Climate Change Data

Environmental Metrics

ESG Focus Areas

• Sustainability

Social Achievements

• Refurbishment at Caribbea Bay Resort completed in 2020.
• 49 rooms scheduled to be completed by July 2021 at Victoria Falls Hotel.

Governance Achievements

• Adopted a Corporate Governance Charter and recommendations made in the King Reports.
• Adheres to the principles espoused in the National Corporate Governance Charter.

Climate Goals & Targets

Environmental Challenges

• Global tourism experienced its worst year on record in 2020, with international arrivals dropping by a massive 74%.
• COVID-19 pandemic and resulting lockdowns and travel restrictions led to unprecedented cancellations and deferred/postponed bookings.
• Heavy reliance on international travelers resulted in it being severely affected by the COVID-19 restrictions.
• Local restrictions on inter-provincial travels which disrupted the domestic leisure market.

Mitigation Strategies

• Moved swiftly to right-size our business in response to the precipitous decline in revenue by rebasing our cost structure, strengthening our balance sheet, and lowering capital spending.
• Cost containment initiatives.
• Focus on the domestic market through engaging in massive market campaigns to attract and encourage domestic travel within Zimbabwe.
• Refurbishment at Caribbea Bay Resort completed in 2020.
• 49 rooms scheduled to be completed by July 2021 at Victoria Falls Hotel.
• Strict business measures on cost containment to ensure sustainability.
• Adoption of a number of robust promotional activities will be done across all the hotels in a bid to improve uptake from the domestic market whilst we wait for the international market to resume.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Completed US$5.2 million refurbishment of 46 rooms at The Victoria Falls Hotel using eco-friendly materials.
• Completed US$1 million refurbishment of all 70 rooms at Troutbeck Resort Hotel using eco-friendly materials.
• Completed refurbishment of 56 rooms at Hwange Safari Lodge by year-end, with remaining 44 rooms expected by mid-2023.
• Refurbishment of remaining rooms at Great Zimbabwe Hotel, including the conference centre, expected complete by mid-2023.
• Donated 2,329.75 hectares of land to the Presidential Elephants Research Trust for scientific research.
• Monthly donation of US$1,000 to the Presidential Elephants Research Trust.
• All three Holiday Inn hotels compliant with IHG Green Engage Certificate Level 1.
• Proactive approach to reducing HCFC-22 usage.

Social Achievements

• Engaged 21 students in Q1 2022 and 29 in Q1 2023 in learnership program.
• Spent US$280,000 on employee training programs.
• Various donations to old people’s and children’s homes.
• Donations to hospitals and clinics.
• Support for education through fee payments for selected students.
• Sponsorship of Julia Tungamirai, a young tennis player.
• Donated sanitary pads to vulnerable girls.
• Organized a mental health awareness symposium for Harare staff.
• Continued focus on achieving gender equality within the workforce (35% female).

Governance Achievements

• Adherence to corporate governance policies and recommendations as enunciated in the King Reports on governance.
• Revised Articles of Association to incorporate elements from the Companies and Other Business Entities Act (24:31).

Climate Goals & Targets

Environmental Challenges

• Shortages in foreign currency.
• Erratic electricity supply.
• High lending rates.
• Soaring inflation.
• Weakening ZWL and widening gap between official and unofficial exchange rates.
• Expiry of VAT exemptions on domestic accommodation.
• Recent monetary policy statement removed foreign currency liquidation exemptions for companies listed on the VFEX and companies in the tourism sector.

Mitigation Strategies

• Implementing various cost savings initiatives.
• Closely managing cash flow and liquidity.
• Disposal of predominantly real estate assets (US$10 million aggregate value) to raise funding for hotel refurbishment.
• Raised US$3 million from disposal of non-core assets, deployed towards hotel refurbishment.
• Exploring other funding opportunities and leveraging strong relationships with investors and financial institutions.

Supply Chain Management

Responsible Procurement

• Sourcing some furniture locally for hotel refurbishments.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, UN SDGs

Certifications: IHG Green Engage Certificate Level 1 (Holiday Inn Hotels)

UN Sustainable Development Goals

• Goal 1 (No Poverty)
• Goal 2 (Zero Hunger)
• Goal 3 (Good Health and Well-being)
• Goal 4 (Quality Education)
• Goal 5 (Gender Equality)
• Goal 6 (Clean Water and Sanitation)
• Goal 15 (Life on Land)

Various initiatives described in the Sustainability Report (pages 172-175) align with these SDGs.

Awards & Recognition

• Various awards mentioned in the Sustainability Report (pages 166-167, 180-181).