Rooted in timeless familial values of passion, humility, and tenacity that define Jetwing Hotels, our abodes of authentic Sri Lankan hospitality welcome you with a heartfelt Ayubowan, a signature greeting embodying the warm hospitality of Sri Lanka. To us, authentic hospitality lies in fostering a sense of belonging, characterized by an abundance of warmth and generosity. This ethos begins with our dedicated team, who eagerly welcome you to become the focal point of our attention, wherever you find yourself on our paradise island - always with a distinctly personal touch that is authentically Sri Lankan.
INDEX
Overview
About Us | 03 |
Our Hotels | 05 |
Financial Highlights | 06 |
Chairman's Letter | 08 |
Management Discussion and Analysis
Operating Environment | 10 |
Group Financial Review | 14 |
Sustainability Review | 18 |
Stewardship
Risk Management | 22 |
Corporate Governance | 30 |
Board of Directors and their Profiles | 35 |
Remuneration Committee Report | 38 |
Audit Committee Report | 39 |
Related Party Transactions Review Committee Report | 40 |
Annual Report of the Board of Directors | |
on the Affairs of the Company | 41 |
Statement of Directors' Responsibilities | 46 |
Financial Reports
Independent Auditor's Report | 48 |
Statement of Financial Position | 52 |
Statement of Profit or Loss | 53 |
Statement of Comprehensive Income | 54 |
Statement of Changes in Equity | 55 |
Statement of Cash Flows | 57 |
Notes to the Financial Statements | 58 |
Annexes
Related Companies which had Transactions with the Company | 103 |
Names of the Directors of the Related Companies | |
which had Transactions | 106 |
Information to Shareholders and Investors | 108 |
Ten Year Summary | 110 |
Real Estate Holdings of the Group | 112 |
Recurrent Related Party Transactions | 113 |
Corporate Information | 114 |
Notice of Meeting | 115 |
Form of Proxy | 117 |
ABOUT US
Nestled along Sri Lanka's breathtaking southern coastal belt, The Lighthouse Hotel PLC boasts a portfolio of three unique properties that are sure to leave you captivated. Each of our resorts are steeped in its own unique charm, offering a quintessentially Sri Lankan experience that is truly unforgettable.
The iconic landmark of Galle, Jetwing Lighthouse, is the flagship resort in the portfolio, from the inspired vision of Jetwing's founder, Herbert Cooray, to the boundless ingenuity of renowned architect, Geoffrey Bawa. Alongside Jetwing Lighthouse, the company also owns and operates Jetwing Kurulubedda - a quaint resort that perfectly blends with its natural surroundings, comprising of two private Dwellings with Plunge Pool and four Deluxe Rooms. Additionally, it also includes the trendy, easy-goingselect-service Hotel J Unawatuna, the perfect combination of adventure and affordability, without a compromise on comfort and excitement.
Jetwing Lighthouse, a space where hospitality and architecture finds its timeless expression.
The Verandah, embraced by the gentle breeze of the Indian Ocean, its name is inspired by the welcoming cobblestone terrace alongside an elevated lawn overlooking the sea. Recognized as one of Geoffrey Bawa's favoured corners of Jetwing Lighthouse, the enchanting ambience here stands as one of the most defining spaces of our home.
5
JETWING LIGHTHOUSE
One of Geoffrey Bawa's finest masterpieces, Jetwing Lighthouse stands atop a rocky promontory. Its open spaces embrace tropical modernism, offering 85 Luxury Rooms, including 5 Themed Suites, each featuring private balconies with stunning views. Guests can enjoy 24-hour room service, and access to a host of modern facilities and spa treatments. Culinary delights abound, with a variety of dining options to choose from as well.
JETWING KURULUBEDDA
Designed to harmoniously blend in with the surrounding nature, Jetwing Kurulubedda is an intimate boutique sanctuary nestled in Galle. Home to two private Dwellings with a Plunge Pool and four Deluxe Rooms - each fitted with contemporary essentials, this haven offers absolute tranquillity and serenity for a refreshing escape amidst the greenery. The open-air restaurant by the edge of the pool offers authentic local specialties. For a distinct dining experience, the Signature Dining experiences allow for dining amidst the welcoming greenery - on the deck of the pool, the terrace of your room, or in the tranquility of the garden.
HOTEL J - UNAWATUNA
Situated a short walk away from the Unawatuna beach, Hotel J Unawatuna is the perfect getaway to sun, sand, sea, jungle and adventure. Surrounded by several local attractions, Hotel J features 31 rooms and 5 dormitories, with an all-day restaurant that offers a colourful selection of local and international culinary delights.
The Lighthouse Hotel PLC | Annual Report 2023/24
Overview | 6 |
Financial Highlights
Performance for the year ended 31 March | 2024 | 2023 | ||
Revenue | LKR '000 | 1,360,170 | 731,240 | |
Earnings before interest, tax, depreciation & amortisation (EBITDA) | LKR '000 | 399,274 | 85,290 | |
Profit/(Loss) before tax | LKR '000 | 264,122 | (105,639) | |
Profit/(Loss) after tax | LKR '000 | 175,885 | (119,537) | |
Earnings/(Loss) per share | LKR | 3.82 | (2.60) | |
Return on Equity | % | 6 | (4) | |
Financial Position as at 31 March | LKR '000 | 3,994,176 | 3,838,534 | |
Total Assets | ||||
Total Debt | LKR '000 | 243,509 | 394,822 | |
Total Equity | LKR '000 | 2,930,283 | 2,774,402 | |
Number of shares in issue | No. 000s | 46,000 | 46,000 | |
Net Assets per share | LKR | 63.70 | 60.31 | |
Debt/Equity | % | 8 | 14 | |
Debt/Total Assets | % | 6 | 10 | |
Current Ratio | 0.87:1 | 0.44:1 | ||
Quick Asset Ratio | 0.81:1 | 0.37:1 | ||
Market/Shareholder information | ||||
Market price per share as at 31 March | LKR | 37.90 | 27.30 | |
Market Capitalisation | LKR '000 | 1,743,400 | 1,255,800 | |
Value added for the year ended 31 March | LKR '000 | 88,237 | 13,897 | |
To Government as Income Tax | ||||
To Employees | LKR '000 | 248,996 | 168,987 | |
To Shareholders | LKR '000 | - | - |
The Lighthouse Hotel PLC | Annual Report 2023/24
7 | Overview |
Financial Highlights Contd.
Revenue | Profit/ (Loss) after Tax | |||||||||||||||||
Earnings/ (Loss) per Share | Room Nights Occupied | ||||||||||||||||||
The Lighthouse Hotel PLC | Annual Report 2023/24
Chairman's Letter
To the shareholders and well-wishers of The Lighthouse Hotel PLC Ayubowan (may you live long),
Last year, my statement began with the famous saying "when the going gets tough, the tough get going." Today, as I write this letter, I thank and praise God for gracing our country with peace and stability, enabling your company to achieve record results after four years of hardship.
As a pioneering hospitality company in Sri Lanka, Jetwing has constantly challenged norms and wandered into uncharted territories to bring out the best results for all our stakeholders. At the start of the financial year, your company's flagship hotel - Jetwing Lighthouse, Galle -faced immense pressure to conform to the all-inclusive (AI) model that became ubiquitous along the south coast, as it catered to select markets of which operators were offering many incentives, including guaranteed occupancies and upfront payments. We took the tough decision at the time to align with our values and focus on our primary source markets and community-focused business model. Ever since the 1990s, Jetwing has resisted the AI business model across our properties in Sri Lanka, starting with Negombo, emphasising on the principle that tourism must benefit everyone, and not only a few hotels and travel agencies. Destinations like Negombo and Galle, among others, are booming with many world-class restaurants and other tourism-related services that are driven by local entrepreneurs. While empowering local communities, this model also makes each city a thriving and sought-after destination in a consumer-driven market. Thankfully, the results showed positive outcomes from the decision taken, and I am proud of the young marketing and sales team of your company's managing agents that gave us the courage to take the narrow path, and the operational team at the hotel for delivering Jetwing's legendary authentic Sri Lankan hospitality.
The tough decisions taken, along with the increase in positive sentiments for travel to Sri Lanka towards the latter part of the calendar year, allowed your company to perform better than expected at the start of the financial year. Revenue for the year increased by 86% to LKR. 1.36 billion, resulting in a 350% increase in Profit Before Tax to LKR. 264.1 million. Despite the increased tax rates on hospitality establishments, your company earned a Net Profit of LKR. 175.8 million, reflecting a 247% increase from the previous year. I am also pleased to mention that your company was able to compensate its hardworking team by paying a bonus of 3 months to all associates, coupled with an average monthly service charge of LKR. 46,500/- which was paid in full to 188 associates. As a policy, Jetwing strives to pay 100% service
charge to as many associates as possible, resulting in most of our team members remaining faithful to the organisation for most of their careers. Your company also contributed LKR. 214 million to the local economy in the region, in the form of supplier payments, primarily for food. The Lighthouse Hotel PLC has historically paid out maximum dividends to our shareholders, while continuing to care for the hotel property and all stakeholders of the business and investing in new properties. As we return to profitability, I am happy that we have delivered on our promise from the previous year, of providing dividends to you once more.
The Jetwing Sustainability strategy encompasses the 6-pillared approach of the group to incorporate innovative solutions to foster holistic business practices that take care of both the environment and people. Your company's properties are prime examples of sustainable hotels and I encourage you to learn more about the initiatives taken to create a positive impact - you may do so by checking the sustainability section of the hotel's website as well as visiting the property and engaging in the daily sustainability tours.
As all of you know, Sri Lanka recovered well as a country and as a tourism destination. We are grateful to His Excellency President Ranil Wickremasinghe and Minister Harin Fernando, along with the leadership and teams of all tourism authorities, for working closely with the private sector and forging a path for recovery and growth. As we were flying smoothly towards our cruising altitude, we were recently met with clear-air turbulence by the unforeseen introduction of visa processing by a foreign private entity. While many countries are easing border controls to boost their tourist arrivals, especially regional competitors such as Thailand, it is not the time to add further constraints in the form of increased visa fees, with no revenue and benefit to the country. This is not only a concern for stakeholders of the tourism industry, but we as Sri Lankan citizens must all be alarmed by this decision and its inevitable repercussions. I strongly urge the leadership of the country to revise their decision at once, in the interest of all Sri Lankans and foreign visitors to our island.
Many attempts have been made recently to launch a consumer-focused destination marketing campaign, but we are yet to see it in action. The Sri Lankan Tourism Promotions Bureau (SLTPB) must utilise the funds contributed by the industry in the form of the tourism development levy
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Lighthouse Hotel plc published this content on 04 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 June 2024 13:05:08 UTC.