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Annual Report 2016

Contents

Financial Highlights 05

Chairman"s Message 09

Board of Directors 14

Competent Authority and Advisor to the Board

16

Senior Management Team 17

Management Discussion and Analysis 20

Corporate Governance 27

Risk Management 30

Su stainability Report 34 44
Directors" Responsibility for Financial Reporting 47

The Audit Committee Report 48

Financial Statements

Independent Auditor"s Report 50

Statement of Comprehensive Income 52

Statement of Financial Position 53

Statement of Changes In Equity 54

Statement of Cash Flows 55

Notes to the Financial Statements 56

Notice of Meeting 76

Notes 78

Form of Proxy 79

The Hilton Colombo has been welcoming

guests for the last three decades with its authentic legacy of style, elegance, gracious hospitality and superlative service standards.

Today, our hotel stands supreme at the

Our signature style of service strives to etch

memorable and enduring guest experiences.

This unique blend represents a Renaissance of

Hospitality.

Hotel Developers (Lanka) PLC | Annual Report 2016

2016

12 Months

Jan to Dec 2015/16

12 Months

Apr to Mar

Room Revenue LKR'000 1,151,954 1,033,726

F&B Revenue LKR'000 1,330,543 1,079,019

Other Revenue LKR'000 58,183 53,359

Total Revenue LKR'000 2,540,680 2,166,105

ͱͱ˓ґ 83 83

ͱ˓ͱͱ 172,944 138,943

ͱ˓˗ 141,012 116,944

ͱ 0.07 0.06

Average Room Rate LKR 20,408 20,326

ґ 47 38

Long Term Interest Bearing Borrowings LKR'000 Nil Nil

Total Equity LKR'000 13,772,897 13,727,287

Ͱґ 2.47 2.38

Total Assets LKR'000 15,362,703 14,945,267

Ͱͱґ 2.21 2.18

Current Assets LKR'000 1,016,007 1,611,531

Current Liabilities LKR'000 862,057 678,582

ͱ 1.18 2.38

ͱ 1.12 2.33

Financial Highlights

83%

Gross Prot Margin

"e completion of the rst phase of refurbishment has already augmented our iconic service platform and will serve as a springboard for future growth."

Hotel Developers (Lanka) PLC | Annual Report 2016

Chairman"s Message

Dear Shareholder,

I take immense pleasure in presenting the Annual Report and Audited Financial Statements of Hotel

and progressively opening for operation from October, 2016. It is also commendable to note that your

company despite the ongoing refurbishment continued to operate in a seamless manner during 2016,

It is important to emphasize the fact that Hilton Colombo has worked relentlessly to curate unique service

for the year ended 31st December, 2016.

The Hilton team, our stakeholders and the industry at large are elated about the ongoing refurbishment,

because it promises to be revolutionary in nature and concept. Ideas from international hotel consultants

of classic yet modern designs have been incorporated to sustain the competitiveness of the Hilton brand

our iconic service platform and will serve as a springboard for future growth. I believe that this strategic

I am pleased to note that the tourism sector yet again proved its resilience as one of the mainstays of the

nation"s economy during the year under consideration. "Our unique positioning as the premium venue of choice for Sri Lankans celebrating special occasions has been consistently maintained across three decades. We have hosted the most prestigious conferences, seminars and other national and global events since inception."

Global Tourism Movements

Globally, international tourist arrivals touched 1.2 Billion in January, 2017 as reported by the United Nations World Tourism continued to lead international outbound tourism within this region, followed by USA, Germany, UK and France.

Performance of Local Tourism Industry

Sri Lanka recorded a staggering 2 Million tourist arrivals in 2016, million in 2016 compared to Rs. 405,492 Million in 2015. This continued increase in tourist arrivals as well as increased spending by tourists. On average, the total number of nights

20,918,486 nights, with an average duration of 10.2 nights.

Tourists from Western Europe dominated the sector, showing a India continued to be the leading contributor to Sri Lankan tourism the country. I commend the creditable initiatives made by the Sri Lanka Tourism Promotion Board to fuel a sustainable upsurge in the enhancing the country"s image through strategic marketing undertaken by your Company will support the national vision for the industry. Furthermore, with the ongoing development of the Port City of Colombo and other mega infrastructure investments being undertaken by the Government of Sri Lanka, Hilton Colombo, with its strategic and iconic presence, is expected to play ͱͱͱͱ˔ͱͱͱFinancial Performance refurbishment strategy deployed ensured the delivery the popular array of services that our customers seek from the Hilton brand without any curtailment or closure. The room revenue in fact to reiterate that during the year under review, your Company has Our corporate governance structure is emblematic of our inbuilt ethical systems and processes. In this regard, your Company has demonstrated by consistently achieving the Compliance Award issued by the Institute of Chartered Accountants of Sri Lanka, for the last 4 consecutive years. project has been funded primarily through its internally generated funds from hotel operations, whilst the refurbishment is ongoing without utilization of the approved bank loan. The company"s management and conscious strategic planning. We are optimistic that the adequate returns will accrue to enable us to recover the investment of the refurbishment. This has given us the necessary impetus to invest in future expansions to enhance the existing array of accommodation and elite venues at the hotel.

Chairman"s Message

"We are blessed to have an exceptionally brilliant sta with a wealth of knowledge of the industry and a customer centric mindset which is highly valuable. Our large number of long serving employees reects their faith in the company and in sustaining the Hilton Colombo brand at the foreont of the industry."

Hotel Developers (Lanka) PLC | Annual Report 2016

Our Team: Key to Our Success

I am proud to highlight the achievements of the Hilton Colombo team during the year under review for demonstrating seriousness industry and a customer centric mindset which is highly valuable. the company and in sustaining the Hilton Colombo brand at the forefront of the industry. We remain proud of the fact that all our its employees. Our talent management systems and processes give us a clear competitive advantage in the industry. As testimony, Hilton won the gold for the Best Multinational Corporation in Sri Lanka based on a study conducted by ‘Great Place to Work Institute" in partnership with the ‘Ceylon Chamber of Commerce" and ‘LMD". The Hotel was also bestowed with the silver award for the Best in Large Sized Enterprise Category and adjudged one of the top 25 companies in ‘Sri Lanka"s Best Companies to Work for" rankings.

Excellent Future Prospects

Over the years, Hilton Colombo has maintained its signature blend Our unique positioning as the premium venue of choice for Sri Lankans celebrating special occasions has been consistently maintained across three decades. We have hosted the most prestigious conferences, seminars and other national and global events since inception. These achievements bear testimony to our which is our core competitive advantage and unique selling proposition. the refurbishment, we are now poised to commence the next phase in the 3rd quarter of this year. On completion of the second our sustained revenue base along with fully refurbished rooms

and restaurants to meet diverse local and global demand. These extensive capital investments will enhance the property and

opportunities of a growing tourism market.

Appreciation

A successful journey of such magnitude would not have come to team. I thank each one of them for their enduring commitment, pursuit of excellence despite operational challenges faced during the year. I extend my sincere appreciation to our esteemed guests for patronizing Hilton Colombo and for placing their trust in our refurbishments. I also wish to place on record my appreciation to our operating partner, Hilton Worldwide who have no doubt played a critical role to transform the Hotel to the current position. The expertise of their specialist team was a pillar of strength for the implementation of our refurbishment strategy. On behalf of the Board of Directors, I wish to convey a special tribute to fellow Board Member Mrs. Padma Maharaja, whose demise in 2016 was indeed an immense loss to the company. Finally, I wish to acknowledge our shareholder and other stakeholders for their continuous support in our exciting journey.

Krishantha Prasad Cooray

Chairman

Board of Directors

1 2 453

Hotel Developers (Lanka) PLC | Annual Report 2016

67
8 109
1.

Chairman

2.

Director

3.

Director

4.

Director

5.

Director

6.

Director

7.

Director

8.

Director

9.

Director

10.

Director

Board of Directors

Mr. Krishantha Prasad Cooray

Chairman

Mr. Cooray, whose academic training has been in Political Science and Law, is a senior professional with many years of experience in the corporate sector. Upon obtaining a Bachelor University of Middlesex, Krishantha Cooray joined the Richard Peiris Group as the Head of Business Development and went positions in leading and innovative corporate entities including the Ceylinco Group, the Richard Pieris Group and the Maharaja Organization. He was instrumental in setting up Rivira Media The Nation, quickly made their mark as independent and highly popular newspapers that could compete strongly with older and better established products in the industry. As a Consultant to the Maharaja Group, in addition to other responsibilities, Krishantha Cooray supervised, streamlined and ensured the executive coordination of news broadcasts by the company"s TV and Radio stations. He is a regular contributor to national newspapers in both English and Sinhala and writes on a wide range of topics. Presently he is a Board Member of DFCC Bank and the Chairman

Ms. Dheeshana Ameresekere

Director

Ms. Dheeshana Ameresekere is the Managing Director of the Residency has been nominated for “World Luxury Hotel Award for

2016" and is a “Winner of Trip Advisor Service Excellence Award"

for the last 8 years consecutively. The Theva Cuisine Restaurant has been selected as a “Winner of World Luxury Restaurant Award

2016" and is a Winner of Trip Advisor Service Excellence Award for

the last 2 years consecutively. She holds a Bachelor of Science in from the American University in Washington DC, USA, a Bachelor in Restaurant, Travel & Tourism Management, Kapiolaani College, Hawaii, USA. She was previously the Resident Manager at The Coordinator and Guest Relations Executive at Hilton Colombo.Mr. Athula Senanayake

Director

Mr. Athula Senanayake is a hospitality professional who completed his higher studies at the renowned Institute of Hotel Management and Tourism in Salzburg, Austria, graduating with distinction. he was employed as Assistant Food and Beverage Manager at the to the launch team of the Colombo Hilton in 1987 in the capacity premier hotel in Colombo. and bespoke catering services. chain operators and is cognizant of all aspects of hotel operation with an accent on food and beverage services.

Mr. J. M. U. P. Jayamaha

Director

Mr. Jayamaha is the Additional Director General of the Department of Public Enterprises of the General Treasury, Member of Board of Directors of National Water Supply & Drainage Board, Lankaputhra Development Bank and Institute of Fundamental Studies. A Member of the Sri Lanka Government Accountants" service, with nearly 25 years of experience in Financial and including Ministries and Departments. He holds a Masters Degree in Development Studies from University of Colombo, from University of Sri Jayewardenepura, Diploma in Public Financial Management from Sri Lanka Institute of Development of Chartered Accountants of Sri Lanka. He was a member of the Board of Directors of the Sri lanka Convention Bureau.

Hotel Developers (Lanka) PLC | Annual Report 2016

Ms. Sonali Liyanamana

Director

Ms. Sonali Liyanamana is a senior travel and tourism industry expert with over 25 years of experience in working with both local and international companies. She has implemented airline incentive negotiations and product development. She has expertise in product development and marketing of international destinations, group travel and leisure FIT travel planning, and a member of the World Link Group of Companies. She is also

Lanka.

Ms. Tehani Mathew

Director

Ms. Tehani Mathew holds a Bachelor of Arts in Political Science in Applied Psychology from University of Colombo. She is the Chief of the Seva Vanitha Movement, Ministry of Information and of Sri Lanka and Women"s Chamber of Industry and Commerce,

Sri Lanka.

Mr. Dhanuka Ranjith Samarasinghe

Director

Mr. Dhanuka Samarasinghe followed a course in B.Com at the University of Deakin. In 2003, he joined his family business in rubber and plantations. Under his stewardship in 2006, the company expanded into rubber manufacturing and trading. In forayed into the hospitality sector as well. His latest business venture is in hydro power generation. He serves as Executive Ltd, Smart Metro Pvt Ltd and TAD Lanka Investments Pvt Ltd Masters degree in History at University of Colombo. Mr. Shezmin Mansoor

Director

Mr. Mansoor completed his Bachelor"s Degree in Science, majoring in Supply Chain Management from Arizona State University, USA. He was awarded a Scholarship during his degree and featured in the prestigious Dean"s List, awarded for outstanding academic results. Having over 19 years of experience across a diverse range of industries including the Garments and Clothing industry in Sri Lanka where he setup franchised brands, produced and exported attire, he worked as Supply Chain & Logistics Director in various companies in USA and recently set up his own company in the Gem & Jewellery industry. He is a member of the Federation of Chamber the Sri Lanka Gem & Jewellery Association.

Mr. Dinouk Colombage

Director

Mr. Colombage pursued a Bachelor of Arts degree at the University graduation in 2009, he returned to Sri Lanka where he worked as a Deputy Sports editor. His tenure as the Deputy Sports Editor saw him cover the 2011 World Cup hosted by Bangladesh, Sri Lanka and India. In 2012 he was appointed Features Editor of the Sunday Leader. While holding this post he was sponsored by the US Embassy in Colombo for a reporting tour of the US during the he has covered numerous issues including the Commonwealth

Lanka in 2013.

Mr. Pravir Samarasignhe

Director

Mr.Pravir Samarasignhe has 30 years of professional and commercial experience and serves on the Board of Directors of several public listed and unlisted Companies. He is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and Chartered Institute of Management Accountants UK and holds a Masters Degree in Business Administration. He is the Chairman of the Condominium Developers Association of Sri Lanka, Vice Chairman of the Employers Federation of Ceylon and a Board member of the Ceylon Chamber of Commerce. He was the former Chairman of the Sri Lanka Institute of Directors, Industrial President CIMA Sri Lanka Division and former Council member

CIMA Global.

Competent Authority and

Advisor to the Board

Mr. C. Ramachandra

Competent

Authority

Director of UB Finance Ltd and Asia Asset Finance PLC, and holds Financial Services and Packaging. He is a Fellow of the Institute Partner of Messrs Hulugalle, Samarasinghe & Company from as Chief Accountant/Company Secretary, serving six months in Manager of Commercial Bank of Ceylon"s Fund Management he was appointed to the Board of Uni Walker Packaging Ltd. He also served as Non Executive Director of Sathosa Retail Ltd, and as independent Director on the Boards of Capital Reach Holdings

ͱ˗ͱMr. V. Kanagasabapathy

Advisor to the Board

Mr. Kanagasabapathy functions as a member of the Finance Council Member of the Institute of Chartered Accountants ofquotesdbs_dbs17.pdfusesText_23