Documente Academic
Documente Profesional
Documente Cultură
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.
Management Profiles
Board of Directors 12
Corporate Management Team 16
Anilana Properties
Anilana Pasikuda 18
Anilana Nilaveli 20
Anilana Craig Bank Nuwara Eliya 22
Accolades 24
Guest Feedback 25
Anilana Dambulla Country Club & Spa 26
Anilana Colombo 27
Anilana Panichchankerni 28
Anilana Selladiv Island 29
Anilana Blue Lagoon 30
Anilana Vakarai 31
Anilana Kalkuda 32
Governance
Corporate Governance 48
Audit Committee Report 52
Remuneration Committee Report 53
Board of Directors on the Affairs of the Company 54
Financial Reports
Statement of Directors’ Responsibilities 56
Independent Auditor’s Report 58
Statement of Comprehensive Income 59
Statement of Financial Position 60
Statement of Changes in Equity 62
Cash Flow Statement 63
Notes to Financial Statements 64
Supplementary Information
Shareholder & Investor Information 88
Notice of Meeting 90
Form of Proxy 91
5
Vision
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.
6
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.
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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
Chairman’s Message
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.
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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.
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.
Acknowledgements
Peter Amerasinghe
Chairman
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ur financial year 2014/2015 began on an auspicious
O 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.
Our achievements
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Managing Director’s Message
Our confidence
Acknowledgements
Asanga Seneviratne
Managing Director
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Mr. Peter Amerasinghe is a Fellow Member of the Chartered
Board of Directors 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.
Peter Amerasinghe
Chairman
Manjula Seneviratne
Director
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Mr. Asanga Seneviratne is the founder of Anilana Hotels & Properties
Board of Directors
PLC, spearheading the launch of the “Anilana” brand, which he owns. He is
also a Non-Executive Director of Nation Lanka Finance PLC.
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.
Manjula Perera
Director
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15
Corporate Management Team
Ms. Philips has played a significant role in promoting and Also an Associate Director of Anilana Hotels and Properties
positioning Anilana, providing solid sales experience to build PLC, in his role Mr. De Zoysa is responsible for managing
our customer base and develop strong brand awareness. the preopening construction budgets, construction schedules
and project management for hotels and properties under
Ms. Philips is actively pursuing new business opportunities on development.
behalf of the company, whilst building strong allegances with
operators and industry spercialists to develop existing business Working closely with the Managing Director, Architects,
levels of Anilana Hotels in both local and overseas markets. Consultants, Interior Designers, Construction companies
and Contractors, he is responsible for sourcing development
As part of our overall marketing strategy and product locations, coordinating construction schedules and budgets,
development, Ms. Philips has been deploying the overall coordination of project management issues and
necessary tactics to help develop an awareness of coordinating with service providers and surveyors.
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.
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Asanga Seneviratne Manjula Perera
Managing Director Head Of Finance & Compliance
Mr. Asanga Seneviratne is the founder of Anilana Hotels & A Member of the Chartered Institute of Management
Properties PLC and in his role as Managing Director; he spearheads Accountants, United Kingdom, and an accomplished finance
the company’s positioning, strategic direction and the professional of more than 20 years, Mr. Perera is well
overall development of the “Anilana” brand, which he owns. experienced and equipped for his role as Head of Finance
and Compliance for the Anilana Group of Companies. Before
The management team has been set up in a highly joining Anilana, he worked at Richard Peries and Aitken Spence
collaborative matrix structure with direct reporting Printing where he was the Finance Director.
relationships to the Managing Director. In his role Mr.
Seneviratne is the overall guiding influence within the In this role, he is responsible for creating detailed and accurate
company, overseeing the key functions of corporate financial reporting, maintaining strict internal controls, as well
development, investment and investor coordination, financial as a comprehensive framework of policies and procedures that
resourcing, resource allocation and the sustained growth of the ensure fiscal responsibility. This is key in allowing us to achieve
company. our goal of sustaining profitability. He is also responsible for
ensuring full corporate governance and compliance within the
company.
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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
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
made an indelible mark in Sri Lanka’s hospitality industry, to another level and bring about an array of mouth-watering
winning numerous accolades, including the TripAdvisors’ dishes to tempt even the most fastidious guest.
Travellers Choice Award for 2015 and the TripAdvisors’
Certificate of Excellence in 2014. We also received a Anilana Pasikuda brings a touch of paradise to our valued
Certificate of Excellence from the National Geographic, and content guests. This is a place that induces rest and
giving recognition to our contribution towards Geo tourism. relaxation and where the travails and routine of everyday
Quietly tucked away from the crowd on Pasikuda Bay, life can be left far behind. However peace does not
our secluded yet luxurious retreat carefully preserves the necessitate isolation, and via fibre optic technology, most
natural beauty of its surroundings. modern devises are functional here, be it cable tv, music or
high speed Wifi internet connectivity.
Breathtaking views of the Indian Ocean greet you from the
lobby, past the long swimming pool; and from each of our Hotel facilities has something for everyone; be it a beach
spacious and luxurious rooms. Modern design combined bar and restaurant for those who wish to bask in the sun,
with the natural elements used during construction gives a lobby bar and restaurant for those who prefer indoor
this retreat its own unique beauty, complemented by the comforts, a vast swimming pool for those who want to
stunning coral reefs and the pristine waters of the Indian enjoy a relaxing dip after day out in the tropical sun, and
Ocean lapping outside. 60 comfortable rooms including single, double and duplex
chalets.
Our friendly and courteous staff provide impeccable service,
and it is their attentive care and prompt service which
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Pasikuda
nilana Nilaveli began its operations in the first quarter
Nilaveli A of 2014, and it has fast become one of the front
runners in Sri Lanka’s hospitality industry. A fact readily
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
apparent by the numerous accolades it has earned, access to high speed Wifi connectivity, cable tv, music,
including the TripAdvisors’ Travellers Choice Award videos and digital telephones, all delivered on one digital
for 2015 and as a nominee for the World Luxury Hotel IP platform.
Award in 2016.
Our service is exemplary, with our staff taking care
Along the East Coast, on the golden beaches of of each of our valued guests with courtesy, skill and
Irakkandai, Nilaveli, our hotel is sprawled amongst 7 attentiveness. We provide service with a smile and
acres, bringing comfort and luxury to even the most you will indeed feel at home here, with a few additional
discerning traveller. Snorkelling, deep sea fishing, creature comforts, of course.
sailing, water sports, whale and dolphin watching are
a few of the myriad activities this area is famed for. Our facilities include 70 spacious and comfortable rooms
However, those who prefer a more relaxing holiday, can & suites, a lobby restaurant & bar of the highest quality,
take a dip in either of our two enormous swimming pools, a large veranda for al fresco dining, two enormous
be pampered at our state-of-the-art spa, enjoy tropical swimming pools leading the way to an amazing beach
cocktails made by our skilled bartenders and savour restaurant & bar and a roof-top restaurant where you can
some of the delectable dishes that are on offer at any of take in the splendorous views of the Ocean, the pristine
our restaurants here. beach, and the surrounding environs in all its beauty.
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Nilaveli
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Nuwara Eliya
Nuwara Eliya
N estled amidst the hills of the Central Province is Craig
Bank Nuwara Eliya, artfully placed on one acre of land,
it is a place that cleverly captures the romance of a bygone
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
era, without foregoing the comforts and conveniences of the of flowers, whilst others opt to visit the Galway’s Land Bird
modern world. The unique charm of this particular villa maybe Sanctuary near Lake Gregory. Yet others use Nuwara Eliya as
partly attributed to its Art Deco style, traditional designs, and the a base to visit Horton Plains National Park, famed for its wildlife
numerous antiques that can be found here. and the renowned attraction “World’s End.” For those who
prefer to relax indoors, our villa offers Wifi facilities, cable tv in
Amidst the picturesque landscape of lush green tea estates, the TV room, and an assortment of board games ranging from
sloping hills and cascading waterfalls stands Craig Bank chess to backgammon and draughts.
Nuwara Eliya. Nuwara Elya is ofttimes referred to as “Little
England” mainly due to its cool, sub-tropical climate and the Facilities at Craig Bank Nuwara Eliya includes four large
flourishing growth of fruits, flowers and vegetables that are bedrooms and en-suite bathrooms, a drawing room cum
usually found in temperate Europe. In keeping with this colonial lounge with a cosy fire place, a TV room, a well equipped
backdrop, at Craig Bank Nuwara Eliya, you will find attentive kitchen and a laundry room. A veranda to enjoy pre-dinner
staff and a butler service to cater to your every whim. Our drinks or some afternoon tea, and ample parking, makes this
beautifully laid out garden with a profusion of vibrant, colourful a haven for guests who want to relax in an intimate, quiet yet
flowers is a feast for the eyes; whilst a very different kind of welcoming atmosphere, reminiscent of a more peaceful time in
gastronomical feast can be sampled in our dining room, thanks days gone by.
to our multi-talented cook.
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Trip Advisor Awards
Accolades
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
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Anilana Nilaveli
“Excellent hotel, beach & staff”
Guest Feedback
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
Anilana Pasikuda
“Brilliant 5 nights stay”
We had a fantastic experience at anilana with very few if any problems or faults.
“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
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.
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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
a spa and a well equipped gymnasium. Two restaurants
and bars will provide some delectable dishes and
The location of this site is indisputably beautiful, with lush As the third phase of this project, we intend to develop
vegetation and an ambling stream bordering the property. the road side frontage of the property, so that clean, high
This stream should provide ample water for the horses quality street food, beverages and retail opportunities will
and we propose to include a tasteful water feature which be available to travellers; and in-turn this should help us
would heighten its aesthetic appeal still further. The tall generate additional revenue whilst offering an opportunity
trees and the shrub jungle in the vicinity, with imposing for well-trained locals who reside nearby to be an active
yet breathtaking mountains further afield, will lend a part of our venture, as part of our larger plan to further our
certain authenticity to its country club ambience. promise of social responsibility.
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P erfectly situated with an 80 perches ideal central
Colombo
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.
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Panichchankerni
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Selladiv Island
S 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
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
unto itself with luxurious water bungalows overlooking a living coral tempt even the most discerning traveller. A short, picturesque stroll
reef. In building this eco-friendly resort we will not disturb the natural on the main land will lead to a well equipped spa, water sports and
beauty of this island with its avid plant life and lush green mangroves. diving centre which would be part of the Panchichankerni integrated
The buildings and pathways will be constructed on an elevation, so as resort project.
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.
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Blue Lagoon
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S
Vakarai
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.
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Kalkuda In 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.
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Management Discussion and Analysis 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
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
this trend to continue in 2015. However a downturn in stated that “Sri Lanka must stop chasing visitor arrival
the global economy could take the edge off the surge numbers but focus on attracting the $250 per day
of arrivals in the latter part of this year. guests into the country if we are to make the industry
financially viable.”
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.
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Tourist Arrivals in 2014/2015
** Provisional
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Management Discussion and Analysis Tourist Arrivals by Region 2013 & 2014
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Tourist Arrivals in the East Coast in 2013
** East Coast arrivals are calculated based on foreign guest nights in graded hotels.
Source: Sri Lanka Tourism Development Authority
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Everything we do begins and ends with
Operating Strategy & Review our guests
Corporate Structure
We have centralized several of our organization’s Centre, be it strategic planning, public relations,
functions so as to benefit from economies of scale, and advertising, collateral management, reservations,
to ensure that undue expenses are not passed onto to online marketing, business forecasting, contracting or
our valued customers. Thereby, at Anilana Centre, our sales & revenue management. We have set ourselves
Head Office, which is situated in Colombo; we handle challenging yet achievable sales targets, which we
a vast range of support services, such as project enthusiastically pursue, made easier by the fact that
management, finance, legal & compliance based we have identified our niche and our potential customer
work, marketing & sales, reservations, information base. We intend to focus mainly on high spending
technology, human resource management, technical international clients who mainly come from European
services and procurement, so as to minimize our on- countries such as the United Kingdom, Germany
site manning levels and to give them the freedom to and France, as well as our Asian counterparts from
do what they do best, which is providing unmatched China and India; whilst keeping our loyal, Sri Lankan
service to our guests. At Anilana Centre, we are geared customers close to our hearts.
to achieve the four cornerstones of our strategy, which
are sustaining profitability, developing our human We have a multi-pronged approach to pierce our sales
resource component, achieving brand clarity and targets, one of which is to develop and maintain strong,
maintaining the integrity and consistency of our brand. professional ties with both local and overseas based
Tour Operators and Travel Consultants. Another, is to
develop a formidable online presence, which we have
Design, planning and preparation of new done by investing in our own modern reservations
engine, cultivating strong relationships with companies
openings
that engage in online reservations such as Bookings.
com and Agoda.com, and by investing in a name
The Corporate Management team work tirelessly to
optimization program that lends us a preferential
ensure that all projects are viable, both financially
standing on Google Search, which in turn increases
and technically, and that they comply with our brand
brand awareness. We also place emphasis on
standards. They work hand in hand with a team of
cultivating and maintaining our reputation online, by
trusted professionals, each an expert in their field,
responding to queries, concerns and complements in
be they architects, contractors, interior designers or
a courteous and timely manner, be it on social media
specialist consultants. Together they arrive at a well
or on customer review sites such as Tripadvisor.com.
thought out action plan and come to a consensus on
Similarly, in order to gain and retain our local customer
appropriate design layouts, project costs, construction
base, from time to time, we offer them a host of
schedules, operating concepts, furniture & operating
privileges, be it special promotions or attractive rates.
equipment requirements, all of which are aimed at
taking Anilana to another realm of excellence.
“A touch of paradise” amply sums up our advertising
concept, as we promote Anilana as an inspirational
destination to our discerning international clientele
Marketing, Sales & Reservation and to the upwardly mobile local market. We
Management ensure that the pristine beauty of the east coast is
highlighted along with the intimate luxury that Anilana
All marketing activities are centralized at Anilana
38
is renowned for, in all our promotional campaigns. We curbing any undue expenditure. Financial reporting is
will be focusing mainly on attracting honeymooners, carried out, conforming to the guidelines set by the
We believe that the foundation of our operations is For us, Brand Clarity encompasses having uniform
our people, and with this in mind we have centralized operating standards across all our ventures, which
all strategic human resource development activities share the common aim of ensuring that all our clients
at Anilana Centre, including recruitment & selection, experience the “memorable hospitality” that we are
development of training material, manpower planning renowned for. In our books, the Fundamentals of
and compensation planning, to name but a few. We Hospitality can be classified as:
have invested in recruiting highly trained professionals
who are extremely competent in their own sphere of • Defining and maintaining standards for comfort.
service and we have potential candidates of a similar • Defining and maintaining standards for cleanliness.
calibre lined up for projects that are currently at the • Awareness and implementation of safety related
development stage. protocols.
• Ensuring consistency for excellent service, in all
Tactical human resource requirements are also locations.
placed on a level of utmost priority, with performance
management, provision of employee services, training, At every point of service, we aim to sustain the integrity
counselling, evaluation and motivation, taking pride of of the Anilana brand, by ensuring that our product,
place, for we believe that satisfied employees pave service and delivery standards are in keeping with our
the way to obtaining and retaining even more satisfied dedication to excellence.
customers.
Sustainability
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.
39
that man and nature can co-exist peacefully, and we
Operating Strategy & Review 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
Most of our resorts ( and prospective development In Nilaveli, we have commenced providing lunch
projects ) are situated in Sri Lanka’s East Coast, a packets every month to trishaw drivers, Navy and
place where the impact of a long drawn out civil war Police life savers, counter staff working at Wildlife
spanning over two decades was keenly felt; and to ticketing, and to boatmen, a thoughtful gesture that
where travel was practically unthinkable before 2009. has indeed, fostered goodwill in the community.
This has impacted the locals in a manner where hitherto
training and development opportunities were scarce, With our commitment to sports, we organized a cricket
which is something we aim to rectify. To this end, we match in Vakarai this year, and sponsored several
have carried out initial discussions with the Swiss items of cricket gear, that would enable residents to
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indulge in a game of cricket whenever they feel up to customers, and we take it upon ourselves to provide
In order for our staff to glean an even better We aim to maintain our margins by ensuring that prior
understanding of the hospitality trade, we bring in both to the incurrence of any expenditure, it will be carefully
local and international trainers, who rank amongst the scrutinized and strategically aligned to its current and
best in their chosen field, to provide valuable on-the- future potential to generate additional revenue, in
job and off-the-job training. keeping with our long term goals.
We have an Internal Performance Management & We will focus on opportunities to improve our revenue,
Personal Development plan in place, which helps us foster growth and minimize expenditure, wherever
monitor performance, motivate staff, and give due possible. Effective materials management and a
recognition to accomplishments. This also helps centralized procurement function lead to economies
identify the strengths of our personnel, and just as of scale, whilst effective water & energy conservation
importantly, the areas open to improvement, which we programs and the minimizing of waste, is the
then begin to work on promptly. Using this as base, we cornerstone of our cost effective asset management
identify those deserving rewards and promotions, for programme.
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.
4. Customers
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Human Resource Development 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
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
and the warmth of true Sri Lankan hospitality, to our environment, are the cornerstones of our trademark
valued guests. We invite young, talented, enthusiastic hospitality.
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 Anilana Team
guests and towards one another, that sets us apart
from our competitors. 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,
Vision, Mission & Goals at all levels. To this end, we have developed well-
thoughtout performance standards, so as to assess,
Against the backdrop of Anilana’s comfortable, modern recognize and motivate our employees, whilst several
and luxurious properties, we aspire to provide infallible internal and external training programs are put in
service and gracious hospitality, with the ultimate aim place to bring out the best in our associates, which
of maximizing customer satisfaction. By maintaining in turn facilitates both personal and organizational
sustainable growth, we aim to provide profitable growth. With effective feedback geared to identify,
returns to both owners and shareholders alike, whilst motivate and reward successes and rectify any
enhancing investments, and increasing the net worth shortcomings and with several career advancement
of the organization. opportunities and prospects for internal growth being
readily available, we at Anilana, believe that jobs pave
At Anilana, we concentrate on constructing cost the way to careers.
effective and eco-friendly structures, each with its own
unique identity. The glue that binds these separate We have with us, a highly talented, motivated set of
entities together would be the consistency of service employees, each a professional in his/her own field of
and the uniformity of standards that is faithfully work, a valued asset in our arsenal. We have with us
inculcated across the Anilana brand. a multi-pronged approach to balance the needs of all
stakeholders, such as luxurious yet functional design,
Our vision statement, mission, goals, culture and values safe yet cost effective construction, environmentally
form a cohesive whole, and it is the amalgamation sound practices, an effective marketing campaign,
of all these that provide us with strategic direction. competent financial management and a sound human
We make a conscious effort to involve our staff in resource development program set well in place,
planning activities as well as the operational, for it is so that we are geared to deliver a high return on
they who can give us useful insight into the best ways investment (ROI) to our investors.
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.
• We have a number of internal promotion opportunities In our bid to align manpower related expenditure to
set well in place, including our valued employee, Mr the volume of revenue generated over a given period,
Kodish, who has been with us for three years and who we have set procedures in place to improve cost
was recently promoted to the mid-managerial position effectiveness without hampering customer satisfaction.
of Assistant Housekeeping Supervisor. 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.
43
Equal Opportunity and Diversity
Human Resource Development 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.
44
45
Human Resource Development - Testimonials
Corporate Social Responsibility 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
However, we minimize the wastage of water by
carrying out our functions carefully, in a well-thought-
out manner, by gaining an in-depth understanding of
large. We believe in conserving our natural resources local water conditions, treatment methods and optimal
for the benefit of our future generations, promoting storage conditions.
health and well-being in our customers by opting for
organic produce wherever possible, encouraging We also believe in energy conservation, and with this
the implementation of sustainable farming practices in mind nearly 80% of our light fittings use LED or solar
amongst our suppliers, and fostering a better quality powered lighting. Our air-conditioning units are solar
of life in the local community. 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
Environmental Matters higher initial investment cost, it has found to be cost
effective in the long run, whilst being environmentally
beneficial too.
46
We provide free transfers to Vallachennai, in
Sponsorship
47
Corporate Governance C orporate Governance is the system by which
Companies are directed, managed and controlled
by the management in the best interest of the
Committee, each of which consists of three Non-
Executive Directors. Reports of the Remuneration
Committee and the Audit Committee are set out in the
Shareholder. pages 53 and 52 respectively of the Annual Report.
48
Rule No Subject Applicable requirement Compliance Details
Status
7.10.1 Non Executive Directors At least 1/3 of the total number of Directors should Complied 4 out of 5 Directors are Non-
be Non-Executive Directors Executive Directors
7.10.2 Independent Directors 2 or 1/3 of Non-Executive Directors, which is Complied 2 off 4 Non-Executive
higher should be independent Directors are independent.
Each Non Executive Director should submit a Complied Non-Executive Directors have
declaration of Independence/ Non Independence submitted the Declarations.
in the prescribed format.
7.10.3 Disclosure relating to (a) Names of Independent Directors should be Complied Please refer information
Directors disclosed in the Annual Report 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 Complied Board had established a
Committee Remuneration Committee
(a) Composition of the
Remuneration Committee The Remuneration Committee shall comprise of Complied The Remuneration Committee
Non-Executive Directors and majority of which has 3 members 2 of whom are
(b) Factions of the can be independent independent.
Remuneration Committee
The Remuneration Committee shall recommend Complied Please refer to the
(c) Disclosure in the the remuneration of the Key Management Remuneration Committee
Annual Report relating to Personnel and Executive Directors Report on page 53 of the
Remuneration Committee The Annual Report should set out: Annual Report.
7.6 (v) Statement of Directors and A Statement of each Director’s holding and Complied Please refer page 54
Chief Executive Officers Chief Executive Officer’s holding in shares of the
Shareholding Company at the beginning and end of the financial
year
49
Other Policies and Practices Relationship with shareholders
Corporate Governance Obtaining Independent Professional Advice The Annual Report and the Annual General Meeting
form the principal means of communication with the
The Board in discharging its duties seeks independent shareholders quarterly financial statements of the
professional advice from external parties when company and that of the Group have been uploaded
necessary, at the company’s expenses. to the CSE website within the stipulated time frame.
Directors Remuneration
50
51
Role of the Audit Committee b. The Committee reviewed the periodic internal
Audit Committee Report audit reports. The internal audits are done to
The Audit Committee is a sub-committee of the main improve process performance and control.
Board to which it is accountable. The primary function
of the Audit Committee is to assist the Board in its c. The Committee reviewed the external auditors’
oversight of the integrity of the financial statements report and management letter for the last year.
of the Company, to assess the qualifications, the All recommendations proposed by the external
independence and the performance of the Company’s auditors were discussed and recommendations
external auditor and review compliance of the proposed were duly carried out by the
Company with legal and regulatory requirements. management. In addition, the Audit Committee
reviewed the engagement partner’s relationships
Composition of the Audit Committee with the Company, and assessed that the external
auditors are independent.
The Audit Committee comprises of the following
three Non-Executive Directors of Anilana Hotels & d. The Audit Committee in conjunction with the
Properties PLC of which two are independent. Managing Director and Head of Finance of the
Company reviewed the Company’s disclosure
Mr. Gamini Benedict Wikremanayake controls and procedures and internal control over
Chairman of the Audit Committee financial reporting.
Mrs. Manjula Cleone Seneviratne e. The Audit Committee reviewed the Company’s
Committee Member policies and practices with respect to risk
assessment and risk management, including
Mr. Ajahn Gardiye Punchihewa discussing with management the Company’s
Committee Member major financial risk exposures and the steps that
have been taken to monitor and control such
The Managing Director and the Head of Finance attend exposures.
meetings at the invitation of the Audit Committee. The
Board Secretary functions as the Secretary to the
Audit Committee. Representatives of external auditors Conclusion
and internal auditors also attend Audit Committee
meetings by invitation. The Audit Committee is satisfied that the Company’s
accounting policies, independence of the auditors
The Audit Committee Chairman has the required and risk management are adequate for the Company.
expertise in Finance and Business Management to The Audit Committee has also accomplished
deliberate Audit Committee matters and recommend responsibilities and functions that are delegated to it
necessary action to be taken. by the Board.
Meetings
52
Role of the Remuneration Committee relevant and benchmarking specific categories
Meetings
53
Annual Report of the Board of Directors on the Affairs of the Company The Directors take pleasure in presenting their report
together with the Audited Financial Statements for the Directors’ interests in shares
year ended 31st March, 2015.
The Directors’ interests in shares as at 31st March, 2015
Principal activities were as follows:
54
Responsibility statements Statutory Payments
The significant accounting polices adopted when Peter Amerasinghe Asanga Seneviratne
preparing thee Financial Statements and any changes Chairman Managing Director
thereto (if applicable) are given on pages 64 to 70
55
The Directors are responsible under the companies
Statement of Directors’ Responsibilities Act No.07 of 2007, to ensure compliance of the
requirements set out therein to prepare financial
Compliance Report
statements for each financial year giving true and fair The Directors confirm that to the best of their knowledge
view of the state of the affairs of the Company as at and belief that all statutory payments in relation to
the Balance sheet date and the profit of the company regulatory and statutory authorities that were due
for the financial year. in respect of the company and its subsidiaries as at
the balance sheet date have been duly paid where
relevant provided for.
The Directors accept the responsibility for the integrity
and objectivity of the financial statements presented.
The Directors confirm that the financial statements By order of the Board
have been prepared; Anilana Hotels & Properties PLC
56
57
58
Independent Auditor’s Report
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in Sri Lankan Rupees)
Group Company
FOR THE YEAR ENDED 31 MARCH 2015 2014 2015 2014
Note
Revenue 3 218,611,905 76,741,863 112,641,079 -
Net Gain / (Loss) from Financial Assets at Fair Value through Profit or Loss
836,570 50,415,799 1,036,572 50,469,132
Basic Earnings / (Loss) Per Share (Rs.) 8 (1.09) (0.83) (0.80) (0.32)
Total Comprehensive Income / (Expense) for the Year (456,706,026) (304,049,468) (334,181,716) (114,124,994)
60
(Expressed in Sri Lankan Rupees)
Group Company
AS AT 31 MARCH
Note 2015 2014 2015 2014
ASSETS
Non-Current Assets
Current Assets
Inventories 15 40,720,807 28,247,450 22,510,868 -
Financial Assets at Fair Value through Profit or Loss
16 12,561,016 98,032,271 11,814,352 97,085,604
(FVTPL)
Trade and Other Receivables 17 192,090,049 250,943,072 1,277,936,079 1,159,456,156
Other Non-Financial Assets 18 6,830,575 3,874,219 4,322,164 1,645,736
Cash and Cash Equivalents 19 13,935,221 7,825,794 8,835,735 2,178,334
Total Current Assets 266,137,668 388,922,805 1,325,419,199 1,260,365,830
Notes to the Financial Statements on Pages 64 to 87 form an integral part of these Financial Statements.
Total Assets 5,427,858,058 5,489,373,109 4,679,004,772 4,569,768,583
Equity
Stated Capital 20 3,863,261,648 3,095,892,850 3,863,261,648 3,095,892,850
Revaluation Reserve 717,115,313 717,115,313 231,490,273 231,490,273
Retained Earnings (at debit) (1,167,285,515) (710,579,521) (766,784,030) (432,602,314)
Attributable to Equityholders of the Parent 3,413,091,446 3,102,428,642 3,327,967,891 2,894,780,809
Non - Controlling Interest (1,091) (1,060) - -
Total Equity 3,413,090,355 3,102,427,582 3,327,967,891 2,894,780,809
Statement of Financial Position
(Expressed in Sri Lankan Rupees)
Group Company
AS AT 31 MARCH
Note 2015 2014 2015 2014
I Certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.
………………………
M. V. Perera
Notes to the Financial Statements on Pages 64 to 87 form an integral part of these Financial Statements.
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,
.................................................... ……...............................................
A. C. Seneviratne A. Punchihewa
Director Director
Date : 28 August 2015.
Colombo.
61
Statement of Changes in Equity for the Year Ended 31st March 2015
(Expressed in Sri Lankan Rupees)
Attributable to Equityholders of the Parent
Retained Non-Con-
Revaluation
Group Stated Capital Earnings trolling Total Equity
Reserve
(at debit) Interest
Company
Stated Capital Revaluation Retained Total Equity
Reserve Earnings Attributable to
(at debit) Equityholders
of Parent
Group Company
2015 2014 2015 2014
Adjustments for;
Depreciation 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 (836,570) (50,415,799) (1,036,572) (50,469,132)
or Loss
Loss on Disposals of Shares 5,312,485 - 5,312,485 -
Interest Expenses 205,129,614 129,607,993 162,137,973 39,052,887
Interest Income (713,400) (4,840,392) (678,267) (4,834,084)
Operating Loss Before Working Capital Changes (93,849,793) (158,650,792) (90,614,337) (128,113,003)
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)
Cash and Cash Equivalents at End of the Year (91,981,449) (80,533,769) (94,681,896) (86,181,229)
2.3 Foreign Currency Translation Goodwill is initially measured at cost, being the excess
2.3.1 Functional and Presentation Currency of the aggregate of the consideration transferred and the
Transaction and balances included in the financial amount recognized for non-controlling interest over the
statements of the Group are measured using the currency net identifiable assets acquired and liabilities assumed.
of the primary economic environment in which the entity If the fair value of the net assets acquired is in excess
operates. The financial statements are presented in Sri of the aggregate consideration transferred, the gain
Lanka Rupees (LKR), which is the company’s presentation is recognized in profit or loss. After initial recognition,
currency. goodwill is measured at cost less any accumulated
impairment losses. For the purpose of impairment testing,
2.3.2 Transactions and Balances goodwill acquired in a business combination is, from the
Foreign currency transactions are translated into the acquisition date, allocated to each of the Group’s cash
functional currency using the exchange rates prevailing at generating units.
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 Non-controlling Interest
of monetary assets and liabilities denominated in
foreign currencies are recognized in the statement of Non-controlling interest which represents the portion
comprehensive income. of profit or loss and net assets not held by the Group,
Translation differences related to changes in amortized are shown as a component of profit for the year in
cost are recognized in the statement of comprehensive the consolidated income statement and statement of
income. comprehensive income and as a component of equity in
the consolidated statement of financial position, separately
2.4 Basis of Consolidation from equity attributable to the shareholders of the parent.
2.4.1 Consolidation / Subsidiaries
Subsidiaries are investees that are controlled by the The Group elects the proportionate share of the recognized
Company. The Company ‘controls’ an investee if it is amount of the identifiable net assets, at the acquisition
exposed to, or has rights to, variable returns from its date to measure non-controlling interest.
involvement with the investee and has the ability to affect
those returns through its power over the investee. The Changes in the Group’s interest in a subsidiary that do not
Company reassess whether it has control if there are result in a loss of control are accounted for as transactions
changes to one or more of the elements of control. with owners in their capacity as owners. Adjustments to
non-controlling interests are based on a proportionate
There are no significant restrictions on the ability of amount of the net assets of the subsidiary
subsidiaries to transfer funds to the Company (The Parent)
in the form of cash dividend or repayment of loans and 2.4.2 General
advances. Adjustments required to the accounting policies of
subsidiaries have been changed where ever necessary to
Consolidation of a subsidiary begins when the Group align them with the policies adopted by the group.
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities, The Financial Statements of all subsidiaries in the Group
income and expenses of a subsidiary acquired or disposed have a common financial year which ends on March 31.
of during the year are included in the consolidated financial
statements from the date the Group gains control until the 2.5 Property, Plant and Equipment
date the Group ceases to control the subsidiary. 2.5.1 Recognition and Measurement
All the item of property, plant and equipment are initially
Profit or loss and each component of other comprehensive recorded at cost. Where items of property, plant and
income (OCI) are attributed to the equity holders of the equipment are subsequently revalued, the entire class
parent of the Group and to the non-controlling interests, of such assets is revalued. Revaluations are made with
even if this results in the non-controlling interests having a sufficient regularity to ensure that their carrying amounts
deficit balance. do not differ materially from their fair values at the reporting
date.
A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity Cost includes expenditure that is directly attributable to
transaction. If the Group loses control over a subsidiary, the acquisition of the asset. The cost of self- constructed
it derecognizes the related assets (including goodwill), assets includes the following.
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
2.8 Impairment on Non-Financial Assets The classification of the financial assets under above
At each end of reporting period, the Group reviews the categories is given in Note 29 to the financial statements.
carrying amounts of its property, plant and equipment
and intangible assets to determine whether there is any (b) Recognition and Initial Measurement
indication that those assets have impaired. If any such Financial assets classified as loans and receivables are
indication exists, the recoverable amount of the asset recognized on the date on which the group originates the
is estimated in order to determine the extent of the transaction. Other financial assets are recognized on the
impairment loss (if any). Where it is not possible to estimate trade-date on which the group becomes a party to the
the recoverable amount of an individual asset, the Group contractual provisions of the financial instrument.
determines the cash-generating unit and estimates the
recoverable amount of the cash-generating unit to which A financial asset is measured initially at fair value plus, in
the asset belongs. the case of assets not at fair value through profit or loss,
directly attributable transaction costs. In case of financial
Recoverable amount is the higher of fair value less costs assets at fair value through profit or loss, transaction costs
to sell and value in use. In assessing value in use, the attributable are recognized in profit or loss as incurred.
estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current Financial assets are derecognized when the rights to
market assessments of the time value of money and the receive cash flows from the financial assets have expired
risks specific to the asset for which the estimates of future or have been transferred and the company has transferred
cash flows have not been adjusted. substantially all risks and rewards of ownership of the
financial assets.
If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the (c) Subsequent Measurement
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is I. Financial assets at fair value through profit or loss
recognized immediately in the statement of comprehensive (FVTPL)
income.
Subsequent to initial recognition, the financial assets
2.9 Financial Assets are re-measured at fair value. Changes in fair value are
recorded in gain or losses from financial asset at FVTPL in
(a) Classification the Statement of Comprehensive Income.
The group determines the classification of its financial
assets at initial recognition and classifies its financial II. Loans and receivables
assets as follows: Subsequent to initial recognition, loans and receivables
are measured at amortized cost using the effective interest
I. Financial assets at fair value through profit or loss method, less provision for impairment.
(FVTPL)
II. Loans and Receivables
III. Available for sale (AFS) Financial Assets III. Available for sale (AFS) Financial Assets
I. Financial assets at Fair Value through Profit or Loss After initial recognition, quoted equity investment classified
(FVTPL) as AFS financial asset is measured at fair value. Changes
Financial assets at FVTPL include financial assets that are in the fair value of AFS financial asset are recognized in
either classified as held for trading or that meet certain other comprehensive income and presented as available
conditions and are designated at FVTPL upon initial for sale reserve in the statement of changes in equity.
recognition. Investments bought with the intention to sell Unquoted equity investments, which are group’s strategic
in the near future are classified as held for trading. investments are measured at cost less any Impairment
losses, as currently its fair value cannot be estimated
II. Loans and Receivables reliably.
Loans and receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted
Notes to the Financial Statements continued
67
2.10 Impairment of financial assets
Consumables are stated at cost. Cost is determined on a
Assets carried at amortized cost weighted average basis. Consumables are comprised of
The group assesses at the end of each reporting period linen, stationeries and other general items which are used
whether there is objective evidence that a financial asset for consumption for operation not for re-sale.
is impaired. A financial asset is impaired and impairment
losses are incurred only if there is objective evidence of 2.12 Cash and Cash Equivalents
impairment as a result of one or more events that occurred In the consolidated statement of cash flows, cash and
after the initial recognition of the asset (a ‘loss event’) and cash equivalents includes cash in hand, deposits held at
that loss event (or events) has an impact on the estimated call with banks, other short-term highly liquid investments
future cash flows of the financial asset that can be reliably with original maturities of three months or less.
estimated.
2.13 Financial Liabilities
For loans and receivables carried at amortized cost, the The group classifies financial liabilities into other financial
amount of the loss is measured as the difference between liabilities. The other financial liabilities are recognized
the asset’s carrying amount and the present value of initially at fair value plus any directly attributable
estimated future cash flows (excluding future credit losses transaction costs. Subsequent to initial recognition, these
that have not been incurred) discounted at the financial financial liabilities are measured at amortized cost using
asset’s original effective interest rate. The carrying amount the effective interest method.
of the financial assets is reduced and the amount of the
loss is recognized in the statement of comprehensive The group derecognizes a financial liability when its
income. contractual obligations are discharged, cancelled or
If, in a subsequent period, the amount of the impairment expired. The items of the financial liabilities are given in
loss decreases and the decrease can be related objectively Note 30 to the financial statements.
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.
2.14 Trade Payables
Available-for-Sale (AFS) Financial Assets Trade payables are obligations to pay for goods or services
The group assesses at the end of each reporting period that have been acquired in the ordinary course of business
whether there is objective evidence that a financial from suppliers. Trade payables are classified as current
asset is impaired. For quoted equity investments, a liabilities if payment is due in the normal operating cycle
significant or prolonged decline in the fair value of the of the business (within one year or less). If not, they are
investments below its cost is also evidence that the classified as non -current liabilities.
assets are impaired. If any such evidence exists for the
quoted investments, the cumulative loss measured as the Trade payables are recognized initially at fair value
difference between the acquisition cost and the current fair (transaction price) and subsequently measured at the
value, less any impairment loss previously recognized in transaction price as they are expected to pay in the normal
profit or loss is reclassified from equity to profit or loss as a operating cycle of the business.
reclassification adjustment. Impairment losses recognized
in profit or loss for an investment in an equity instrument 2.15 Borrowings
classified as available for sale are reversed through profit Borrowings are recognized initially at fair value, net of
or loss. The amount of reversal is recognized in the other transaction costs incurred. Borrowings are subsequently
comprehensive income. carried at amortized cost using the effective interest
method.
For unquoted equity investments, a significant or prolonged
decline in the value of the investments below its cost is Borrowing Cost
also evidence that the assets are impaired. If any such Borrowing costs directly attributable to acquisition,
evidence exists for the unquoted investments, the amount construction of qualifying assets, which are assets that
of the impairment loss is measured as the difference necessarily take a substantial period of time to get ready for
between the carrying amount of the financial asset and the their intended use, are added to the cost of those assets,
present value of estimated future cash flows discounted until such time as the assets are substantially ready for
at the current market rate of return for a similar financial their intended use.
asset. Such impairment losses are not reversed.
All other borrowing costs are recognized in the statement
2.11 Inventories of comprehensive income in the period in which they are
Inventories are stated at the lower of cost and net realizable incurred.
value. Cost is determined using weighted average cost
method. The cost of finished goods and work in progress 2.16 Current and Deferred Tax
comprises raw materials, direct labour, other direct costs Current Tax in respect of the profits and Income of the
and related production overheads computed based on Company is exempted for a period of fifteen (15) years
normal operating capacity. Net realizable value is the reckoned from the year in which the Company commences
estimated selling price in the ordinary course of business, to make profits or any year of assessment not later than
less the costs of completion and selling expenses. two (02) year reckoned from the date of commencement
70
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
Group Company
FOR THE YEAR ENDED 31 MARCH
2015 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 -
4 Other Income
Dividend Income 2,768,753 2,092,552 2,768,753 2,092,552
Exchange Gain 53,509 - 3,945 -
2,822,261 2,092,552 2,772,698 2,092,552
5 Finance Cost
Interest Income
From Call Deposits and Repo's 713,400 4,840,392 678,267 4,834,084
713,400 4,840,392 678,267 4,834,084
Interest Expenses
On Lease 16,637 22,894 16,637 22,894
On Loan 191,705,071 110,371,525 148,781,629 20,211,972
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
71
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
Group Company
FOR THE YEAR ENDED 31 MARCH
2015 2014 2015 2014
7 Income Tax Expense 129,839 900,000 123,445 900,000
Current Tax Expense on Ordinary Activities for the (19,049) - (20,197) -
Year
(Over) / Under Provision for Previous Years 110,790 900,000 103,248 900,000
7.1 Reconciliation Between the Current Tax Expense and the Product of Accounting Profit.
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 (249,690) (1,694,137) (237,394) (1,691,929)
Loss Carried forward 1,304,164,229 650,099,926 847,975,030 378,731,158
72
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
Profit / (Loss) Attributable to Ordinary Shareholders ( Rs.) (456,853,973) (309,064,209) (334,079,891) (118,068,648)
Basic Earnings / (Loss) Per Share (Rs.) (1.09) (0.83) (0.80) (0.32)
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
Notes to the Financial Statements
74
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH
9 Property, Plant and Equipment
Group
Cost / Valuation Land Building Land Devel- Plant and Computers Pool Complex Motor Vehicles Furniture & Fittings Total
opment and Machinery and IT Equip- / Curtains and / Office / Electric
Roadways ment Fabrics / Kitchen Equipment
Equipment
Balance as at 01 April 2014 2,332,542,253 738,282,065 45,219,306 43,159,144 29,408,611 76,634,356 8,522,860 117,354,240 3,391,122,835
Additions - - - - - 186,310 1,500,000 2,910,747 4,597,057
Transferred form WIP - 1,237,304,874 15,449,940 40,381,325 19,836,052 163,314,739 - 91,248,986 1,567,535,917
Balance as at 31 March 2015 2,332,542,253 1,975,586,939 60,669,246 83,540,469 49,244,663 240,135,405 10,022,860 211,513,973 4,963,255,809
Depreciation
Balance as at 01 April 2014 29,360,386 4,283,123 2,555,773 3,109,274 10,673,328 4,132,576 21,125,226 75,239,685
Charge for the Year 69,401,213 2,483,909 6,111,427 3,625,184 30,657,956 1,704,572 35,992,791 149,977,053
Balance as at 31 March 2015 98,761,599 6,767,032 8,667,200 6,734,458 41,331,284 5,837,148 57,118,017 225,216,738
Depreciation
75
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH
9.1 Capital Work-in-Progress-Buildings Group Company
Cost
Balance as at 01 April 2014 1,364,677 2,439,501 3,133,916 6,938,094
Additions - - - -
Balance as at 31 March 2015 1,364,677 2,439,501 3,133,916 6,938,093
Amortization
Amortization
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.
Figures in brackets indicate deductions
76
Notes to the Financial Statements continued
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH Company
2015 2014
12 Investment in Subsidiaries
No. of Shares % of Holding
South Asia Asset Management (Pvt) Ltd 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
Eastern Development Enterprises (Pvt) Ltd 1 100 10 10
Anilana Resorts (Pvt) Ltd 100,000 100 1,000,000 1,000,000
Panichchankerni Hotels Ltd 1 100 10 10
1,263,373,960 1,263,373,960
AFS unquoted investments comprise group’s strategic investments which are measured at cost less impairment since, its fair value
cannot be reliably measured.
77
Notes to the Financial Statements continued
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH Group Company
2015 2014 2015 2014
17 Trade and Other Receivables
Trade Receivables 2,618,133 945,348 - -
Deposits and Advances (Note 17.1) 10,715,436 17,091,552 3,414,001 17,091,552
Amounts Due from Related Parties (Note 17.2) 168,218,268 218,387,124 1,264,026,366 1,127,957,062
Others 10,538,212 14,519,049 10,495,712 14,407,541
192,090,049 250,943,073 1,277,936,079 1,159,456,156
78
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
Stated Capital
Issued and Fully Paid,
Group / Company No. of Shares Value
2015 2014 2015 2014
Balance as at 01 April 383,684,400 342,483,600 3,095,892,850 2,601,483,250
Issuance of Ordinary
109,624,114 41,200,800 767,368,798 494,409,600
Shares
Balance as at 31 March 493,308,514 383,684,400 3,863,261,648 3,095,892,850
79
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
21.3 Assets Pledged as Securities
Assets pledged as securities by the company and the subsidiary companies are as follows;
Company
Sampath Bank PLC Term Loan / AWPLR + 2% Rs 750 Mn Rs 734 Mn Primary, Secondary and Tertiary mortgage
bond for Rs 680 Mn over freehold land owned
1st 12 Intl. Rs. 4 Mn
by Anilana Hotels & Properties Ltd together with
Next 59 Intl. Rs. 11.677 Mn buildings thereon with the extent of 7A:2R:31P
Final Intl. Rs. 11.641 Mn 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 & Term Loan / 18.75% p.a Rs. 100 Mn Rs. 100 Mn Mortgage over 12,000,000 shares of Millenium
Finance PLC Housing Developers Ltd. Personnel guarantee
Term Loan / 18% p.a Rs. 35 Mn Rs. 25 Mn by company director.
National Development Term Loan Rs 350 Mn Rs 142 Mn Primary mortgage for Rs 350 Mn over free
Bank PLC hold land owned by Dambulla Hotel Resorts &
Country Club (Pvt) Ltd together with buildings
thereon with extent 39A:2R:5.25P at Dambulla.
80
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH 2015
23.2 The Principal Actuarial Valuation Assumptions used are as fol- Group / Company
lows;
2015 2014
Discount Rate [%] 9.5 9.5
Salary Escalation Rate [%] 10 10
Retirement Age [Yrs] 55 55
Staff Turnover Factor [%] - up to 50 Years 8 and thereafter 8 and thereafter
Zero 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:
81
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH Group Company
2015 2014 2015 2014
24 Other Non-Financial Liabilities
Accrued Expenses 4,217,161 3,267,199 2,955,739 2,235,264
Value Added Tax (VAT) 1,417,937 - - -
Current Tax Payable 7,542 900,000 - 900,000
5,642,640 4,167,199 2,955,739 3,135,264
25 Commitments
Details of capital commitments as at 31 March 2015
are as follows;
Description Estimated Cost Cost incurred in Cost incurred Cost to be
Prior Periods During the Incurred
Period
Group
Hotel Construction at Dambulla 831,000,000 204,130,603 26,403,944 600,465,453
Villa Construction at Panichchnkerni 140,000,000 51,526,790 34,668,240 53,804,970
Hotel Construction at Passikuda - (Spa and Gym) 65,000,000 20,250,520 30,595,985 14,153,495
1,036,000,000 275,907,913 91,668,169 668,423,918
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.
27 Contingent liabilities
There were no material Contingent Liabilities as at the Reporting period end.
82
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
FOR THE YEAR ENDED 31 MARCH
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.
Eastern Development Enterprises (Pvt) Ltd 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 Short-term Working capital
requirements
Panichchankerni Hotels Ltd Subsidiary Fund Transfers 34,688,239 Short-term Working capital
requirements
Expenses Incurred 94,895
Asia Fort Asset Management (Pvt) Ltd Common Directors Expenses Incurred
onbehalf of the company
(3,318,619) Short-term Working capital
requirements
Fund Transfers 42,000,000
Ceylinco Investments Corporation Ltd Common Directors Fund Transfers 1,500,000 Short-term Working capital
requirements
Fund Received (106,422,430)
AIO Investment (Pvt) Ltd Common Directors Fund Transfers 20,000,000 Short-term Working capital
requirements
Asia Financial Management Ltd Common Directors Expenses Incurred (10,727,000) Short-term Working capital
onbehalf of the company requirements
Fund Transfers 56,613,261
Investor Access Equities (Pvt) Ltd Common Directors Expenses Incurred (9,559,147) Short-term Working capital
onbehalf of the company requirements
Transaction with Subsidiries Mr. A.C.Seneviratne Subsidiary Recovery of Outstanding 552,877 125,855,778
Mr. M.C. Seneviratne Settlement of Capital Expenses 462,985 3,852,970
Mr. P.L.Amerasinghe
Transaction with Other Mr. A.C.Seneviratne Related Through Recoveries of Receivables 4,266,039 (10,338,180)
Related Entities the Common
Directors
The Available-for-Sale (AFS) investment is stated at cost as there is no active market for investments.
FVTPL investments are stated at fair value based on active market quoted price.
The loans and receivables are stated at carrying values as their carrying value approximates the fair value.
FINANCIAL LIABILITIES
Other Financial Liabilities
Borrowings 21.1 1,618,303,493 1,775,888,763 1,007,285,443 1,120,097,639
Trade and Other Payables 23 281,991,117 516,768,354 234,802,372 462,032,165
Bank Overdrafts 19 105,916,669 88,359,563 103,517,631 88,359,563
The financial liabilities are stated at amortized cost using the effective interest method.
84
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
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.
Group Company
Risk Exposure to Financial Assets
2015 2014 2015 2014
Cash and Cash Equivalents 13,146,951 7,309,704 8,298,535 1,888,334
Trade and Other Receivables 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
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
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.
Net Undiscounted Financial Assets / (35,019,280) 893,643,356 (149,662,636) (111,000,000) (198,000,000) (470,000,000)
(Liabilities)
Group
Carrying 6 Month or 6 - 12 1-2 2-5 More than
Financial Assets and Liabilities
Amount (Rs.) Less Months Years Years 5 Years
Financial Assets
Available-for-Sale (AFS) Financial Assets 12,000,000 - - - - 12,000,000
Financial Assets FVTPL 12,561,016 12,561,016 - - - -
Trade and Other Receivables 192,090,049 192,090,049 - - - -
Cash and Cash Equivalents 13,935,221 13,935,221 - - - -
Total Undiscounted Financial Assets 230,586,286 218,586,286 - - - 12,000,000
Financial Liabilities
Trade and Other Payables 281,991,117 281,991,117 - - - -
Borrowings 1,618,303,493 85,273,807 159,959,214 182,558,936 357,797,556 832,713,980
Bank Overdrafts 105,916,669 105,916,669 - - - -
Total Undiscounted Financial Liabilities 2,006,211,279 473,181,594 159,959,214 182,558,936 357,797,556 832,713,980
Net Undiscounted Financial Assets / (Liabilities) (1,775,624,994) (254,595,308) (159,959,214) (182,558,936) (357,797,556) (820,713,980)
86
Notes to the Financial Statements
(Expressed in Sri Lankan Rupees)
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.
As at end of the reporting date there are no outstanding balances of LC’s or TT’s.
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.
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.
Group Company
Class of Capital
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
Gearing Ratio (%) 50.52% 60.10% 33.38% 41.75%
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.
Group Company
Cost Categories
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.
88
Distribution Of Shareholdings as at 31St March 2015
From To No. of Holders No. of Shares %
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.
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
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
(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,
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
92
Corporate Information
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: desaram@desaram.com
Registered Office
No. 14, Reid Avenue, Colombo 07.
Tel: 94 11 2030900
Fax: 94 11 2673355
Email: info@anilana.com
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