67
Heritance Negombo
Heritance Aarah
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2068
Adaaran Select Meedhupparu
Adaaran Select Hudhuran Fushi
Adaaran Club Rannalhi
CAPITAL MANAGEMENTManufactured Capital
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69
Al Falaj Hotel
Hotel RIU Sri Lanka
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2070
Earl’s Regent
Desert Nights Camp - Al Wasil
Sur Plaza Hotel - Sur
Al Wadi Hotel - Sohar
CAPITAL MANAGEMENTManufactured Capital
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71
Room Inventory
0
500
1,000
1,500
2,000
2,500
20202019201820172016
Rooms
Owned Rooms Managed Rooms
Digital Infrastructure:
For Further Information Refer to
Capacity Enhancement
Product Enhancement
Operational Capex
%
46
27
27
Asset Strategy 2019/20
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2072
CAPITAL MANAGEMENTHuman Capital
Highlights 2019/20 Challenges Way Forward
22.9
-
49
Human Capital
3,235 10% 74,904
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73
Managing our Human Capital
Recruitment Policy
Employees by Contract and Gender
0
500
1,000
1,500
2,000
TemporaryPermanent
No.
Male Female
Employees by Contract and Region
0
500
1,000
1,500
2,000
India MaldivesSri Lanka Oman
No.
Permanent Temporary
New Recruits by Age
<35 Years
36-45 Years
46-55 Years
>56 Years
%
83
133 1
New Recruits by Gender
Male
%
11
89
Female
New Recruits by Region
Sri Lanka
Oman
India
Maldives
%
28
64
26
Our Team
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2074
CAPITAL MANAGEMENTHuman Capital
Strategy 2019/20
0
1,000
2,000
3,000
4,000
2.5
2.8
3.0
3.5
3.9
20202019
Number Rs.Mn
Employees Value Addition
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75
Adopted at Our
-
Learning and Development
L&D Top 1 L&D Top 2 L&D Top 3 L&D Top 4 L&D Top 5
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2076
CAPITAL MANAGEMENTHuman Capital
Rs. 22.9 Mn (+49%)
(+4%)
(-20%)
Training Record
0
20,000
40,000
60,000
80,000
5
10
15
20
25
202020192018
Hours Rs.Mn
Total Training Hours
Investment in Training
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77
Sri Lanka
A Diverse Workforce
Non-Executives
Executives
Managers & Above
Female Male
10
90
7
93
25
75
%
About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Turnover by Age
<35 Years
36-45 Years
46-55 Years
>56 Years
%
16
4 3
77
Turnover by Gender
Male
%
9
91
Female
Turnover by Region
Sri Lanka
Oman
India
Maldives
%
6 1
46
47
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2078
CAPITAL MANAGEMENTIntellectual Capital
Highlights 2019/20 Challenges Way Forward
hotel brands are also an important aspect of the Group’s intellectual capital.
-
Intellectual Capital
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79About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Group Support Services: Brands
For Further Information Refer to
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2080
Structured Training Programmes
Employees by Years of Service
5-10 Years
11-15 Years
16-20 Years
21-25 Years
Above 25 Years
%
5
51
10
26
8
CAPITAL MANAGEMENTIntellectual Capital
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81About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Corporate Awards
Property & Brand
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2082
CAPITAL MANAGEMENTIntellectual Capital
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83About the Group | Management Discussion & Analysis | Governance | Financial Reports |
CAPITAL MANAGEMENTSocial and Relationship Capital
Highlights 2019/20 Challenges Way Forward
42
+850,000 3,623 800
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2084
Engaging Stakeholders
StakeholderUniverse
Customers
Interest)
Business Partners and
High Interest)
Regulators
Interest)
Interest)
Shareholders
Interest)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Employees
Stakeholder
61%
CAPITAL MANAGEMENTSocial and Relationship Capital
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85About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Customers
Guests by Source Markets
2019/202018/19
Western Europe
Eastern Europe
Americas
Sri Lankan
Asia/Middle East & Africa
Oceania
21
23
5 817
1217
22
3127
9
8
%
TM TM TM
Booking.com; Traveller Review Award for 14 HolidayCheck Award
Hotels.com; Loved by Guests Award for 5
- -
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2086
HERITANCE AHUNGALLA 91.6% GRITM
HERITANCE NEGOMBO 91.8% GRITM
Pleased guests!
HERITANCE KANDALAMA 92.3% GRITM
HERITANCE AARAH 96.7 GRITM
91% GRITM
ADAARAN PRESTIGE VADOO 96.60 GRITM
Ramesh A from
CAPITAL MANAGEMENTSocial and Relationship Capital
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87About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Measures and SOPs
Channel Partners
For Further Information Refer to
Suppliers
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2088
CAPITAL MANAGEMENTSocial and Relationship Capital
F & B Suppliers
Design Services
ITEquipment
Linen Suppliers
Furniture Suppliers
Chain
Local Community Purchasing:
Local Procurement and Indirect
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89About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Skill Development
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2090
CAPITAL MANAGEMENTNatural Capital
Highlights 2019/20 Challenges Way Forward
sustainable tourism and preserving the natural environment,
ee
Natural Capital
+4% -20%
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91About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Managing Environmental Impacts
Plan Do Check Act
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2092
CAPITAL MANAGEMENTNatural Capital
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93About the Group | Management Discussion & Analysis | Governance | Financial Reports |
3)
- -
- -
Total
0
200,000
400,000
600,000
800,000
1,000,000
800
820
840
860
880
900
202020192018
m3
Litersperguestnight
Total Water Consumption
Water Consumption Per Guest Night
0
80,000
160,000
240,000
320,000
400,000
200
250
300
350
400
450
202020192018
GJ
MJ perguestnight
Total Energy Consumption
Energy Consumption Per Guest Night
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2094
Reject
Reduce
Reuse
Reclaim
Replace
Repair
CAPITAL MANAGEMENTNatural Capital
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95About the Group | Management Discussion & Analysis | Governance | Financial Reports |
- - -
Carbon Footprint
e
Carbon Footprint
0
6,000
12,000
18,000
24,000
30,000
36,000
42,000
32
34
36
38
40
42
44
46
202020192018
GHG Emissions (Scope 1 & 2)
GHG Emissions/Guest Night
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2096
CAPITAL MANAGEMENTNatural Capital
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97About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Reflec�ngour Principles
We’re geared to achieve a complete turnaround in performance, while mirroring the values upon which we are founded.
Governance
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/2098
CORPORATE GOVERNANCE
The Board of
Directors
of the Board
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99About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Age
30-45 Years
46-65 Years
66-75 Years
>76 Years
4522
2211
%
Executive Directors
Non-Independent Non-Executive Directors
Independent Non-Executive Directors
45
22
33
%
0
10
20
30
40
50
%
Busin
ess L
eade
rshi
p
Acco
untin
g & Fi
nanc
e
Tour
ism
Inve
stm
ent &
Ban
king
Econ
omist
& Sc
ientis
t
Gender Diversity
Male
11
89
Female
%
Tenure of Service
0
5
10
15
20
25
30
35
%
< 5
Year
s
< 10
Year
s
< 15
Year
s
> 20
Year
s
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20100
Directors
CORPORATE GOVERNANCE
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101About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Mr. C.H. Gomez
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20102
CORPORATE GOVERNANCE
- - -- - - -- - - -- - -
- -- -
-- - - -
4
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103About the Group | Management Discussion & Analysis | Governance | Financial Reports |
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20104
CORPORATE GOVERNANCE
External Auditors
2019/20
Winner -
Governance Disclosures
Best Integrated Report - Hotels & Travel Sector -
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105About the Group | Management Discussion & Analysis | Governance | Financial Reports |
168 (1) (a)
168 (1) (b)
168 (1) (c)
168 (1) (d)
168 (1) (e)
168 (1) (f)
168 (1) (g)
168 (1) (h)
168 (1) (i)
168 (1) (j)
168 (1) (k)
7.6 i)
7.6 ii)
7.6 iii)
7.6 iv)
7.6 v)
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20106
CORPORATE GOVERNANCE
7.6 vi)
7.6 vii)
7.6 viii)
7.10.1(a)
7.10.2(a)
7.10.2(b)
7.10.3(a)
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107About the Group | Management Discussion & Analysis | Governance | Financial Reports |
7.10.3(b)
7.10.3(c)
7.10.3(d)
7.10.5
7.10.5(a)
7.10.5(b)
7.10.5(c)
7.10.6
7.10.6(a)
7.10.6(b)
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20108
CORPORATE GOVERNANCE
7.10.6(c)
9.3.2
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109About the Group | Management Discussion & Analysis | Governance | Financial Reports |
AUDIT COMMITTEE REPORT
MEMBERS
60
40
Independent Non-Executive
Non-Independent Non-Executive
%
0
2
4
6
8
10
12
No. ofMeetings
A B C D E
A Mr. R.N. AsirwathamB Mr. G.C. WickremasingheC Mr. C.H. GomezD Mr. N.J. de Silva Deva Aditya/ Mr. A.L. Gooneratne (Alternate Director to Mr. N.J. de Silva Deva Aditya)E Mr. J.M.S. Brito (Appointed w.e.f. 23.05.2019)
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20110
of the Audit
AUDIT COMMITTEE REPORT
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111About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Re-Appointment of External Auditors - M/S KPMG, Chartered Accountants
R.N. Asirwatham
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20112
REMUNERATION COMMITTEE REPORT
MEMBERS
G.C. Wickremasinghe
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113About the Group | Management Discussion & Analysis | Governance | Financial Reports |
NOMINATION COMMITTEE REPORT
MEMBERS
Directors
G.C. Wickremasinghe
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20114
COMMITTEE REPORT
MEMBERS
Related Party
0
1
2
3
4
No. of
A B C D E
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115About the Group | Management Discussion & Analysis | Governance | Financial Reports |
R.N. Asirwatham
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20116
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Aitken Spence Corporate Finance (Private) Limited
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117About the Group | Management Discussion & Analysis | Governance | Financial Reports |
ANNUAL REPORT OF THE BOARD OF DIRECTORS
4.4. Dividends
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20118
Date
ANNUAL REPORT OF THE BOARD OF DIRECTORS
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119About the Group | Management Discussion & Analysis | Governance | Financial Reports |
Directors
9. Human Resources
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20120
ANNUAL REPORT OF THE BOARD OF DIRECTORS
Deshamanya D.H.S. Jayawardena
Dr. M.P. Dissanayake
Aitken Spence Corporate Finance (Private) Limited
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121About the Group | Management Discussion & Analysis | Governance | Financial Reports |
THE BOARD OF DIRECTORS’ STATEMENT ON INTERNAL CONTROLS
Internal Audit
Policies, Procedures and Budgets Going Concern
Risk Management
Annual Report
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20122
Deshamanya D.H.S. Jayawardena
Dr. M.P. Dissanayake
R.N. Asirwatham
THE BOARD OF DIRECTORS’ STATEMENT ON INTERNAL CONTROLS
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20124
FINANCIAL CALENDAR
Interim Financial Statements Calendar - 2019/2020 (In terms of Rule 7.4 of the CSE)
Interim Financial Statements for the three months ended on 30th June 2019 Approved on 08th August 2019
Interim Financial Statements for the six months ended on 30th September 2019 Approved on 14th November 2019
Interim Financial Statements for the nine months ended on 31st December 2019 Approved on 10th February 2020
Interim Financial Statements for the twelve months ended on 31st March 2020 Approved on 21st May 2020
Audited Financial Statements Calendar
Audited Financial Statements for the year ended 31st March 2020 Approved on 29th May 2020
Interim Financial Statements Calendar - 2020/2021
Interim Financial Statements for the three months ended on 30th June 2020 1st week of August 2020
Interim Financial Statements for the six months ended on 30th September 2020 1st week of November 2020
Interim Financial Statements for the nine months ended on 31st December 2020 1st week of February 2021
Interim Financial Statements for the twelve months ended on 31st March 2021 4th week of May 2021
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 125
Independent Auditor’s Report 126
Primary Financial Statements
Notes to the Financial Statements
Notes to the Financial Statements - General
Notes to the Financial Statements - Income Statement
21 Intangible Assets 180
22 Investment in Subsidiaries 182
34 Reserves 194
204
Notes to the Financial Statements - Other Disclosures
44 Financial Instruments 209
INDEX TO THE FINANCIAL STATEMENTS
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20126
INDEPENDENT AUDITOR’S REPORT
management has described how they plan to deal with these events and
downside scenarios together with reasonably plausible changes to the
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 127
• Reading a sample of contracts to assess whether leases have been
The carrying amount of each investments in subsidiary and investments in
with indicators of impairment and determined their recoverable amounts based
business growth with reference to the internally and externally derived sources including Group budgetary process and reasonableness of historical
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20128
INDEPENDENT AUDITOR’S REPORT
other purposes and our knowledge of the business gained from other
instrument and details of the risk that is being hedged and the way in which
reclassifying gains and losses from reserves to the income statement and
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 129
Those charged with governance are responsible for overseeing the
Statements
in order to design audit procedures that are appropriate in the
We also provide those charged with governance with a statement
29th May 2020
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20130
STATEMENT OF PROFIT OR LOSS AND OTHER
Group Company
2020 2019 2020 2019
Notes Rs. ’000 Rs. ’000
Revenue 8
Revenue taxes
Net revenue
9
10
11
12
Finance income
Finance expense
13
23
14
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 131
Group Company
2020 2019 2020 2019
Notes Rs. ’000 Rs. ’000
accounted investees 23
Income tax on other comprehensive income
Net movement in fair value reserve 23
Total comprehensive income for the year net of tax
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20132
STATEMENT OF FINANCIAL POSITION
Group Company
As at
Notes Rs. ’000 Rs. ’000
18
19
20
Intangible assets 21
Investment in subsidiaries 22
23
24
Deferred tax assets
Inventories
Trade and other receivables
Amounts due from holding company 28
29
Deposits and prepayments
20
30
31
32
Total Assets
Stated capital 33
Reserves 34
Retained earnings
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 133
Group Company
As at
Notes Rs. ’000 Rs. ’000
38
39
Trade payables
40
Amounts due to holding company
41
31
29th May 2020
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20134
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 135
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20136
STATEMENT OF CASH FLOWS
Group Company
2020 2019 2020 2019
Notes Rs. ’000 Rs. ’000
12
12
12
12
investees 12
12
Interest expense 13
Interest income 13
9
9
39
23
9
Interest expenses paid
39
Income taxes paid
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 137
Group Company
2020 2019 2020 2019
Notes Rs. ’000 Rs. ’000
Purchase of intangible assets 21Proceeds from disposal of investments
Interest received
Proceeds from long term bank borrowings
Dividend paid to shareholders of non controlling interest
Short term depositsShort term bank borrowings
31
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20138
NOTES TO THE FINANCIAL STATEMENTS
public limited liability company incorporated and domiciled
1.2. Consolidated Financial Statements
as at and for the year ended 31st March 2020 comprise
investment holding company and hoteliering and the subsidiary companies are also engaged in the business of hoteliering and auxiliary services and there has been no
2.1. Statement of compliance
2.2. Components of Financial Statements The consolidated Financial Statements include the following
in shareholders’ funds during the year under review for
for the year ended 31st March 2020 were approved and authorised for issue by the Board of Directors on 29th May
2.6. Basis of measurement
Item Basis of Measurement
Measured at cost at
revalued amounts which are the fair values at the
Financial assets
value through other comprehensive income
24
Measured at the present value of
39
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 139
using the currency of the primary economic environment
rounded to the nearest thousand except where otherwise
currency and items included in the Financial Statements of
Company Country of Currency
Maldives USD
Maldives USD
Maldives USD
Maldives USD
Aitken Spence Resorts Riyal
Aitken Spence Hotel India Indian Rupees
Aitken Spence Hotel Services India Indian Rupees
India Indian Rupees
India Indian Rupees
Company Country of Currency
Hongkong USD
IslandUSD
Aitken Spence Hotel USD
Aitken Spence Hotels USD
Aitken Spence Global USD
based on historical experience and various other factors
or circumstances arising that are beyond the control of the
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20140
NOTES TO THE FINANCIAL STATEMENTS
Notes to the Financial Statements are presented in a
comparability of Financial Statements of the Group and the
2020 and rightly the stringent measures taken by the
temporary closure of all the Group’s hotels except the city
management considered a number of severe but plausible
businesses considering a wide range of factors such as
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 141
Goodwill disposed of in this circumstance is measured based
applicable to outside shareholders of subsidiary companies
The interest of the minority shareholders in the net assets
and therefore no goodwill is recognised as a result of such
has rights to variable returns from its involvement with the
with the investee
amount of the investor’s returns
consider the purpose and design of the investee in order
it may be clear that an investee is controlled by means of
circumstances in assessing whether it has power over an
*The contractual arrangement with the other vote holders of the investee
*Rights arising from other contractual arrangements
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
control over the subsidiary and ceases when the Group
subsidiary of the company are also treated as subsidiaries of
when necessary to align them with the policies adopted by
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20142
Joint ventures are arrangements in which the Group
when there is contractually agreed sharing of control of the
the investment is increased or decreased to recognise the
received from an investee reduces the carrying amount of
interest in the investee arising from changes in investee’s
When the Group’s share of losses exceeds its interest in
venture the Group recognises its share of any changes when
venture and its carrying values and then recognises the
accounts for the investment in accordance with the Group’s
and fair value of the retained investment and proceeds from
gains and losses or income and expenses arising from
eliminated against the investment to the extent of the
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 143
are measured in terms of historical cost are translated using
currency using the exchange rate that was prevailing on the
following items are recognized in the other comprehensive
value through other comprehensive income
losses are reported on a net basis in the income
comprehensive income and presented in the foreign
Foreign exchange gains or losses arising from a monetary
the foreseeable future and which in substance is considered
are recognised in other comprehensive income in the foreign
when the Group becomes a party to the contractual
on the principal amount outstanding
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20144
whether management’s strategy focuses on earning
and
held for trading or are managed and whose performance is
Financial assets –Assessment whether contractual cash
money and for the credit risk associated with the principal
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount
Item Basis of Measurement
Financial assets at
Financial assets at
foreign exchange gains and losses and
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 145
Item Basis of Measurement
Debt investments at
losses and impairment are recognized
unless the dividend clearly represents a recovery of part of the cost of the
and gains and losses
Interest expense and foreign exchange gains and losses are
Financial assets
transferred or in which the Group neither transfers nor
Financial instruments and contract assets
The Group recognises allowances for expected credit losses
the Group’s historical experience and informed credit
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20146
the maximum contractual period over which the Group is
impaired’ when one or more events that have a detrimental
• a breach of contract such as a default or being more
• the restructuring of a loan or advance by the Group on
• it is probable that the borrower will enter bankruptcy or
cost are deducted from the gross carrying amount of the
asset is 180 days past due based on historical experience
Group individually makes an assessment with respect to the
year at the
The recoverable amount of an asset is the greater of its
are grouped together into the smallest group of assets that
An impairment loss is recognized if the carrying amount
that the asset’s carrying amount does not exceed the
gains and losses on either the hedged item or the hedging
period in order to record the economic substance of the
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 147
the nature of the risk being hedged and how the Group
and accounted for separately if the host contract is not a
changes in foreign exchange rates and interest rates and
hedges of foreign exchange risk on a net investment in a
If the hedge no longer meets the criteria for hedge
the hedging reserve and the cost of hedging reserve are
Dividends thereon are recognized as interest expense in
items and restoring the site on which they are located and
The Group recognizes land owned by them in the statement
would be determined using fair values at the end of each
comprehensive income except to the extent that the surplus
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20148
received to sell an asset or paid to transfer a liability in
is not taken into account in arriving at the gain or loss on
use and ceases at the earlier of the date that the asset is
of the lease term and their useful lives unless it is reasonable certain that Group will obtain ownership by the end of the
Policy applicable from 1 April 2019
a lease if the contract conveys the right to control the use
• As a lessee
leases of property the Group has elected not to separate
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 149
and remove the underlying asset or to restore the underlying
of the underlying asset to the Group by the end of the lease
the lease payments that are not paid at the commencement
The Group determines its incremental borrowing rate by
• variable lease payments that depend on an index or a
• amounts expected to be payable under a residual value
change in future lease payments arising from a change in an
the amount expected to be payable under a residual value
the lease payments associated with these leases as an
• As a lessor
the contract to each lease component on the basis of their
all of the risks and rewards incidental to ownership of
The Group recognises lease payments received under
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20150
Policy applicable before 1 April 2019
•
lower of its fair value and the present value of the minimum
The Group recognises intangible assets if it is probable that
The cost of an internally generated intangible asset arising
new technical knowledge and understanding is expensed in
The useful economic life of an intangible asset is assessed to
Goodwill is measured at cost less accumulated impairment
amount of goodwill is included in the carrying amount of
measured and it is probable that they will lead to future
it is probable that this expenditure will enable the asset to
assessed standards of performance and this expenditure can
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 151
Inventories are measured at the lower of cost and net
weighted average principle and includes expenditure
Trade and other receivables are stated at the amounts
are repayable on demand and form an integral part of the Group’s cash management are included as components of
income at fair value when there is a reasonable assurance that it will be received and the Group will comply with the
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20152
Grants that compensate the Group for expenses incurred are
compensate the Group for the cost of an asset is recognised
All Maldivian employees of the Group are members of the
statement in the periods during which services are rendered
Group companies in India contribute a sum of 12% of the
The Group recognizes all actuarial gains and losses arising
computed based on half month’s basic salary for each year
employee who has been in employment for less than one
A liability is provided for employees in India bsed on a
undiscounted basis and are expensed as the related service
as a result of past service rendered by the employee and the
Group revenue represents sales to customers outside the
determining whether how much and when revenue
Group revenue is recognise when a customer obtains control
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 153
o Apartment revenue is recognised for the rooms occupied
the customer and matched with the related expenditure where they simultaneously receive and consumes the
o Restaurant revenue includes the revenue recognized on
o Spa is operated by a third party and invoices are
earned from providing excursions to customers that represents sea plane and boat transfers services provided to customers who enter into contacts with
the services provided to customers which are implied
o Management fee represents the fees for managing
The Group has a customer loyalty program whereby
the points issued is deferred and recognised as revenue
extensive disclosure regarding the loyalty programme as the
• Rent and shop income represents the rental income
• Dividend income is recognised when the right to receive dividends is established which is generally when the
All expenditure incurred in the running of the business and
Finance income comprises interest income on funds
under fair value through other comprehensive income
Interest income is recognised as it accrues in income
Income tax expense comprises both current and deferred
except to the extent that it relates to items recognised
statement of comprehensive income or statement of
current and prior periods exceeds the amount due for those
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20154
Provision for current tax for companies incorporated in Sri
Provision for current tax for companies incorporated outside
Deferred tax is recognised in respect of temporary
Deferred tax is measured at the tax rates that are expected
A deferred tax asset is recognised for unused tax losses and
companies within the Group are disclosed separately as
companies in the Group have complied with the arm’s length
The Group presents basic and diluted earnings per share
shareholders of the company by the weighted average
average number of ordinary shares outstanding for the
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 155
about resources to be allocated to the segment and assess
The Group in the hospitality industry and cannot segment
The primary segment is considered to be the geographical segments based on the Group’s management and internal
Fair value is the price that would be received to sell an
If inputs used to measure the fair value of an asset or liability
same level of the fair value hierarchy as the lowest level
Fair values have been determined for measurement and
The fair value used by the Group in the measurement of
takes place either in the principal market for the asset or
advantageous market that is accessible by the Group for the
The fair value of an asset or a liability is measured using
observable inputs and minimising the use of unobservable
early adopted the new or amended standards in preparing
• increasing the prominence of stewardship in the
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20156
other comprehensive income should be recycled where
the standards and to clarify certain aspects of the term
primary users of general purpose Financial Statements make
The Group shall apply these amendments to business
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 157
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20158
Rs. ’000
Assets
Deferred tax assetsDeposits and prepaymentsTotal Assets
Retained earnings
As at 01st April 2019Rs ‘000
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 159
Soth
Asia
and
Mid
dle
East
Sect
or
Gro
up
Grou
p R
esor
ts &
Hote
ls O
ther
s To
tal
201
8/20
19
201
8/20
19
201
8/20
19
201
8/20
19
201
8/20
19
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Geog
raph
ical s
egm
ent a
nalys
is of
Gro
up re
venu
e
Tota
l rev
enue
Fina
nce i
ncom
eFi
nanc
e cos
t
280
Geog
raph
ical s
egm
ent a
nalys
is of
Gro
up as
sets
and
Tota
l ass
ets
Tota
l
Net a
sset
s
Tota
l
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20160
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Total Revenue
Revenue excluding intra group revenue
Net Revenue
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Revenue from contracts with customers
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Apartment
Restaurant
Bar
Spa related
420
Telephone 18
Management fees
Rent and shop income
Total
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 161
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
is represented in the Apartment Revenue reported
segment is recognised on the rooms occupied on
Due within 30 days from the date of
Provision of food and beverages The following services are rendered under this Due within 30 days from the date of
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20162
and boat transfers are provided to customers to reach the Hotels and back as part of the contracts
provision of service and invoice to the customers
Due within 30 days from the date of
These services are provided to customers as they
Management fees
management services are mainly rendered
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 163
Group Company
As at
Rs. ’000 Rs. ’000
Trade receivables
Group Company
As at
Rs. ’000 Rs. ’000
in the contract liability balance at the beginning of the period
period
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20164
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
932
Insurance claims received *
Sundry income
Total
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Repairs and maintenance
Management fees
Total
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 165
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Directors fees and emoluments 29
982
Fees paid to Auditors for non audit services 410
128
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Finance income
Finance expenses
Net Finance expense
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20166
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 167
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20168
Group Company
Rs. ’000 Rs. ’000
Total Impact
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 169
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
yearsWithholding tax on dividends paid by subsidiaries
Total
14.8.1 Group
2018/2019
Before Tax Taxexpense
Net of Tax 2019/2020 Taxexpense
Rs. ’000 Rs. ’000 Rs. ’000
or loss
Share of other comprehensive income of
or loss
Net movement in fair value reserve
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20170
14.8.2 Company
2018/2019
Before Tax Taxexpense
Net of Tax 2019/2020 Taxexpense
Rs. ’000 Rs. ’000 Rs. ’000
or loss
Total
Group
Before Tax Tax
income
Net of Tax Before Tax Tax
income
Net of Tax
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 171
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Income not liable for income tax
Aggregate disallowed expenses
Taxable Income
Income Tax charged at
499
years
Withholding tax on dividends paid by subsidiaries
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20172
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Tax losses carried forward
Total
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Tax losses brought forward
forward and tax losses arising during the year
Total
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 173
Group Company
2018/2019 2018/2019
Rs. Rs.
Amounts used as numerator
holders of the company
Number of ordinary shares used as the denominator
Weighted Avearge number of ordinary shares in issue
Company
2018/2019
Rs. ’000
Final Dividends declared and paid
Preference Dividend
Preference dividend paid
Final ordinary dividend paid
Final ordinary dividends proposed
Preference dividends proposed
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20174
17.1
G
roup
(Fre
ehold
) (F
reeh
old)
Plan
t M
achin
ery &
M
otor
Ve
hicles
Fu
rnitu
re
&
Cap
ital
Tota
l
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Rs.
’000
Trans
fers
Disp
osals
Disp
osals
17.1
.1
17.1
.2
17.1
.4
17.1
.6
17.1
.7
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 175
17.2
Co
mpa
ny
(Fre
ehol
d)
(Fre
ehol
d)
Pla
nt
Mac
hine
ry &
M
otor
V
ehic
les
Fur
nitu
re
&
Tot
al
Rs.
’000
R
s. ’0
00
Rs.
’000
Rs.
’000
R
s. ’0
00
Rs.
’000
Rs.
’000
Disp
osal
s
Disp
osal
17.2
.1
17.2
.2
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20176
Com
pany
date
amou
ntas
at
surp
lus
amou
ntat
cost
Rs.
’000
Rs.
’000
"Her
itanc
e Ahu
ngall
a"
Mee
ralad
uwa I
sland
29A
2R 9
P
Beru
wala
Galle
Roa
d Ah
unga
lla
Aitk
en S
penc
e Ho
tel M
anag
emen
t
Tota
l
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 177
As atamount
Total
Group
As at
Rs. ’000
Total
The following commitments for capital expenditure approved by the Directors as at 31st March 2020 have not been provided for in
Group
As at
Rs. ’000
Approximate amount approved but not contracted for
Approximate amount contracted for but not accounted
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20178
Group
As at Total
Rs. ’000 Rs. ’000
Balance as at 01st April 2019
Balance as at 31st March 2020
Balance as at 01st April 2019
Balance as at 31 st March 2020
As at 31st March 2020
As at 31st March 2019
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 179
Group
As at
Rs. ’000
Balance as at 01 st April
Balance as at 31 st March
Balance as at 01 st April
Balance as at 31 st March
Group
As at
Rs. ’000
Balance as at 01 st April
Balance as at 31 st March
Balance as at 01 st April
Balance as at 31 st March
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20180
21.1 Group
As at Computer Total
Rs. ’000 Rs. ’000
Balance as at 01st April 2019
Balance as at 31st March 2020
Balance as at 01st April 2019
Balance as at 31st March 2020
21.1.1
21.1.2
Net carrying value of goodwill
The weighted average growth rate used is consistent with the forecast included in industry
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 181
21.2 Company
As at Computer Total
Rs. ’000
Balance as at 01st April 2019
Balance as at 31st March 2020
Balance as at 01st April 2019
Impairment during the year
Balance as at 31st March 2020
21.2.1
21.2.2
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20182
Country of Company Group
of Shares Rs. ’000
Hong Kong
Maldives
01
India
Maldives 01
Maldives 01
Maldives 01
01
01
01
Net carrying amount of investments in subsidiaries –
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 183
Country of Group
of Shares Rs. ’000
Maldives
MaldivesMaldivesIndia
India
Maldives
India
India
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20184
Name Principle place of
As at As at
49% 49%
40% 40%
Republic of Maldives South Asian Sector 40% 40%
Republic of Maldives South Asian Sector 49% 49%
Republic of Maldives South Asian Sector 49% 49%
Aitken Spence Hotel Management South India India South Asian Sector
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Revenue
Total comprehensive income
Net Assets
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 185
Group Company
Rs. ’000 Rs. ’000
Recognised in the income statement
comprehensive income
Group Company
As at
Notes Rs. ’000 Rs. ’000
at 31st March
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20186
Group Company
As at No. of Group No. of Company
Shares Rs. ’000 Shares Rs. ’000
Investments made during the year
Net book value as at 31st March
Group Company
As at No. of Group No. of Company
Shares Rs. ’000 Shares Rs. ’000
Investments made during the yearNet book value as at 31st March
impairment
Investments made during the yearNet book value as at 31st March
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 187
Name Principle place of Business /Group interest %
March 2020
Fair Value of
interest (if listed)
Rs.’000
Provides Management Services
Provides Human Resources to all overseas hotels
2018/2019 2018/2019 2018/2019
Rs. ’000 Rs. ’000 Rs. ’000
Revenue
Total comprehensive income
Net Assets
Groups interest in net assets of investee at the beginning of the yearInvestments made during the year
Group's interest in net assets of investee at the end of the year
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20188
Group Company
As at
Note Rs. ’000 Rs. ’000
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
Disposals
Balance carried forward
Group Company
As at
Rs. ’000 Rs. ’000
Secured redeemable debentures
Unsecured loans
unsecured loans
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 189
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
32
Balance carried forward
Group Company
As at
Rs. ’000 Rs. ’000
Tax losses carried forward
Net deferred tax assets
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20190
Balance as at Recognised Recognised in other
comprehensive income
Recognised Balance as at
Deferred Tax Asset
143
Tax losses carried forward
Net deferred tax assets
2018/2019
Balance as at 01.04.2018 in other
income
Balance as at
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Deferred Tax Asset
Tax losses carried forward
32
32
122
122
Net deferred tax assets 32
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 191
Group Company
As at
Rs. ’000 Rs. ’000
Food
Beverage
Maintenance
House keeping
Ayurveda Stocks
Total
Group Company
As at
Rs. ’000 Rs. ’000
Trade receivables
Provision for impairment
Non trade receivables
Taxes receivable
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20192
Group Company
As at
Rs. ’000 Rs. ’000
Short term investments
Total
Group Company
As at
Rs. ’000 Rs. ’000
19
83
138 83
29
42 33
214
232 32
Total
Group Company
As at
Rs. ’000 Rs. ’000
Bank deposits
Total
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 193
Group Company
As at
Rs. ’000 Rs. ’000
Short term deposits less than 90 days
Group Company
As at
Rs. ’000 Rs. ’000
Company
As at
Rs. ’000
Issued during the year
Issued during the year
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20194
Group Company
As at
Notes Rs. ’000 Rs. ’000
General reserve
Fair value reserve
Total
Balance brought forward
during the year
interest due to changes in % holding in subsidiaries
Movement in fair value reserve
Balance carried forward
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 195
Group Company
Rs. ’000 Rs. ’000
terms balance loan is repayable in 9
instalments commencing from January
Guarantee from Aitken Spence Hotel
mortgage over the Hotel property for
outstanding as at 31st March 2020 is
outstanding as at 31st March 2020 is
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20196
Group Company
Rs. ’000 Rs. ’000
instalments commencing from December
and indemnity from Aitken Spence Hotels
over sub lease of Adaaran Select Huduranfushi Resort has been provided
outstanding as at 31st March 2020 is
instalments commencing from November 2020 for which a mortgage over head lease of Aarah Island Resort and Meedhupparu Island Resort has been
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 197
Group Company
Rs. ’000 Rs. ’000
instalments commencing from November
outstanding as at 31st March 2020 is
instalments commencing from December
Peoples Bank
instalments commencing from August
n
instalments and one bullet payment
loan instalments will commence in July
loan
monthly instalments commencing from
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20198
Group Company
Rs. ’000 Rs. ’000
instalments commencing from November
Aarah Island Resort has been provided as
corporate guarantee from Aitken Spence
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 199
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
Balance brought forward
Interest accrued during the period
Interest capitalised during the period
Interest paid during the period
Total
Group Company
As at
Rs. ’000 Rs. ’000
United States dollars
Indian rupees
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20200
Group Company
As at
Rs. ’000 Rs. ’000
Payable within one year
Payable between one and two years
Total
Group Company
As at
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Interest expense charged to income statement
Interest expense capitalised
Companyperiod as at
(No of years)
23
20
21
28
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 201
Group
2020
Group
2020
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
291
Balance carried forward
Group Company
As at
Rs. ’000 Rs. ’000
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20202
Balance as at 01st April
2019
Recognised Recognised in
Income
Recognised Balance as at 31 st March
2020
Tax losses carried forward
214
428
Total assets
2018/2019
Balance as at 01st April
2018 Other
Income
Balance as at
2019
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Tax losses carried forward
Total assets
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 203
2018/2019
Balance as at 31st March
2020
Recognised Recognised in
Income
Recognised in Balance as at 31st March
2019 Other
Income
Balance as at 01st April
2018
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
land
291
Tax losses carried forward
Total assets 291
291
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
Balance carried forward
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20204
Group Company
As at
Rs. ’000 Rs. ’000
Group Company
As at
Rs. ’000 Rs. ’000
Included in other comprehensive income
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 205
Group Company
As at
Rs. ’000 Rs. ’000
Interest cost
Group Company
As at
Rs. ’000 Rs. ’000
2018/2019
10%
2022
11%
2022
8%
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20206
2018/2019
* 20 years
* 30 years
* 40 years
* Above 40 years
income
increase Rs. ’000
employment
increase Rs. ’000
+1%
+1%
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 207
Group Company
As at
Rs. ’000 Rs. ’000
Within next 12 months 4009
4292
9.11
Group Company
As at
Rs. ’000 Rs. ’000
Accrued payables
Unclaimed dividends
Taxes and other miscellaneous payables and provisions
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20208
Group Company
As at
Rs. ’000 Rs. ’000
211
893
48
30 108
134
29
Total
Company
As at
Rs. ’000
US Dollar
Indian Rupee
UK Pound
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 209
Financial Assets at Fair value
Financial Assets
cost
Financial Total
amount
Note
Financial assets
30Trade and other receivablesAmount due from holding company 28
2931
Trade payables 40
Amount due to holding company4131
Financial Assets Financial Assets
cost
Financial Total
amount
Note Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Financial assets
30Trade and other receivablesAmount due from holding company 28
2931
Trade payables 40
Amount due to holding company4131
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20210
Financial Assets at Fair value
Financial Assets
cost
Financial Total
amount
Note
Financial assets
Trade and other receivablesAmount due from holding company 28
2931
Trade payables 40
Amount due to holding company4131
Financial Assets Financial Assets
cost
Financial Total
amount
Note Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Financial Assets
Trade and other receivablesAmount due from holding company 28
2931
Trade payables 40
Amount due to holding company4131
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 211
Financial Assets
Trade and other receivablesAmount due from holding company
Trade payables
Amount due to holding company
Group - 2018/19 Company - 2018/19
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Financial Assets
Trade and other receivablesAmount due from holding company
Trade payables
Amount due to holding company
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20212
Financial Assets measured at fair value through other comprehensive income
Trade and other receivables
Bank Deposits
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 213
Group Company
Total Total
Notes Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Recurring fair value measurements
Assets for which fair values are disclosed
30
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20214
Group Company
Total Total
Notes Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Assets measured at fair value
Assets for which fair values are disclosed
30
Freehold land
Group Company
As at
Rs. ’000 Rs. ’000
Balance brought forward
Shares disposed during the year
Balance carried forward
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 215
Assets
inputs
COVID - 19 impact
Market comparable method
price of a similar property within a reasonably recent period of
market price of similar assists
Price per perch of land would increase
There is no impact to the esitmated recoverable amount of the freehold land of the Group due to
No change to the agreed price due to
Assets COVID - 19 impact
The resultant increase in impairment provision in
unsecured loan as a result of
banks
leases
Assets
Not applicable
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20216
Group2020
% 2020
%
Financial Assets
3%
12% 48%
Bank deposits 1%
Trade and other receivables 22% 8%
Amount due from holding company 13% 2%
8% 8%
42%
Total credit exposure 100% 100%
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 217
Trade receivables
The Group’s maximum exposure to credit risk on trade receivables as at the year end based on the carrying value in the statement of
Group2020 2020
Note
Trade receivables
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20218
Impairment losses
Group Company
Rs. ’000 Rs. ’000
The resultant increase in impairment provision in Trade receiivable as a result
Advances received
Group Company
Rs. ’000 Rs. ’000
Balance at the beginning of the year
Balance at the end of the year
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 219
Short term deposits
The Group’s maximum exposure to credit risk on term deposits as at the year end based on the carrying value in the statement of
Group % Company %
Rs. ’000 Rs. ’000
0%
100%
Total 100%
Group
AmountCurrent Non Current
demand
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Trade payables
Amount due to holding company
Short term bank borrowings
Total
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20220
Company
AmountCurrent Non Current
demand
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Trade payables
Amount due to holding company
Short term bank borrowings
Total
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 221
Group Company
Foreign currency denominated income
Foreign currency denominated expenses
Foreign currency denominated income
Foreign currency denominated expenses
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20222
NOTES TO THE FINANCIAL STATEMENTS
Group Compnay
GPB OMR GPB
Trade and other receivables
228
Trade payables
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 223
Hedged item –
Group Company
2020 2019 2020 2019
Rs. ’000 Rs. ’000
Balance at the beginning of the year
Balance at the end of the year
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20224
NOTES TO THE FINANCIAL STATEMENTS
Financial Year 2019/20 Increase/ decrease
Group Company
Rs. ’000 Rs. ’000
+100
USD loans +10
+10
USD loans
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 225
Debt
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20226
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 227
Grou
pCo
mpan
y
Name
of th
e Rela
ted Pa
rtyVa
lueVa
lue
Rs
. ’000
Rs
. ’000
49.1.
1
Mark
et ter
ms
Mark
et ter
ms
Fees
paid
for s
ervice
s M
arket
terms
Mark
et ter
ms
49.1.
2
Subs
idiary
Man
agem
ent f
ees f
or m
anag
ing ov
ersea
s hot
elsPe
rcent
age o
f rev
enue
and
Subs
idiary
Man
agem
ent f
ees f
or m
anag
ing ov
ersea
s hot
elsPe
rcent
age o
f rev
enue
and
Mark
et ter
ms
Subs
idiary
Shor
t term
adva
nces
Shor
t term
Subs
idiary
Mark
et ter
ms
Intere
st on
adva
nces
Mark
et ter
ms
Subs
idiary
Shor
t term
adva
nces
Shor
t term
19
Subs
idiary
Shor
t term
adva
nces
Shor
t term
232
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20228
NOTES TO THE FINANCIAL STATEMENTS
Gr
oup
Com
pany
Nam
e of t
he R
elate
d Pa
rtyVa
lueVa
lue
R
s. ’00
0 R
s. ’00
0
Ass
ocia
te
Shar
ehol
der l
oan
gran
ted
Mar
ket t
erm
s
Sale
of H
otel
Roo
ms
Mar
ket t
erm
s
Mar
ket t
erm
s 2
21
Mar
ket t
erm
s
Asso
ciate
Inte
rest
rece
ived
for s
hare
holde
r loa
nM
arke
t ter
ms
Sale
of H
otel
Roo
ms
Mar
ket t
erm
s
Mar
ket t
erm
s
unit
hand
ling
char
ges
Mar
ket t
erm
s 9
42
Purc
hase
of m
iner
al w
ater
Mar
ket t
erm
s
Asso
ciate
Man
agem
ent f
ees
for m
anag
ing
the
hote
lsPe
rcen
tage
of r
even
ue
unit
hand
ling
char
ges
Mar
ket t
erm
s
Mar
ket t
erm
s
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 229
Grou
pCo
mpa
ny
Nam
e of t
he R
elate
d Pa
rtyVa
lueVa
lue
R
s. ’00
0 R
s. ’00
0
49.1
.4Su
bsid
iary
of t
he
Sale
of H
otel
room
s in
the
ordi
nary
co
urse
of
busin
ess
Mar
ket t
erm
s
Purc
hase
of A
ir Ti
cket
s fo
r ov
erse
as
trav
elM
arke
t ter
ms
Subs
idiar
y of t
he
Purc
hase
of m
iner
al w
ater
Mar
ket t
erm
s
Subs
idiar
y of t
he
and A
nnua
l Re
ports
Mar
ket t
erm
s
Subs
idia
ry o
f the
Re
pairs
and
Mai
nten
ance
of H
otel
M
arke
t ter
ms
Subs
idiar
y of t
he
Purc
hase
of t
ea le
aves
Mar
ket t
erm
s
Subs
idiar
y of t
he
Mar
ket t
erm
s
Subs
idiar
y of t
he
Mar
ket t
erm
s 2
9
Subs
idiar
y of t
he
Purc
hase
of v
eget
able
sM
arke
t ter
ms
Subs
idiar
y of t
he
Mar
ket t
erm
s 1
34
Purc
hase
of
beve
rage
sM
arke
t ter
ms
Purc
hase
of
food
item
sM
arke
t ter
ms
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20230
NOTES TO THE FINANCIAL STATEMENTS
Gr
oup
Com
pany
Nam
e of t
he R
elate
d Pa
rtyVa
lueVa
lue
Rs.
’000
Rs.
’000
Purc
hase
of m
ilk p
owde
rM
arke
t ter
ms
Purc
hase
of f
ood
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sM
arke
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Mar
ket t
erm
s
Purc
hase
of b
ever
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Mar
ket t
erm
s
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hase
of f
ood
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sM
arke
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Purc
hase
of g
oods
Mar
ket t
erm
s 8
10
Prov
ision
of i
nsur
ance
ser
vice
sM
arke
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Prov
ision
of
vehi
cle
mai
nten
ance
se
rvic
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801
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 231
Name of the Related Party
entered into during
ending 31st March 2020
Value of the related party
Value of the related party
of total Assets.
49.2.1
Aitken Spence Hotel Managements South India
Subsidiary 2% Market Terms
49.2.2
Associate Interest earned from shareholder loan years with grace
Name of the Related Party
entered into during
ending 31st March 2020
Value of the related of the related party
Subsidiary of Parent Sale of Hotel rooms in the ordinary course of business
Market Terms
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20232
NOTES TO THE FINANCIAL STATEMENTS
Group Company
2018/2019 2018/2019
Rs. ’000 Rs. ’000
Total
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 233
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20234
NOTES TO THE FINANCIAL STATEMENTS
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 235
31st March
For the three months ended 2019 2019 2019 2020
Rs. ’000 Rs. ’000 Rs. ’000
Net Turnover
Finance income Finance expenses
Income tax expense
31st March
As at 2019 2019 2019 2020
Rs. ’000 Rs. ’000 Rs. ’000
Assets Non current assets
Total assets
As at 31st March
2019 2019 2019 2020
Rs. ’000 Rs. ’000 Rs. ’000
Net asset value per share Market price per share
Percentage of shares held by public Number of public shareholders
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20236
CONSOLIDATED INCOME STATEMENTS IN US $
2020 2019
Revenue
Revenue tax
Net revenue
Finance income 983
Finance expenses
Income tax expenses
Non controlling interests
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 237
INCOME IN US $
2020 2019
accounted investees 28 1
90
Income tax on other comprehensive income
Total comprehensive income for the year net of tax
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20238
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN US $
2020 2019
Intangible assets
Deferred tax assets 914
Inventories
Trade and other receivables
Amounts due from holding company
302
Stated capital
Reserves
Retained earnings
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Highlights | Management Discussion & Analysis | Governance | Financial Reports 239
2020 2019
Trade payables
Amounts due to holding company
390 318
Short term bank borrowings
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20240
Reconsolida�ngour Strengths
We’re relying on our collec�ve strengths to amplify our capabili�es; genera�ng a future of powerful, impac�ul change.
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241241Highlights | Management Discussion & Analysis | Governance | Financial Reports |
Shareholders Shareholders % No.of
ShareholdersNo.of
Shareholders %
312
Shareholding % %
Shareholding % Shareholding %
Individuals
2018/19 2017/18 2016/17
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242242 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Year End
Financial Year Rs. Rs. Rs.
2018/19 2017/18 2016/17
Share Yield
Year Rs. %
Stated Capital
Rs. %
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243243
%
Company 2020 2019
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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244244 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
2020 2019
Total
2020 2019
% No.of Shares %
1
2
3
4
8
9
10
11
12
13
14
18
19
20
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245245
Year IssueShares
Private Placement
Rights Issue
Rights Issue
Rights Issue
Rights Issue
Rights Issue
Bonus Issue
Bonus Issue
Rights Issue
Total as at 31st March 2020
Year IssueShares
Total as at 31st March 2020
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246246 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
2020 2019 2018 2017 2016 2014 2012 2011
Revenue
the parent
Stated capital Reserves and retained earnings Shareholders’ funds
Intangible assets Investments
Deferred tax assets
Total Assets
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247247
No of Rooms No of
Freehold Buildings
Heritance Ahungalla Ahungalla 3
Meeraladuwa Island
Heritance Kandalama Dambulla 3
Heritance Tea Factory 4
Heritance Ayurveda Beruwala 3
Beruwala
Beruwala
109 Kalutara 20 Turyaa Kalutara
90 Kalutara 3 Turyaa Kalutara
Ahungalla 11
122 Maldives 43
Adaaran Select Meedhupparu 231 Maldives 122 Heritance Aarah Maldives 244
Adaaran Select Hudhuran Fushi Maldives 210
Maldives
Raafushi Island Maldives Maldives
Aitken Spence Hotel Managements
140 1
3
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Aitken Spence Hotel Holdings PLC | Annual Report 2019/20248248
HOTELS
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249249
The holding company and managing agent of Jetan Travel Services
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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250250 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
HOTELS
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251251
CORPORATE INFORMATION
Name
Chairman
Chairman
Chairman
Chairman
Chairman
KPMG
People’s Bank
Union Bank
Deutsche Bank
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252252 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Material Aspects
GRI Indicator
Disclosure
General Disclosures
Across the Region 3
About the Group 22
Nature of ownership and legal form
Markets served Across the Region 3
About the Group 22
8
34
130
Notes to the Financial Statement 232
Supply chain 88
supply chainManaging Director's Review 13
Risk Management 38
81
81
10
Risk Management 38
behaviour121
Mechanisms for advice and concerns about ethics 121
Governance structure 98
the Board100
environmental and social topics the Board100
environmental and social topicsInvestor Feedback Form
98
100
body113
Report114
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253253
Material Aspects
GRI Indicator
Disclosure
values and strategy100
the Board100
Annual Report of the Board of Directors
and social impacts104
Risk Management 38
topicsRisk Management 38
Highest governance body's role in sustainability 104
Annual Report of the Board of Directors
Investor Feedback Form
Report114
112
112
112
Stakeholders84
Stakeholders84
Approach to stakeholder engagementStakeholders
84
Key topics and concerns raisedStakeholders
84
statementsGroup Structure 24
Material Topics
About This Report
About This Report
Date of the most recent report About This Report
About This Report
About This Report
Standards
GRI content index
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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254254 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Material Aspects
GRI Indicator
Disclosure
Management Approach
Material Topics
The Management Approach and its components Material Topics
Material Topics
Performance
Direct economic value generated and distributed Group Performance Highlights
29
204
Market Presence
compared to local minimum wage
local community 88
Indirect Infrastructure investments and services supported
88
Procurement 88
38
policies and proceduresRisk Management 38
takenSustainable Tourism Dashboard
Behaviour
Sustainable Tourism Dashboard
MaterialsMaterials used by weight or volume 92
93
93
93
Water withdrawal by source 93
of water93
Water recycled and reused 93
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255255
Material Aspects
GRI Indicator
Disclosure
Biodiversity biodiversity value outside protected areas
services on biodiversity
Habitats protected or restored
9
Waste by type and disposal method
Recycling94
93
91
New employee hires and employee turnover
204
Management changes
Health and
Training and Average hours of training per year per employee
Programs for upgrading employee skills and
Percentage of employees receiving regular performance and career development reviews
Diversity Diversity of governance bodies and employees
99
women to men
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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256256 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Material Aspects
GRI Indicator
Disclosure
HUMAN RIGHTS
taken
Freedom of
Bargaining
may be at risk
incidents of child labour
Forced or incidents of forced or compulsory labour
Human Rights Assessment
procedures
impact assessments and development programs88
88
Supplier Social Assessment
New suppliers that were screened using social criteria
Health and
Assessment of the health and safety impacts of product and service categories
and safety impacts of products and services
and labeling
customer privacy and losses of customer data
Socioeconomic social and economic areaSustainable Tourism Dashboard
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257257Highlights | Management Discussion & Analysis | Governance | Financial Reports |
A
which they are earned or incurred regardless of whether cash is
plan.
The carrying amount of the asset value which
applicable on loans and advances granted by commercial banks to
D
Financial contracts whose values are derived from the
The percentage of earnings paid to
Dividend per share as a percentage of the
ordinary shareholders divided by the weighted average number of
F The price that would be received to sell an asset
Financial instruments that are held for trading and measured at fair value through other comprehensive
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258258 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
G
I This occurs when recoverable amount of an asset is
KKMP are those persons having
M The number of ordinary shares in issue
N Shareholders’ funds divided by the number of
An entry that is generally found
P
Market price per share divided by
R
Reserves considered as being available for
S
T
The value is distributed among the stakeholders and the balance
W
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259259
NOTES
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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260260 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
Directors together with the Financial Statements for the year
Secretaries
29th May 2020
compliance with the Health and Safety guidelines issued by the
or audio visual means
to the circular to shareholders and forward same
reach the Registrars so that the
The circular to the shareholders will be posted to all the
The shareholders are hereby advised that if they wish to raise
on +94 11 2308099 or by post to the registered address of the not less than
This is in order to
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261261
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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262262 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20
INSTRUCTIONS AS TO COMPLETION
or
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263263
Highlights | Management Discussion & Analysis | Governance | Financial Reports |
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264 Aitken Spence Hotel Holdings PLC | Annual Report 2019/20264
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Designed & produced by
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