THE annual report smile survey - Sri Lanka ?· ASIAN Hotels AND properties pLC ANNuAL rEporT 2013/14…

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  • ASIAN Hotels AND properties pLCANNuAL rEporT 2013/14

    THEannual report smile survey

    ASIAN H

    otels AN

    D pro

    perties pLC | An

    nual repo

    rt 2013/14

    ASIAN Hotels AND properties pLCNo. 77 , Galle road, Colombo 03,Sri Lanka.T : 0094 -11 2437437F : 0094 -11 5547555

  • HAPPINESS IS INDISPENSABLE IN THE HOSPITALITY INDUSTRY. IT IS WHAT FORMS PERCEPTIONS, CREATES MEMORIES AND KEEPS PEOPLE COMING BACK FOR MORE. FOR US, IT IS AN EMOTION THAT HAS PERMEATED INTO EVERY ASPECT OF THE BUSINESS; FROM WHAT WE DELIVER TO THE GUESTS, TO HOW WE DO THINGS, EVERY DAY. ITS WHAT MOTIVATES US, WHAT INSPIRES US AND WHAT MAKES US THE BEST IN THE INDUSTRY. THE HAPPINESS OF OUR PATRONS, OUR TEAM AND OUR SURROUNDINGS IS A REFLECTION OF THE QUALITY THAT WE OFFER AND A TESTIMONY TO OUR MANY YEARS OF EXPERIENCE. WE MAKE EVERY MOMENT WORTHWHILE WE MAKE EVERY SMILE COUNT.

    AuditorsKPMGChartered Accountants32A, Sir Mohamed Macan Marker Mawatha,Colombo 03.

    BankersCitibank N.A - ColomboDeutsche Bank AG - ColomboSeylan Bank Ltd - Millennium Branch, ColomboHongkong & Shanghai Banking Corp. Ltd. - ColomboNations Trust Bank PLC - Union Place, ColomboDFCC Vardhana Bank Ltd. - W.A.D. Ramanayake Mw,ColomboBank of Ceylon - Colombo

    Name of CompanyAsian Hotels and Properties PLC

    Legal FormA Public Limited Liability Company incorporated in Sri Lanka in 1993 and registered with the Board of Investment of Sri Lanka under Section 17 of the Board of Investment Law No. 4 of 1978. The Company was re-registered as per the New Companies Act No. 7 of 2007 on 15th June 2007.

    Stock Exchange ListingThe issued Ordinary Shares of the Company are listed on the Main Board of the Colombo Stock Exchange of Sri Lanka.

    Company Registration No.PQ 2

    Board of DirectorsMr. Susantha Chaminda Ratnayake - ChairmanMr. Ajit Damon Gunewardene - Managing DirectorMr. James Ronnie Felitus PeirisMr. Rohan Jebashanthan KarunarajahMr. Suresh RajendraMr. Sanjiva Kanishka Gamini SenanayakeMs. Shirani Anoja JayasekaraMr. Cholmondeley John Lloyd Pinto

    Company SecretariesKeells Consultants (Private) Limited117, Sir Chittamplalam A. Gardiner Mawatha, Colombo 2.

    Registered OfficeNo. 77, Galle Road, Colombo 03Tel : 0094 -11 2437437Fax : 0094 -11 5547555E-mail : grand@cinnamonhotels.com

    corporate information

    EverySmile

    Design & Concept by: Optima Designs (Pvt) Ltd.Printed by: Gunaratne Offset Ltd

  • Contents

    Group Financial Highlights of 2013/14 4Chairman's Statement 26Management Discussion and Analysis 30Board of Directors 38Annual Report of the Board of Directors 40Risk Management 46Corporate Governance 50Sustainability Report 76Financial Calendar 138Report of the Audit Committee 140Statement of Directors' Responsibility 142Independent Auditors' Report 143Income Statement 144Statement of Comprehensive Income 145Statement of Financial Position 146Statement of Cash Flow 147Statement of Changes in Equity 148Notes to the Financial Statements 150Consolidated Value Added Statement 186Information to Share Holders and Investors 187Five Year Financial Summary Group 189Five Year Financial Summary Property Development 189Five Year Financial Summary Cinnamon Grand 190Notice of Meeting 191Form of Proxy 195Corporate Information Back Inner Cover

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    2 3

    In order to understand the varying moods of Asian Hotels and properties pLC, we conducted the annual report smile survey with the following icons. The results from guests and staff have been collated in the following pages...

    THEannual report smile survey

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    3

    To generate long-term, sustainable, shareholder wealth by developing the capacity to add value to land, buildings and related investments and combine them uniquely so that they complement and reinforce each other.

    To provide a return on investment above the risk free investment rate to shareholders. To increase productivity of the workforce and provide training in order to improve their knowledge, skills and attitudes and to optimise the use of available resources. To adhere to the highest levels of integrity, transparency and ethical conduct.

    Corporate Mission

    business values

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    4 5

    Group financial highlights of 2013/14

    2014 2013 (Rs.'000) (Rs.'000)

    Revenue 8,256,149 7,890,978Gross Profit 5,025,073 4,823,417Profit After Tax 2,818,511 3,097,386Shareholders Funds 22,338,036 21,697,467Market Capitalisation 26,035,188 30,994,271Earnings Per Share (Rs.) 5.42 5.63Market Value Per Share (Rs.) 58.80 70.00Current Ratio (Times) 3.54 3.53Dividend Per Share (Rs.) 4.00 4.00Net Assets Per Share (Rs.) 50 49Dividend Payout Ratio (Percentage) 74% 71%

    Earnings Per Share

    2010

    2013

    2012

    2011

    2014

    Rs.

    6.0

    5.0

    4.0

    3.0

    2.0

    1.0

    0

    Dividend Per Share 20

    10

    2013

    2012

    2011

    2014

    Rs.

    4.50

    4.00

    3.50

    3.00

    2.00

    1.00

    2.50

    1.50

    0.50

    0

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    5

    Rs. 5.3Bn company revenue

    Rs. 2.3Bn company profit after tax

    Rs. 4.00 DiviDenD per Share

    Rs. 8.2Bn Group revenue

    Rs. 2.8Bn Group profit after tax

    Rs. 5.42 earninGS per Share

    Net Assets Per Share

    2010

    2013

    2012

    2011

    2014

    Rs.

    60

    50

    40

    30

    20

    10

    0

    Current Ratio 20

    10

    2013

    2012

    2011

    2014

    Times

    4.00

    3.50

    3.00

    2.00

    1.00

    2.50

    1.50

    0.50

    0

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    6 7

    The Executive Lounge, on the 9th floor of the hotel offers a panoramic view of the city whilst providing our guests a host of comforts and conveniences. It is the ideal place for industry professionals to convene for work as well as to relax.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    What did we do to make you smile? Corporate Guest

    commentS : The Executive Lounge at the Cinnamon Grand is not only luxurious but also offers everything that a professional like me would require in conducting our business activities.

    Ibrahim AwlearMD of global outlets pvt. ltd. Lebanon

    THEannual report smile survey

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    The Coffee Stop at the Cinnamon Grand lobby is always a popular stop for the young and old. It offers a delectable range of delights; from mouth-watering sandwiches to decadent cakes.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    THEannual report smile survey

    commentS : AbeEr - I love the food and the Coffee Shop is always amazing! Sulimanin - Every stay is a beautiful experience with sunny skies and lovely seafood dishes. JEremy - The staff are always welcoming and the Crescat boulevard has some great places to shop.

    Abeer gnadialy a.l. sulimanin Jeremy vista

    flight attendants india, saudi arabia, phillipines

    What did we do to make you smile? AIrLINE CrEW

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    Under summer skies, the pool is the best place to soak up some sun. The refreshing blue waters are sure to refresh and revitalise.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    11

    commentS : My family and I love to visit this hotel . We love the atmosphere and the staff who go out of their way to make our holiday a wonderful one, whenever we visit.

    What did we do to make you smile? LEISurE TrAvELErS

    jonathan Downer sales manager singapore

    THEannual report smile survey

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    Sri Lankas finest open market seafood restaurant, The Lagoon offers the widest selection of seafood, with an opportunity to select your own produce, fresh from the catch-of-the day and have it served a la minute.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    commentS : Wow! Such a good and fresh selection of seafood and so many preparations! Wish I could try them all!

    freddie flynt

    THEannual report smile survey

    What did we do to make you smile? Restaurant Guest

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

    14 15

    Whatever you may require for your business dealings, whether its a functional and stylish meeting room or the best of amenities, you can find it at our Executive Lounge.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    commentS : The Executive Lounge is a wonderful place for me to relax and conduct my business. It is always wonderfully comfortable and a definite office away from office.

    THEannual report smile surveyjacob bermanconsultant usa

    What did we do to make you smile? Corporate Guest

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    When it comes to events large and small, we provide the perfect venue and the best packages in order to make your meeting or celebration a success.

  • ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2013/14

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    commentS : The Cinnamon Grand banquet staff are most co-operative and always willing to go the extra mile . My work is made much easier, thanks to them.

    THEannual report smile surveyfelicia adihetty managing director of bconnected pvt. ltd.

    What did we do to make you smile? Event