Anilana Annual Report 2015

Transcription

ANNUAL
REPORT
2014/2015
A
nilana , a name that evokes images of beauty,
tranquillity, and a touch of exclusivity. Our modern,
luxurious resorts are strategically placed in Sri Lanka’s
most pristine landscapes, which our loyal, ever growing
clientele is known to appreciate.
Our resorts have cleverly combined comfort with utility
and beauty with privacy; without foregoing the traditional
hospitality that Sri Lanka is renowned for. Anilana is a
place that provides rest and rejuvenation for even the
most weary traveller, a fact amply re-iterated by all our
satisfied and valued guests.
Luxurious holidays is our forte, combining impeccable
design with excellent service. Each of our resorts has
its own unique identity, but the common thread of
delectable cuisine, thoughtful service and comfortable,
stylish accommodations, bind us together as one entity.
We have one villa and two hotels in operation from 2013
to date. To further cement our presence in the hospitality
trade, we have two further hotels and several villas
currently under construction. Also, we are engaged in
numerous well-thought out development projects which
are currently underway, as we aim to be one of the key
players in Sri Lanka’s up-market tourist industry.
4
08
10
Management Profiles
Board of Directors
Corporate Management Team
12
16
Anilana Properties
Anilana Pasikuda
Anilana Nilaveli
Anilana Craig Bank Nuwara Eliya
Accolades
Guest Feedback
Anilana Dambulla Country Club & Spa
Anilana Colombo
Anilana Panichchankerni
Anilana Selladiv Island
Anilana Blue Lagoon
Anilana Vakarai
Anilana Kalkuda
18
20
22
24
25
26
27
28
29
30
31
32
Integrated Management Discussion & Analysis
Management Discussion & Analysis
Operating Strategy & Review
Human Resources Development
Corporate Social Responsibility
34
38
42
46
Governance
Corporate Governance
Audit Committee Report
Remuneration Committee Report
Board of Directors on the Affairs of the Company
48
52
53
54
Financial Reports
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Cash Flow Statement
Notes to Financial Statements
56
58
59
60
62
63
64
Supplementary Information
Shareholder & Investor Information
Notice of Meeting
Form of Proxy
88
90
91
Corporate Information
Contents
Management Reviews
Chairman’s Message
Managing Director’s Message
Inner
Back Cover
5
Vision
6
A
nilana aspires to be recognised for stylish, contemporary and
comfortable properties, which provide high quality service
standards, gracious hospitality and focus on satisfying our guest’s
needs.
Mission
W
e focus on originality and economically designing facilities
to provide services which both surprise and delight our
guests, whilst generating profitability for our shareholders.
Our aim is to become preferred; as an employer by our associates;
as a hotel by our guests and as a shrewd investment by our
shareholders.
Maintaining sustainable growth, we will provide excellent career
development opportunities, memorable service and above
average profitable returns to our shareholders, enhancing the
value of investments and the worth of the company.
7
Chairman’s Message
in 2014, a 4.7% increase over the previous year.” It
continues to state that for the year 2015, international
tourism is expected to grow by 3% to 4%, which in
turn is expected to assist global economic recovery.
China has been the world’s largest outbound market
since 2012, with outbound trips from China having
increased by 11 million in 2014 in comparison to the
previous year, whilst travel from Russia has decreased
6% in 2014.
International tourist arrivals in Asia and the Pacific
increased 5 % last year, bringing the total number
of regional travelers to 263 million. Even more
promisingly, in 2014, South Asia has recorded an
increase of 7% in international tourist arrivals.
Local tourism trends
A
nilana has come to be known as a name to be
reckoned with in the hospitality industry. Our
commitment to consistent quality, and the impeccable
service we provide across all our resorts, have
resulted in us garnering numerous accolades, which
we are indeed, proud of. Tourism in Sri Lanka has
outperformed the general economy over the past
year and aggressive promotional campaigns carried
out by the Sri Lanka Tourism Promotions Bureau is
expected to attract a further influx of travellers to the
country. Taking all such factors into consideration, we,
at Anilana, have taken some strategic decisions to
grow and further extend our presence in the hospitality
industry.
Global tourism trends
The ITB Berlin’s World Travel Trends report of
2014/2015 states that “people around the world have
kept travelling more than ever before this year, despite
wars, terrorist attacks and a growing fear of pandemics
as well as diverging economic conditions.”
Similarly, in a report published by the World Tourism
Organization (UNWTO) in January 2015, says that
“International tourist arrivals reached 1,138 million
8
There has been a rapid increase in tourist arrivals
in Sri Lanka in 2014 and this trend is expected to
continue in 2015, despite two consecutive elections
and a fast changing environment. There have been
over 1.52 million tourist arrivals recorded in 2014,
and the Government’s target of 2 million tourists for
2015 definitely seems to be within reach, as already
from January to July 2015 over 1 million international
travellers have visited our golden isle. When analysing
tourist arrivals further, the highest number of tourist
arrivals country-wise, both in 2014 and 2015, have
been from India, China and the United Kingdom. In
March 2015 the Sri Lanka Tourism Promotion Bureau
has launched an aggressive promotional campaign
amounting to Rs 1.2 billion, which is hoped to bring
in a further influx of international travellers, and in
accordance to the Chairman of the Tourism Promotions
Bureau, they wish to concentrate on attracting highend travellers, a fact which indeed, bodes well for us
and our country.
Opening of Nilaveli and commencement
of Dambulla
Anilana Nilaveli opened its doors in April 2014, and
since then it has welcomed dignitaries, international
tourists and local customers with the warmth that
true Sri Lankan hospitality encompasses. A luxurious
resort with exemplary service placed in breathtaking
surroundings, is a sure-fire recipe for success, as is
amply demonstrated by the accolades it has earned
in 2014/2015 which includes the TripAdvisors Award
for Service Excellence and the Bookings.com Award
for Service Excellence, both of which we are indeed,
rightfully proud of.
We hope to commence our operations in Dambulla
very soon and we are confident that it will be a
resounding success from inception onwards. A
spacious, luxurious resort, centred on the truly unique
concept of an equestrian theme, together with our
indisputably high quality of service; we know we can
capture the hearts of all our guests with alacrity. Its
appeal will be further augmented by its strategic location,
as it is placed in the heart of the Cultural Triangle, in a
pivotal point that connects the East Coast of Sri Lanka with
its West.
Accolades and Awards
Modesty aside, our quest for perfection has indeed,
brought us very close to it, a fact that is amply re-iterated
by the numerous accolades we have garnered over the
period 2014/2015.
For example, we have been awarded:
Trip Advisor Awards
Award for Service Excellence – Anilana Nilaveli
Gold Award for Travellers’ Choice – Anilana Pasikuda
Agoda.com
Gold Circle – Anilana Pasikuda
Booking.com
Service Excellence- Anilana Pasikuda
Service Excellence- Anilana Nilaveli
National Geographic
Certificate of Appreciation from the National Geographic
recognizing Anilana Pasikuda for contributing towards
Geotourism.
Whilst appreciating the recognition awarded to our
commitment to quality and service, we will not be resting
on our laurels. Instead, it will motivate us to perform
even better in the future, which we believe is one of the
cornerstones of our success.
Acknowledgements
I extend my sincere appreciation to all those who made
Anilana the success it is today. The Board of Directors
for their vision and their strategic direction in guiding
the company forward, our Management Team for their
competence in making this vision a feasible reality, and our
valued staff for giving it your all; - your loyalty, commitment
and positive attitude, contributes to making Anilana what
it is; a force to be reckoned with in Sri Lanka’s hospitality
industry. I also wish to thank the tour operators for their
continuous support and partnership, our customers
who mean the world to us and whose appreciation is
what motivates us to reach even further heights, and
our esteemed shareholders for the trust and confidence
placed in the company; a responsibility which we indeed,
take very seriously.
Peter Amerasinghe
Chairman
9
ur financial year 2014/2015 began on an auspicious
note with the commencement of operations of Anilana
Nilaveli in April 2014, from which point we have moved
forward and upwards, creating an indelible presence in
the hearts and minds of all our stakeholders. Avoiding
the hiccups that start-up ventures usually face, Anilana
Nilaveli has proven her mettle time and time again, and
has been awarded the Trip Advisors Award for Excellence
of Service in 2014/2015 and the Bookings.com Award for
Service Excellence over the same period.
O
Our Sales & Marketing team has much to be lauded for, as
their untiring efforts have yielded admirable results, with an
ever growing clientele of satisfied customers. Their handson approach in cementing the far-sighted vision of our
company, has led to the cultivation of positive relationships
across the travel trade. New contracts have been entered
into with numerous Travel Agents such as Jahn Reisen,
Thomas Cook and Trail Finders to name but a few, and
this will indeed, pave the way for us to reach even greater
heights.
Our achievements
We do not measure our success by awards, alone.
However, we are honoured to have been awarded a vast
array of accolades over the period 2014/2015, which is an
ample testimony to our ongoing commitment to excellence.
Anilana has also received a vast number of favourable
reviews on Trip Advisor, another flame that fuels our quest
for perfection and propels our staff to achieve even greater
heights.
Our plans for the future
Our plans for expansion are carried out in a well-thoughtout and systematic manner. Our 54 room hideaway in
Dambulla is nearing completion and we hope to commence
its commercial operations over the next 15 months. We
are confident that this too, will be a resounding success,
for it is placed at the very heart of the Cultural Triangle
and it cleverly combines the excellence of design with the
impeccable service that Anilana is now renowned for.
Our Panichchankerni project is currently well underway as
well. In fact, we are nearing completion of 4 villas there,
and set amidst breathtaking surroundings, these villas
will artfully complement the location it is placed in, without
detracting from the awe-inspiring beauty of the area.
10
Sri Lankan Tourism is expected to experience an influx of
growth in the foreseeable future, and strategic development
projects are currently in place to ensure that our country
will be even more attractive to the destination traveller. We
recognize this and have taken positive measures to act
upon these opportunities and we are confident that our
investments in the hospitality sector will yield increasingly
profitable and sustainable results over the long haul.
Acknowledgements
I wish to thank our Management Team for their skill and
dedication in guiding Anilana in the correct direction. It is
they who cement the visionary ideas that unfold at Anilana,
and their contribution to our success is monumental.
I also wish to thank our valuable staff who are the very
foundation of our operations, and it is their tireless efforts,
their competence, and their loyal service, that enables us
to march forward boldly, overcoming whatever challenges
that come our way, knowing that success is inevitable.
Asanga Seneviratne
Managing Director
Managing Director’s Message
Our confidence
11
Board of Directors
Mr. Peter Amerasinghe is a Fellow Member of the Chartered
Management Institute of United Kingdom. He is an accomplished
professional with more than 45 years of senior managerial experience
that includes 15 years in Plantation Management and 17 years as
Chief Executive Officer of Lanka Walltiles PLC from its inception. Mr.
Amerasinghe is a founder Director of Lanka Tiles Ltd, (now Lanka
Floortiles PLC) ; and is on the Board of Directors to date.
Mr. Amerasinghe is currently the Chairman of Aristons (Pvt) Ltd and is a
Consultant to Noritake Lanka Porcelain (Pvt) Ltd. He also established
Ceyquartz MBI (Pvt) LTD, a joint venture with Japanese collaboration,
of which he is the Chairman and Managing Director. He has
considerable experience in the management of export oriented
manufacturing organizations and marketing of its products both locally
and internationally.
Peter Amerasinghe
Chairman
Ms. Manjula Seneviratne is co-founder of Anilana Hotels and
Properties Limited and has held the role as Non-Executive Director
since the company was formed. In addition to her Anilana role, Ms.
Seneviratne serves as Executive Director of Ceyquartz MBL (Pvt)
Ltd, a joint venture she co-founded with Japanese partnership in
1996, which was established as a BOI Company. Ceyquartz is
firmly established as an industry leader in the production of high
purity silica quartz for the semiconductor industry, holds ISO 9001
certification and exports products to Japan, Singapore, Malaysia,
Thailand and Korea. The company has won numerous Export
Awards from the Natonal Chamber of Exporters, most recently
receiving two awards at the National Business Excellence Awards
(2010).
Ms. Seneviratne completed her secondary education at Bishop's
College, Colombo (1977-1989), before successfully graduating
with her GCE Advance Level (Lon) at Colombo International
School (1989-19991). To complete her academic studies, Ms.
Seneviratne accepted a place at the University of Aberdeen
in Scotland, where she became an MA Graduate (1995) in
Economics and Management Studies.
Manjula Seneviratne
12
Director
Mr. Seneviratne was previously a director of Taru Villas Holdings (Pvt) Limited
where he was instrumental in developing the hotel chain of Taru Villas, as
well as being a Director and Chief Executive Officer of Asia Capital PLC,
a public quoted Company on the Colombo Stock Exchange (since 1994).
Mr. Seneviratne was previously Managing Director of Asia Securities (Pvt)
Ltd, and Chief Executive Officer of Asia Capital Ltd. He has also served as
Chairman of the Stock Brokers Association of Sri Lanka (2005/2006), and is
currently a Director of the Colombo Stock Exchange.
Mr. Seneviratne pioneered on-line trading in Sri Lanka through
Investor Access Asia (Pvt) Ltd with CDAX, the first on-line trading system in
Sri Lanka, enabling direct access to the Colombo Stock Exchange for the first
time, directly from the clients' personal computer.
He has been involved in key capital market and private investment
deals that have taken place in Sri Lanka over the last 20 years,
promoting many Direct Investments
in Sri Lanka from large
Foreign
Institutions
such as Credit Agricole-Indosuez W.I.Carr,
Regent Fund Management, Auerbach Grayson & Company. As well as
high net-worth individuals such as Dr. Sena Yaddehige and S.K. Tiog
(Malaysia). He has been instrumental in promoting many investor
conferences in Sri Lanka. With more than 20 years of extensive finance and
investment experience with Asia Securities and Asia Capital, together with his
experience within the hospitality industry, Mr. Seneviratne is well equipped
to lead the emerging Anilana Group of Companies and successfully achieve
their progressive business and expansion stratergies, building a new and
profitable brand which is quality driven.
In addition to his many business achievements, Mr. Seneviratne has
enjoyed a great passion for sports since his school days, when he studied
at St. Thomas' College Mt. Lavinia. Accomplishments include previously
captaining Sri Lanka's most famous Rugby Football Club; CR & FC (1987),
and serving as the National Coach for the Sri Lankan Rugby 7's team (2000
to 2003). Mr. Seneviratne also currently serves as President of the Sri Lanka
Rugby Football Union. In addition to his achievements in Rugby, he also was
the Captain for the prestigious Colombo Cricket Club (1994-1996), and has
served as Vice President of the Sri Lanka Cricket Board. He also represented
Sri Lanka Rugby and Under 23 Cricket teams.
Asanga Seneviratne
Managing Director
Board of Directors
Mr. Asanga Seneviratne is the founder of Anilana Hotels & Properties
PLC, spearheading the launch of the “Anilana” brand, which he owns. He is
also a Non-Executive Director of Nation Lanka Finance PLC.
In addition to his role as an independent Non-Executive Director
of Anilana Hotels and Properties PLC, Mr. Gamini Benedict
Wikramanayake is a Fellow Member of the Chartered Institute of
Management Accountants of the United Kingdom (CIMA), and a
Fellow Member of the Chartered Association of Certified Accountants of
Sri Lanka. With an accomplished background of over 30 years senior
managerial experience, he has held positions as Managing Director of
Management Systems Ltd, Chairman and Managing Director of Three Acre
Farms Ltd, Chairman of Ceylon Oils & Fats Corporation and also as the
Director Management Services for the Ministry of Public Administration and
Government of Ceylon.
Currently Mr. Wikramanayake is an active investor in the Sri Lankan Stock
Market. He holds a Masters Degree in Business Administration from
the University of Western Ontario, Canada and has previously held
a number of prestigious posts including: Chairman of the Bank of
Ceylon, elected President of the Sri Lanka Institute of Charted Accountants
(1976-1977), Management Consultant to the Maharaja Organization
(since September 1995), Secretary – Ministry of Public Administration,
Home Affairs & Local Government; Additional Secretary - Ministry of
Public Administration, Home Affairs & Local Government and Secretary –
Administration for the Ministry of Finance.
Gamini G Wikramanayake
Director
He resigned from the Board of Anilana Hotels and Properties PLC with effect
from the 30th of March 2015.
13
Board of Directors
Joining the Board of Directors with effect from 22nd May 2013
as a Non Executive Director of Anilana Hotels and Properties
PLC, Mr. Ajahn Punchihewa is also the Chief Executive Officer
and a Board Director of Nation Lanka Equities (Pvt) Ltd and a
member of the Colombo Stock Exchange.
Mr. Punchihewa pursued his higher studies in the UK, where
he obtained his BSC (Hons) in Finance, Accounting and
Management graduating from the University of Nottingham.
On his return to Sri Lanka Mr. Punchihewa worked for Asia
Securities (Pvt) Ltd, another leading investment bank, prior
to forming TKS Securities (Pvt) Ltd, a Malaysian owned
licenced stockbrokering house in October 2010. NLE formed
a strategic alliance with foreign fund/wealth management
companies, world-renowned research/media firms and other
local and foreign high net worth clientele.
Ajahn Gardiye Punchihewa
Director
A Member of the Chartered Institute of Management Accountants,
United Kingdom, and an accomplished finance professional of
more than 20 years, Mr. Perera is well experienced and equipped
for his role as Head of Finance and Compliance for the Anilana
Group of Companies. Before joining Anilana, he worked at
Richard Peries and Aitken Spence Printing where he was the
Finance Director.
In this role, he is responsible for creating detailed and accurate
financial reporting, maintaining strict internal controls, as well as a
comprehensive framework of policies and procedures that ensure
fiscal responsibility. This is key in allowing us to achieve our goal
of sustaining profitability. He is also responsible for ensuring full
corporate governance and compliance within the company.
Mr Perera was appointed to the Board of Directors with effect
from 18th May 2015 as an Executive Director of Anilana Hotels
& Properties PLC.
Manjula Perera
14
Director
15
Corporate Management Team
16
Shamila Philips
Gihan De Zoysa
Sales & Marketing Manager
Head Of Technical Services
Ms. Philips has played a significant role in promoting and
positioning Anilana, providing solid sales experience to build
our customer base and develop strong brand awareness.
Also an Associate Director of Anilana Hotels and Properties
PLC, in his role Mr. De Zoysa is responsible for managing
the preopening construction budgets, construction schedules
and project management for hotels and properties under
development.
Ms. Philips is actively pursuing new business opportunities on
behalf of the company, whilst building strong allegances with
operators and industry spercialists to develop existing business
levels of Anilana Hotels in both local and overseas markets.
As part of our overall marketing strategy and product
development, Ms. Philips has been deploying the
necessary tactics to help develop an awareness of
Anilana destinations and promoting our brand, with a
particular focus on the importance of the emerging east
coast as a major tourist destination. Passionate about
marketing, Ms. Philips is focusing on the pristine coastline of
the east coast of Sri Lanka, to new and emerging markets,
especially to the needs of the more up market traveller.
Working closely with the Managing Director, Architects,
Consultants, Interior Designers, Construction companies
and Contractors, he is responsible for sourcing development
locations, coordinating construction schedules and budgets,
overall coordination of project management issues and
coordinating with service providers and surveyors.
Asanga Seneviratne
Manjula Perera
Managing Director
Head Of Finance & Compliance
Mr. Asanga Seneviratne is the founder of Anilana Hotels &
Properties PLC and in his role as Managing Director; he spearheads
the company’s positioning, strategic direction and the
overall development of the “Anilana” brand, which he owns.
A Member of the Chartered Institute of Management
Accountants, United Kingdom, and an accomplished finance
professional of more than 20 years, Mr. Perera is well
experienced and equipped for his role as Head of Finance
and Compliance for the Anilana Group of Companies. Before
joining Anilana, he worked at Richard Peries and Aitken Spence
Printing where he was the Finance Director.
The management team has been set up in a highly
collaborative matrix structure with direct reporting
relationships to the Managing Director. In his role Mr.
Seneviratne is the overall guiding influence within the
company, overseeing the key functions of corporate
development, investment and investor coordination, financial
resourcing, resource allocation and the sustained growth of the
company.
In this role, he is responsible for creating detailed and accurate
financial reporting, maintaining strict internal controls, as well
as a comprehensive framework of policies and procedures that
ensure fiscal responsibility. This is key in allowing us to achieve
our goal of sustaining profitability. He is also responsible for
ensuring full corporate governance and compliance within the
company.
Mr Perera was appointed to the Board of Directors with effect
from 18th May 2015 as an Executive Director of Anilana Hotels
& Properties PLC.
17
17
Pasikuda
L
ocated on 7 acres of prime land, in the East Coast of Sri
Lanka, approximately 35 kilometres North of Batticaloa,
is Anilana Pasikuda. Being in operation since 2013, we have
made an indelible mark in Sri Lanka’s hospitality industry,
winning numerous accolades, including the TripAdvisors’
Travellers Choice Award for 2015 and the TripAdvisors’
Certificate of Excellence in 2014. We also received a
Certificate of Excellence from the National Geographic,
giving recognition to our contribution towards Geo tourism.
Quietly tucked away from the crowd on Pasikuda Bay,
our secluded yet luxurious retreat carefully preserves the
natural beauty of its surroundings.
Breathtaking views of the Indian Ocean greet you from the
lobby, past the long swimming pool; and from each of our
spacious and luxurious rooms. Modern design combined
with the natural elements used during construction gives
this retreat its own unique beauty, complemented by the
stunning coral reefs and the pristine waters of the Indian
Ocean lapping outside.
Our friendly and courteous staff provide impeccable service,
and it is their attentive care and prompt service which
18
proves that Sri Lankan hospitality is indeed, something
to write home about! Being adjacent to the Ocean, fresh
seafood comes as no surprise but our talented chefs take it
to another level and bring about an array of mouth-watering
dishes to tempt even the most fastidious guest.
Anilana Pasikuda brings a touch of paradise to our valued
and content guests. This is a place that induces rest and
relaxation and where the travails and routine of everyday
life can be left far behind. However peace does not
necessitate isolation, and via fibre optic technology, most
modern devises are functional here, be it cable tv, music or
high speed Wifi internet connectivity.
Hotel facilities has something for everyone; be it a beach
bar and restaurant for those who wish to bask in the sun,
a lobby bar and restaurant for those who prefer indoor
comforts, a vast swimming pool for those who want to
enjoy a relaxing dip after day out in the tropical sun, and
60 comfortable rooms including single, double and duplex
chalets.
19
Pasikuda
Nilaveli
nilana Nilaveli began its operations in the first quarter
of 2014, and it has fast become one of the front
runners in Sri Lanka’s hospitality industry. A fact readily
apparent by the numerous accolades it has earned,
including the TripAdvisors’ Travellers Choice Award
for 2015 and as a nominee for the World Luxury Hotel
Award in 2016.
A
Along the East Coast, on the golden beaches of
Irakkandai, Nilaveli, our hotel is sprawled amongst 7
acres, bringing comfort and luxury to even the most
discerning traveller. Snorkelling, deep sea fishing,
sailing, water sports, whale and dolphin watching are
a few of the myriad activities this area is famed for.
However, those who prefer a more relaxing holiday, can
take a dip in either of our two enormous swimming pools,
be pampered at our state-of-the-art spa, enjoy tropical
cocktails made by our skilled bartenders and savour
some of the delectable dishes that are on offer at any of
our restaurants here.
We provide a haven, away from the hectic bustle of the
city; a place to recharge your batteries and to drink in
20
the tranquillity of your surroundings. However, at Anilana
Nilaveli you will not be cut away from the world-at-large
either, unless that is your wish of course; for we provide
access to high speed Wifi connectivity, cable tv, music,
videos and digital telephones, all delivered on one digital
IP platform.
Our service is exemplary, with our staff taking care
of each of our valued guests with courtesy, skill and
attentiveness. We provide service with a smile and
you will indeed feel at home here, with a few additional
creature comforts, of course.
Our facilities include 70 spacious and comfortable rooms
& suites, a lobby restaurant & bar of the highest quality,
a large veranda for al fresco dining, two enormous
swimming pools leading the way to an amazing beach
restaurant & bar and a roof-top restaurant where you can
take in the splendorous views of the Ocean, the pristine
beach, and the surrounding environs in all its beauty.
21
Nilaveli
22
Nuwara Eliya
Nuwara Eliya
estled amidst the hills of the Central Province is Craig
N
Bank Nuwara Eliya, artfully placed on one acre of land,
it is a place that cleverly captures the romance of a bygone
era, without foregoing the comforts and conveniences of the
modern world. The unique charm of this particular villa maybe
partly attributed to its Art Deco style, traditional designs, and the
numerous antiques that can be found here.
Amidst the picturesque landscape of lush green tea estates,
sloping hills and cascading waterfalls stands Craig Bank
Nuwara Eliya. Nuwara Elya is ofttimes referred to as “Little
England” mainly due to its cool, sub-tropical climate and the
flourishing growth of fruits, flowers and vegetables that are
usually found in temperate Europe. In keeping with this colonial
backdrop, at Craig Bank Nuwara Eliya, you will find attentive
staff and a butler service to cater to your every whim. Our
beautifully laid out garden with a profusion of vibrant, colourful
flowers is a feast for the eyes; whilst a very different kind of
gastronomical feast can be sampled in our dining room, thanks
to our multi-talented cook.
Nuwara Eliya offers a diverse range of activities for visitors
and residents alike; be it golf, horse riding or trekking. Some
chose visit to the Haggala Botanical Gardens with its effusion
of flowers, whilst others opt to visit the Galway’s Land Bird
Sanctuary near Lake Gregory. Yet others use Nuwara Eliya as
a base to visit Horton Plains National Park, famed for its wildlife
and the renowned attraction “World’s End.” For those who
prefer to relax indoors, our villa offers Wifi facilities, cable tv in
the TV room, and an assortment of board games ranging from
chess to backgammon and draughts.
Facilities at Craig Bank Nuwara Eliya includes four large
bedrooms and en-suite bathrooms, a drawing room cum
lounge with a cosy fire place, a TV room, a well equipped
kitchen and a laundry room. A veranda to enjoy pre-dinner
drinks or some afternoon tea, and ample parking, makes this
a haven for guests who want to relax in an intimate, quiet yet
welcoming atmosphere, reminiscent of a more peaceful time in
days gone by.
23
Accolades
24
Trip Advisor Awards
Award for Service Excellence – Anilana Nilaveli
Gold Award for Travellers’ Choice – Anilana Pasikuda
Agoda.com
Gold Circle – Anilana Pasikuda
Booking.com
Service Excellence- Anilana Pasikuda
Service Excellence- Anilana Nilaveli
National Geographic
Certificate of Appreciation from the National Geographic
recognizing Anilana Pasikuda for contributing towards
Geotourism
“Excellent hotel, beach & staff”
Guest Feedback
Anilana Nilaveli
We stayed here twice in four months and everything was great, we liked the food, room on the 3rd floor with great
views, the beach is great, almost white sand, no crowds or people selling sth. Most of all we liked the staff as they
were really open and kind, they are truly warm and ready to do anything to please guests, which is what we love and
sebastian909 appreciate. As long as the staff is nice, the premises and the room clean, the location perfect, everything is great.
Maribor, Slovenia
“Great place, very friendly staff”
Johanne C
Frederiksberg
I stayed at Anilana Nilaveli with some friends for two nights and we had a great stay. Lovely pools - and nice that there
were two, so you could choose the calmer one for swimming. Really attentive staff and just very nice people. The
room was spacious and modern. We only had great food here. The buffet was plentiful and the a la carte menu also
had good options.The beach was lovely and spacious - there were not a lot of people on it. So all in all, a great place,
which I can only recommend.
Anilana Pasikuda
“Brilliant 5 nights stay”
We had a fantastic experience at anilana with very few if any problems or faults.
The rooms are spacious clean and well presented on arrival
The pool is great ,we enjoyed cooling off here on in the sea
sebastian909
The food is very good, evening buffets have with a personal touch as chefs cook what they are offering how you like Maribor, Slovenia
it in front of you
Some people were saying there was issues with service due to undertrained staff but we felt the staff were very
competent and have either finished their training/had further training to help as all staff spoke good english, were
friendly and did everything we asked - we particularly liked the young waiter who worked on the bar. He made very
good cocktails.
“The best!”
The hotel was beautiful and the view was spectacular!The staff was so nice and friendly! Pasikuda is quite far from
Colombo, but when we got there we didn’t want to leave. The food was classy and delicious .The infinity pool and the
view was just the best. Can’t wait to visit again! Thank you for making my stay an enjoyable one!
devini j
Colombo, Sri Lanka
“A touch of paradise”
Stayed in this beautiful hotel for a short two days, everything about it was spot on! Beautiful views, rooms were
spacious, modern and great, food was excellent!
The infinity pool looking onto the sea was picture perfect!
Have recommended to many friends and if I ever have the chance, I will be back!!
Clomcg
Malaga, Spain
Anilana Craigbank Nuwara Eliya
“Old Colonial remembered!”
JanBenj
London,
United Kingdom
I don’ know how to praise this boutique. Hotel enough! During the day on our drive there our driver had a couple of
calls asking for our time of arrival. When we arrived at this stunning spot we realised why. They wanted us to decide
what we wanted for dinner! They then went off to market to buy all this lovely fresh food for dinner. We had to wait a
while but believe me it was well worth the wait. The food was absolutely fabulous. We had drinks by the cinnamon log
fire whilst we waited, no chore! Neill, who was the hotel manager at the time was utterly charming and the very best
host. Our rooms were very stylish and perfectly clean.
The family room is so quirky, I won’t tell the secret in case you stay there!. The gardens are stunning and beautifully
cared for. Sadly we just had one night there. When we left in the morning it was our wedding anniversary, the staff
lined up to say goodbye and when we got to our car it had been decorated with balloons and posters. They all waved
goodbye. Not enough time there.
25
Dambulla
S
ituated on the main road which connects Dambulla to
Colombo, this 39 acre property is a paradise for nature
lovers, for it is filled with fruit trees, a vibrant expanse of
diverse plants and colourful flora. It is a haven for bird
watchers, for this fertile land attracts many species of our
feathered friends who have now made it their home.
It is strategically located, being just a few minutes’ drive
from the Dambulla city centre, which is 72 kilometres away
from Colombo, and which has the distinction of being a
pivotal spot that connects the East Coast of Sri Lanka
with the West. Dambulla is part of the Cultural Triangle
and boasts of World Heritage and Cultural sites and is
a base from where other ancient cities such as Sigiriya,
Polonnaruwa and Anuradapura can be explored with
ease. It is also short distance from the Knuckles mountain
range in Matale, which once again Is a UNESCO World
Heritage site and which is abound with a diverse range of
fauna and flora.
We are in the initial stages of developing the Anilana
Dambulla Country Club and plans are afoot to centre
it round an equestrian theme, which would include a
professional horse riding school and show jumping,
which in turn would lend it a distinct and unique touch. As
horses are closely associated with the British aristocracy
and country living, we intend to design the main building
in keeping with an old English country manor, with large
rooms and even larger suites. Apart from the main
building, we intend to construct riverside chalets and split
level lofts, through which we hope to attract a diverse
portfolio of visitors, be it large families or small groups.
cocktails that are worth writing home about. As hitherto
mentioned, we also intend to have a stable filled with
horses in keeping with our equestrian theme, a facility
which is a rarity in Sri Lanka, especially in Dambulla and
its environs.
The second phase of this project will include the
development of spacious, one-of-a kind villas, ranging
from 4 bedroom units to 8 bedroom units, all of which will
have spectacular views of the surrounding country side.
Our goal is to sell these to individual investors or for it to
be part of the hotel inventory on a profit sharing basis.
The location of this site is indisputably beautiful, with lush
vegetation and an ambling stream bordering the property.
This stream should provide ample water for the horses
and we propose to include a tasteful water feature which
would heighten its aesthetic appeal still further. The tall
trees and the shrub jungle in the vicinity, with imposing
yet breathtaking mountains further afield, will lend a
certain authenticity to its country club ambience.
As the third phase of this project, we intend to develop
the road side frontage of the property, so that clean, high
quality street food, beverages and retail opportunities will
be available to travellers; and in-turn this should help us
generate additional revenue whilst offering an opportunity
for well-trained locals who reside nearby to be an active
part of our venture, as part of our larger plan to further our
promise of social responsibility.
Facilities at the resort include a main building, riverside
chalets totalling 54 rooms and suites, including 8 lofts
which are ideal for families. For those who come here for
rest and relaxation there will be two large swimming pools,
26
a spa and a well equipped gymnasium. Two restaurants
and bars will provide some delectable dishes and
erfectly situated with an 80 perches ideal central
location on Galle Road Colombo, this will be a multi
purpose, high rise building with a unique, top floor lobby
providing stunning city and ocean views.
The sleek glass façade of the building will contain high
quality retail shopping, busy and stylish restaurants,
multi purpose banqueting facilities and several floors
of corporate office space. The hotel component will be
designed to feature rooms and suites with diffrent room
configurations which will appeal to both business and
lesiure travellers.
The development will also include a city spa, banquet
facilites, meeting rooms and modern style restaurants
which feature authentic asian, western and international
cuisines. The sky bar will provide stunning views of the
city.
Colombo
P
27
Panichchankerni
N
estled between Trincomalee and Batticaloa is Panichchankerni, a
small village in the North East coast of Sri Lanka. We have bought
several plots of stunning beachfront property in Panichchankerni,
totalling a little over 17 acres, all adjacent to each other, in our bid to
build an eco-friendly resort village. It will be an ideal getaway from the
hustle and bustle of city life, for its untouched, pristine beaches acts
as a soothing balm for any weary soul.
Geographically this site acts as a bridge through which two separate
beaches are connected and it incorporates our Seladiv Island site, and
here we plan to build a number of luxury villas and an unique boutique
hotel with 70 spacious rooms. The central village will be designed
so as to incorporate an independent spa and water sports facility,
which will be the focal point of our community, and surrounding it will
be our own brand of utopia, with landscaped public areas, a main
street where high quality restaurants, bars and retail shopping would
be made possible to all our valued guests. The adjoining area of the
resort will be designed along the same lines, but it will have smaller,
more exclusive units which will be open for sale or rent on completion.
28
Facilities at this resort would include exclusive villas and a main
building consisting of 70 rooms and suites, set in the midst of an
utopian village with a spa, health centre, gymnasium, beach club,
numerous restaurants, bars and outlets for retail shopping. For those
who wish to get married in paradise or others who wish to host a
special celebration or even a memorable seminar, we offer a meeting
room and banqueting facilities. All this would be done in a tasteful,
eco-friendly manner that complements the extraordinary beauty of
the surrounding environs.
et amidst Tricomalee and Batticaloa in Sri Lanka’s breathtaking
East Coast, our 10 acre Seladiv Islands site is part of our
Panchichankerni integrated resort project. However it will be a retreat
unto itself with luxurious water bungalows overlooking a living coral
reef. In building this eco-friendly resort we will not disturb the natural
beauty of this island with its avid plant life and lush green mangroves.
The buildings and pathways will be constructed on an elevation, so as
to preserve this island’s scenic beauty and as a way to preserve the
fauna and flora of the surrounding environs.
Our resort will tastefully combine the concept of indoor and outdoor
living and in keeping with our eco-friendly design we will be using
natural materials wherever possible so as to complement the natural
beauty of the area. This is a place where the freedom of the vast
outdoors comes together with luxury and comfort of the indoors, and
where living with nature is indisputably a pleasure with the ocean
lapping at your feet and the golden sand at your doorstep, all under
a warm, tropical sun.
Facilities at this resort will include 24 spacious, exclusive water
bungalows, 10 expansive island suites, a lobby lounge with a cosy
restaurant and bar where fresh, delicious food will be prepared to
tempt even the most discerning traveller. A short, picturesque stroll
on the main land will lead to a well equipped spa, water sports and
diving centre which would be part of the Panchichankerni integrated
resort project.
Selladiv Island
S
29
Blue Lagoon
L
ocated on the North-East Coastal belt of Sri Lanka is
Trincomalee, a haven for holiday-makers; whether they be
sun-worshippers, nature lovers or water sports enthusiasts.
On Tricomalee’s golden shores, just a few kilometres away
from Anilana Nilaveli and the centre of Trincomalee’s city
centre, is 7 acres of prime, beachfront property, on which
Anilana Blue Lagoon will be developed. It would be under the
ownership of Blue Lagoon Resort (pvt) Ltd, a subsidiary of
South Asia Asset Management (pvt) Ltd, which in turn is a
fully owned subsidiary of Anilana Hotels & Properties PLC.
On one border of this picturesque property a tranquil river
ambles on to the pristine Indian Ocean, which beckons
invitingly from the other border. It is an ideal location for those
who wish to pursue an array of water sports, whilst those who
prefer a quieter holiday would certainly not be disappointed
either, as they can rest and relax in luxurious comfort at our
resort and enjoy the panoramic views on offer here.
Facilities would include a four storied hotel comprising of over
70 bedrooms, all of which would have breathtaking views of
the ocean. For those who prefer a more intimate setting, we
plan to construct spacious, well-designed villas with 4 to 8
bedrooms, again with spectacular views of the coastal waters.
A spa would also be in operation here, as a range medicinal
plants and tropical trees that form the base of Ayurvedic
healing, is found in abundance here.
30
Vakarai
S
ituated about 65 kilometres to the north of Batticaloa, on
the East Coast of Sri Lanka, will be Anilana Vakarai. With
over 21 acres of prime, beachfront land, it is an ideal holiday
getaway with its golden, unspoiled beaches, tropical climate
and the inviting waters of a clear blue ocean lapping nearby.
It will be a haven for water sports enthusiasts, as there will be
an array of water sports that guests can engage in here. It is
also an ideal place for those who wish to get away from the
hustle and bustle of city life, and its overwhelming beauty is
almost too much to take in, making it a gateway to paradise.
We are confident that this would be of great appeal to our
discerning, up-market clientele, who wish to enjoy exotic
holidays under a warm, tropical sun.
Facilities would include several luxurious villas, clusters of
eco-friendly beach homes, and a magnificent hotel with 80
to 90 spacious rooms. There would also be a state-of-theart spa, a well equipped gymnasium and sophisticated
restaurants and bars, making it a self contained and integrated
resort that cleverly combines the comforts of modernity with
the breathtaking landscape that nature has bestowed us with.
31
Kalkuda
I
n Sri Lanka’s proverbial East coast, 35 kilometres Northwest
of Batticaloa, lies Kalkudah, a secret 34 acre hideaway, with
unspoilt beaches and pristine waters that must literally be seen to
be believed. The unique white sand and the balmy coconut fronds
lazily swaying to the rhythm of the ocean breeze, makes this place
akin to paradise. Our site is centrally located on Kalkudah bay,
and despite its proximity to other hotels and restaurants, it has a
certain intimate, secluded feel to it, which is bound to please even
the most world-weary traveller.
Anilana Kalkudah will be constructed as an eco-friendly, integrated
resort, with luxury, beauty and privacy being its forte. Plans are
also underfoot to construct several spacious villas with stunning
beach frontage, where the concept of indoor and outdoor living
will blend together effortlessly. Natural building materials will be
used wherever possible, and each unit will be designed to hold a
private swimming pool for the convenience of our guests.
Facilities would include the aforementioned environmentally friendly villas each with its own pool , several beach houses, a
hotel and a luxurious spa where our guests will made to feel like
royalty.
32
33
Management Discussion and Analysis
34
W
ith the end of the Civil war in 2009, there has
been a steep increase in the number of tourist
arrivals to Sri Lanka and the tourism industry expects
this trend to continue in 2015. However a downturn in
the global economy could take the edge off the surge
of arrivals in the latter part of this year.
According to the World Travel & Tourism Council
(WTTC), tourism in Sri Lanka has outperformed
the general economy, in 2014. In fact, in terms of
percentage, Sri Lanka has performed better than even
some of the big players in the travel industry, such as
China, India and Indonesia.
According to the Sri Lanka Tourism Development
Authority (SLTDA), overseas tourist arrivals rose
13.% on a comparative year-on-year basis for the
three month period ranging from January to March. As
at end July 2015, tourist arrivals have crossed the 1
million mark and if this trend is to continue, the country
is well on its way to exceed the 1.52 million tourist
arrivals recorded last year. Thereby, achieving the
Government’s target of attracting 2 million visitors for
2015, is almost a certainty.
China is a key player in our tourism sector; a fact amply
demonstrated by the increase in arrivals of Chinese
tourists by 84 % , ahead of all other nationalities; and
by the fact that their numbers in terms of arrivals have
more than doubled since 2014. In the first quarter of
2015, over 53,000 tourists arrived from China alone,
whilst travellers from India and the United Kingdom
have frequented our shores in formidable numbers,
too.
In order to capitalize on recent achievements, in
March 2015, the Sri Lanka Tourism Promotion Bureau
launched a Rs 1.2 billion promotional campaign that
will also focus on China, Germany, India and Italy, as
key growth areas for tourism. The aforementioned
campaign includes strategically placing advertisements
overseas, bringing delegations of travel agents to Sri
Lanka and improving brand awareness at various
trade shows across numerous destinations.
However, the recent surge in tourist arrivals is
expected to decrease marginally over the next few
months, due to the downturn in the global economy.
The shift in focus to the Chinese market comes as
arrivals from Russia have declined, with Russian
tourist arrivals declining 21% in the period January to
March, partly due to Western sanctions and in part
due to the economic recession.
Sri Lanka Tourism together with strategic sponsors are
encouraging travellers to explore our Eastern Belt with
promotional campaigns such as “Trinco comes Alive”
which was held from 31st July to 2nd August this year.
This event intended to showcase our multifaceted
island as a hip destination for the adventurous, young
at heart and for music lovers.
The travel and tourism industry needs to strategize
wisely, if they are to be even more successful. In fact
the Chairman of the Tourism Promotions Bureau has
stated that “Sri Lanka must stop chasing visitor arrival
numbers but focus on attracting the $250 per day
guests into the country if we are to make the industry
financially viable.”
Month
2014
2015**
% change 2014/2015
January
146,575
156,246
6.6
February
141,878
165,541
16.7
March
133,048
157,051
18.0
April
112,631
122,217
8.5
May
90,046
113,529
26.1
June
103,175
115,467
11.9
July
133,971
175,804
31.2
August
140,319
September
105,535
October
121,576
November
119,727
1,005,855
16.8
December
Total
Up to July
178,672
1,527,153
861,324
** Provisional
Tourist Arrivals in 2014/2015
Tourist Arrivals in 2014/2015
Source: Sri Lanka Tourism Development Authority
35
Tourist Arrivals by Region 2013 & 2014
Tourist Arrivals by Country of Residence 2013 & 2014
** The figues as of 31st December 2013 & 2014
36
Month
East Coast arrivals**
January
13,419
February
16,281
March
10,949
April
9,521
May
6,675
June
9,082
July
11,311
August
13,930
September
11,770
October
11,114
November
12,230
December
19,473
Total East Coast arrivals for the year
145,755
** East Coast arrivals are calculated based on foreign guest nights in graded hotels.
Tourist Arrivals in the East Coast in 2013
37
Everything we do begins and ends with
our guests
As meeting and exceeding customer expectations
is our primary focus, we have strategically built the
Anilana brand, to ensure that the quality and service on
offer at all our resorts, remain steadfastly consistent.
To this end, we have developed brand standards and
a strong human resource development plan, so that
the resorts presently in operation and the development
projects currently underway, are geared to sustain
future levels of profitability. We have identified our
primary customer base and have positioned ourselves
to meet their needs, in a fast changing environment.
We intend to attract new customers, whilst retaining
our existing customers whom we hold in high esteem.
We love what we do, and it is this passion for quality
and perfection that drives our highly motivated, trained
group of staff to excel in all that they do.
Corporate Structure
We have centralized several of our organization’s
functions so as to benefit from economies of scale, and
to ensure that undue expenses are not passed onto to
our valued customers. Thereby, at Anilana Centre, our
Head Office, which is situated in Colombo; we handle
a vast range of support services, such as project
management, finance, legal & compliance based
work, marketing & sales, reservations, information
technology, human resource management, technical
services and procurement, so as to minimize our onsite manning levels and to give them the freedom to
do what they do best, which is providing unmatched
service to our guests. At Anilana Centre, we are geared
to achieve the four cornerstones of our strategy, which
are sustaining profitability, developing our human
resource component, achieving brand clarity and
maintaining the integrity and consistency of our brand.
Design, planning and preparation of new
openings
The Corporate Management team work tirelessly to
ensure that all projects are viable, both financially
and technically, and that they comply with our brand
standards. They work hand in hand with a team of
trusted professionals, each an expert in their field,
be they architects, contractors, interior designers or
specialist consultants. Together they arrive at a well
thought out action plan and come to a consensus on
appropriate design layouts, project costs, construction
schedules, operating concepts, furniture & operating
equipment requirements, all of which are aimed at
taking Anilana to another realm of excellence.
Marketing, Sales & Reservation
Management
All marketing activities are centralized at Anilana
38
Centre, be it strategic planning, public relations,
advertising, collateral management, reservations,
online marketing, business forecasting, contracting or
sales & revenue management. We have set ourselves
challenging yet achievable sales targets, which we
enthusiastically pursue, made easier by the fact that
we have identified our niche and our potential customer
base. We intend to focus mainly on high spending
international clients who mainly come from European
countries such as the United Kingdom, Germany
and France, as well as our Asian counterparts from
China and India; whilst keeping our loyal, Sri Lankan
customers close to our hearts.
We have a multi-pronged approach to pierce our sales
targets, one of which is to develop and maintain strong,
professional ties with both local and overseas based
Tour Operators and Travel Consultants. Another, is to
develop a formidable online presence, which we have
done by investing in our own modern reservations
engine, cultivating strong relationships with companies
that engage in online reservations such as Bookings.
com and Agoda.com, and by investing in a name
optimization program that lends us a preferential
standing on Google Search, which in turn increases
brand awareness. We also place emphasis on
cultivating and maintaining our reputation online, by
responding to queries, concerns and complements in
a courteous and timely manner, be it on social media
or on customer review sites such as Tripadvisor.com.
Similarly, in order to gain and retain our local customer
base, from time to time, we offer them a host of
privileges, be it special promotions or attractive rates.
“A touch of paradise” amply sums up our advertising
concept, as we promote Anilana as an inspirational
destination to our discerning international clientele
and to the upwardly mobile local market. We
ensure that the pristine beauty of the east coast is
highlighted along with the intimate luxury that Anilana
curbing any undue expenditure. Financial reporting is
carried out, conforming to the guidelines set by the
relevant accounting standards, making it a reliable
source of information for all. As per the statutory
requirements, audits are mandatory and we do our
utmost to ensure that it is carried out in a methodical
and timely manner.
Recruitment, manpower development and
Brand Clarity and Operating Standards
succession planning
We believe that the foundation of our operations is
our people, and with this in mind we have centralized
all strategic human resource development activities
at Anilana Centre, including recruitment & selection,
development of training material, manpower planning
and compensation planning, to name but a few. We
have invested in recruiting highly trained professionals
who are extremely competent in their own sphere of
service and we have potential candidates of a similar
calibre lined up for projects that are currently at the
development stage.
Tactical human resource requirements are also
placed on a level of utmost priority, with performance
management, provision of employee services, training,
counselling, evaluation and motivation, taking pride of
place, for we believe that satisfied employees pave
the way to obtaining and retaining even more satisfied
customers.
As Anilana has several ambitious yet attainable plans
for expansion, the need to develop future leaders in
keeping with our pace of growth, is a matter that has
gained our attention. To do so, we will be focusing
on the specific competencies such leaders need to
posses, both at a strategic and tactical levels, and
we aim to foster such competencies, first by choosing
the correct person for the correct job, and then by
designing development programmes that will help
them master the required traits and skills that would
be essential to carrying the company forward.
For us, Brand Clarity encompasses having uniform
operating standards across all our ventures, which
share the common aim of ensuring that all our clients
experience the “memorable hospitality” that we are
renowned for. In our books, the Fundamentals of
Hospitality can be classified as:
• Defining and maintaining standards for comfort.
• Defining and maintaining standards for cleanliness.
• Awareness and implementation of safety related
protocols.
• Ensuring consistency for excellent service, in all
locations.
At every point of service, we aim to sustain the integrity
of the Anilana brand, by ensuring that our product,
service and delivery standards are in keeping with our
dedication to excellence.
Sustainability
Corporate governance, government
liaison, licensing and legal matters
It is the Corporate Management team that is
responsible for upholding financial transparency and
legal accountability, which is then perused by our
Board of Directors. We feel that it is our integrity in
this regard, that helps us further the trust placed in
us by our shareholders, directors, associates, clients
and all other stakeholders. The development of well
defined procedures for all work processes; and the
clear, accurate documentation of it, paves the way
for reliable internal controls, good governance and
complicity in keeping with both internal and external
audit standards.
Along with the implementation of corporate policies
and procedures, we monitor compliance on an almost
daily basis, so that a tight control is kept at all times,
in keeping with the aim of protecting our assets and
is renowned for, in all our promotional campaigns. We
will be focusing mainly on attracting honeymooners,
adventure seekers, promoters of lifetime experiences
and all high yield clientele who are willing to pay a tad
more for high quality service, exclusivity and luxurious
living facilities.
Sustainability is something we at Anilana, fully
endorse, be it our legal and moral obligations, or our
ethical responsibility to society at large. We believe
that we need to respect our natural environment in
all circumstances, as either directly or indirectly, it
is the very cornerstone of our success. We believe
39
that man and nature can co-exist peacefully, and we
act in a manner that is beneficial to both, as is amply
demonstrated by the decisions we take and in the
way in which we fulfil our social, ethical and economic
requirements.
We are aware that man in his quest for development
sometimes works in a manner that is detrimental to
nature. However, we realize that this outlook is a very
short-sighted one, and so we endeavour to protect our
natural resources, be it water, energy or the natural
environment, not only for its beauty and diversity, but
for the well-being of us and our future generations.
With this objective in mind, we have devised a five
point plan, in order to walk the talk; that being:
1. Environment
We respect all environmental regulations, ordinances
and laws that are put in place to safeguard our health,
our people and our natural resources. We have
invested in high quality equipment and state-of-the-art
computerized monitoring systems that facilitates the
efficient use of resources.
We incorporate environmental sustainability at each
stage of our operations. For instance, at the design
and development stage, we incorporate effective
water management systems that help us eliminate the
excessive use of water; whilst at the operational stage
we use a natural filtration process that enables our
guests to have access to cool, clean drinking water;
and in the same vein, water is used efficiently and
economically across all our functions, be it for laundry,
culinary or gardening requirements.
Similarly, we opt to conserve energy in an efficient,
economical and sustainable manner, and to that end,
we use LED powered lights and solar energy in over
80% of our lighting requirements. Most of our air
conditioning units operate on solar power, too, and hot
water is obtained using solar energy for the most part,
which minimizes our reliance on boilers and suchlike
equipment.
Most of our projects which are currently under
development will also be using natural materials for
construction, wherever possible; and high ceilings
will be incorporated in some of our structures at
the construction stage itself, so as to minimize the
reliance on artificial cooling systems. We will also
bestow the utmost respect to the natural beauty of the
environment and promote it at all possible times.
2. Community
Most of our resorts ( and prospective development
projects ) are situated in Sri Lanka’s East Coast, a
place where the impact of a long drawn out civil war
spanning over two decades was keenly felt; and to
where travel was practically unthinkable before 2009.
This has impacted the locals in a manner where hitherto
training and development opportunities were scarce,
which is something we aim to rectify. To this end, we
have carried out initial discussions with the Swiss
40
Ambassador Mr. Heinz Walker-Nederkoorn, First
Secretary Ms. Kay-Nina Forrer, NGO Representatives
of the Deutsche Internationale Zusammenarbeit (GIZ)
and Ms. Senaratne of the Vocational Training Authority
(VTA) of Sri Lanka. The meeting was held to gauge
how Anilana Nilaveli can further assist and contribute
to the local community by training interested youth in
vocations related to the hospitality trade.
To date, almost 70% of our staff are highly trained
locals, who are given ample opportunity to grow in
the hospitality industry, armed with the progressive
training and the development opportunities provided.
For example, Mr Kodish, a local resident, was
employed by Anilana Pasikudah three years ago, and
was recently promoted to the position of Assistant
Housekeeping Supervisor. Similarly, most of our
kitchen trainees at Anilana Nilaveli are recruited from
the Vocational Training Authority in Trincomalee, whilst
hiring Kitchen, F&B and Housekeeping trainees are
recruited from the National Apprentice and Industrial
Training Authority in Trincomalee and Kantale.
We also tend to source our food locally wherever
possible, be it seafood, meat, vegetables or dairy
products. Through this, we ensure that the freshest
produce reach our kitchens every day, while helping
local farmers, fishermen and vendors to obtain a
substantial living allowance through these sales. We
promote sustainable fishing methods and organic
food, in our bid to inculcate environmentally friendly
practices in all our stakeholders.
In Nilaveli, we have commenced providing lunch
packets every month to trishaw drivers, Navy and
Police life savers, counter staff working at Wildlife
ticketing, and to boatmen, a thoughtful gesture that
has indeed, fostered goodwill in the community.
With our commitment to sports, we organized a cricket
match in Vakarai this year, and sponsored several
items of cricket gear, that would enable residents to
Yet another contribution we make towards the
wellbeing of the community, lies in the manner whereby
we encourage our guests to visit local markets and
shop there, whenever possible. For example, at
Anilana Pasikudah, we provide our guests with free
transfers to Vallachennai, where they can purchase
items of clothing and replenish their day-to-day basic
shopping requirements, without much ado.
3. Associates
At Anilana, we believe that our people are the key to our
success, and that keeping them happy and motivated,
whilst developing their skills, would naturally lead
to personal growth, and to the betterment of our
organization, where excellence is a way of life.
We provide both internal and external training
opportunities, ranging from customer service to
on-the-job training; and we facilitate development
programs where English language training and
Computer skills are specifically fostered.
customers, and we take it upon ourselves to provide
and maintain optimal standards of comfort and
hygiene, safety and consistency, in all that we do
across the board, in all our resorts.
At Anilana we believe that our customers share the
same passion for the environment that we do; and in
turn we promote sustainable local produce whenever
possible, attempt to minimize waste and excessive
energy consumption, and pay heed to the conservation
of water. In our endeavour to help save our forests, we
have computerized most of our functions and we try
to minimize the use of paper, in all our operations. We
also ensure that our food does not compromise the
wellbeing of any protected species, and thereby our
guests are assured that turtles, shark fins and dolphins
are certainly not part of our menu plan, and that we
do not even use seafood obtained by environmentally
destructive processes, such as dynamite fishing, to be
a part of our culinary adventures.
5. Sustainable Profitability
Our Management Development Training program has
met with much success and is an essential tool in our
armour for future development projects, as it targets
the development of competent, skilled managerial
level employees who are groomed to take our
operations to the next plateau.
Our well thought out approach to develop and maintain
the integrity of our brand, centres mainly around our
strategy to achieve Sustainable Profitability. Through
this, we hope to attract investors, who would derive
a certain pride in being associated with us as market
leaders in the hospitality trade, and as prudent yet
savvy mangers of the company’s assets and its
bottom line.
In order for our staff to glean an even better
understanding of the hospitality trade, we bring in both
local and international trainers, who rank amongst the
best in their chosen field, to provide valuable on-thejob and off-the-job training.
We aim to maintain our margins by ensuring that prior
to the incurrence of any expenditure, it will be carefully
scrutinized and strategically aligned to its current and
future potential to generate additional revenue, in
keeping with our long term goals.
We have an Internal Performance Management &
Personal Development plan in place, which helps us
monitor performance, motivate staff, and give due
recognition to accomplishments. This also helps
identify the strengths of our personnel, and just as
importantly, the areas open to improvement, which we
then begin to work on promptly. Using this as base, we
identify those deserving rewards and promotions, for
we firmly believe in the concept of “development from
within,” where we first try to promote existing staff to
desirable positions before looking to external market
to meet our needs.
We will focus on opportunities to improve our revenue,
foster growth and minimize expenditure, wherever
possible. Effective materials management and a
centralized procurement function lead to economies
of scale, whilst effective water & energy conservation
programs and the minimizing of waste, is the
cornerstone of our cost effective asset management
programme.
indulge in a game of cricket whenever they feel up to
it and to enjoy some fun in the sun.
We work closely on a collaborative basis with hotel
schools and the National Apprentice and Industrial
Training Authority (NAITA), through which the Anilana
Skills and Development Programme was launched,
whereby those who wish to pursue a career in the
hospitality trade can obtain the necessary skills that
are required to stand out in the hotel trade, both locally
and internationally.
4. Customers
Frankly speaking, our world revolves around our
41
Human Resource Development
42
A
t Anilana, we believe that our people are our
strength, and it is our investment in human
resources that enables us to offer unparalleled service
and the warmth of true Sri Lankan hospitality, to our
valued guests. We invite young, talented, enthusiastic
individuals to be a part of our team, for we believe that
with a can-do attitude, anything is possible. It is this
positivity and the genuine care we display towards our
guests and towards one another, that sets us apart
from our competitors.
Vision, Mission & Goals
Against the backdrop of Anilana’s comfortable, modern
and luxurious properties, we aspire to provide infallible
service and gracious hospitality, with the ultimate aim
of maximizing customer satisfaction. By maintaining
sustainable growth, we aim to provide profitable
returns to both owners and shareholders alike, whilst
enhancing investments, and increasing the net worth
of the organization.
At Anilana, we concentrate on constructing cost
effective and eco-friendly structures, each with its own
unique identity. The glue that binds these separate
entities together would be the consistency of service
and the uniformity of standards that is faithfully
inculcated across the Anilana brand.
Our vision statement, mission, goals, culture and values
form a cohesive whole, and it is the amalgamation
of all these that provide us with strategic direction.
We make a conscious effort to involve our staff in
planning activities as well as the operational, for it is
they who can give us useful insight into the best ways
of optimizing service and suggest new techniques
to enhance customer satisfaction. We believe that
highly motivated employees perform at their best, and
a hands-on approach to service across the board, is
pivotal in attaining our mission.
Core Values & Internal Culture
We are proud to say that we have a strong internal
culture, based on shared values of respect,
commitment, integrity, honesty and creativity We
believe that our people are at the heart of our success,
and fostering skills development and personal growth,
is beneficial to Anilana, both at its current level of
operations, and as it ventures onto new avenues of
growth in the not too distant future. Growth will be
fostered by our vision and goals, and by our internal
culture and values. Each of these is unique in its own
right, but at the same time interdependent too, and
each plays an essential part in our quest to create and
maintain sustainable value for our share-holders over
the long haul.
Members of the management team give focus and
direction to the internal culture of our organization,
and they ensure that the same courtesy bestowed
upon our clients is prevalent in our interactions
with each other, too. Demonstrating initiative under
pressure, remaining flexible at all times in order to
ensure the common objective of customer satisfaction,
whilst being open to challenges in a fast changing
environment, are the cornerstones of our trademark
hospitality.
Anilana Team
A key element in our organization’s business strategy
is to be renowned as a preferred employer, which help
us recruit, develop and retain skilled, competent staff,
at all levels. To this end, we have developed wellthoughtout performance standards, so as to assess,
recognize and motivate our employees, whilst several
internal and external training programs are put in
place to bring out the best in our associates, which
in turn facilitates both personal and organizational
growth. With effective feedback geared to identify,
motivate and reward successes and rectify any
shortcomings and with several career advancement
opportunities and prospects for internal growth being
readily available, we at Anilana, believe that jobs pave
the way to careers.
We have with us, a highly talented, motivated set of
employees, each a professional in his/her own field of
work, a valued asset in our arsenal. We have with us
a multi-pronged approach to balance the needs of all
stakeholders, such as luxurious yet functional design,
safe yet cost effective construction, environmentally
sound practices, an effective marketing campaign,
competent financial management and a sound human
resource development program set well in place,
so that we are geared to deliver a high return on
investment (ROI) to our investors.
We aim to bring out the best in our staff, and to this end
we have invested heavily in several effective training
& development programs, with our primary focus
being on increasing English language and computer
related aptitude, service training, improving culinary
production standards, and internal management
development.
• We aim to recruit the best, and with the idea of
providing new recruits with the necessary level of
skill and competence required to perform their tasks
effectively, we have commenced discussions with
the Swiss Ambassador to Sri Lanka and relevant
personnel from the Vocational Training Authority (VTA)
of Sri Lanka, so as to set in place an optimal method of
training locals, who wish to be a part of the hospitality
industry.
• We believe in being an equal opportunities employer,
and to this end,we commenced discussions with the
VTA on how to increase female representation in our
staff numbers.
• We provide extensive computer related training, as
most of our systems, whether it be inventory control,
financial reporting, billing or reservations management,
is done via the computer, in our bid to achieve fast,
efficient and a mostly paperless operation wherever
possible.
• We have a sequence of service and standards of
performance developed across all our resorts, which
enables us to train our staff effectively and which gives
them the necessary tools to perform their tasks in an
exemplary manner. Focused training also improves
our productivity and minimizes recruitment costs.
• We have a number of internal promotion opportunities
set well in place, including our valued employee, Mr
Kodish, who has been with us for three years and who
was recently promoted to the mid-managerial position
of Assistant Housekeeping Supervisor.
Payroll Management & Employee Benefits
In our bid to align manpower related expenditure to
the volume of revenue generated over a given period,
we have set procedures in place to improve cost
effectiveness without hampering customer satisfaction.
In times of low demand, we tend to make significant
changes to our operational structure, with review of
contracts and outsourcing of backup activities coming
into play; while in times of increasing demand we
focus on managing our expenditure effectively, with a
no-tolerance policy on waste and excess.
We believe our employees are our strength, and so
in addition to government stipulated benefits such
as EPF and ETF, we have developed a performance
based salary scheme aimed at recognizing and
motivating talented staff, whilst bonus plans, medical
insurance, hospitalization cover and remunerable
business expenses are part of our strategy to keep
our employees loyal and satisfied. Also, being realists,
we know that life can throw a sudden curveball at
its people, and so we have developed a competitive
compensation plan to ensure that our employees are
well remunerated and cared for at all times.
Training & Development
43
44
Equal Opportunity and Diversity
Anilana provides an equal opportunity to all those who
meet minimum educational and age requirements
to join the organization and do not discriminate with
regards to gender, race, age or religious beliefs. The
company values diversity in the team. Hence, the
company employs staff from different ethnicities and
has fluent speakers of Sinhala, Tamil and English. We
also do not engage in child labour and ensures that
children below 18 years of age are not employed.
Working
conditions
management
and
relationship
We ensure that the company adheres to the
country’s prescribed labour laws and regulations to
provide employees with humane working conditions.
In addition, the company strives to maintain a
harmonious relationship based on common values,
mutual understanding and trust. The company has
an open door policy to address work place issues and
encourages employees to voice any grievances to
prevent small problems becoming formal disputes.
Occupational Health and Safety
In order to ensure a healthy workforce is maintained
and to create a safe working environment for the
employees, the organization offers a comprehensive
in-house medical insurance scheme for permanent
employees at all levels. The company has taken various
measures to ensure a safe working environment and
that employees do not suffer from work place injuries.
45
Human Resource Development - Testimonials
W
e at Anialna, believe that the good that we
do will always make a positive difference, in
ourselves, our stakeholders and in the community at
large. We believe in conserving our natural resources
for the benefit of our future generations, promoting
health and well-being in our customers by opting for
organic produce wherever possible, encouraging
the implementation of sustainable farming practices
amongst our suppliers, and fostering a better quality
of life in the local community.
Environmental Matters
We also believe in energy conservation, and with this
in mind nearly 80% of our light fittings use LED or solar
powered lighting. Our air-conditioning units are solar
powered for the most part, and hot water is dispersed
as a by-product, which in turn helps us minimize the
utilization of boilers. Despite such methods yielding a
higher initial investment cost, it has found to be cost
effective in the long run, whilst being environmentally
beneficial too.
We are indeed committed to recycling concepts, and
we ensure that proper transportation, treatment and
disposal methods are used when it comes to dealing
with toxic substances.
Going forward, we plan to tastefully incorporate the
concept of indoor cum outdoor living which lessens
our dependence on artificial lighting and cooling
systems, which in turn reduces energy consumption.
High ceilings and vast spaces provide natural cooling,
and lessens are reliance on air-conditioning units. To
this same end, we will be using water features and
fountains, which in turn will provide cooling, whilst
being aesthetically appealing, too.
We will also be using natural materials in our design
and construction, wherever possible. For instance, we
use natural thatching for roofs, indigenous wood for
floors and stairways, to name but a few examples.
Engaging the Local Community
We honour all statutory requirements, regulations and
ordinances that are put in place by the government and
local authorities, in order to protect the environment
around us. However, we do not rest on our laurels by
doing so, and instead we take eco-consciousness to the
next level, by ensuring that each stage of operations,
be it design, construction or implementation, is carried
out in a sustainable and cost effective manner. We
are proud to state that the National Geographic has
recognized our efforts in this regard, and presented
Anilana Pasikudah with a Certificate of Appreciation
for its contribution to Geo tourism.
We at Anilana, have invested in state-of-the-art,
modern equipment and effective computerized
monitoring systems that maximizes the efficient use
of resources.
We believe that water is a precious commodity and by
incorporating an effective water management system
and natural filtration programme we ensure that we
have access to clean water supplies at all times, which
is adequate to fulfil all our operational requirements.
46
However, we minimize the wastage of water by
carrying out our functions carefully, in a well-thoughtout manner, by gaining an in-depth understanding of
local water conditions, treatment methods and optimal
storage conditions.
We believe in giving back to the local community, and
making a lasting impression on the people whose lives
we touch.
At Anilana Nilaveli, we have commenced giving out
lunch to nearby trishaw drivers, Navy and Police life
savers, Wild Life ticketing counter staff and boatmen,
each month. This has earned us a host of goodwill and
made a positive impact in the local community, too.
At Anilana, we also take a keen interest in the
development of sports, be it cricket, rugby or
tennis. In fact, we recently we organized a cricket
match in Vakarai and sponsored some cricket
gear; an act that the locals truly appreciated.
Sponsorship
We give priority to recruiting locals and encourage them
to be a part of our growing team. We do this, by working
closely with local hotel schools and the Vocational
Training Authority (VTA) of Sri Lanka. To elaborate further,
we promote the recruitment of trainees for our kitchens
from the Vocational Training Authority in Trincomalee,
and we prefer to hire Kitchen, Food and Beverage and
House Keeping trainees from the National Apprentice and
Industrial Training Authority in Trincomalee and Kantale.
We believe in being an equal opportunities employer, and
to this end, we aim to recruit more women to be a part of
our operations. In fact we have commenced discussions
with the VTA on how to further hire qualified female cadre
to be a part of the Anilana family.
We purchase most of our produce, be it seafood, meat,
vegetables or dairy, from local farmers, who are encouraged
to grow organic produce and fish in a sustainable manner.
Anilana is a significant contributor to the
development of sport, particularly for Rugby,
Cricket and Tennis. Over the past years we
have provided regular financial support,
sponsorship and have commissioned corporate
advertisements to promote Anilana as well as
sponsoring teams and tournaments.
We provide free transfers to Vallachennai, in
our bid to promote local markets to our guests,
who can then shop for apparel or items to satisfy
their day-to-day needs when the need to do so
arises; which in turn will benefit the traders of the
area, who aim to carve out their livelihoods in this
manner.
47
C
orporate Governance is the system by which
Companies are directed, managed and controlled
by the management in the best interest of the
Shareholder.
The Board of Directors is responsible for the
Governance of the Company whilst the Shareholders ‘
role in Governance is to appoint the Directors and the
Auditors and to satisfy themselves that an appropriate
governance structure is in place.
Compliance with the Code of Best Practice
and Listing Rules
The Company currently complies with key areas of
the Code of Best Practice for Corporate Governance
issued by the Institute of Chartered Accountants of
Sri Lanka and the Rules on Corporate Governance
contained in the Listing Rules of the Colombo Stock
Exchange.
Board of Directors
The Board of Directors takes responsibility for good
governance of the Company. The Company’s Board
consists of 5 Directors, the names of the members
of the Board appear under Corporate Information on
the inner back cover of this Report. One Third of the
Directors retire by rotation at each Annual General
Meeting and those eligible are recommended for reelection.
The Directors collectively possess a wide range of
aptitude, skill, knowledge and experience in managing
Companies.
The Board meets regularly to review matters of
importance and also the performance of the Company.
The Directors retain full and effective control of the
Company and provide strategic direction to the
Company, monitors operational and management
performance, periodically reviews the effectiveness of
the Company’s risk management and internal control
systems and ensures that there is compliance with
all relevant laws, regulations and codes of business
practice. The Board had met four (4) times during the
year under review.
The Directors are responsible for preparing and
presenting the financial statements which are
prepared in accordance with the Sri Lanka Accounting
Standards and in accordance with the requirements
of the Colombo Stock Exchange. A Statement of
Directors’ Responsibilities for the preparation of
Financial Statements is set out on page 56 of this
Report.
Board Sub- Committees
The Board sub-committees scrutinize and analyze the
areas under their purview and ensure application of
strict control over the affairs of the Company. The sub
committees make recommendations to the Board on
necessary adjustments and modifications to the internal
systems of the Company. The Board has constituted
an Audit Sub-Committee and Remuneration Sub-
48
Committee, each of which consists of three NonExecutive Directors. Reports of the Remuneration
Committee and the Audit Committee are set out in the
pages 53 and 52 respectively of the Annual Report.
Company Secretaries
Corporate Advisory Services (Private) Limited, who
were appointed with effect from 19th May 2010,
provides Corporate Secretarial Services to the
Company. The Company Secretaries advise the
Board on matters relating to the Companies Act,
the Colombo Stock Exchange regulations and other
applicable rules and regulations in order to ensure
that the best governance practices are adopted by the
Board and its Committees.
Compliance with Legal Requirements
All Directors have access to the Financial and
Management Information of the Company. The
Directors make every endeavor to ensure that the
Company complies with laws and regulations and
to exercise due diligence in managing the affairs of
the Company. Additionally, checks and controls are
in place to ensure that the policies of the Board are
complied with.
The manner and the extent to which the Company has
applied the principles of good Corporate Governance
practices during the period under review is set out in
the table below.
Rule No
Subject
Applicable requirement
Compliance
Status
Details
7.10.1
Non Executive Directors
At least 1/3 of the total number of Directors should
be Non-Executive Directors
Complied
4 out of 5 Directors are NonExecutive Directors
7.10.2
Independent Directors
2 or 1/3 of Non-Executive Directors, which is
higher should be independent
Complied
2 off 4 Non-Executive
Directors are independent.
Each Non Executive Director should submit a
declaration of Independence/ Non Independence
in the prescribed format.
Complied
Non-Executive Directors have
submitted the Declarations.
7.10.3
Disclosure relating to
Directors
(a) Names of Independent Directors should be
disclosed in the Annual Report
Complied
Please refer information
pertaining to the Directors and
Board Sub Committees on
page 12 of the Annual Report
7.10.5
Remuneration Committee
A listed Company shall have a Remuneration
Committee
Complied
Board had established a
The Remuneration Committee shall comprise of
Non-Executive Directors and majority of which
can be independent
Complied
The Remuneration Committee
has 3 members 2 of whom are
independent.
The Remuneration Committee shall recommend
the remuneration of the Key Management
Personnel and Executive Directors
The Annual Report should set out:
Complied
Please refer to the
Report on page 53 of the
Annual Report.
a) Names of Directors comprising the
Complied
b) Statement of Remuneration Policy
Complied
Please refer Directors
information on page 12 of the
Annual Report.
c) Aggregate Remuneration paid to Executive and
Non -Executive and Non- Executive Directors
Complied
(a) Composition of the
(b) Factions of the
(c) Disclosure in the
Annual Report relating to
Please refer the Remuneration
Committee Report on page 53
for a brief statement of policy
Please refer Notes to the
Accounts on page 71.
7.10.6
Audit Committee
The Company shall have an Audit Committee
Complied
(a) Composition of Audit
Committee
a) Shall Comprise of Non-Executive Directors a
majority of whom shall be independent
Complied
(b) Audit Committee
Functions
b) The Chairman of the Audit Committee or one
member should be a member of a professional
accounting body
Complied
Audit Committee consists of
3 Directors of which 2 are
independent.
Should be as outlined in the section 6 of the
Listing Rules
Complied
Chairman of the Audit
Committee is member of a
Professional Accounting Body
a) Names of the Directors comprising the Audit
Committee
Complied
b) The Audit Committee shall make a
determination of the independence of the Auditors
and disclose such determination
Complied
c) The Annual Report shall contain a Report of
the Audit Committee setting out the manner of
compliance of the functions
Complied
A Statement of each Director’s holding and
Chief Executive Officer’s holding in shares of the
Company at the beginning and end of the financial
year
Complied
(c) Disclosure in the Annual
Report relating to the Audit
Committee
7.6 (v)
Statement of Directors and
Chief Executive Officers
Shareholding
The Board has constituted an
Audit Committee.
Please refer page 52
Please refer Information of
the Board of Directors and the
Board Sub Committees on
page 12 of the Annual Report
Please refer to Audit
of the Annual Report
Please refer to Audit
Of the Annual Report
Please refer page 54
49
Other Policies and Practices
Relationship with shareholders
Obtaining Independent Professional Advice
The Annual Report and the Annual General Meeting
form the principal means of communication with the
shareholders quarterly financial statements of the
company and that of the Group have been uploaded
to the CSE website within the stipulated time frame.
The Board in discharging its duties seeks independent
professional advice from external parties when
necessary, at the company’s expenses.
Internal Controls and Risk Management
The Board has introduced adequate internal controls
and risk management systems to safeguard the
shareholder investments and the Company’s assets.
The Board is fully aware that internal controls have
inherent limitations and do not provide absolute
assurance against fraud and error.
Dedication to matters of the Board and the
Company
The Board of Directors devotes adequate time to the
fulfillment of its duties and Directors of the Company.
The Board has delegated the day to day operations
of the Company and of the group to the Management
Committee. The Management Committee comprises
the Managing Director and a professional team of
senior managers of the Company.
Division of Responsibilities between the
Chairman and the Managing Director
The functions of the Chairman and the Managing
Director are clearly segregated. The Chairman is
responsible for the leading and ensuring the effective
functioning of the Board.
The Managing Director is responsible for the
Management of the business, monitoring its progress
and implementing the strategies of the Company
within the framework of the policies formulated by the
Board.
The role of the Chairman
The Chairman ensures that Board Meetings are
conducted efficiently by encouraging and ensuring
the effective contribution to the deliberations by all
directors. Their individual contributions and concerns
are objectively assessed before major decisions are
made. The Chairman also satisfies himself that the
Directors are provided with sufficient information so
as to facilitate their effective contribution at Board
Meetings.
Directors Remuneration
There was no remuneration paid to the Directors during
the year. The Board has delegated powers to the
Remuneration Committee to oversee implementation
of policies with regard to the Remuneration of
Executive Directors and Executive Employees.
The Names of the Remuneration Committee are
disclosed in page 53.
50
51
Audit Committee Report
Role of the Audit Committee
The Audit Committee is a sub-committee of the main
Board to which it is accountable. The primary function
of the Audit Committee is to assist the Board in its
oversight of the integrity of the financial statements
of the Company, to assess the qualifications, the
independence and the performance of the Company’s
external auditor and review compliance of the
Company with legal and regulatory requirements.
Composition of the Audit Committee
The Audit Committee comprises of the following
three Non-Executive Directors of Anilana Hotels &
Properties PLC of which two are independent.
Mr. Gamini Benedict Wikremanayake Chairman of the Audit Committee
Mrs. Manjula Cleone Seneviratne
Committee Member
Mr. Ajahn Gardiye Punchihewa
Committee Member
The Managing Director and the Head of Finance attend
meetings at the invitation of the Audit Committee. The
Board Secretary functions as the Secretary to the
Audit Committee. Representatives of external auditors
and internal auditors also attend Audit Committee
meetings by invitation.
The Audit Committee Chairman has the required
expertise in Finance and Business Management to
deliberate Audit Committee matters and recommend
necessary action to be taken.
c. The Committee reviewed the external auditors’
report and management letter for the last year.
All recommendations proposed by the external
auditors were discussed and recommendations
proposed were duly carried out by the
management. In addition, the Audit Committee
reviewed the engagement partner’s relationships
with the Company, and assessed that the external
auditors are independent.
d.
The Audit Committee in conjunction with the
Managing Director and Head of Finance of the
Company reviewed the Company’s disclosure
controls and procedures and internal control over
financial reporting.
e. The Audit Committee reviewed the Company’s
policies and practices with respect to risk
assessment and risk management, including
discussing with management the Company’s
major financial risk exposures and the steps that
have been taken to monitor and control such
exposures.
Conclusion
The Audit Committee is satisfied that the Company’s
accounting policies, independence of the auditors
and risk management are adequate for the Company.
The Audit Committee has also accomplished
responsibilities and functions that are delegated to it
by the Board.
Meetings
The Audit Committee met 03 times during the year.
The attendance of the members at the meeting is as
follows.
Mr. Gamini Wikremanayake
Mrs. Manjula Cleone Seneviratne
3/3
3/3
3/3
Functions performed by the Audit Committee
a.
52
b. The Committee reviewed the periodic internal
audit reports. The internal audits are done to
improve process performance and control.
The Committee reviewed the provisional
financial statements for the three quarters that
were published for financial year 2014/15 and
the Annual Report of 2014/15. It appraised
the preparation, presentation and adequacy
of disclosures in the financial statements of
the Company, in accordance with Sri Lanka
Accounting Standards and SLFRS. It also
reviewed the Company’s compliance with
financial reporting requirements, information
requirements of the Companies Act and other
relevant financial reporting related regulations
and requirements.
Signature
Mr Gamini Benedict Wikremaratne
Chairman- Audit Committee
28th August 2015
The Committee reviews the performance of the
executive staff against the set objectives and goals,
and determines the compensation policy of the
Company for all levels of employees. The Committee
supports and advises the Board on remuneration and
remuneration related matters and makes decisions
under delegated authority with a view to aligning the
interests of employees and shareholders.
Composition of the Remuneration Committee
The Remuneration Committee is a sub-committee
of the Main Board, to which it is accountable. The
Remuneration Committee comprises of the following
three Non-Executive Directors of Anilana Hotels &
Properties PLC of which two are independent.
relevant and benchmarking specific categories
where required.
c.
Ensuring internal equity and fairness in and
between the various pay categories and building
incentives in the cost of employment structure to
encourage and reward excellent performance,
on objectively defined criteria.
d. Ensuring that staff costs are within the budget set
by the Board, and are sustainable over time.
Conclusion
The Committee is satisfied that it has completed the
responsibilities that were delegated to it by the Board
for the year under review and the necessary objectives
were achieved for the year under review.
Mr. Gamini Benedict Wikremanayake Chairman of the Remuneration Committee
Mrs. Manjula Cleone Seneviratne Committee Member
Committee Member
The Managing Director attends the Committee
meeting by invitation and serves as the Secretary of
the Committee.
The Committee members possess vast experience in
the fields of Business Management, Human Resources
Management, Labour Relations and Labour Law.
Hence, the Committee has adequate expertise in
remuneration policy and management to deliberate
and propose necessary changes, improvements to
meet the roles and responsibility of the Committee.
Meetings
The Remuneration Committee met once for the year
where all members participated.
Functions performed
Committee
by
the
Remuneration
a.
Ensuring that the Board complies with the
Companies Act in relation to Directors‘
remunerations, especially the requirements of
section 216. And it also ensures that employees
are adequately compensated based on their
performance and contribution for the period
under review and future potential.
b.
Constructing a specific cost of employment
structure that enables Company to attract and
retain a quality and representative staff in its
operations and do this inter alia with reference
to appropriate market rates where these are
Signature
Gamini Benedict Wikremanayake
Chairman- Remuneration Committee
28th August 2015
Remuneration Committee Report
Role of the Remuneration Committee
53
Annual Report of the Board of Directors on the Affairs of the Company
54
The Directors take pleasure in presenting their report
together with the Audited Financial Statements for the
year ended 31st March, 2015.
Principal activities
The Company’s principal activity is constructing and
managing hotels. The company also maintains a separate
property portfolio as investment.
Directorate
The Directors of the Company during the year under
review are as follows:
Asanga Chandana Seneviratne
Manjula Cleone Seneviratne
Peter Lucien Amerasinghe
Gamini Benedict Wikramanayake (Resigned with effect
from 30th March 2015)
Wahalathanthrige Manjula Viraj Perera (Appointed
with effect from 18th May 2015 )
Directors meetings
At each Board meeting, performance to date is reviewed
and compared with targets. Presentations are made
covering all aspects of operations, including productivity.
The Board is constantly seeking to optimize resources
and manage costs.
The financial positions monitored against budgets.
Comprehensive papers are presented on the financial
position of the Company for the month under review and
the year to date. Comparisons are also made with the
previous years’ figures and with the macro environment,
to detect trends and the impact of outside influences.
Where necessary, decisions are taken by circular
resolutions, to expedite action.
Re-election of Directors
To re-elect Mrs Manjula Cleone Seneviratnewho retires
by rotation at the Annual General Meeting in terms of
Article 81 of the Company’s Articles of Association.
To re-appoint as a Director, Mr. Peter Lucien Amerasinghe
who is 71 years of age and who vacates his office in
terms of Section 210 of the Companies Act 7 of 2007.
Notice is hereby given of the undernoted Ordinary
Resolution in relation to Mr. Peter Lucien Amerasinghe’s
re-appointment to be passed in compliance with Section
211 of the Companies Act No. 7 of 2007.
“RESOLVED THAT Mr. Peter Lucien Amerasinghe who
is 71 years of age be and is hereby re-appointed a
Director of the Company and it is hereby declared as
provided for in section 211 of the Companies Act No.
07 of 2007, that the age limit of 70 years referred to in
Section 210 of the said Companies Act shall not apply to
the said Mr. Peter Lucien Amerasinghe.”
Directors’ interests in shares
The Directors’ interests in shares as at 31st March, 2015
were as follows:
As at
31.03.2015
Asanga Chandana Seneviratne
As at
31.03.2014
126,579,839
98,282,123
20,000,001
20,000,001
Peter Lucien Amerasinghe
966,667
966,667
Manjula Cleone Seneviratne
40,000
40,000
Gamini Benedict Wikramanayake
-
-
Wahalathanthrige Manjula Viraj
Perera
-
-
Director’s interests in contracts
In accordance with the provisions of the Companies Act
No. 7 of 2007, the Directors have made declarations
relating to their interests. These have been entered
into the Interest Register which is maintained by the
Company.
Director’s remuneration
The Directors remuneration is disclosed on page 53.
Board sub committees
During the year under review, an Audit Committee was
appointed by the Board. The Audit Committee approved
an Audit Charter which describes the role and the
functions of the Committee.
Review of business
Cessation of the civil conflict has opened up high
potential tourist destinations for development within Sri
Lanka. Developing infrastructure is assisting fast access
to previously inaccessible locations on the east coast
enhancing the value of land over the long term.
Details on the Company’s performance for the year
under review can be found in the statements of the
Chairman and the Managing Director (found on pages
8 to 11)
Directors’ responsibility for financial reporting
The Directors are responsible for the preparing of
Financial Statements of the Company. The Directors
believe that the Financial Statements (appearing on
page 56) have been prepared in accordance with the
requirements of the Sri Lanka Accounting Standards,
the Companies Act No. 7 of 2007, and that they reflect
a true and fair view of the state of Companies affairs for
the year under review.
Statutory Payments
The Directors responsibility statement appears on
page 56.
For the year under review, all known statutory payments
have been made and all retirement gratuities have
been provided for. Further, all management fees and
payments to related parties for the year under review
have been reflected in the accounts. Details are given
in Note no 6 page 71.
Going concern
The Directors are of the view that the Company is in a
position to continue its operations in the foreseeable
future. Accordingly, the financial statements are
prepared on the basis that the Company is a going
concern.
Financial Statements
The Financial Statements are given on pages 58 to 87
Financial Results
The financial results for the year ended 31st March
2015.
2015
Rs.’000 s
2014
Rs.’000 s
Revenue
218,612
76,742
Net Loss Before Taxation
456,743
308,164
111
900
456,854
309,064
Less: Taxation
Net Loss After Taxation
Number of Employees
The number of employees as at 31st March 2015 was
194
Stated Capital
The stated capital of the Company is Rs. 3,863,261,648
made up of 493,308,514 Ordinary Shares.
The shareholding structure is given on pages 88 to 89
together with the 20 largest shareholders.
During the year, the share price ranged from Rs. 5.40
to Rs.8.50. As at the end of trading on 31st March
2015 the share price was Rs. 5.60.
Equitable treatment of shareholders
Auditors
To re-appoint the retiring Auditors M/s Amarasekera
& Co, Chartered Accountants to hold office until
the conclusion of the next Annual General Meeting
and to authorize the Directors to determine their
remuneration.
The Auditors have confirmed that they have had no
interest in or relationship with the Company other than
that of Auditors. They have also confirmed that they
are independent in accordance with the code of ethics
of the Institute of Chartered Accountants of Sri Lanka.
During the year under review, the Auditors were paid
Rs. 601,816.00 as audit fees.
The Directors have made every endeavour to ensure
the equitable treatment of all shareholders, and are
committed to maximizing shareholder wealth.
All Notices of Shareholders’ Meetings are sent out
in accordance with the provision of the Company’s
Articles of Association. Any shareholder unable to
attend is still able to indicate his/her consent or dissent
on any decision, by completing and returning the two
way proxy provided with the Notice.
Notice of Meeting
The Notice of Meeting is found on page 90 If you are
unable to be present, please complete and return the
Form of Proxy (page 91 enclosed).
Auditors Report
The Auditors report appears on page 58.
BY ORDER OF the Board of Directors
of ANILANA HOTELS & PROPERTIES PLC
Significant accounting policies
The significant accounting polices adopted when
preparing thee Financial Statements and any changes
thereto (if applicable) are given on pages 64 to 70
Peter Amerasinghe
Chairman
Asanga Seneviratne
Managing Director
Annual Report of the Board of Directors on the Affairs of the Company
Responsibility statements
Corporate Advisory Services (Pvt) Ltd.
Secretaries
55
Statement of Directors’ Responsibilities
The Directors are responsible under the companies
Act No.07 of 2007, to ensure compliance of the
requirements set out therein to prepare financial
statements for each financial year giving true and fair
view of the state of the affairs of the Company as at
the Balance sheet date and the profit of the company
for the financial year.
The Directors accept the responsibility for the integrity
and objectivity of the financial statements presented.
The Directors confirm that the financial statements
have been prepared;
• using appropriate accounting policies which have
been selected and applied in a consistent manner, and
material departures, if any have been disclosed and
explained: and
• presented in accordance with the Sri Lanka
Accounting Standards; and that
• reasonable and prudent judgments and estimates
have been made so that the form and substance of
transactions are properly reflected. And
• provides the information required by and otherwise
comply with the Companies Act.
The directors confirm that the financial statements
have been prepared on a going concern basis and are
of the view that sufficient funds and other resources
are available within the company and its subsidiaries
to continue its operations and to facilitate planned
future expansions and capital commitments.
Further, the Directors ensure that the Company
maintains sufficient accounting records to disclose,
with reasonable accuracy the financial position of the
Company.
The Directors are also responsible for taking reasonable
steps to safeguard the assets of the company and
in this regard to give proper consideration to the
establishment of appropriate internal control systems
with a view to preventing and detecting fraud and
other irregularities.
The Directors are required to prepare the financial
statements and to provide the auditors with every
opportunity to take whatever steps and undertake
whatever inspections that maybe considered being
appropriate to enable them to give their audit opinion.
The Directors are of the view that they have duly
discharged their responsibilities as set out in this
statement.
56
Compliance Report
The Directors confirm that to the best of their knowledge
and belief that all statutory payments in relation to
regulatory and statutory authorities that were due
in respect of the company and its subsidiaries as at
the balance sheet date have been duly paid where
relevant provided for.
By order of the Board
Anilana Hotels & Properties PLC
Corporate Advisory Services (Pvt) Ltd.
Secretaries to the Company
29th August 2015
57
58
Independent Auditor’s Report
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Expressed in Sri Lankan Rupees)
Group
FOR THE YEAR ENDED 31 MARCH
2015
Company
2014
2015
2014
218,611,905
76,741,863
112,641,079
-
Cost of Sales
(56,965,585)
(34,456,841)
(35,663,388)
-
Gross Profit
161,646,320
42,285,022
76,977,691
-
2,822,261
2,092,552
2,772,698
2,092,552
(408,456,996)
(262,116,403)
(247,532,252)
(123,453,457)
(9,175,155)
(16,073,585)
(5,771,648)
(12,058,071)
(253,163,570)
(233,812,414)
(173,553,510)
(133,418,977)
836,570
50,415,799
1,036,572
50,469,132
Note
Revenue
Other Income
3
4
Administrative Expenses
Business Promotion Expenses
Profit / (Loss) from Operation
Net Gain / (Loss) from Financial Assets at Fair Value through Profit or Loss
Finance Income
5
713,400
4,840,392
678,267
4,834,084
Finance Cost
5
(205,129,614)
(129,607,993)
(162,137,973)
(39,052,887)
Profit / (Loss) Before Taxation
6
(456,743,215)
(308,164,216)
(333,976,643)
(117,168,648)
Income Tax Expense
7
(110,790)
(900,000)
(103,248)
(900,000)
(456,854,005)
(309,064,216)
(334,079,891)
(118,068,648)
(456,853,973)
(309,064,208)
(334,079,891)
(118,068,648)
(32)
(8)
-
-
(456,854,005)
(309,064,216)
(334,079,891)
(118,068,648)
(1.09)
(0.83)
(0.80)
(0.32)
(456,854,005)
(309,064,216)
(334,079,891)
(118,068,648)
147,979
5,014,748
(101,825)
3,943,654
(456,706,026)
(304,049,468)
(334,181,716)
(114,124,994)
(456,705,994)
(304,049,460)
(334,181,716)
(114,124,994)
Profit / (Loss) for the Year
Attributable to - Equity holders of the Parent
Attributable to - Non-Controlling Interest
Basic Earnings / (Loss) Per Share (Rs.)
Profit / (Loss) for the Year
8
Other Comprehensive Income / (Expense)
Net Acturial Gain on Retirement Benefit Obligations
Total Comprehensive Income / (Expense) for the Year
Attributable to - Equity holders of the Parent
Attributable to - Non-Controlling Interest
(32)
(8)
-
-
(456,706,026)
(304,049,468)
(334,181,716)
(114,124,994)
Audit Report on Page 58
Figures in brackets indicate deductions
Notes to the Financial Statements on Pages 64 to 87 form an integral part of these Financial Statements.
59
60
10
11
12
14
Intangible Assets
Leasehold Land
Investment in Subsidiaries
Available-for-Sale (AFS) Financial Assets
Total Equity
Non - Controlling Interest
Attributable to Equityholders of the Parent
Retained Earnings (at debit)
Revaluation Reserve
Stated Capital
Equity
EQUITY AND LIABILITIES
Total Assets
20
19
Cash and Cash Equivalents
Total Current Assets
17
18
Other Non-Financial Assets
16
Financial Assets at Fair Value through Profit or Loss
(FVTPL)
Trade and Other Receivables
15
Inventories
Current Assets
Total Non-Current Assets
9
Note
Property, Plant and Equipment
Non-Current Assets
ASSETS
AS AT 31 MARCH
(Expressed in Sri Lankan Rupees)
3,413,090,355
(1,091)
3,413,091,446
(1,167,285,515)
717,115,313
3,863,261,648
5,427,858,058
266,137,668
13,935,221
6,830,575
192,090,049
12,561,016
40,720,807
5,161,720,390
12,000,000
-
32,227,556
3,389,018
5,114,103,816
2015
Group
3,102,427,582
(1,060)
3,102,428,642
(710,579,521)
717,115,313
3,095,892,850
5,489,373,109
388,922,805
7,825,794
3,874,219
250,943,072
98,032,271
28,247,450
5,100,450,303
12,000,000
-
33,559,556
4,776,636
5,050,114,111
2014
3,327,967,891
-
3,327,967,891
(766,784,030)
231,490,273
3,863,261,648
4,679,004,772
1,325,419,199
8,835,735
4,322,164
1,277,936,079
11,814,352
22,510,868
3,353,585,573
12,000,000
1,263,373,960
-
3,389,018
2,074,822,595
2015
Company
2,894,780,809
-
2,894,780,809
(432,602,314)
231,490,273
3,095,892,850
4,569,768,583
1,260,365,830
2,178,334
1,645,736
1,159,456,156
97,085,604
-
3,309,402,753
12,000,000
1,263,373,960
-
4,776,636
2,029,252,157
2014
61
22
Retirement Benefit Obligations
21
24
19
Borrowings - (Current Potion)
Other Non-Financial Liabilities
Bank Overdrafts
5,427,858,058
810,728,665
105,916,669
5,642,640
417,178,239
281,991,117
1,204,039,038
2,724,048
1,201,314,990
2015
Group
5,489,373,109
903,809,558
88,359,563
4,167,199
294,514,443
516,768,354
1,483,135,969
1,567,406
1,481,568,563
2014
4,679,004,772
693,461,492
103,517,631
2,955,739
352,185,750
234,802,372
657,575,389
2,285,960
655,289,429
2015
....................................................
……............................................... A. C. Seneviratne
A. Punchihewa
Director
Director
Date : 28 August 2015.
Colombo.
………………………
M. V. Perera
Head of Finance
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Approved and signed for and on behalf of the Board,
805,219,435
88,359,563
3,135,264
251,692,443
462,032,165
869,768,340
1,168,901
868,599,439
2014
4,569,768,583
Company
I Certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.
Total Equity and Liabilities
Total Current Liabilities
23
Trade and Other Payables
Current Liabilities
Total Non - Current Liabilities
21
Note
Borrowings - (Non-Current Potion)
Non - Current Liabilities
AS AT 31 MARCH
Statement of Changes in Equity for the Year Ended 31st March 2015
Attributable to Equityholders of the Parent
Group
Stated Capital
Balance as at 01 April 2013
Retained
Earnings
(at debit)
Revaluation
Reserve
Non-Controlling
Interest
Total Equity
2,601,483,250
717,115,313
(406,530,060)
(1,052)
2,912,067,452
494,409,600
-
-
-
494,409,600
Loss for the Year
-
-
(309,064,209)
(8)
(309,064,217)
Other Comprehensive Income
-
-
5,014,748
-
5,014,748
Balance as at 31 March 2014
3,095,892,850
717,115,313
(710,579,521)
(1,060)
3,102,427,582
Issuance of Shares
767,368,798
Issuance of Shares
-
-
-
767,368,798
Loss for the Year
-
-
(456,853,973)
(32)
(456,854,005)
Other Comprehensive Income /
(Expense)
-
-
147,979
-
147,979
3,863,261,648
717,115,313
(1,167,285,515)
(1,091)
3,413,090,355
Company
Stated Capital
Revaluation
Reserve
Retained
Earnings
(at debit)
Total Equity
Attributable to
Equityholders
of Parent
2,601,483,250
231,490,273
(318,477,320)
2,514,496,203
494,409,600
-
-
494,409,600
Loss for the Year
-
-
(118,068,648)
(118,068,648)
Other Comprehensive Income
-
-
3,943,654
3,943,654
3,095,892,850
231,490,273
(432,602,314)
2,894,780,809
767,368,798
-
-
767,368,798
Loss for the Year
-
-
(334,079,891)
(334,079,891)
Other Comprehensive Income /
(Expense)
-
-
(101,825)
(101,825)
3,863,261,648
231,490,273
(766,784,030)
3,327,967,891
Issuance of Shares
Issuance of Shares
62
Statement of Cash Flows for the Year Ended 31st March 2015
Group
2015
Company
2014
2015
2014
Cash Flows from Operating Activities
Profit / (Loss) Before Taxation
(456,743,215)
(308,164,217)
(333,976,643)
(117,168,648)
149,977,053
71,357,349
75,223,836
3,224,824
Amortization of Intangible Assets
1,387,619
1,080,728
1,387,619
1,080,728
Amortization of Leasehold land
1,332,000
1,332,000
-
-
Gratuity Charge for the Year
1,304,621
1,391,545
1,015,234
1,000,421
Net Gain / (Loss) from Financial Assets at Fair Value through Profit
or Loss
(836,570)
(50,415,799)
(1,036,572)
(50,469,132)
Adjustments for;
Depreciation
Loss on Disposals of Shares
Interest Expenses
Interest Income
Operating Loss Before Working Capital Changes
5,312,485
-
5,312,485
-
205,129,614
129,607,993
162,137,973
39,052,887
(713,400)
(4,840,392)
(678,267)
(4,834,084)
(93,849,793)
(158,650,792)
(90,614,337)
(128,113,003)
(12,473,357)
(28,247,450)
(22,510,868)
-
58,853,023
29,102,957
(118,479,924)
(189,907,975)
(445,059)
Changes in Working Capital
Inventories
Other Non-Financial Assets
(3,067,146)
(2,514,293)
(2,779,676)
Other Non-Financial Liabilities
(234,777,236)
1,352,841
(179,525)
906,132
1,475,441
53,667,591
(227,229,793)
57,886,164
(283,839,068)
(105,289,146)
(461,794,123)
(259,673,742)
Cash Generated from / (used in) Operations
Interest Paid
Net Cash Flow from / (used in) Operating Activities
(176,793,020)
(129,607,993)
(142,452,379)
(39,052,887)
(460,632,088)
(234,897,139)
(604,246,502)
(298,726,629)
(213,966,758)
(632,417,311)
(120,794,274)
(443,167,520)
-
(10,941,820)
-
(10,941,820)
80,995,340
-
80,995,340
-
Cash Flows from Investing Activities
Acquisition of Property, Plant and Equipment / Incurred on WIP
Investments In Shares
Proceeds from Disposal of Shares
Interest Received
Net (Investments in) / Withdrawal of Fixed Deposits
Net Cash Flow from / (used in) Investing Activities
-
-
-
(10)
713,400
4,840,392
678,267
4,834,084
-
34,721,212
-
34,721,212
(132,258,018)
(603,797,528)
(39,120,666)
(414,554,054)
Cash Flows from Financing Activities
Term Loans Obtained
Settlements of Term Loan
Lease Rentals Paid
Issuance of Shares
3,271,690
545,542,504
-
421,109,961
(189,176,918)
-
(132,481,153)
-
(21,144)
-
(21,144)
-
767,368,798
494,409,600
767,368,798
494,409,600
581,442,426
1,039,952,104
634,866,501
915,519,561
Net Changes in Cash and Cash Equivalents During the Year
(11,447,680)
201,257,437
(8,500,667)
202,238,878
Cash and Cash Equivalents at Beginning of the Year
(80,533,769)
(281,791,206)
(86,181,229)
(288,420,107)
(91,981,449)
(80,533,769)
(94,681,896)
(86,181,229)
Net Cash Flow from Financing Activities
Cash and Cash Equivalents at End of the Year
63
Notes to the Financial Statements
1 CORPORATE INFORMATION
1.1 Reporting Entity
Anilana Hotels & Properties PLC is a Company
incorporated and domiciled in Sri Lanka. The Registered
office of the Company was located at 14, Reid Avenue,
Colombo 07.
The consolidated financial statements of the company
as at and for the year ended 31 March 2015 comprise
the Company and its Subsidiaries. The group has eight
(8) subsidiaries and sub-subsidiaries.
1.2 Nature of Operations and Principal Business
Activities
The Company’s and subsidiaries of the group Principal
Activities are Developing and Managing Hotels and
Properties.
There were no significant changes in the nature of the
principal activities of the company and group during the
financial year under review.
1.3 Date of Authorization for Issue
The Financial Statements of Anilana Hotels & Properties
PLC for the year ended 31 March 2015 was authorized
for issue in accordance with a resolution of the Board of
directors on 28 August 2015.
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
2.1 Basis of Preparation
The consolidated financial statements of Anilana Hotels
and Properties Limited have been prepared in accordance
with Sri Lanka Accounting Standards (SLFRSs). The
preparation of financial statements in conformity with Sri
Lanka Accounting Standards (SLFRSs) requires the use
of certain critical accounting estimates. It also requires
management to exercise its judgment in the process
of applying the group accounting policies. The areas
involving a higher degree of judgments or complexity, or
areas where assumptions and estimates are significant
to the financial statements are disclosed in note 2.23.
The consolidated financial statements have been
prepared on the historical cost basis and apply
consistently with no adjustments been made for
inflationary factors affecting the financial statements,
except for the following material items in the statement
of financial position:
I. Lands are measured at revalued amounts.
II. Fair Value through Profit & Loss – Financial Assets
measured at fair value
III. Defined benefit obligation are measured at its present
values, based on the projected unit credit method.
These financial statements have been prepared on the
basis that the company and the Group would continue
as a going concern for the foreseeable future.
64
2.1.1 New accounting standards, amendments and
interpretations issued and adopted in 2015.
The following standards have been adopted by the
Group for the first time with effect from financial year
beginning on 1 January 2014.
I. SLFRS 10 ‘Consolidated Financial Statements’, builds
on existing principles by identifying the concept of control
as the determining factor in whether an entity should be
included within the consolidated financial statements of
the parent company. The standard provides additional
guidance to assist in the determination of control where
this is difficult to assess.
II. SLFRS 12 ‘Disclosure of Interests in Other Entities’,
includes the disclosure requirements for all forms of
interests in other entities, including joint arrangements,
associates, special purpose vehicles and other off
balance sheet vehicles.
III. SLFRS 13 ‘Fair Value Measurement’, aims to improve
consistency and reduce complexity by providing a
precise definition of fair value and a single source of
fair value measurement and disclosure requirements for
use across Sri Lanka Accounting Standards.
Other than the above changes, the amendments made
to the other standards do not have a significant effect to
the group financial statements.
2.1.2 Sri Lanka Accounting Standards (SLFRS/
LKAS) issued but not yet effective
Standards issued but not yet effective up to the date
of issuance of the financial statements are listed below.
The group intends to adopt those standards when they
become effective.
I. SLFRS 9-Financial Instruments: SLFRS 9, issued
in 2014, replaces the existing guidance in LKAS 39
Financial instruments; Recognition and Measurement.
SLFRS 9 includes revised guidance on the classification
and measurement of financial instrument, including
a new expected credit loss model for calculating
impairment on financial assets, and the new general
hedge accounting requirements. It also carries forwards
the guidance on recognition of financial instrument from
LKAS 39.Effetive date of IFRS 9 is 1 January 2018.
II. SLFRS 15 – Revenue from contracts with customers:
SLFRS 15 establish a comprehensive framework for
determining whether, how much and when revenue
is recognized. It replace existing revenue recognition
guidance, including LKAS 18 Revenue and LKAS 11
construction Contracts. SLFRS 15 is effective for annual
reporting period beginning on or after 1 January 2017.
The Company is assessing the potential impacts on its
financial statements resulting from the application of
SLFRS 15 / SLFRS 9.
2.2 Changes in Accounting Policies
The changes in accounting policies set out below have
been applied consistently to the periods presented in
the condensed financial statements, unless otherwise
Notes to the Financial Statements continued
indicated.
The presentation and classification of the consolidated
financial statements of the previous year have been
amended, where relevant, for better presentation and to
be comparable with those of the current year.
at fair value.
Inter-entity transactions, balances, income and expenses
on transactions between group entities are eliminated.
Profits and losses resulting from Inter-entity transactions
that are recognized in assets are also eliminated.
2.3 Foreign Currency Translation
2.3.1 Functional and Presentation Currency
Transaction and balances included in the financial
statements of the Group are measured using the currency
of the primary economic environment in which the entity
operates. The financial statements are presented in Sri
Lanka Rupees (LKR), which is the company’s presentation
currency.
2.3.2 Transactions and Balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions
and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in
foreign currencies are recognized in the statement of
comprehensive income.
Translation differences related to changes in amortized
cost are recognized in the statement of comprehensive
income.
Goodwill is initially measured at cost, being the excess
of the aggregate of the consideration transferred and the
amount recognized for non-controlling interest over the
net identifiable assets acquired and liabilities assumed.
If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the gain
is recognized in profit or loss. After initial recognition,
goodwill is measured at cost less any accumulated
impairment losses. For the purpose of impairment testing,
goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group’s cash
generating units.
2.4 Basis of Consolidation
2.4.1 Consolidation / Subsidiaries
Subsidiaries are investees that are controlled by the
Company. The Company ‘controls’ an investee if it is
exposed to, or has rights to, variable returns from its
involvement with the investee and has the ability to affect
those returns through its power over the investee. The
Company reassess whether it has control if there are
changes to one or more of the elements of control.
There are no significant restrictions on the ability of
subsidiaries to transfer funds to the Company (The Parent)
in the form of cash dividend or repayment of loans and
advances.
Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed
of during the year are included in the consolidated financial
statements from the date the Group gains control until the
date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive
income (OCI) are attributed to the equity holders of the
parent of the Group and to the non-controlling interests,
even if this results in the non-controlling interests having a
deficit balance.
A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary,
it derecognizes the related assets (including goodwill),
liabilities, non-controlling interest and other components of
equity while any resultant gain or loss is recognized in the
income statement. Any investment retained is recognised
Non-controlling Interest
Non-controlling interest which represents the portion
of profit or loss and net assets not held by the Group,
are shown as a component of profit for the year in
the consolidated income statement and statement of
comprehensive income and as a component of equity in
the consolidated statement of financial position, separately
from equity attributable to the shareholders of the parent.
The Group elects the proportionate share of the recognized
amount of the identifiable net assets, at the acquisition
date to measure non-controlling interest.
Changes in the Group’s interest in a subsidiary that do not
result in a loss of control are accounted for as transactions
with owners in their capacity as owners. Adjustments to
non-controlling interests are based on a proportionate
amount of the net assets of the subsidiary
2.4.2 General
Adjustments required to the accounting policies of
subsidiaries have been changed where ever necessary to
align them with the policies adopted by the group.
The Financial Statements of all subsidiaries in the Group
have a common financial year which ends on March 31.
2.5 Property, Plant and Equipment
2.5.1 Recognition and Measurement
All the item of property, plant and equipment are initially
recorded at cost. Where items of property, plant and
equipment are subsequently revalued, the entire class
of such assets is revalued. Revaluations are made with
sufficient regularity to ensure that their carrying amounts
do not differ materially from their fair values at the reporting
date.
Cost includes expenditure that is directly attributable to
the acquisition of the asset. The cost of self- constructed
assets includes the following.
65
• The cost of materials and direct labour
• Any other costs directly attributable to bringing the assets
to a working condition for their intended use;
• When the group has an obligation to remove the asset or
restore the site, an estimate of the cost of dismantling and
removing the items and restoring the site on which they
are located; and
• Capitalized borrowing costs
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant and
equipment.
Subsequent to the initial recognition of the assets at cost,
the revalued property, plant and equipment are carried at
revalued amounts less accumulated depreciation thereon
and accumulated impairment losses. The Group applies
revaluation model to freehold Lands and cost model to
the remaining assets under property, plant and equipment
which are stated at historical cost less accumulated
depreciation less accumulated impairment losses, if any.
2.5.2 Revaluation of Freehold Properties
The freehold Lands of the Group are carried at revalued
amounts. Revaluation of these assets are carried out at
least once in five (5) years in order to ensure the book value
every year reflect the realizable value of such assets.
When an asset is revalued, any increase in the carrying
amount is credited directly to a revaluation surplus unless
it reverses a previous revaluation decrease relating to
the same asset, which was previously recognized as
an expense. In these circumstances the increase is
recognized as income to the extent of the previous write
down. When an asset’s carrying amount is decreased as
a result of a revaluation, the decrease is recognized as an
expense unless it reverses a previous increment relating
to the asset, in which case it is charged against any related
revaluation surplus, to the extent that the decrease does
not exceed the amount held in the evaluation surplus in
respect of that same asset. Any balance remaining in the
revaluation surplus in respect of an asset, is transferred
directly to accumulated profits on retirement or disposal of
the asset.
2.5.3 Subsequent costs
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits
associated with the item will flow to the Company and the
Group and the cost of the item can be measured reliably.
The carrying amount of the replaced part is derecognized.
All other repairs and maintenance are charged to the
statement of comprehensive income during the financial
period in which they are incurred.
2.5.4 Depreciation
Items of property, plant and equipment are depreciated
from the date they are available for use or, in respect of
self-constructed assets, from the date that the asset is
completed and ready for use.
Depreciation is calculated to write off the cost of items of
66
property, plant and equipment less their estimated residual
values using the straight- line basis over their estimated
useful lives. Depreciation is recognized in profit or loss.
Leased assets are depreciated over the shorter of the
lease term and their useful lives unless it is reasonably
certain that the Group will obtain ownership by the end of
the lease term. Land is not depreciated.
The estimated useful lives for the current year of property,
plant and equipment are as follows.
Assets
Number of Years
Rates (%)
5 – 50
2 - 20
Land Development Cost (in
Leasehold Land)
30
3.33
Road Ways
10
10
Plant and Machinery
5 - 20
5 - 20
Computer & IT Equipment
4 - 20
5 - 25
Pool Complex
Buildings
10 - 25
4 - 10
Curtains and Fabrics
5
20
Kitchen Equipment
5
20
Office / Electric Equipment
4 - 10
10 - 25
Furniture & Fittings
4-5
20 - 25
5
20
Motor Vehicles
Depreciation of an asset begins when it is available for use
whereas depreciation of an asset ceases at the earlier of
the date that the asset is classified as held for sale and the
date that the asset is derecognized.
Depreciation methods, useful lives and residual values are
reviewed at each reporting date and adjusted if appropriate.
2.5.5 Disposal
The gains or losses arising on disposal or retirement of
an item of property, plant and equipment are determined
by comparing the proceeds from disposal with the
carrying amount of the property, plant and equipment
are recognized within other income in the statement of
comprehensive income. When revalued assets are sold,
the amounts included in the revaluation reserve are
transferred to retained earnings.
2.5.6 Capital Work-in-Progress
Capital work-in-progress represents the accumulated
cost of materials and other costs directly related to the
construction of an asset. Capital in progress is transferred
to the respective asset accounts at the time it is substantially
completed and ready for its intended use.
2.6 Intangible Assets
Acquired computer software is capitalized on the basis of
the costs incurred to acquire and bring to use the specific
software and systems. Intangible assets acquired are stated
at cost less accumulated amortization and accumulated
impairment losses. These costs are amortized over their
estimated useful lives, as follows:
Computer Software
05 Years
Costs associated with maintaining computer software are
recognized as an expense as incurred.
2.7
Leasehold Land
Land held under leases is initially measured at the total
amount paid on lease term plus any initial direct cost
incurred at the inception and subsequently the leasehold
land is measured at amortized cost. The value of leasehold
land is amortized over the lease period.
Rate
Leasehold land
30 Years
3.33%
2.8
Impairment on Non-Financial Assets
At each end of reporting period, the Group reviews the
carrying amounts of its property, plant and equipment
and intangible assets to determine whether there is any
indication that those assets have impaired. If any such
indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset, the Group
determines the cash-generating unit and estimates the
recoverable amount of the cash-generating unit to which
the asset belongs.
Recoverable amount is the higher of fair value less costs
to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the
risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is
recognized immediately in the statement of comprehensive
income.
2.9 Financial Assets
(a) Classification
The group determines the classification of its financial
assets at initial recognition and classifies its financial
assets as follows:
I. Financial assets at fair value through profit or loss
(FVTPL)
II. Loans and Receivables
III. Available for sale (AFS) Financial Assets
I. Financial assets at Fair Value through Profit or Loss
(FVTPL)
Financial assets at FVTPL include financial assets that are
either classified as held for trading or that meet certain
conditions and are designated at FVTPL upon initial
recognition. Investments bought with the intention to sell
in the near future are classified as held for trading.
II. Loans and Receivables
Loans and receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted
in an active market. Loans and receivables are included
in current assets, except for maturities greater than 12
months after the end of the reporting period, which are
classified as non-current assets.
Available-for-sale financial assets are non-derivatives that
are either designated in this category or not classified in any
of the other categories. They are included in non-current
assets unless the investment matures or management
intends to dispose of it within 12 months of the end of the
reporting period.
The classification of the financial assets under above
categories is given in Note 29 to the financial statements.
(b) Recognition and Initial Measurement
Financial assets classified as loans and receivables are
recognized on the date on which the group originates the
transaction. Other financial assets are recognized on the
trade-date on which the group becomes a party to the
contractual provisions of the financial instrument.
A financial asset is measured initially at fair value plus, in
the case of assets not at fair value through profit or loss,
directly attributable transaction costs. In case of financial
assets at fair value through profit or loss, transaction costs
attributable are recognized in profit or loss as incurred.
Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired
or have been transferred and the company has transferred
substantially all risks and rewards of ownership of the
financial assets.
(c) Subsequent Measurement
I. Financial assets at fair value through profit or loss
(FVTPL)
Subsequent to initial recognition, the financial assets
are re-measured at fair value. Changes in fair value are
recorded in gain or losses from financial asset at FVTPL in
the Statement of Comprehensive Income.
II. Loans and receivables
Subsequent to initial recognition, loans and receivables
are measured at amortized cost using the effective interest
method, less provision for impairment.
After initial recognition, quoted equity investment classified
as AFS financial asset is measured at fair value. Changes
in the fair value of AFS financial asset are recognized in
other comprehensive income and presented as available
for sale reserve in the statement of changes in equity.
Unquoted equity investments, which are group’s strategic
investments are measured at cost less any Impairment
losses, as currently its fair value cannot be estimated
reliably.
67
2.10 Impairment of financial assets
Assets carried at amortized cost
The group assesses at the end of each reporting period
whether there is objective evidence that a financial asset
is impaired. A financial asset is impaired and impairment
losses are incurred only if there is objective evidence of
impairment as a result of one or more events that occurred
after the initial recognition of the asset (a ‘loss event’) and
that loss event (or events) has an impact on the estimated
future cash flows of the financial asset that can be reliably
estimated.
For loans and receivables carried at amortized cost, the
amount of the loss is measured as the difference between
the asset’s carrying amount and the present value of
estimated future cash flows (excluding future credit losses
that have not been incurred) discounted at the financial
asset’s original effective interest rate. The carrying amount
of the financial assets is reduced and the amount of the
loss is recognized in the statement of comprehensive
income.
If, in a subsequent period, the amount of the impairment
loss decreases and the decrease can be related objectively
to an event occurring after the impairment was recognized,
the reversal of the previously recognized impairment loss
is recognized in the statement of comprehensive income.
The group assesses at the end of each reporting period
whether there is objective evidence that a financial
asset is impaired. For quoted equity investments, a
significant or prolonged decline in the fair value of the
investments below its cost is also evidence that the
assets are impaired. If any such evidence exists for the
quoted investments, the cumulative loss measured as the
difference between the acquisition cost and the current fair
value, less any impairment loss previously recognized in
profit or loss is reclassified from equity to profit or loss as a
reclassification adjustment. Impairment losses recognized
in profit or loss for an investment in an equity instrument
classified as available for sale are reversed through profit
or loss. The amount of reversal is recognized in the other
comprehensive income.
For unquoted equity investments, a significant or prolonged
decline in the value of the investments below its cost is
also evidence that the assets are impaired. If any such
evidence exists for the unquoted investments, the amount
of the impairment loss is measured as the difference
between the carrying amount of the financial asset and the
present value of estimated future cash flows discounted
at the current market rate of return for a similar financial
asset. Such impairment losses are not reversed.
2.11 Inventories
Inventories are stated at the lower of cost and net realizable
value. Cost is determined using weighted average cost
method. The cost of finished goods and work in progress
comprises raw materials, direct labour, other direct costs
and related production overheads computed based on
normal operating capacity. Net realizable value is the
estimated selling price in the ordinary course of business,
less the costs of completion and selling expenses.
68
Consumables are stated at cost. Cost is determined on a
weighted average basis. Consumables are comprised of
linen, stationeries and other general items which are used
for consumption for operation not for re-sale.
2.12 Cash and Cash Equivalents
In the consolidated statement of cash flows, cash and
cash equivalents includes cash in hand, deposits held at
call with banks, other short-term highly liquid investments
with original maturities of three months or less.
2.13 Financial Liabilities
The group classifies financial liabilities into other financial
liabilities. The other financial liabilities are recognized
initially at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, these
financial liabilities are measured at amortized cost using
the effective interest method.
The group derecognizes a financial liability when its
contractual obligations are discharged, cancelled or
expired. The items of the financial liabilities are given in
Note 30 to the financial statements.
2.14 Trade Payables
Trade payables are obligations to pay for goods or services
that have been acquired in the ordinary course of business
from suppliers. Trade payables are classified as current
liabilities if payment is due in the normal operating cycle
of the business (within one year or less). If not, they are
classified as non -current liabilities.
Trade payables are recognized initially at fair value
(transaction price) and subsequently measured at the
transaction price as they are expected to pay in the normal
operating cycle of the business.
2.15 Borrowings
Borrowings are recognized initially at fair value, net of
transaction costs incurred. Borrowings are subsequently
carried at amortized cost using the effective interest
method.
Borrowing Cost
Borrowing costs directly attributable to acquisition,
construction of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for
their intended use, are added to the cost of those assets,
until such time as the assets are substantially ready for
their intended use.
All other borrowing costs are recognized in the statement
of comprehensive income in the period in which they are
incurred.
2.16 Current and Deferred Tax
Current Tax in respect of the profits and Income of the
Company is exempted for a period of fifteen (15) years
reckoned from the year in which the Company commences
to make profits or any year of assessment not later than
two (02) year reckoned from the date of commencement
of commercial activities or whichever year is earlier, as
specified in BOI agreements dated 12 January 2012.
As per the BOI agreements subsidiaries namely Eastern
Development Enterprises (Pvt) Ltd and Dambulla Hotel
Resort and Country Club (Pvt) Ltd are exempted from
income tax for the period of fifteen (15) years and nine
(9) years respectively. All other subsidiaries are liable for
income tax as per the Inland Revenue Act, No. 10 of 2006
and subsequent amendments thereto.
Deferred tax is recognized on temporary differences arising
between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax
is not accounted for if it arises from initial recognition of
an asset or liability in a transaction other than a business
combination that at the time of the transaction affects
neither accounting nor taxable profit nor loss. Deferred tax
is determined using tax rates that have been enacted at
the reporting period end date and are expected to apply
when the related deferred tax asset is realized or the
deferred income tax liability is settled.
Deferred tax assets are recognized only to the extent that
it is probable that future taxable profit will be available
against which the temporary differences can be utilized.
Deferred tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred tax
assets and liabilities relate to income taxes levied by the
same taxation authority.
Deferred taxation has not been recognized due to
realization of the related future tax benefits / liabilities are
insignificant and also not in near future.
2.17 Employee Benefits
The group has both defined benefit and defined contribution
plans.
a) Defined Contribution plan
A defined contribution plan is a post employment benefit
plan under which the group pays fixed contributions into
a separate entity. The group has no legal or constructive
obligations to pay further contributions. The contributions
are recognized as employee benefit expense when they
are due.
The group contributes 12% on gross emoluments of
employee to Employee Provident Fund (EPF) and 3% on
gross emoluments of employee to Employee Trust Fund
(ETF).
b) Defined benefit plan
The group obligation in respect of defined benefit plan
is the present value of the defined benefits obligation
at the end of the reporting period. The defined benefits
obligation is calculated by independent actuaries using
the projected unit credit method. The present value of the
defined benefits obligation is determined by discounting
the estimated future benefit that employee have earned
in return for their services in the current and prior period.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive
income in the period in which they arise.
The group will remeasure the define benefit obligation
when the amounts recognized in the financial statements
will differ materially from the amount that would be
determine at the end of the reporting period.
Past service costs are recognized immediately in the
statement of comprehensive income.
The retirement benefits obligation is not externally funded.
c) Short-term employee benefit
Short-term employee benefit obligations are measured on
an undiscounted amount expected to be paid for related
services provided by the employee.
2.18 Contingent Liability and Contingent Assets
A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the company or a
present obligation that is not recognized because it is not
probable that an outflow of resources will be required to
settle the obligation.
A contingent liability also arises in extremely rare cases
where there is a liability that cannot be measured reliably.
The Group does not recognize a contingent liability but
discloses its existence in the Financial Statements.
A contingent asset is a possible asset that arises from past
events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events
beyond the control of the company. The company does
not recognize contingent assets but discloses its existence
where inflows of economic benefits are probable, but not
virtually certain.
2.19 Revenue Recognition
Revenue is measured at the fair value of the consideration
received or receivable, and represents amounts receivable
for services rendered, stated net of Value Added Taxes
(VAT), Nation Building Tax (NBT) and Tourist Board
Levy (TDL) (if liable for revenue taxes). The company
recognizes revenue when the amount of revenue can
be reliably measured and when it is probable that future
economic benefits will flow to the company.
The group applies the revenue recognition criteria set out
below to each identifiable major types of revenue.
(a) Accommodation, Food & Beverage Sales
Accommodation revenue is recognized on the rooms
occupied on a daily basis, and food and beverage are
accounted for at the time of sales.
(b) Rendering Services
Revenue arises from services rendered is recognized in
the period in which the services are rendered based on
completion of services and assessed on the basis of the
actual services rendered.
69
(c) Interest income
Interest income is recognized using effective interest
method for all interest bearing financial assets.
(d)
Gain and Losses on Disposal of Property,
Plant and Equipment
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and are
recognized in the statement of comprehensive income.
(e) Other income
Other income is recognized on accrual basis.
2.20 Expenses
All expenditure incurred in the running of the operation
has been charged to income in arriving at the profit for the
reporting period.
2.21 Events Occurring after the Reporting Period
All material events after the reporting period have been
considered and where appropriate adjustments or
disclosures have been made in the respective notes to the
financial statements.
2.22 Commitments
All material commitments at the reporting period end have
been identified and disclosed in the notes to the financial
statements.
2.23 Significant Accounting Estimates and Judgments
When preparing the financial statements, management
undertakes a number of judgments, estimates and
assumptions about the recognition and measurement of
assets, liabilities, income and expenses.
2.23.1 The following are significant judgments in applying
the accounting policies that have most significant effect on
the financial statements.
(a) Recognition of Deferred Tax Assets
The extent to which deferred tax assets can be recognized
is based on an assessment of the probability of the future
taxable income against which the deferred tax assets can
be utilized.
2.23.2 Information about estimates and assumptions
that have the most significant effect on recognition and
measurement of assets, liabilities, income and expenses
is provided below:
(a) Useful life time of Depreciable Assets
Management reviews its estimate of the useful life time of
depreciable assets at each reporting date, based on the
expected economic utility of the assets. Uncertainties in
these estimates relate to technical obsolescence that may
change the utility of certain software and IT equipment.
(b) Defined benefit plan
The present value of the defined benefit plan obligations
depends on a number of factors that are determined on
actuarial valuation method using a number of assumptions.
The assumptions are used in determining the net cost and
obligation for defined benefit plan including the discount
rate disclosed in the note 22. Any changes in these
assumptions will impact the carrying amount of defined
benefit obligation.
70
Notes to the Financial Statements (Expressed in Sri Lankan Rupees)
Group
2015
Company
2014
2015
2014
3 Revenue
Accommodation
143,467,549
48,114,457
85,232,049
Food
50,293,451
22,711,342
13,622,659
-
Beverage
11,254,758
1,988,663
8,582,848
-
Other
-
13,596,147
3,927,402
5,203,523
-
218,611,905
76,741,863
112,641,079
-
2,768,753
2,092,552
2,768,753
2,092,552
53,509
-
3,945
-
2,822,261
2,092,552
2,772,698
2,092,552
713,400
4,840,392
678,267
4,834,084
713,400
4,840,392
678,267
4,834,084
16,637
22,894
16,637
22,894
191,705,071
110,371,525
148,781,629
20,211,972
4 Other Income
Dividend Income
Exchange Gain
5 Finance Cost
Interest Income
From Call Deposits and Repo's
Interest Expenses
On Lease
On Loan
On Overdraft
13,407,906
19,213,574
13,339,708
18,818,021
205,129,614
129,607,993
162,137,973
39,052,887
204,416,214
124,767,602
161,459,706
34,218,803
601,816
588,699
347,902
405,824
6 Profit Before Taxation
Profit Before Taxation is arrived at after charging all expenses including the following.
Auditors' Remuneration
Staff Costs
128,950,164
87,134,102
92,889,539
64,630,153
Defined Contribution Plan Costs - EPF / ETF
11,288,603
8,821,848
8,062,374
5,890,121
Defined Benefit Plan Cost - Retiring Gratuity
1,406,446
1,000,421
1,117,059
1,000,421
Depreciation
149,977,053
71,357,349
75,223,836
3,224,824
Amortization of Leasehold Lands
1,332,000
2,992,012
-
-
Amortization of Intangible Assets
1,387,619
1,080,728
1,387,619
1,080,728
71
Group
Company
2015
129,839
2014
900,000
2015
123,445
2014
900,000
Current Tax Expense on Ordinary Activities for the
Year
(19,049)
-
(20,197)
-
(Over) / Under Provision for Previous Years
110,790
900,000
103,248
900,000
7 Income Tax Expense
7.1
Reconciliation Between the Current Tax Expense and the Product of Accounting Profit.
Accounting Profit Before Taxation
Aggregate of Disallowable Expenses
Aggregate of Allowable Expenses
Other / Exempted Income / Adjustment to Accounting
Losses
Adjusted Business Profit / (Loss)
Other Income Liable for Tax
Statutory Income
(456,743,215)
(308,164,216)
(333,976,643)
(117,168,648)
162,435,152
83,437,161
85,802,996
13,014,583
(358,218,123)
(142,901,771)
(216,824,026)
(1,674,281)
(1,787,807)
(56,080,716)
(4,483,592)
(57,395,768)
(654,313,993)
(423,709,542)
(469,481,265)
(163,224,115)
713,400
4,840,391
678,267
4,834,084
713,400
4,840,391
678,267
4,834,084
(249,690)
(1,694,137)
(237,394)
(1,691,929)
Assessable Income / Taxable Income
463,711
3,146,254
440,874
3,142,155
Income Tax on Statutory Tax Rate of 28%
129,839
880,951
123,445
879,803
Tax Losses Utilized
Adjustment to Provision
Current Tax on Ordinary Activities for the Year
-
19,049
-
20,197
129,839
900,000
123,445
900,000
Tax Losses
Loss Brought Forward
650,099,926
227,934,901
378,731,158
217,198,973
Loss Incurred During the Year
654,313,992
423,859,162
469,481,265
163,224,115
Loss Utilized
Loss Carried forward
(249,690)
(1,694,137)
(237,394)
(1,691,929)
1,304,164,229
650,099,926
847,975,030
378,731,158
7.1 Deferred Taxation
The unidentified deferred tax assets at the reporting
dates are;
The Category of the Temporary Differences
Arising from Carried Forward Tax Losses (from Tax Charged
Companies)
Arising from Retirement Benefits Obligation
72
Group
Company
2015
2014
2015
2014
365,165,984
182,027,979
237,433,008
106,044,724
762,733
438,874
640,069
327,292
365,928,717
182,466,853
238,073,077
106,372,017
Group
2015
8
Company
2014
2015
2014
Profit / (Loss) Attributable to Ordinary Shareholders ( Rs.)
(456,853,973)
(309,064,209)
(334,079,891)
(118,068,648)
Number of Ordinary Shares used as the Denominator
Weighted Average Number of Ordinary Shares
418,523,844
374,428,330
418,523,844
374,428,330
(0.83)
(0.80)
(0.32)
(1.09)
The calculation of Basic Earnings / (Loss) per share has been done based on profit / (Loss) after tax attributable to the equity shareholders of the
parent company for the year divided by the weighted average number of ordinary shares in issues as at 31 March 2015.
73
74
1,237,304,874
98,761,599
225,216,738
149,977,053
75,239,685
4,963,255,809
1,567,535,917
4,597,057
3,391,122,835
Total
Capital Work-in-Progress
Furniture & Fittings / Office / Electric Equipment
Motor Vehicles
1,734,230,961
5,050,114,111
376,064,745
3,315,883,150
4,738,039,071
5,114,103,816
96,229,014
4,390,284
65,961,028
154,395,956
4,185,712
198,804,121
Pool Complex / Curtains and
Fabrics /Kitchen Equipment
26,299,337
40,603,371
74,873,269
42,510,205
Plant and Machinery
40,936,183
53,902,214
Computers and IT Equipment
Land Development and Roadways
708,921,679
2,332,542,253
57,118,017
35,992,791
21,125,226
211,513,973
91,248,986
2,910,747
117,354,240
Furniture & Fittings
/ Office / Electric
Equipment
2,332,542,253
(Note 9.1)
5,837,148
1,704,572
4,132,576
10,022,860
-
1,500,000
8,522,860
Motor Vehicles
1,876,825,340
41,331,284
30,657,956
10,673,328
240,135,405
163,314,739
186,310
76,634,356
Pool Complex
/ Curtains and
Fabrics / Kitchen
Equipment
Land
6,734,458
3,625,184
3,109,274
49,244,663
19,836,052
-
29,408,611
Computers
and IT Equipment
Building
8,667,200
6,111,427
2,555,773
83,540,469
40,381,325
-
43,159,144
Plant and
Machinery
2014
6,767,032
2,483,909
4,283,123
60,669,246
15,449,940
-
45,219,306
Land Development and
Roadways
2015
Net Carrying Values
29,360,386
69,401,213
1,975,586,939
-
2,332,542,253
-
738,282,065
-
2,332,542,253
Building
Charge for the Year
Depreciation
Transferred form WIP
Additions
Cost / Valuation
Group
9 Property, Plant and Equipment
Land
75
-
-
-
-
1,458,323,048
2,029,252,157
8,488,663
2,074,822,595
570,929,109
2,066,333,932
Capital Work-in-Progress
3,496,572
81,927,630
Furniture and Fittings / Office / Electric
Equipment
4,390,284
4,185,712
-
-
-
-
-
563,042,253
2014
82,306,485
75,223,836
7,082,650
2,148,640,418
1,567,535,917
3,092,742
578,011,759
Total
Motor Vehicles
144,300,475
1,202,993,809
563,042,253
2015
17,360,744
14,410,670
2,950,074
99,288,374
91,248,986
1,592,742
6,446,646
Furniture and
Fittings/Office/
Electric Equipment
Pool Complex / Curtains and Fabric /
Kitchen Equipment
(Note 9.1)
5,837,148
1,704,572
4,132,576
10,022,860
-
1,500,000
8,522,860
Motor Vehicles
17,918,657
19,014,264
19,014,264
-
163,314,739
163,314,739
Pool Complex
/ Curtains and
Fabrics / Kitchen
Equipment
37,133,453
1,917,395
1,917,395
-
19,836,052
19,836,052
-
-
Computers
and IT Equipment
Computer and IT Equipment
3,247,872
3,247,872
-
40,381,325
40,381,325
-
Plant and Machinery
Plant and machinery
617,998
617,998
-
15,449,940
15,449,940
-
-
Land Development and
Roadways
14,831,943
34,311,065
34,311,065
-
1,237,304,874
1,237,304,874
Building
Land Development and Roadways
Buildings
Land
Net Carrying Values
Charge for the Year
Depreciation
563,042,253
Transferred from WIP
-
563,042,253
Land
Additions
Cost / Valuation
Company
Property, Plant and Equipment Cont.…
9
Notes to the Financial Statements Notes to the Financial Statements (Expressed in Sri Lankan Rupees)
9.1
Capital Work-in-Progress-Buildings
Group
Additions
Transferred
10 Intangible Assets
Group / Company
Computer Hotel Property
Software
Management
System
Company
1,734,230,961
1,458,323,048
209,369,701
117,701,532
(1,567,535,917)
(1,567,535,917)
376,064,745
8,488,663
Accounting
System
Total
Cost
Additions
1,364,677
2,439,501
3,133,916
6,938,094
-
-
-
-
1,364,677
2,439,501
3,133,916
6,938,093
494,963
968,180
698,314
2,161,457
272,935
487,900
626,783
1,387,619
767,898
1,456,080
1,325,097
3,549,076
2015
2014
596,779
869,714
Amortization
Charge for the Year
Net Carrying Values
Computer Software
Hotel Property Management System
983,421
1,471,320
1,808,819
2,435,602
3,389,018
4,776,636
40,000,000
40,000,000
-
-
40,000,000
40,000,000
6,440,444
5,108,444
Amortization
1,332,000
1,332,000
7,772,444
6,440,444
32,227,556
33,559,556
Accounting System
11 Prepaid Leasehold Land
Group
Cost
Additions
Amortization
Net Carrying Value
The Subsidiary Company (Eastern Development Enterprises (Pvt) Ltd) entered into an Agreement (No. 47 dated 25/06/2009) with Tourism
Development Authority of Sri Lanka to acquire a Land on lease terms. The land was allocated to the Company for a lease period of 30 years
commencing from 01 June 2009 and ending on 31 May 2039. Therefore, the initial cost (Rs. 40,000,000/-) of the land is amortized over the
lease period of 30 years at the rate of 3.33% per annum.
76
12
Company
2014
No. of Shares
% of Holding
9,000,001
100
661,930,120
661,930,120
Vakarei Hotel (Pvt) Ltd
36,800,000
100
368,000,000
368,000,000
Dambulla Hotel & Country Club (Pvt) Ltd
23,244,382
49
232,443,820
232,443,820
1
100
10
10
100,000
100
1,000,000
1,000,000
1
100
10
10
1,263,373,960
1,263,373,960
South Asia Asset Management (Pvt) Ltd
Eastern Development Enterprises (Pvt) Ltd
Anilana Resorts (Pvt) Ltd
Panichchankerni Hotels Ltd
14
2015
Group / Company
(Note 14.1)
Unquoted Shares
2015
2014
12,000,000
12,000,000
12,000,000
12,000,000
12,000,000
12,000,000
14.1 Investments Made in Unqouted Shares
Nation lanka Promotions Ltd
AFS unquoted investments comprise group’s strategic investments which are measured at cost less impairment since, its fair value
cannot be reliably measured.
15
Inventories
Group
2015
Food and Beverage
16
Company
2014
2015
2014
4,689,279
2,404,781
2,344,258
-
House Keeping
21,927,581
11,709,366
11,057,708
-
Others
14,103,947
14,133,303
9,108,903
-
40,720,807
28,247,450
22,510,868
-
Financial Assets at Fair Value through
Profit or Loss (FVTPL)
Group
Company
2015
2014
2015
2014
12,561,016
98,032,271
11,814,352
97,085,604
98,032,271
12,549,531
97,085,604
11,549,531
Additions During the Year
-
10,941,820
-
10,941,820
Transferred form Unquoted Shares
-
24,125,120
-
24,125,120
(86,307,825)
-
(86,307,825)
-
836,570
50,415,799
1,036,572
50,469,132
12,561,016
98,032,271
11,814,352
97,085,604
Investments in Quoted Shares
(Note 16.1)
16.1 Analysis of the Investments
Balance as at 01 April
Disposals
Fair Value Adjustment
Balance as at 31 March
77
17 Trade and Other Receivables
Trade Receivables
Deposits and Advances
Amounts Due from Related Parties
Others
Group
2015
(Note 17.1)
(Note 17.2)
17.1 Deposits and Advances
Refundable Deposits
Rent
Others Advances
17.2 Amounts Due from Related Parties
Subsidiaries
Anilana Resort (Pvt) Ltd
Blue Lagoon Hotel (Pvt) Ltd
East Wind Resort (Pvt) Ltd
Dambulla Hotels & Country Club (Pvt) Ltd
Vakarei Hotel (Pvt) Ltd
South Asia Asset Management (Pvt) Ltd
Other Related Parties
Asia Fort Asset Management (Pvt) Ltd
Ceylinco Investments Corporation Ltd
Leader Holdings (Pvt) Ltd.
Nation lanka Promotion Ltd
Anilana Security Ltd
Keraton International Ltd
Luma Plus Ltd
Tropical Foliage Ltd
Anilana Tropical Foliage Ltd
Moghul Fund (Pvt) Ltd
AIO Investment (Pvt) Ltd
Nation Lanka Equities Ltd
18 Other Non-Financial Assets
Prepaid Expenses
Value Added Tax (VAT)
Withholding Tax (WHT)
19 Cash and Cash Equivalents
Favorable Balances
Cash at Bank
Cash in Hand
Unfavorable Balances
Bank Overdrafts
Total for the Purposes of Cash Flow Statement
78
2014
Company
2015
2014
2,618,133
10,715,436
168,218,268
10,538,212
192,090,049
945,348
17,091,552
218,387,124
14,519,049
250,943,073
3,414,001
1,264,026,366
10,495,712
1,277,936,079
17,091,552
1,127,957,062
14,407,541
1,159,456,156
2,245,800
8,469,636
10,715,436
1,911,250
4,080,000
11,100,302
17,091,552
1,911,250
1,502,751
3,414,001
1,911,250
4,080,000
11,100,302
17,091,552
-
-
125,855,778
813,973,275
1,046,075
337,877
96,645,540
2,314,294
154,725
60,152,156
1,100,479,719
126,408,655
686,574,278
842,989
260,387
72,479,999
2,195,527
91,082
25,369,022
914,221,940
42,451,993
(59,271)
26,186,406
1,938,747
79,680
65,173
64,071
6,156,854
91,200
69,779,589
21,049,486
414,339
168,218,268
168,218,268
452,000
107,863,160
26,186,406
1,938,747
279,680
43,329
46,671
6,156,854
91,200
69,779,590
1,049,486
4,500,000
218,387,123
218,387,123
41,999,993
(59,271)
21,986,406
1,938,747
79,680
54,251
55,371
6,156,854
91,200
69,779,589
21,049,486
414,339
163,546,646
1,264,026,366
107,863,160
21,986,406
1,938,747
279,680
43,329
46,671
6,156,854
91,200
69,779,589
1,049,486
4,500,000
213,735,123
1,127,957,062
4,324,806
1,636,206
869,564
6,830,575
1,528,187
541,047
1,804,985
3,874,219
1,975,644
1,636,206
710,315
4,322,164
1,645,736
1,645,736
13,146,951
788,270
13,935,221
7,309,704
516,090
7,825,794
8,298,535
537,200
8,835,735
1,888,334
290,000
2,178,334
(105,916,669)
(91,981,449)
(88,359,563)
(80,533,769)
(103,517,631)
(94,681,896)
(88,359,563)
(86,181,229)
Stated Capital
Issued and Fully Paid,
Group / Company
No. of Shares
2015
Issuance of Ordinary
Shares
Borrowings
Borrowings - Non-Current Potion
Bank Borrowings
Lease Obligations
Borrowings - Current Potion
Bank Borrowings
Lease Obligations
21.1 Bank Borrowings
Movement of Borrowings
Obtained During The Year
Settlements Made
Accrued Interest
Non-Current Potion
Current Potion
21.2
2014
342,483,600
3,095,892,850
2,601,483,250
109,624,114
41,200,800
767,368,798
494,409,600
493,308,514
383,684,400
3,863,261,648
3,095,892,850
Group
2015
2014
Company
2015
2014
(Note 21.1) 1,201,221,561
(Note 21.2)
93,429
1,201,314,990
1,481,479,261
89,302
1,481,568,563
655,196,000
93,429
655,289,429
868,510,137
89,302
868,599,439
(Note 21.1)
(Note 21.2)
417,081,932
96,307
417,178,239
1,618,493,229
294,409,502
104,941
294,514,443
1,776,083,006
352,089,443
96,307
352,185,750
1,007,475,179
251,587,502
104,941
251,692,443
1,120,291,882
1,775,888,763
3,271,690
(189,176,918)
28,319,957
1,618,303,493
1,230,358,582
545,530,181
1,775,888,763
1,120,097,639
(132,481,153)
19,668,957
1,007,285,443
699,000,000
421,097,639
1,120,097,639
1,201,221,561
417,081,932
1,618,303,493
1,481,479,261
294,409,502
1,775,888,763
655,196,000
352,089,443
1,007,285,443
868,510,137
251,587,502
1,120,097,639
Analysis of Finance Obligation by the Year of Re-payments
Current Potion
Non-Current Potion
Non-Current Potion
Lease Creditors
Interest Allocated to Future
Periods
Value
2015
383,684,400
Finance Lease Payables
Current Potion
Lease Creditors
Interest Allocated to Future
Periods
2014
Group / Company
2015
2014
96,307
93,429
189,736
104,941
89,302
194,243
105,720
121,578
(9,413)
(16,637)
96,307
104,941
95,148
100,434
(1,719)
(11,132)
93,429
89,302
79
21.3
Assets Pledged as Securities
Assets pledged as securities by the company and the subsidiary companies are as follows;
Lending Institution
Type of Loan Facility / Interest and Repayments Outstanding as
Facility Limit / Utilised
at 31 March 2015
Securities
Company
Sampath Bank PLC
Term Loan / AWPLR + 2%
1st 12 Intl.
Rs. 4 Mn
Next 59 Intl.
Rs. 11.677 Mn
Final Intl.
Rs. 11.641 Mn
Rs 750 Mn
Rs 734 Mn
Primary, Secondary and Tertiary mortgage
bond for Rs 680 Mn over freehold land owned
by Anilana Hotels & Properties Ltd together with
buildings thereon with the extent of 7A:2R:31P
at Nilaveli.
People’s Bank
Term Loan
Rs 200 Mn
Rs 108Mn
Primary mortgage over 02 properties situated in
Panichankerni. Corporate guarantee of Eastern
Development Enterprises (Pvt) Ltd.
Peaple's Leasing &
Finance PLC
Term Loan / 18.75% p.a
Rs. 100 Mn
Rs. 100 Mn
Term Loan / 18% p.a
Rs. 35 Mn
Rs. 25 Mn
Mortgage over 12,000,000 shares of Millenium
Housing Developers Ltd. Personnel guarantee
by company director.
Settled within one year
Sampath Bank PLC
Term Loan
Rs 491 Mn
Rs 458 Mn
Primary mortgage bond for Rs 216 Mn and
Secondary and Tertiary mortgage bond for Rs
225 Mn over lands in extent of 6 Acres depicted
in Plan No. 3380 and 6 Acres depicted in
Plan No. 3371 situated at Passikudah Estate,
Batticaloa together with buildings thereon.
National Development
Bank PLC
Term Loan
Rs 350 Mn
Rs 142 Mn
Primary mortgage for Rs 350 Mn over free
hold land owned by Dambulla Hotel Resorts &
Country Club (Pvt) Ltd together with buildings
thereon with extent 39A:2R:5.25P at Dambulla.
80
FOR THE YEAR ENDED 31 MARCH 2015
22
Retirement Benefits Obligation
Group
2015
Expenses Recognized in Comprehensive Income
(Note 22.1)
2014
2015
Company
2014
1,567,406
1,304,621
5,190,609
1,391,545
1,168,901
1,015,234
4,112,134
1,000,421
(147,979)
2,724,048
(5,014,748)
1,567,406
101,825
2,285,960
(3,943,654)
1,168,901
148,904
1,155,717
1,304,621
898,437
493,108
1,391,545
111,046
904,188
1,015,234
609,768
390,653
1,000,421
Actuarial (Gain) / Losses Recognized in Other Comprehensive Income
22.1 Recognized in Comprehensive Income
Current Service Cost
Interest Cost for the Year
23.2 The Principal Actuarial Valuation Assumptions used are as follows;
Group / Company
Discount Rate [%]
Salary Escalation Rate [%]
Retirement Age [Yrs]
Staff Turnover Factor [%] - up to 50 Years
2015
2014
9.5
10
55
8 and thereafter
Zero
9.5
10
55
8 and thereafter
Zero
In addition to the above, demographic assumptions such as mortality, withdrawal and disability are considered for the actuarial valuation. The 2007 mortality
table issued by the London Institute of Actuaries (A 1967/70 mortality table) has also been used in the valuation.
23.3
The sensitivity of the present value of retirement benefits obligation to changes in the weighted principal assumptions by 1% are:
Discount Rate [%]
Increase in 1%
Decrease 1%
(7.52)
8.55
(7.86)
8.96
Sensitivity of the Present Value of the Obligation
Company
Group
23
Trade Payable
Salary Escalation Rate [%]
Increase in 1%
Decrease 1%
8.88
(7.94)
9.29
(8.29)
23,900,644
22,722,754
4,121,881
-
33,230,312
19,307,583
169,755,897
20,556,655
15,240,026
258,090,473
281,991,117
166,830,469
37,129,945
148,816,693
120,088,151
21,180,372
494,045,630
516,768,384
27,649,479
14,359,586
142,858,602
31,829,933
13,982,890
230,680,490
234,802,372
159,569,904
29,552,801
121,919,397
138,886,087
12,103,976
462,032,165
462,032,165
-
31,794,165
-
31,794,165
10,941,820
10,941,820
10,941,820
10,941,820
Asia Financial Management Ltd
2,813,739
48,700,000
2,813,739
48,700,000
Investor Access Equities (Pvt) Ltd
Other Payables
Advance Received
Retention
Construction Payable
Amounts Due to Related Parties
Others
(Note 23.1)
23.1 Amounts Due to Related Parties
Nation Lanka Finace PLC
6,231,125
28,507,353
18,074,374
47,450,102
Ceyquartz MBI Ltd
425,160
-
-
-
Directors' Current Accounts
144,810
144,813
-
-
20,556,655
120,088,151
31,829,933
138,886,087
81
24 Other Non-Financial Liabilities
Accrued Expenses
Value Added Tax (VAT)
Current Tax Payable
25 Commitments
Details of capital commitments as at 31 March 2015
are as follows;
Description
Group
Hotel Construction at Dambulla
Villa Construction at Panichchnkerni
Hotel Construction at Passikuda - (Spa and Gym)
Description
Group
2015
Company
2014
4,217,161
1,417,937
7,542
5,642,640
Estimated Cost
3,267,199
900,000
4,167,199
Cost incurred in
Prior Periods
831,000,000
140,000,000
65,000,000
1,036,000,000
204,130,603
51,526,790
20,250,520
275,907,913
Estimated Cost Cost incurred in
Prior Periods
Company
Hotel Construction at Nilaweli
20,000,000
2015
2014
2,955,739
2,955,739
2,235,264
900,000
3,135,264
Cost incurred
During the
Period
26,403,944
34,668,240
30,595,985
91,668,169
600,465,453
53,804,970
14,153,495
668,423,918
Cost incurred
During the
Period
- 8,488,663
Cost to be
Incurred
Cost to be
Incurred
11,511,337
Other Commitments
There were no material commitments, financial or otherwise contracted or consented by the Board of Directors as at 31 March
2015 other than disclosed above.
26 Events Occurring after Reporting Period
There are no material events after the reporting period that require adjustments to or disclosure in financial statements.
27 Contingent liabilities
There were no material Contingent Liabilities as at the Reporting period end.
28 Related Party Disclosure
Related Party Disclosures are as follows;
Transaction with Key Management Personnel
The key Management Personnel of the group are the members of its Board of Directors.
Key Management Personnel Compensation
Short-Term Employee Benefits - Directors' Remuneration
Director's Current Accounts
Group
Company
2015
2014
2015
2014
Nil
Nil
Nil
Nil
144,810
144,813
-
-
Transaction with Related Parties
Transactions with related parties are carried out in the ordinary course of the business. Outstanding current account balances at
year end are unsecured, interest free and settlement occurs in cash.
82
28
Related Party Disclosure Contd…
Non-recurrent Related Party Transactions
There were no other non-recurrent Related Party Transactions, except the following which in aggregate value exceeds 10% of the equity or 5% of the
total assets which ever is lower of the Company as per as per 31 March 2014 audited financial Statements, which required additional disclosures in the
financial statements of the year 2014/15 under Colombo Stock Exchange listing Rule 9.3.2 and Code of Best Practices on Related Party Transactions
under the Security Exchange Commission Directive issued under Section 13(c) of the Security Exchange Commission Act.
Significant Non-Recurrent Related Party Transactions
Recurrent Related Party Transactions
Name of the Company
Relationship
Nature of Transactions
Value (Rs.)
Terms and Conditions of the
Transactions.
Common Directors
Right isuues of Shares
35,112,777
Settlement of Outstanding
Common Directors
Right isuues of Shares
38,934,875
Settlement of Outstanding
There were no other recurrent related party transactions, except the following which in aggregate value exceeds 10% of the consolidated revenue of the
Group as per 31 March 2014 audited financial Statements, which required additional disclosures in the financial statements of the year 2014/15 under
Colombo Stock Exchange listing Rule 9.3.2 and Code of Best Practices on Related Party Transactions under the Security Exchange Commission Directive
issued under Section 13(c) of the Security Exchange Commission Act.
Significant Recurrent Related Party Transactions
Name of the Company
Relationship
Value (Rs.)
Terms and Conditions of the
Transactions.
Subsidiary
Fund Transfers
71,900,000
Short-term Working capital
requirements
Fund Received
(14,550,000)
Expenses Incurred
70,048,997
Dambulla Hotels & Country Club (Pvt) Ltd
Subsidiary
Fund Transfers
24,165,541
requirements
Subsidiary
Fund Transfers
34,688,239
requirements
Expenses Incurred
94,895
Common Directors
Expenses Incurred
onbehalf of the company
(3,318,619)
Ceylinco Investments Corporation Ltd
Common Directors
Fund Transfers
42,000,000
Fund Transfers
1,500,000
Fund Received
(106,422,430)
requirements
requirements
AIO Investment (Pvt) Ltd
Common Directors
Fund Transfers
20,000,000
requirements
Asia Financial Management Ltd
Common Directors
Expenses Incurred
(10,727,000)
requirements
Fund Transfers
56,613,261
Expenses Incurred
(9,559,147)
Common Directors
requirements
83
28
Related Party Disclosure Contd…
Other Recurrent Related Party Transactions (Aggregated)
Transaction Category
Transaction with Subsidiries
Name of the Common
Directors'
Relationship
Mr. A.C.Seneviratne
Subsidiary
Mr. M.C. Seneviratne
Value (Rs.)
Amount Due
from / (to)
Recovery of Outstanding
552,877
125,855,778
Settlement of Capital Expenses
462,985
3,852,970
4,266,039
(10,338,180)
Mr. P.L.Amerasinghe
Transaction with Other
Related Entities
Mr. A.C.Seneviratne
Related Through
the Common
Directors
Recoveries of Receivables
29 Financial Instruments and Risk Management
The accounting classification of each category of financial instruments and their carrying amounts reported in the statement of financial position
are stated below.
The Carrying Values of Financial Assets and Liabilities.
Group
Note
Company
2015
2014
2015
2014
12,000,000
12,000,000
12,000,000
12,000,000
98,032,271
11,814,352
97,085,604
192,090,049
13,935,221
250,943,072
7,825,794
1,277,936,079
8,835,735
1,159,456,156
2,178,334
206,025,270
258,768,866
1,286,771,814
1,161,634,490
Unquoted Shares
14
The Available-for-Sale (AFS) investment is stated at cost as there is no active market for investments. Financial Assets at Fair Value through Profit or Loss (FVTPL)
Quoted Shares
16
12,561,016
FVTPL investments are stated at fair value based on active market quoted price. Loans and Receivables
17
19
The loans and receivables are stated at carrying values as their carrying value approximates the fair value.
TOTAL FINANCIAL ASSETS
230,586,286
368,801,137
1,310,586,166
1,270,720,094
1,618,303,493
281,991,117
105,916,669
1,775,888,763
516,768,354
88,359,563
1,007,285,443
234,802,372
103,517,631
1,120,097,639
462,032,165
88,359,563
2,381,016,680
1,345,605,446
1,670,489,366
FINANCIAL LIABILITIES
Other Financial Liabilities
Borrowings
Bank Overdrafts
21.1
23
19
The financial liabilities are stated at amortized cost using the effective interest method.
TOTAL FINANCIAL LIABILITIES
84
2,006,211,279
29 Financial Instruments and Risk Management Contd….
Risk Management
29.1 Industry Risk
The group has an established risk management process and framework embedded in owned managed hotels in all
locations. The long-term strategic goals are aligned with the group’s core purpose identified as follows: a Safety and security of guests, employees and other third parties
b The conceptual strengths supported by operational excellence in risk management at all hotels and corporate locations;
and
c Maintenance and promotion of the brand strength and operation of the company
The group’s risk management strategy has been set to enable and support the decision makers, staff and corporate
functions to manage risk effectively. The risks are identified at hotel level through various means including quality audits,
risk management assessments and internal audits. Hotel management discusses issues at monthly safety meetings
and action plans are developed. Risks are prioritized, assigned and improvement actions are identified, progressed and
monitored.
29.2 Financial Risk Factors
The group has exposure to the following risks from its use of financial instruments. 01 Credit Risk
02 Liquidity Risk
03 Market Risk
The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the
development of the Group’s business whilst managing these risks. The Group’s overall risk management strategy seeks to
minimize adverse effects from the unpredictability of financial markets on the Group’s financial performance. Mechanisms
adopted by group in managing eventual impact of such risks are given below. The financial instruments of the group comprise of listed / unlisted equity investments, investments in term deposits, cash
and bank borrowings (term loans and overdrafts). Certain companies in the group have trade receivables and payables
from its core business activities which are not significant in values at end of the reporting period. However, the major /
most of the companies of the group has not been commenced its operational activities during the year. The main purpose
of investment in short-term deposits and borrowings is to raise and maintain liquidity for construction and acquisition of
capital assets. Investments in listed equity are held for trading purpose and investments in unlisted equity are strategic
investments. 1. Credit Risk
Credit risk is the risk of financial loss to the group if counterparty fails to meet its contractual obligations. Credit risk arises
principally from deposits held with banks and financial institutions, cash and cash equivalents (excluding cash in hand) and
receivables from customers and related parties. The maximum risk exposures of financial assets that are subject to credit
risk are equal to their carrying amounts.
Following table depicts the maximum risk exposure of financial assets reported as at 31 March 2015.
Risk Exposure to Financial Assets
Group
2015
Company
2014
2015
2014
13,146,951
7,309,704
8,298,535
1,888,334
192,090,049
250,943,072
1,277,936,079
1,159,456,156
Credit risk arising from other financial assets of the group comprises deposits held with banks, cash and cash equivalents. The group’s exposure to
credit risk arises from default in meeting contractual obligations of contractual parties, with a maximum exposure equal to the carrying amount of these
financial instruments. The group manages its credit risks with regard to these financial instruments by mainly placing its funds with reputable financial
institutions with high credit ratings and no history of default.
85
29 Financial Risk Factors Contd…
2. Liquidity Risk
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group’s approach to managing liquidity is to ensure,
as far as possible, that it will always have sufficient cash to meet its liabilities when due under both normal and unexpected conditions without incurring
unacceptable losses.
Groups actively managed its financing cash flows to ensure all refinancing, repayment and investment needs with regard to the construction and acquisition
of capital assets are satisfied.
The following table depicts the group’s financial assets and liabilities maturity analysis as at 31 March 2015 based on the remaining period at the end of the
reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Company
Expressed in Sri Lankan Rupees
Financial Assets and Liabilities
Carrying
Amount (Rs.)
6 Month or
Less
6 - 12
Months
1-2
Years
2-5
Years
More than
5 Years
Financial Assets
Financial Assets FVTPL
12,000,000
-
-
-
-
12,000,000
11,814,352
11,814,352
-
-
-
-
1,277,936,079
1,277,936,079
-
-
-
-
8,835,735
8,835,735
-
-
-
-
1,310,586,166
1,298,586,166
-
-
-
12,000,000
234,802,372
234,802,372
-
-
-
-
Borrowings
1,007,285,443
66,622,807
149,662,636
111,000,000
198,000,000
482,000,000
Total Undiscounted Financial Assets
Financial Liabilities
Bank Overdrafts
Total Undiscounted Financial Liabilities
Net Undiscounted Financial Assets /
(Liabilities)
103,517,631
103,517,631
-
-
-
-
1,345,605,446
404,942,810
149,662,636
111,000,000
198,000,000
482,000,000
(35,019,280)
893,643,356
(149,662,636)
(111,000,000)
(198,000,000)
(470,000,000)
Group
Financial Assets and Liabilities
Carrying
6 Month or
Amount (Rs.)
Less
6 - 12
Months
1-2
Years
2-5
Years
More than
5 Years
Financial Assets
12,000,000
-
-
-
-
12,000,000
12,561,016
12,561,016
-
-
-
-
192,090,049
192,090,049
-
-
-
-
13,935,221
13,935,221
-
-
-
-
230,586,286
218,586,286
-
-
-
12,000,000
281,991,117
281,991,117
-
-
-
-
1,618,303,493
85,273,807
159,959,214
182,558,936
357,797,556
832,713,980
Financial Assets FVTPL
Total Undiscounted Financial Assets
Financial Liabilities
Borrowings
Bank Overdrafts
Total Undiscounted Financial Liabilities
Net Undiscounted Financial Assets / (Liabilities)
86
105,916,669
105,916,669
-
-
-
-
2,006,211,279
473,181,594
159,959,214
182,558,936
357,797,556
832,713,980
(1,775,624,994)
(254,595,308)
(159,959,214)
(182,558,936)
(357,797,556)
(820,713,980)
29.2 Financial Risk Factors Contd…
3. Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will affect the group’s income or
the carrying value of holdings of financial instruments.
3.1 Currency Risk
The group has currency exposures arising from letter of credits (LC) and telegraphic transfer’s (TT) of US Dolor (USD) relating to construction
and acquisition of capital assets. A significant portion of costs incurred on capital work-in-progress are using LC’s and TT’s denominated in
USD.
As at end of the reporting date there are no outstanding balances of LC’s or TT’s.
3.2 Equity Price Risk
Please refer note 16 to the financial statements relating to the total assets base which is exposed to equity price risk.
Listed Equity
Management of the group monitors the mix of equity securities in its investment portfolio based on market indices, where concerned with the
timing of buy / sell decisions are well supported with structures in-house research recommendations. Major transactions within the portfolio
are subject to review and approval by the Board.
Unlisted Equity
Operations of these entities are subjected to continuous monitoring of the / by the management to ensure that the operations of these
companies are met the expected industry standards, and thereby the returns.
3.3 Interest Risk
The group’s exposure to interest risk is the changes in market interest rates relate to the interest bearing borrowings with a fixed and floating
interest rate and bank deposits.
The group has bank balances including term deposits placed with reputable financial institutions with high credit ratings and no history of
default. The group monitors interest rate risk by actively monitoring interest rate movements.
29.3 Capital Management
The group manages its capital for safeguarding the group’s ability to continue as a going concern in order to provide maximum returns for
shareholders and to maintain an optimal capital structure to reduce the cost of capital. The group monitors capital structure on the basis of the
gearing ratio. The gearing ratio is calculated as total borrowings by total equity. Total borrowings include non-current and current borrowings as
shown in the statement of financial position. Following table depicts the group’s total borrowing and equity ratio as at 31 March 2015 and 2014.
Class of Capital
Group
Company
2015
2014
2015
2014
Total Borrowings
1,724,409,898
1,864,442,569
1,110,992,810
1,208,651,445
Total Equity
3,413,090,355
3,102,427,582
3,327,967,891
2,894,780,809
50.52%
60.10%
33.38%
41.75%
Gearing Ratio (%)
30. Review on Pre / Post Operation Losses and Future Strategies
Group incurred a net loss of Rs. 456,854,005/- and Rs. 309,064,216/- for the financial years ended 31 March 2015 & 2014 respectively as the group had
to incur substantial expenses in the areas of marketing, business promotions, customer service, training and recruitment. These are costs that needed to
be incurred upfront in order to be an established and preferred hotel in the industry. The other significant cost has been the interest payable on loans that
had been secured by the company to construct the hotels. These were initially at higher interest rates which have now being re-negotiated to be on par with
prevalent low rates.
Cost Categories
Group
Company
2015
2014
2015
2014
Finance Cost
45
42
49
33
Depreciation (based on present low occupancy)
33
23
23
3
The Board of Directors of the group are confident and have no significant doubt on group’s ability to continue as a going concern as the group has already
taken steps to strengthen its Sales & Marketing and to maintain optimum capital structure. The marketing team has been strengthened and given higher
targets to achieve this year. This financial year (i.e. 2015/16) the company has witnessed a significant growth in the occupancy numbers when compared with
last year and is confident in achieving much better results than last year. They have also identified the need to reduce the debt burden in order to reduce the
interest cost and is currently carrying out talks with potential investors to infuse cash into the company to reduce the debt obligations.
87
Shareholders & Investor Information
20 Major Shareholders as at 31st March 2015
Shareholding as at 31st March 2015
Shareholder's name
MR. A C SENEVIRATNE
1
FIRST CAPITAL MARKETS LIMITED / MR. A C SENEV1RATNE
No of Shares
120,079,839
6,500,000
2
HSBC INTL NOMINEES LTD-BBH-GMOEMERGING MARKETS FUND
3
FIRST CAPITAL MARKETS LlMITED / ASIA FORT ASSET MANAGEMENT (PVT) LTD
28,600,000
ASIA FORT ASSET MANAGEMENT (PVT) LTD
21,563,973
4
%
MR. U H DHARMADASA
16,666,667
PAN ASIA BANKING CORPORATION PLC / MR. U H DHARMADASA
10,000,000
126,579,839
25.659
85,883,101
17.410
50,163,973
10.169
Shareholding as at 31st March 2014
No of Shares
%
91,782,123
23.921
6,500,000
1.694
43,935,867
11.451
28,600,000
7.454
10,416,424
2.715
26,666,667
6.950
26,666,667
5.406
5
INVESTOR ACCESS EQUITIES (PVT) LTD
24,829,566
5.033
19,267,441
5.022
6
MRS. M C AMERASINGHE
20,000,001
4.054
20,000,001
5.213
7
NATION LANKA FINANCE PLC
13,907,348
2.819
350,000
0.091
8
FIRST CAPITAL MARKETS LIMITED / ANILANA COLLECTION (PVT) LTD
10,000,000
2.606
13,714,285
2.780
2.684
13.142,500
3.425
ANILANA COLLECTION (PVT) LTD
10,000,000
3,714,285
9
MR. V R RAMANAN
13,242,500
10
PRIDELANDS LIMITED
11,798,000
2.392
15,114,667
3.939
11
MR. O E H KALVO
9,857,109
1.998
9,857,109
2.569
12
NATION LANKA FINANCE PLC / JEROME RADLEY JUDE EPHRAUMS
9,233,386
1.872
760,377
0.198
13
MAS CAPITAL (PRIVATE) LIMITED
8,498,271
1.723
6,666,667
1.738
14
SANDWAVE LIMITED
7,894,196
1.600
15
JANASHAKTHI LIMITED ACCOUNT NO.1
6,000,000
1.216
5,040,000
1.303
16
HINL-BBH-GMO FUNDS PLC
5,559,665
1.127
2,844,200
0.741
17
MR. H H A CHANDRASIRI
5,067,003
1.027
5,027,803
1.310
18
MRS S M SENEVIRATNE
4.533,333
0.919
4,533,333
1.182
19
AIO INVESTMENTS (PVT) LTD
4,466,667
0.905
1,800,000
0.469
20
PERSHING LLC S/A AVERBACH GRAUSON & CO.
4340.000
0.880
4,440,000.
1.157
452,235,710
91.673
326,705,179
85.148
41,072,804
8.327
56,949,221
14.148
493,308,514
100.00
383,654,400
100.00
Total
88
Distribution Of Shareholdings as at 31St March 2015
From
To
1
-
1,001
10,001
100,001
No. of Holders
No. of Shares
1,000
337
-
10,000
-
100,000
-
1,000,000
Over 1,000,000
Total
%
106,591
0.02
160
682,922
0.14
85
3,840,121
0.78
38
11,293,348
2.29
35
477,385,532
96.77
655
493,308,514
100.00
Analysis of shareholders as at 31st March 2015
Category
No. of Shareholders
No. of Shares
%
Local Individuals
593
188,666,484
38.24
Local Institutions
48
161,889,011
32.82
Foreign Individuals
5
23,273,301
4.72
Foreign Institutions
9
119,479,718
24.22
655
493,308,514
100.00
Total
Directors’ holding in shares as at 31st March 2015
No. of Shares
Mr. P L Amerasinghe
Mr. A C Seneviratne
120,079,839
6,500,000
First Capital Markets Ltd/Mr A C Seneviratne
Mrs. M C Seneviratne
%
966,667
0.196
126,579,839
25.659
20,000,001
4.054
Nil
Nil
40,000
0.008
Mr. G B Wikramanayake ( resigned on 30.03.2015 )
Mr. A G Punchihewa
Market price per share
Highest during the period
Rs.8.50
Lowest during the period
As at end of the period
(01.12.2014)
Rs 13.50
(17.07.2013 )
Rs.5.40
(31.03.2015)
&
(30.06.2014)
Rs 6.70
(24.09.2013)
(31.03.2014) &
Rs.5.60
Rs 7.10
Public Holding
The percentage of shares held by the public as at 31st March 2015 is 28.064% comprising of 635
89
Notice of Meeting
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of ANILANA HOTELS AND PROPERTIES
PLC will be held on the 29th of September 2015 at the Main Auditorium, The Institute of Chartered
Accountants of Sri Lanka, No.30 A, Malalasekera Mawatha, Colombo 07 at 1.30 PM for the following
purposes:
1. To receive and consider the Report of the Directors and the Statement of Accounts for the year ended
31st March 2015 with the report of the Auditors thereon.
2. Directors
(i) To re-elect Mrs. Manjula Cleone Seneviratne who retires by rotation at the Annual General Meeting in
terms of Article 81 of the Company’s Articles of Association.
(ii) To re-appoint as a Director, Mr. Peter Lucien Amerasinghe who is 71 years of age and who vacates his
office in terms of Section 210 of the Companies Act No. 7 of 2007.
Notice is hereby given of the undernoted Ordinary Resolution in relation to Mr. Peter Lucien Amerasinghe’s
re-appointment to be passed in compliance with Section 211 of the Companies Act No. 7 of 2007.
“RESOLVED THAT Mr. Peter Lucien Amerasinghe who is 71 years of age be and is hereby re-appointed
a Director of the Company and it is hereby declared as provided for in section 211 of the Companies Act
No. 07 of 2007, that the age limit of 71 years referred to in Section 210 of the said Companies Act shall not
apply to the said Mr. Peter Lucien Amerasinghe.”
3. To re-appoint the retiring Auditors M/s Amarasekera & Co, Chartered Accountants to hold office until
the conclusion of the next Annual General Meeting and to authorize the Directors to determine their
remuneration.
BY THE ORDER OF THE BOARD
ANILANA HOTELS AND PROPERTIES PLC
CORPORATE ADVISORY SERVICES (PRIVATE) LIMITED
SECRETARIES
Colombo
29th of August 2015
90
Form of Proxy
I/We* the undersigned …………………………….………………………………………………………………
………………………………of………………………………………………………………………………………
….…………………………………………………...….being a member/members of ANILANA HOTELS AND
PROPERTIES PLC hereby………………………………………………………………………………....................
of …………………………………………………………………………………………………………………………
………. or failing him/her
Mr. P L Amerasinghe (Chairman of the Company) Mr. A C Seneviratne (Managing Director) Mrs. M C Seneviratne (Director) Mr. W M V Perera (Director) Mr. A G Punchihewa (Director) of Colombo or failing him
of Colombo or failing him
of Colombo or failing her
of Colombo or failing him
of Colombo
as my/our* proxy to vote as indicated here under for me/us* and on my/our* behalf at the Annual General Meeting of the Company to be held on
29th of September 2015 at the Main Auditorium, The Institute of Chartered Accountants of Sri Lanka, No.30 A, Malalasekera Mawatha, Colombo
07 at 1.30 PM and at any adjournment thereof, and at every poll which may be taken in consequence thereof.
Please indicate your preference by placing an ‘X’ against the Resolution No.
FOR
AGAINST
1. To receive and consider the Report of the Directors and the Statement
of Accounts for the year ended 31st March 2015 with the Report of
the Directors and Auditors thereon.
2. Directors
(i) To re-elect Mrs. Manjula Cleone Seneviratne Director who retires
by rotation in terms of Article 81 of the Articles of Association of the
Company.
(ii) To pass the Ordinary Resolution set out in the Notice of Meeting
pertaining to re-appointment of Mr. P L Amerasinghe who is 71 Years of
age, as a Director of the Company,
3. Re-appoint the retiring Auditors M/s Amarasekera & Company, Chartered
Accountants to hold office until the conclusion of the next Annual General
Meeting and to authorize the Directors to determine their remuneration.
Signed this ………………….. day of ………….2015 ………………………………………
Signature
* Please delete the inappropriate words
Notes:
1. If you wish your Proxy to speak at the Meeting you should insert the words “ to speak and” in the place indicated with an asterisk and initial
such insertion.
2. Please indicate with an “x” in the space provided how your Proxy is to vote. If there is in the view of the Proxy holder doubt (by reason of the
way in which the instructions contained in the Proxy have been completed) as to the way in which the Proxy holder should vote, the Proxy holder
shall vote as he thinks fit.
3. A Proxy holder need not be a member of the Company.
4. Instructions as to completion appear on the reverse hereof.
91
Instruction for Completion of Form of Proxy
1. Kindly complete the Form of Proxy by filling in legibly your full name and address, and your instructions as to
voting, by signing in the space provided and filling in the date of signature.
2. Please indicate with an “X” in the cages provided how your proxy is to vote on the Resolution If no indication is
given or if there is any doubt as to how the Proxy should vote by reason of the manner in which the instructions are
carried out, the proxy in his/her discretion may vote as he/she thinks fit
3. The completed Form of Proxy should be deposited at the Registered Office of the Company at No 14, Reid
Avenue, Colombo 7, not less than 48 hours before the time appointed for holding the meeting.
4. If the Form of Proxy is signed by an attorney, the relative power of attorney should accompany the completed
form of proxy for registration, if such power of attorney has not already been registered with the Company.
Note: If the shareholder is a Company or body Corporate, Section 138 of the Companies Act No. 7 of 2007 applies
to corporate shareholders of Anilana Hotels and Properties Plc
Please furnish the following information:
Shareholder
OR
Proxy holder
NIC No./ Passport No.
……………………
……………………
Nationality
Share Certificate No. ……………………
……………………
……………………
……………………
No. of Shares:
……………………
……………………
92
Corporate Information
Name of the Company
Anilana Hotels & Properties PLC
Legal Form
Public Limited Company listed in July 2013 on the Colombo Stock Exchange. (Incorporated
as a Private Limited Liability Company on 19th May 2010 under the Companies Act No. 17 of
1982 and converted to a Public Limited Liability Company on 13th November 2010)
Directors
Peter L. Amerasinghe (Chairman)
Asanga C. Seneviratne (Managing Director)
Manjula C. Seneviratne (Director)
Gamini B. Wikramanayake (Director) (Resigned with effect from 30th March 2015)
Ajahn Gardiye Punchihewa (Director)
Wahalathanthrige Manjula Viraj Perera (Director) (Appointed with effect from 18th May 2015 )
Secretaries
Corporate Advisory Services (Pvt) Ltd
No.47, Alexandra Place, Colombo 07.
Tel: 94 11 2695782
Fax: 94 11 2695410
Email: [email protected]
Registered Office
No. 14, Reid Avenue, Colombo 07.
Tel: 94 11 2030900
Fax: 94 11 2673355
Email: [email protected]
Web: www.anilana.com
Hotels
- Pasikuda
- Craig Bank Nuwara Eliya
- Nilaveli
Bankers
Sampath Bank PLC
Hatton National Bank
People’s Bank
Pan Asia Bank
NDB Bank
Auditors
Amerasekera & Co.
Chartered Accountants
No. 12, Rotunda Gardens. Colombo 03.
www.anilana.com

Anilana Annual Report 2015

Transcription

Similar documents

WELCOME TO VARIOSYSTEMS

A golden opportunity to A golden opportunity to

Sri Lanka Participation in Artisian Resource at NY Now 2016

Wilpattu National Park

FINA confirms Daniel, Mayumi for Olympics Billionaire

In consultation with Sector Teams, Eng. Approvals Dept., Env. Dept

Cultural Diary - DailyNews Archives

Sri Lanka Korea joint Research on Oral Cancer: Donation of a Cone

community - DailyNews Archives

Wild Life – Sri Lanka - Exotic Global Holidays