Event Hospitality & Entertainment Limited (EVT) 2018年年度報告「ASX」.pdf

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1、AnnualReport2018EVENT HOSPITALITY&ENTERTAINMENT LIMITEDA B N 51 0 0 0 0 0 5 10 3EVENT HOSPITALITY&ENTERTAINMENT LIMITED A B N 5 1 0 0 0 0 0 5 1 0 3 2018 ANNUAL REPORT CONTENTS 1 EVENT Hospitality&Entertainment Limited 2018 Annual Report Section Page Directors Report 2 Message from the Chairman regar

2、ding the Remuneration Report 16 Directors Report:Remuneration Report Audited 17 Lead Auditors Independence Declaration 30 Statement of Financial Position 31 Income Statement 32 Statement of Comprehensive Income 33 Statement of Changes in Equity 34 Statement of Cash Flows 35 Notes to the Financial St

3、atements Section 1 Basis of preparation 1.1 Reporting entity 36 1.2 Basis of preparation 36 1.3 Foreign currency 37 1.4 New standards and interpretations not yet adopted 37 Section 2 Performance for the year 2.1 Revenue 39 2.2 Segment reporting 40 2.3 Individually significant items 45 2.4 Taxation 4

4、5 2.5 Earnings per share 48 Section 3 Operating assets and liabilities 3.1 Trade and other receivables 49 3.2 Inventories 50 3.3 Property,plant and equipment 50 3.4 Investment properties 54 3.5 Goodwill and other intangible assets 55 3.6 Trade and other payables 57 3.7 Provisions 57 3.8 Other liabil

5、ities 58 Section 4 Capital structure and financing 4.1 Share capital 59 4.2 Dividends 60 4.3 Reserves 61 4.4 Loans,borrowings and financing arrangements 62 4.5 Financial risk management 63 Section 5 Group composition 5.1 Business combinations 68 5.2 Subsidiaries 70 5.3 Interests in other entities 73

6、 Section 6 Employee benefits and related party transactions 6.1 Share-based payments 76 6.2 Director and executive disclosures 79 6.3 Related parties 80 Section 7 Other information 7.1 Commitments and leases 81 7.2 Contingent liabilities 82 7.3 Reconciliation of profit for the year to net cash provi

7、ded by operating activities 82 7.4 Auditors remuneration 83 7.5 Parent entity disclosures 83 7.6 Events subsequent to reporting date 84 7.7 Deed of Cross Guarantee 85 Directors Declaration 87 Independent Auditors Report 88 Shareholder Information 92 Other Information 94 DIRECTORS REPORT 2 EVENT Hosp

8、itality&Entertainment Limited 2018 Annual Report The directors present their report together with the financial report of EVENT Hospitality&Entertainment Limited,being the Company and its controlled entities(“Group”),for the year ended 30 June 2018 and the auditors report thereon.DIRECTORS The direc

9、tors of the Company in office at any time during or since the end of the year are:AG Rydge(Chairman)Director since 1978 KG Chapman Director since 2010 PR Coates Director since 2009 VA Davies Director since 2011 DC Grant Director since 2013 JM Hastings(Managing Director)Appointed 1 July 2017 PM Mann

10、Director since 2013 RG Newton Director since 2008.Directors qualifications,experience and independent status Alan Rydge Non-executive Chairman,Board member since 1978,Chairman of the Board since 1980.Member of the Audit and Risk Committee and Member of the Nomination and Remuneration Committee.Exper

11、ience A company director with 40-plus years experience in the film,hospitality,leisure and tourism industries.Joined the Greater Union group in 1971 and was formerly the Group Managing Director.Directorships Mr Rydge is also a director of the listed company,Carlton Investments Limited(appointed 1980

12、,chairman since 1980).In addition,Mr Rydge is chairman of Alphoeb Pty Limited and Enbeear Pty Limited.Kenneth Chapman MB BS,FAICD,FAIM,AFRACMA Independent non-executive director and Board member since 2010.Experience A company director with 20-plus years senior executive experience in the tourism an

13、d real estate sectors.Currently,chief executive officer of Skyrail-ITM and executive director of the Chapman group of companies.Directorships Positions held by Mr Chapman during the last three years include:director of Aquis Entertainment Limited(appointed 14 August 2015,resigned 3 November 2016);ch

14、airman of Skyrail Pty Ltd trading as Skyrail Rainforest Cableway;chairman of Far North Queensland Hospital Foundation;chairman of Skyrail Rainforest Foundation Limited;and director of various entities associated with the privately held Chapman group of companies.DIRECTORS REPORT 3 EVENT Hospitality&

15、Entertainment Limited 2018 Annual Report Directors qualifications,experience and independent status(continued)Peter Coates AO,BSc(Mining Engineering),FAICD,FAusIMM Independent non-executive director and Board member since 2009.Mr Coates served as a member of the Audit and Risk Committee and as a mem

16、ber and Chairman of the Nomination and Remuneration Committee until 2015.Mr Coates is the lead independent director.Experience A company director with more than 50 years of resource industry experience including as CEO of Xstrata and Glencores global coal businesses until his retirement in December

17、2007.Mr Coates was a past non-executive chairman of Santos Limited,Sphere Minerals Limited and Minara Resources Ltd,and a past chairman of the Minerals Council of Australia,NSW Minerals Council and Australian Coal Association.He was made an Officer of the Order of Australia in 2009 and awarded the A

18、ustralasian Institute of Mining and Metallurgy Medal in 2011.Directorships Positions held by Mr Coates during the last three years include:director of Glencore plc;chairman of the Industry Advisory Council for the School of Minerals and Energy Resource Engineering,UNSW;director of Santos Limited(res

19、igned 19 February 2018);and director and chairman of Sphere Minerals Limited(resigned 22 June 2016).Valerie Davies FAICD Independent non-executive director and Board member since 2011.Experience A company director with more than two decades of broad experience across diverse sectors,including touris

20、m,property,health and media.In parallel,Ms Davies has more than 20 years senior executive experience in corporate communications,as Principal of her own consultancy One.2.One Communications Pty Ltd.Directorships Positions held by Ms Davies during the last three years include:director of Cedar Woods

21、Properties Limited;director of HBF Health Limited(resigned 24 October 2017);and commissioner of Tourism Western Australia.David Grant BComm,CA,GAICD Independent non-executive director,Board member since 2013,Chairman of the Audit and Risk Committee and Chairman of the Nomination and Remuneration Com

22、mittee.Experience Mr Grant is a Chartered Accountant with 25-plus years accounting and finance experience spanning both the accounting profession and the commercial sector.Mr Grants executive career included roles with Goodman Fielder Limited and Iluka Resources Limited as well as co-founding a priv

23、ately held resource exploration venture in New Zealand.Mr Grant was formerly a non-executive director of Consolidated Rutile Limited.Directorships Positions held by Mr Grant during the last three years include:director of iiNet Limited(resigned 7 September 2015);and director of Murray Goulburn Co-op

24、erative Co.Limited(appointed 27 October 2017).DIRECTORS REPORT 4 EVENT Hospitality&Entertainment Limited 2018 Annual Report Directors qualifications,experience and independent status(continued)Jane Hastings BComm Managing Director and Chief Executive Officer(“CEO”)from 1 July 2017.Experience Ms Hast

25、ings has more than 20 years experience in the tourism,hospitality and entertainment sectors.Ms Hastings previously held a number of senior positions with APN News&Media Limited,including CEO of The Radio Network(2012 2014)and CEO of New Zealand Media and Entertainment(NZME)(2014 2016).Ms Hastings wa

26、s appointed as the Groups Chief Operating Officer with effect from 29 August 2016 and on 27 April 2017,the Group announced that Ms Hastings would succeed Mr DC Seargeant as the Groups Managing Director and CEO from 1 July 2017.Directorships Ms Hastings is also a New Zealand Film Commission board mem

27、ber.Patria Mann BEc,CA,FAICD Independent non-executive director and Board member since 2013.Member of the Audit and Risk Committee and Member of the Nomination and Remuneration Committee.Experience Mrs Mann is a Chartered Accountant,a former partner of KPMG and a company director with over 25 years

28、experience.She has been a professional non-executive director for over 15 years.Mrs Mann has extensive audit,investigation,risk management and corporate governance experience.Directorships Positions held by Mrs Mann during the last three years include:director of Bellamys Australia Limited(appointed

29、 10 March 2016,resigned 18 May 2017);director of Ridley Corporation Limited;director of Perpetual Superannuation Limited(resigned 31 October 2016);and director of Allianz Australia Limited.Richard Newton BBus(Marketing),FAICD Independent non-executive director and Board member since 2008.Experience

30、A company director with 20-plus years senior executive experience in property investment and development,specifically in hotel operations.Directorships Positions held by Mr Newton during the last three years include:chairman of Capricorn Village Joint Venture,WA;chairman and director of Selpam(Austr

31、alia)Pty Limited and a director of various companies wholly owned by Selpam(Australia)Pty Limited;and director of Bonsey Jaden Pte Ltd,a digital advertising agency.Explanation of abbreviations and degrees:AFRACMA Associate Fellow of The Royal Australasian College of Medical Administrators;AO Officer

32、 in the Order of Australia;BBus(Marketing)Bachelor of Business(Marketing);BComm Bachelor of Commerce;BEc Bachelor of Economics;BSc(Mining Engineering)Bachelor of Science(Mining Engineering);CA Member of Chartered Accountants Australia and New Zealand;FAICD Fellow of the Australian Institute of Compa

33、ny Directors;FAIM Fellow of the Australian Institute of Management;FAusIMM Fellow of the Australasian Institute of Mining and Metallurgy;GAICD Graduate Member of the Australian Institute of Company Directors;and MB BS Bachelor of Medicine and Bachelor of Surgery.COMPANY SECRETARIES GC Dean CA,ACIS w

34、as appointed to the position of Company Secretary for EVENT Hospitality&Entertainment Limited in December 2002.GC Dean was Accounting Manager for the Company(2001 2002)and is a Chartered Accountant and a member of the Governance Institute of Australia.DI Stone FCA,ACIS was appointed to the position

35、of Company Secretary for EVENT Hospitality&Entertainment Limited in February 2012.Prior to this appointment,DI Stone was an audit senior manager at KPMG.DI Stone is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Governance Institute of Australia.DIRECTORS

36、 REPORT 5 EVENT Hospitality&Entertainment Limited 2018 Annual Report CORPORATE GOVERNANCE The Board endorses the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations,3rd Edition.The Group has disclosed its 2018 Corporate Governance Statement in the Corporate Governan

37、ce section on the EVENT website(https:/ required,the Group has also lodged the 2018 Corporate Governance Statement and Appendix 4G with the ASX.DIRECTORS MEETINGS The number of directors meetings(including meetings of committees of directors)and the number of meetings attended by each of the directo

38、rs of the Company during the year are set out below:Directors meetings Audit and Risk Committee meetings Nomination and Remuneration Committee meetings Entitled to attend Attended Entitled to attend Attended Entitled to attend Attended AG Rydge 9 9 4 4 5 5 KG Chapman 9 9 PR Coates 9 9 VA Davies 9 9

39、DC Grant 9 9 4 4 5 5 JM Hastings(a)9 9 4 4 4 4 PM Mann 9 8 4 4 5 5 RG Newton 9 9 (a)JM Hastings attended Audit and Risk Committee and certain Nomination and Remuneration Committee meetings by invitation.Other directors who are not members of a committee may attend meetings by invitation from time to

40、 time.During the year,directors also visited various sites to improve their understanding of the Groups locations and operations.PRINCIPAL ACTIVITIES The principal activities of the Group during the course of the year included the following:cinema exhibition operations in Australia,including technol

41、ogy equipment supply and servicing,and the State Theatre;cinema exhibition operations in New Zealand;cinema exhibition operations in Germany;ownership,operation and management of hotels and resorts in Australia and overseas;operation of the Thredbo resort including property development activities;an

42、d property development,investment properties,and investment in shares in listed and unlisted companies.There were no significant changes in the nature of the activities of the Group during the year.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs

43、of the Group during the year.OPERATING AND FINANCIAL REVIEW Overview of the Group Net profit after tax was$111,910,000(2017:$110,819,000),an increase of$1,091,000 or 1.0%above the prior year result.The normalised result before interest and income tax expense was$190,270,000(2017:$169,932,000),an inc

44、rease of$20,338,000 or 12.0%and the normalised result after tax was$124,281,000(2017:$113,684,000),an increase of$10,597,000 or 9.3%above the prior year result.The individually significant items for the year are set out on page 7.The individually significant items were a net expense item after tax o

45、f$12,371,000(2017:net expense item after tax of$2,865,000).DIRECTORS REPORT 6 EVENT Hospitality&Entertainment Limited 2018 Annual Report Overview of the Group(continued)A summary of the normalised result is outlined below:2018 2017 2016 Normalised result*Reconciliation to reported net profit Normali

46、sed result*Reconciliation to reported net profit Normalised result*Reconciliation to reported net profit$000$000$000$000$000$000 Entertainment Australia 68,600 68,600 78,957 78,957 88,515 88,515 New Zealand 11,150 11,150 10,787 10,787 10,508 10,508 Germany 19,918 19,918 22,246 22,246 36,042 36,042 H

47、ospitality and Leisure Hotels and Resorts 69,270 69,270 52,734 52,734 51,597 51,597 Thredbo Alpine Resort 21,838 21,838 18,187 18,187 15,007 15,007 Property and Other Investments 16,528 16,528 9,343 9,343 5,584 5,584 Unallocated revenue and expenses(17,034)(17,034)(22,322)(22,322)(21,308)(21,308)Nor

48、malised profit before interest and tax 190,270 190,270 169,932 169,932 185,945 185,945 Finance revenue 599 599 807 807 915 915 Finance costs(7,655)(7,655)(9,802)(9,802)(8,946)(8,946)Normalised profit before tax 183,214 183,214 160,937 160,937 177,914 177,914 Income tax expense (58,933)(58,933)(47,25

49、3)(47,253)(51,934)(51,934)Normalised profit after tax 124,281 124,281 113,684 113,684 125,980 125,980 Individually significant items net of tax (12,371)(2,865)4,268 Profit for the year 111,910 110,819 130,248 *Normalised result is profit for the year before individually significant items(as outlined

50、 in Note 2.3 to the financial statements and in the table below).As outlined in Note 2.2 to the financial statements,this measure is used by the Groups CEO to allocate resources and in assessing the relative performance of the Groups operations.The normalised result is an unaudited non-International

51、 Financial Reporting Standards measure.DIRECTORS REPORT 7 EVENT Hospitality&Entertainment Limited 2018 Annual Report Overview of the Group(continued)An analysis of the last five years is outlined below:2018 2017 2016 2015 2014 Total revenue and other income($000)1,289,738 1,294,269 1,280,889 1,174,6

52、62 1,097,138 Basic earnings per share(cents)69.9 69.6 82.2 68.9 49.7 Dividends declared(a)($000)83,670 81,886 81,886 85,097 67,435 Dividends per share(cents)52 51 51 45 42 Special dividend per share(cents)8 (a)Includes the interim dividend paid and the final and special dividends declared in relatio

53、n to the financial year ended 30 June.Individually significant items Individually significant items comprised the following:2018$000 2017$000 Impairment charges(18,525)(10,986)Managing Director retirement and transition costs (5,526)Net proceeds from insurance 1,148 5,457 Write-back of expired vouch

54、er stock 5,184 Other individually significant items(net)(296)2,255 Individually significant items before income tax(17,673)(3,616)Income tax benefit 5,302 751 Individually significant items after income tax(12,371)(2,865)The individually significant items for the year included impairment charges,res

55、tructure,redundancy and closure costs,and hotel pre-opening expenses offset by termination fees in relation to certain hotel management agreements.The individually significant items for the prior year included impairment charges,Managing Director retirement and transition costs and hotel pre-opening

56、 expenses offset by net proceeds from insurance,the write-back of expired voucher stock,profit on sale of a cinema circuit in Fiji and profit on sale of apartments.Investments The Group acquired property,plant and equipment totalling$169,388,000 during the year.The significant acquisitions and capit

57、al additions include the following:QT Queenstown,QT Perth and Atura Adelaide Airport hotel developments;the redevelopment of QT Museum Wellington;cinema developments at Smithfield(QLD),Palmerston(NT),Whitford(WA),Plenty Valley(VIC),Coomera(QLD)and Kawana(QLD);and refurbishment requirements for the c

58、inemas,hotels and resorts.Property The Groups interest in land and buildings and integral plant and equipment,including long term leasehold land and improvements,is independently valued by registered qualified valuers on a progressive three year cycle.Independent valuations for the majority of the G

59、roups properties have been obtained at 30 June 2018,and the revised total value of the Groups interest in land and buildings,excluding investment properties,based on these independent valuations is$1,963,300,000(refer to Note 3.3 to the financial statements)whilst the total written-down book value o

60、f these land and buildings including integral plant and equipment at 30 June 2018 was$1,118,029,000.The total value of the investment properties at 30 June 2018 was$74,000,000.Capital structure Cash and term deposits at 30 June 2018 totalled$95,564,000 and total bank debt outstanding was$375,540,000

61、.DIRECTORS REPORT 8 EVENT Hospitality&Entertainment Limited 2018 Annual Report Treasury policy The Group manages interest rate risk in accordance with a Board approved policy covering the types of instruments,range of protection and duration of instruments.The financial instruments cover interest ra

62、te swaps and forward rate agreements.Maturities of these instruments are up to a maximum of five years.Interest rate swaps and forward rate agreements allow the Group to raise long term borrowings at floating rates and swap a portion of those borrowings into fixed rates.The approved range of interes

63、t rate cover is based on the projected debt levels for each currency and reduced for each future year.At 30 June 2018,the Group had no interest rate hedges(2017:no interest rate hedges)due to the low level of Group debt.Liquidity and funding The Groups secured bank debt facilities were amended and r

64、estated on 15 August 2017 and comprise the following:$545,000,000 revolving multi-currency loan facility;and$15,000,000 credit support facility(for the issue of letters of credit and bank guarantees).The above facilities mature on 15 August 2020 and are supported by interlocking guarantees from most

65、 Group entities and are secured by specific property mortgages.Debt drawn under these facilities bears interest at the relevant inter-bank benchmark reference rate plus a margin of between 1.15%and 2.1%per annum.Cash flows from operations Net operating cash inflows increased to$207,749,000 from$188,

66、681,000 recorded in the prior comparable year.This increase was driven by an overall increase in operating cash flow from the Groups major operating businesses and a reduction in tax paid due to timing differences.Impact of legislation and other external requirements There were no changes in environ

67、mental or other legislative requirements during the year that have significantly impacted the results of operations of the Group.REVIEW OF OPERATIONS BY DIVISION ENTERTAINMENT Entertainment Australia As at 30 June 2018 2017 Movement Cinema locations*77 73 4 Cinema screens*703 674 29 *Managed and joi

68、nt venture cinema sites(excludes Moonlight Cinema sites and screens).The normalised profit before interest and income tax expense was$68,600,000,a decrease of$10,357,000 or 13.1%below the prior comparable year.The total Australian Box Office for the year finished 4.7%below the prior year and the Gro

69、ups box office traded in line with market.The titles that grossed over$30 million at the Australian Box Office during the year included:Avengers:Infinity War($61.7 million);Star Wars:The Last Jedi($58.0 million);Jumanji:Welcome to the Jungle($48.6 million);Black Panther($40.7 million);Deadpool 2($35

70、.5 million);Thor:Ragnarok($35.2 million);and The Greatest Showman($34.4 million).The top 50 films grossed$893.2 million,only$1.2 million behind the top 50 films of 2017 which grossed$894.5 million however the balance of the 2018 slate outside of the top 50 films was 16.1%below the prior year.The tot

71、al revenues for the division were correspondingly impacted by the fall in the Australian Box Office.The average admission price declined by 1.7%due to targeted discounting which was largely offset by increased admissions and merchandising spend.Strong growth in Merchandising spend per admission of 4

72、.3%was achieved as a result of new digital conversion campaigns and a greater focus on core range sales.Cost of goods sold reduced by 3.4%resulting in an overall increase in merchandising profit per customer.Good growth in other revenues including advertising up 7%and online booking fees up 22%under

73、pinned by a 42%increase in online transactions.Costs were impacted by rising energy and electricity charges which increased by 12%($1,161,000)and new site opening expenses of$826,000.The Groups focus on a premium and value cinema model has delivered good results,with most value sites benefitted from

74、 a combination of increased admissions and merchandising spend.In premium locations,the Group has been able to achieve an increase in the average admission price at peak times and an increase in the percentage of customers choosing premium cinemas relative to traditional cinemas during the year.DIRE

75、CTORS REPORT 9 EVENT Hospitality&Entertainment Limited 2018 Annual Report The Group continued to pursue increased market share and visitation loyalty through the Cinebuzz program with membership increasing by a record 33%which represents an increase of over 500,000 members since 30 June 2017.Cinebuz

76、z member bookings now represent 64%of total admissions and the program is a powerful marketing and sales channel.During the year the Group opened four new cinemas,totalling 29 screens.These included new Event Cinemas in Smithfield(Cairns)which includes one Vmax and five traditional screens,Palmersto

77、n(Darwin),which includes two Vmax and four traditional screens,and Whitford(Perth)which includes two Gold Class,two Vmax and four traditional screens.In addition,Village Plenty Valley opened in April 2018 including Gold Class and Vmax auditoria.These new sites contributed negatively to earnings,as e

78、xpected in the first year of trading.With the exception of Palmerston,the cinemas are trading in line with initial expectations.New Event Cinemas in Coomera(Gold Coast)and Kawana(Sunshine Coast)are due to open later in 2018 and will incorporate premium cinemas and new concepts.Entertainment New Zeal

79、and As at 30 June 2018 2017 Movement Cinema locations*19 18 1 Cinema screens*129 124 5 *Managed and joint venture cinema sites.The normalised profit before interest and income tax expense was$11,150 000,an increase of$1,105,000 or 11.0%above the prior year after adjusting for the contribution from t

80、he Fiji Cinema Joint Venture in the prior year.Total New Zealand Box Office fell by 1.5%whilst the Groups box office revenues were marginally above the prior year.The five highest-grossing titles within the New Zealand market included:Avengers:Infinity War(NZ$9.8 million);Star Wars:The Last Jedi(NZ$

81、8.4 million);Black Panther(NZ$6.8 million);Thor:Ragnarok(NZ$6.8 million);and Jumanji:Welcome to the Jungle(NZ$6.4 million).These five titles achieved a combined total of NZ$38.2 million compared to the top five titles in the prior year which collectively grossed NZ$30.6 million.Whilst these highest-

82、grossing titles performed very well,mid-tier film product was comparatively weaker with only 51 films grossing over NZ$1.0 million compared to 57 titles in the prior year.Local film content was also comparatively weak,with New Zealand titles comprising 2.4%of box office compared to 3.5%in the prior

83、year.Merchandising spend per admission increased by 3.5%,driven by a focus on the core product range and a number of successful candy bar combo promotions.There was a strong increase in online booking fee revenue of 44%over the prior year,with 30%of all admissions booked online.Costs decreased by$1,

84、556,000 on flat admissions driven by a focus on new operating models.Income from the Virtual Print Fee(“VPF”)arrangements totalled$932,000(2017:$1,397,000).These arrangements are expected to conclude in the 30 June 2019 year with remaining income of approximately$732,000.The New Zealand circuit cont

85、inues to pursue market share through the Cinebuzz loyalty program,with membership increasing by 17%since 30 June 2017.The Group disposed of its two-thirds interest in the Fiji Cinema Joint Venture on 29 June 2017.The prior year result included the Groups share of earnings from the Fiji Cinema Joint

86、Venture of$742,000.Entertainment Germany As at 30 June 2018 2017 Movement Cinema locations*54 52 2 Cinema screens*418 409 9 *Managed and joint venture cinema sites.The normalised profit before interest and income tax expense was$19,918,000,a decline of$2,328,000 or 10.5%below the prior comparable ye

87、ar.The result reflects an 8.9%fall in the total German market admissions which was impacted by the relative underperformance of the release slate,extreme and record weather conditions and disruption caused by the staging of the FIFA World Cup that was held in June and July 2018.The top ten titles at

88、 the German Box Office during the year were:Fack Ju Ghte 3(6.1 million admissions);Star Wars:The Last Jedi(5.9 million admissions);Despicable Me 3(4.6 million admissions);Avengers:Infinity War DIRECTORS REPORT 10 EVENT Hospitality&Entertainment Limited 2018 Annual Report (3.3 million admissions);IT(

89、3.1 million admissions);Fifty Shades Freed(2.8 million admissions);Deadpool 2(2.0 million admissions);Dieses Bescheuerte Herz(2.0 million admissions);Jumanji:Welcome to the Jungle(2.0 million admissions);and Bullyparade Der Film(1.9 million admissions).The top ten films achieved total market admissi

90、ons of 33.70 million,consistent with the top ten films of the 2017 year which achieved 33.74 million admissions.Outside of the top ten films,the market underperformed on a comparative basis,down 12.5%.German-produced films represented 21.2%(2017:13.9%)of the German Box Office and admissions to Germa

91、n films increased by 36%over the previous year.The online ticketing percentage increased 16.8%.Average admission price and screen advertising revenues were consistent with the prior year whilst merchandising profit per admission increased by 7.3%and booking fee income was up 7.4%.Costs were well man

92、aged and the strengthening of the Euro by 5.7%against the Australian dollar also assisted with the conversion.Income from the Virtual Print Fee(“VPF”)arrangements totalled$6,819,000(2017:$5,795,000)and this income item is expected to wind-down over the next two years and conclude in the 30 June 2020

93、 year.The VPF income for the 2019 and 2020 financial years is expected to deliver approximately$2,632,000 and$2,630,000 respectively.The Cinestar loyalty program was enhanced and has increased the membership base by 27.8%.A strong focus on increasing loyalty members and the introduction of online pa

94、ckage sales is expected to deliver further growth.Cinema locations increased during the year with the addition of the two-screen leased site Weimar Atrium and the 7-screen freehold site Neumnster.There are three new leasehold sites under current development including:Augsburg,with 9-screens and expe

95、cted to open in October 2018;Remscheid with 5-screens and expected to open in the first quarter of the 2019 calendar year;and Freising with 5-screens and also expected to open in the first quarter of the 2019 calendar year.The three new cinemas will incorporate traditional as well as introduce premi

96、um seating concepts.HOSPITALITY AND LEISURE Hotels and Resorts As at 30 June 2018 2017 Movement Locations*55 58(3)Rooms*8,975 9,132(157)*Owned and managed hotels.The normalised profit before interest and income tax expense was$69,270,000,an increase of$16,536,000 or 31.4%above the prior comparable y

97、ear.Occupancy in the Groups owned hotels(all brands)increased three percentage points to 79.5%whilst the average room rate increased by 3.4%to$185,resulting in an increase in revenue per available room(“revpar”)of 7.5%.In locations where comparable competitive statistics are available,the majority o

98、f the Groups owned and managed hotels exceeded market RevPar growth.The majority of the Groups owned hotels delivered earnings growth with a total of 56%of growth coming from new hotels QT Melbourne(opened September 2016),QT Queenstown(opened December 2017)and Rydges Geelong(acquired March 2017),and

99、 44%from all other owned hotels.The Sydney market continues to perform well,albeit with some supply induced softening impacting demand in the second half,and new supply in Melbourne capped growth in that location.Occupancy in the Groups owned Rydges hotels increased by two percentage points to 80.3%

100、and the average room rate increased marginally to$159,resulting in an increase in revpar of 3.6%.Demand levels remained close to all time highs for the majority of the Groups owned Rydges Hotels and this was particularly the case in Queenstown,Rotorua and Cairns.A strong first full year contribution

101、 from Rydges Geelong(acquired March 2017)also assisted the result with 33%of the overall growth in earnings from Rydges owned hotels coming from Geelong.Occupancy in the Groups QT hotels increased by 4.4 percentage points over the prior comparable period to 80.7%and the average room rate increased b

102、y 5.7%to$235,resulting in an increase in revpar of 11.7%.QT Queenstown(opened December 2017)attained optimal occupancy levels soon after opening and the impact of QT Queenstown,together with the first full year of trading for QT Melbourne(opened September 2016),contributed 57%of the overall growth i

103、n earnings from owned QT hotels.QT Sydney continues to trade well albeit with a marginal impact from new supply in the Sydney market.Strong growth in Conference&Events business underpinned profit uplifts from Canberra and the Gold Coast and,in addition,the Gold Coast also benefitted from the activit

104、y associated with the staging of the Commonwealth Games in April 2018.DIRECTORS REPORT 11 EVENT Hospitality&Entertainment Limited 2018 Annual Report Occupancy in the Groups Atura hotels increased 2.1 percentage points over the prior comparable year to 72.3%and average room rate increased by 1.2%to$1

105、41,resulting in an increase in revpar of 4.3%.Managed hotels across New Zealand and most Australian mainland capital cities produced good results.The Brisbane properties recorded solid growth despite recent increased supply within that market and regional centres,such as Bathurst and Kalgoorlie,also

106、 traded well.The management services agreements for the Art Series Hotels ended in October 2017,whilst hotels located in Brisbane,Mackay,Newcastle,Melbourne and Tailem Bend in South Australia joined the managed portfolio in the second half of the year.In addition,Rydges Darwin Central joined the por

107、tfolio in July 2018,and a management development consulting agreement has been signed for The Hermitage Aoraki Mount Cook.Thredbo Alpine Resort The normalised profit before interest and income tax expense was$21,838,000,an increase of$3,651,000 or 20.1%above the prior comparable year.The 2017 snow s

108、eason was consistent with the 2016 season in July and August however September 2017 experienced good snowfall resulting in a 40%increase in skiers which largely contributed to an overall increase in visitation of 12%for the season.Total revenue for the year grew 10%to$72,971,000 with lift pass reven

109、ue for the 2017 snow season from 1 July 2017 increasing by 13%,and similar increases achieved in other ski-related ancillary revenue streams.Strong food and beverage revenues contributed to overall growth,with revenue improving by 15%over the prior year.Summer revenues continue to grow,underpinned b

110、y growth in mountain biking visitation with total summer revenue increasing by 19%over the prior year.PROPERTY AND OTHER INVESTMENTS The normalised profit before interest and income tax expense was$16,528,000,an increase of$7,185,000 or 76.9%above the prior year.The improved result includes rental i

111、ncome from the two properties located at 458-472 George Street,Sydney,which were acquired in May 2017 and are currently leased to several retail and commercial tenants.The result was further assisted by a fair value increment of the investment properties of$5,750,000.Updated independent valuations f

112、or the majority of the Groups properties have been obtained at 30 June 2018,and based on these valuations the fair value of the Groups property portfolio at 30 June 2018 is approximately$2.0 billion(including investment properties),whilst the book value of these interests is$1.2 billion.Further info

113、rmation regarding the fair value of the Groups property portfolio is disclosed in note 3.3 to the financial statements.UNALLOCATED REVENUES AND EXPENSES The unallocated revenues and expenses include the Groups corporate functions and various head office expenses.The decrease in the net expense refle

114、cts the new corporate structure,reduced incentive payments and general cost saving initiatives.DIRECTORS REPORT 12 EVENT Hospitality&Entertainment Limited 2018 Annual Report BUSINESS STRATEGIES AND PROSPECTS FOR FUTURE FINANCIAL YEARS The Groups strategic plan will depend on industry,economic and po

115、litical conditions,the potential impact of global events,the future financial performance and available capital,the competitive environment,evolving customer needs and trends,and the availability of attractive opportunities.It is likely that the Groups strategies will continue to evolve and change i

116、n response to these and other factors,and there can be no absolute assurance that these current strategies,as detailed below,will be achieved.PROPERTY The Group has a property portfolio including land and buildings,integral plant and equipment and long term leasehold land and improvements with a fai

117、r value at 30 June 2018 of$1.96 billion(see note 3.3 to the financial statements).The Group will pursue the following strategies in relation to the property portfolio:optimising the potential future development of the properties located at 458-472 George Street,Sydney;identifying other potential fut

118、ure developments of the Groups freehold properties;and managing and maximising rental income associated with the Groups investment properties.Industry developments and risk factors The independently determined fair value of the Groups property portfolio may rise or fall according to a number of fact

119、ors outside of the Groups control including changes in applicable property market conditions.The Groups property portfolio includes property in zones of earthquake risk in New Zealand.A catastrophic incident affecting a Group property could have a material adverse impact on the Groups earnings as a

120、result of catastrophic damage and loss of future profits.ENTERTAINMENT Whilst the Group has no control over the general audience appeal of available films,providing consumers with a demonstrably superior experience in the cinema to that which can be achieved in the home is a central strategic platfo

121、rm.To achieve this,the Group will pursue the following strategies:refurbishing key premium locations and reviewing and where appropriate closing underperforming locations;implementing new pricing strategies to drive improvements in the average admission price and/or admission numbers;developing new

122、food and beverage concepts to drive improvements in spend per head;enhancing the Cinebuzz loyalty program to grow membership and customer engagement;growing alternative content to reduce reliance on Hollywood film titles;identifying other sources of entertainment income;sustaining audiences to grow

123、advertising and sponsorship revenue;and leveraging technology to increase efficiency through automation.Industry developments and risk factors The Group believes that there are certain current issues pertaining to the industry that have the capacity to impact the strategic plans and future direction

124、 of the cinema operations.The Group will continue to monitor developments in relation to the following issues:alternative film delivery methods and the rise in popularity of other forms of entertainment(including over-the-top(“OTT”)internet content,subscription-based streaming services and video on

125、demand(“VOD”);shortening of the release window of film to other formats such as OTT and VOD;increase in unauthorised recording(piracy)of visual recordings for commercial sale and distribution via the internet;increase in competition including in relation to pricing;international media industry conso

126、lidation which may reduce the number of distributors of Hollywood film titles;changes in operating expenses including employee expenses and energy costs;and impact of weather on cinema attendance.HOTELS AND RESORTS The Group will continue to provide hotel guests with accommodation that consistently

127、delivers a product and service that meets or exceeds guest expectations.To provide this,the Group will continue to pursue the following strategies:upgrading key properties to deliver growth in earnings;adding new rooms to the Groups portfolio including through new hotel management or other agreement

128、s,redevelopment of existing properties and freehold acquisitions;enhancing the Priority Guest Rewards loyalty program to grow membership and customer engagement;growing conference and events revenue;improving and innovating food and beverage offerings in the Groups hotels to build incremental spend

129、and enhance each hotels reputation;and leveraging technology to increase efficiency through automation.DIRECTORS REPORT 13 EVENT Hospitality&Entertainment Limited 2018 Annual Report Industry developments and risk factors The Group believes that there are certain current issues pertaining to the indu

130、stry that have the capacity to impact the strategic plans and future direction of the hotel operations.The Group will continue to monitor developments in relation to the following issues:new hotel supply in key markets increasing competition for the Groups hotels in those markets;competition for the

131、 distribution of rooms from online travel agents;changes in operating expenses including employee expenses and energy costs;and growth and market penetration of alternative accommodation providers.THREDBO ALPINE RESORT The key strategy for the Thredbo Alpine Resort is to maintain the facility as one

132、 of the premier Australian holiday destinations.This strategy includes:continuing to ensure the popularity,high quality and ambience of the winter-time resort facility;continuing to improve snowmaking capability to mitigate risk in poor snow seasons;increasing the number and quality of sporting and

133、cultural events to increase visitation outside of the snow season;expanding the mountain bike trail network to appeal to a broader range of riders;and ensuring that the environmental integrity of the Resort is maintained and,where possible,improved.Industry developments and risk factors The Group be

134、lieves that there are certain current issues pertaining to the industry that have the capacity to impact the strategic plans and future direction of Thredbos operations.The Group will continue to monitor developments in relation to the following issues:reliance on natural snowfall,which is partially

135、 mitigated by the Groups snow making capability;changes in operating expenses including employee expenses and energy costs;and short and long-term climate-related physical,regulatory and transition risks.Further information regarding the Groups response to climate change is available in section 5.8

136、of the 2018 Corporate Governance Statement.DIVIDENDS Dividends paid or declared by the Company since the end of the previous year were:Per share Cents Total amount$000 Date of payment Tax rate for franking credit Declared and paid during the year Final 2017 dividend 31 49,774 21 September 2017 30%In

137、terim 2018 dividend 21 33,790 15 March 2018 30%83,564 Declared after the end of the year Final 2018 dividend 31 49,880 20 September 2018 30%All the dividends paid or declared by the Company since the end of the previous year were 100%franked.REMUNERATION REPORT The Remuneration Report,which forms pa

138、rt of the Directors Report,is set out on pages 17 to 29 and has been audited as required by section 308(3C)of the Corporations Act 2001.EVENTS SUBSEQUENT TO REPORTING DATE There has not arisen in the interval between the end of the year and the date of this report,any item,transaction or event of a

139、material and unusual nature likely,in the opinion of the directors of the Company,to affect significantly the operations of the Group,the results of those operations,or the state of affairs of the Group,in future years.LIKELY DEVELOPMENTS Likely developments in the operations of the Group are referr

140、ed to in the Review of Operations by Division,set out within this report.DIRECTORS REPORT 14 EVENT Hospitality&Entertainment Limited 2018 Annual Report DIRECTORS INTERESTS The relevant interest of each director of the Company in share capital of the Company,as notified by the directors to the ASX in

141、 accordance with section 205G(1)of the Corporations Act 2001,at the date of this report is as follows:Director Ordinary shares held directly Ordinary shares held by companies in which a director has a beneficial interest(a)Performance shares held directly Performance rights held directly AG Rydge 4,

142、431,663 68,948,033 KG Chapman 3,000 54,000 PR Coates 46,960 VA Davies 14,000 DC Grant 7,000 JM Hastings 113,040 PM Mann 6,000 RG Newton 66,000 (a)Relevant interest under the Corporations Act 2001 differs from the disclosure required under Australian Accounting Standards as presented in the Remunerat

143、ion Report.INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS The Companys constitution provides an indemnity to each person,including AG Rydge,KG Chapman,PR Coates,VA Davies,DC Grant,JM Hastings,PM Mann and RG Newton,who is or who has been a director or alternate director of the Company or of

144、any related body corporate of the Company.The indemnity also extends to such other officers or former officers,including executive officers or former executive officers,of the Company and of any related body corporate of the Company as the directors of the Company determine.In terms of the indemnity

145、,the Company will indemnify the directors and other officers of the Company acting as such,to the full extent permitted by law,against any liability to another person(other than the Company or a related body corporate)incurred in acting as a director or officer of the Company,unless the liability ar

146、ises out of conduct involving a lack of good faith.The indemnity includes any liability for costs and expenses incurred by such person in defending any proceedings,whether civil or criminal,in which judgement is given in that persons favour,or in which the person is acquitted and in making an applic

147、ation in relation to any proceedings in which the court grants relief to the person under the law.The Company has provided directors and officers liability insurance policies that cover all the directors and officers of the Company and its controlled entities.The terms of the policies prohibit discl

148、osure of details of the amount of the insurance cover,its nature and the premium paid.OFFICERS WHO WERE PREVIOUSLY PARTNERS OF THE AUDIT FIRM Mrs PM Mann was previously a partner of the current audit firm,KPMG,at a time when KPMG undertook an audit of the Group.AUDITOR INDEPENDENCE The lead auditors

149、 independence declaration is set out on page 30 and forms part of the Directors Report for the year ended 30 June 2018.NON-AUDIT SERVICES PROVIDED BY KPMG During the year,KPMG,the Groups auditor,performed certain other services in addition to their statutory duties.The Board has considered the non-a

150、udit services provided during the year by the auditor and in accordance with written advice provided by resolution of the Audit and Risk Committee is satisfied that the provision of those non-audit services during the year by the auditor is compatible with,and did not compromise,the auditor independ

151、ence requirements of the Corporations Act 2001 for the following reasons:all non-audit services were subject to the corporate governance procedures adopted by the Group and have been reviewed by the Audit and Risk Committee to ensure they do not impact the integrity and objectivity of the auditor;an

152、d the non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants,as they did not involve reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the

153、 Group,acting as an advocate for the Group or jointly sharing risks and rewards.DIRECTORS REPORT 15 EVENT Hospitality&Entertainment Limited 2018 Annual Report A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 has been included in this Directo

154、rs Report.Details of the amounts paid to the auditor of the Group,KPMG,and its related practices for audit and non-audit services provided during the year are set out in Note 7.4 to the financial statements.ROUNDING OFF The Company is of a kind referred to in ASIC Corporations(Rounding in Financial/

155、Directors Reports)Instrument 2016/191 as issued by the Australian Securities and Investments Commission(“ASIC”).In accordance with that Instrument,amounts in the Directors Report and financial report have been rounded off to the nearest thousand dollars,unless otherwise stated.Signed in accordance w

156、ith a resolution of the directors:AG Rydge Director JM Hastings Director Dated at Sydney this 23rd day of August 2018.DIRECTORS REPORT 16 EVENT Hospitality&Entertainment Limited 2018 Annual Report MESSAGE FROM THE CHAIRMAN REGARDING THE REMUNERATION REPORT Dear Shareholder On behalf of the Board,I a

157、m pleased to introduce the EVENT Hospitality&Entertainment Limited 2018 Remuneration Report.Remuneration arrangements for the CEO Jane Hastings commenced as the Groups new CEO with effect from 1 July 2017.Ms Hastings remuneration arrangements were set by the Board following advice from remuneration

158、consultants in the prior year and full details of Ms Hastings remuneration for the year ended 30 June 2018 are disclosed in the remuneration table on page 23.In accordance with the CEOs contract,a review of Ms Hastings remuneration arrangements was conducted by the Board in the year ended 30 June 20

159、18,including consideration of updated market benchmarking information.Market benchmarking for the CEO role considers the market capitalisation of the Group and the size,diversity and complexity of the Groups operations,noting that by market capitalisation the Group is within the top 150 companies in

160、 the All Ordinaries index.Following this review,reasonable adjustments were made to the CEOs fixed annual remuneration and maximum short term incentive opportunity with effect from 1 July 2018.Details of these new arrangements are set out on page 21.Review of long term incentive arrangements As fore

161、shadowed in the 2017 Annual Report,the Board conducted a review of the Groups long term incentive arrangements during the year ended 30 June 2018,with assistance from remuneration consultants as disclosed on page 22.The review found that the existing structure of the Executive Performance Rights Pla

162、n remained appropriate,and that the hurdles continued to provide appropriately challenging targets for plan participants and an alignment with shareholder interests.The Board continues to consider opportunities to further align the Groups incentive arrangements with the Groups long-term strategic ob

163、jectives.Changes in key management personnel As CEO,Ms Hastings has reviewed and amended the internal organisational structure and this has resulted in some changes in the determination of which other executives meet the definition of“key management personnel”requiring disclosure in the remuneration

164、 report.Details of the key management personnel for the year ended 30 June 2018 are set out on page 22.The Remuneration Report provides further details regarding the above matters as well as important material on remuneration strategy,structure and outcomes.The Board commends the Remuneration Report

165、 to you.AG Rydge Chairman DIRECTORS REPORT 17 EVENT Hospitality&Entertainment Limited 2018 Annual Report REMUNERATION REPORT AUDITED This report outlines the remuneration arrangements in place for the Groups key management personnel(“KMP”)as defined in AASB 124 Related Party Disclosures including no

166、n-executive directors,the CEO(who is also the Managing Director),and other senior executives who have authority for planning,directing and controlling the activities of the Group.The KMP for the financial year are set out on page 22.Remuneration philosophy The Nomination and Remuneration Committee i

167、s responsible for making recommendations to the Board on remuneration policy and packages applicable to the Board members and senior executives.The objective of the remuneration policy is to ensure the remuneration package properly reflects the persons duties and responsibilities,and that remunerati

168、on is competitive in attracting,motivating and retaining people of the appropriate quality.Remuneration levels are competitively set to attract appropriately qualified and experienced directors and executives.The Nomination and Remuneration Committee obtains independent advice on the level of remune

169、ration packages.The remuneration packages of the CEO and senior executives include an at-risk component that is linked to the overall financial and operational performance of the Group and based on the achievement of specific goals of the Group.Executives participate in the Groups Executive Performa

170、nce Rights Plan.The long term benefits of the Executive Performance Rights Plan are conditional upon the Group achieving certain performance criteria,details of which are outlined below.Further details in relation to the Groups share plans are provided in Note 6.1 to the financial statements.Remuner

171、ation structure In accordance with best practice corporate governance,the structure of non-executive director remuneration is separate and distinct from senior executive remuneration.Non-executive director remuneration Objective The Groups remuneration policy for non-executive directors aims to ensu

172、re that the Group can attract,retain and appropriately remunerate suitably skilled,experienced and committed individuals to serve on the Board and its committees.Structure The constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors shall be determine

173、d from time to time by a general meeting.The latest determination was at the Annual General Meeting held on 22 October 2010 when shareholders approved a maximum aggregate remuneration of$1,500,000 per year.Non-executive directors do not receive any performance related remuneration nor are they issue

174、d shares or performance rights.The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned among directors are reviewed annually.The Board considers advice from external consultants as well as the fees paid to non-executive directors of compar

175、able companies when undertaking the annual review process.Each director receives a fee for being a director of the Company.A committee fee is also paid for being a member of the Audit and Risk Committee and the Nomination and Remuneration Committee.The payment of the committee fee recognises the add

176、itional time commitment required by directors who serve on those committees.Other Board committees may be appointed from time to time to deal with issues associated with the conduct of the Groups various activities,and directors serving on such committees may receive an additional fee in recognition

177、 of this additional commitment.The Board has approved non-executive director fees for the year ending 30 June 2019 as follows:2019$2018$Chairman(including committee fees)328,000 321,000 Other non-executive directors Base fee 134,000 131,000 Committee fee 21,000 21,000 Additional fee for the Chairman

178、 of the Board committees 18,000 18,000 DIRECTORS REPORT 18 EVENT Hospitality&Entertainment Limited 2018 Annual Report Structure(continued)The remuneration of non-executive directors for the year ended 30 June 2018 is detailed on page 23.Directors fees cover all main Board activities.Non-executive di

179、rectors are also entitled to be reimbursed for all reasonable business related expenses,including travel,as may be incurred in the discharge of their duties.CEO and other executive remuneration Objective The Groups remuneration policy aims to reward the CEO and other executives with a level and mix

180、of remuneration commensurate with their position and responsibilities within the Group,and to:reward executives for Group,business unit and individual performance against targets set by reference to appropriate benchmarks and key performance indicators(“KPIs”);align the interests of executives with

181、those of shareholders;link reward with the strategic goals and performance of the Group;and ensure total remuneration is competitive by market standards.Structure In determining the level and composition of executive remuneration,the Nomination and Remuneration Committee obtains independent advice o

182、n the appropriateness of remuneration packages for senior executives,based on remuneration trends in the market,from which recommendations are made to the Board.It is the Groups policy that employment contracts are entered into with the CEO and other senior executives.Details of these employment con

183、tracts are provided on page 21.Remuneration consists of both fixed and variable remuneration components.The variable remuneration component includes a short term incentive(“STI”)plan and a long term incentive(“LTI”)plan.The proportion of fixed and variable remuneration(potential STI and LTI)is set a

184、nd approved for each senior executive by the Nomination and Remuneration Committee.Fixed annual remuneration Objective Remuneration levels for executives are reviewed annually to ensure that they are appropriate for the responsibilities,qualifications and experience of each executive and are competi

185、tive with the market.The Nomination and Remuneration Committee establishes and issues an appropriate guideline for the purpose of the annual review of fixed annual remuneration levels.The guideline is based on both current and forecast Consumer Price Index and market conditions.There are no guarante

186、ed fixed remuneration increases in any executives contracts.Structure Executives have the option to receive their fixed annual remuneration in cash and a limited range of prescribed fringe benefits such as motor vehicles and car parking.Fixed annual remuneration includes superannuation and all presc

187、ribed fringe benefits,including fringe benefits tax.Variable remuneration STI Objective The objective of the STI program is to link the achievement of the operational targets with the remuneration received by the executives charged with meeting those targets.The total potential STI available is set

188、at a level to provide sufficient incentive to the executive to achieve the operational targets and such that the cost to the Group is reasonable in the circumstances.Structure Actual STI payments to each executive are determined based on the extent to which specific operating targets,set at the begi

189、nning of the year,are met.The operational targets consist of a number of KPIs covering both financial and non-financial measures of performance.Typically,KPIs and assessment criteria include:meeting of pre-determined growth in Group earnings over the prior year;meeting of strategic and operational o

190、bjectives;and assessed personal effort and contribution.The Group has pre-determined benchmarks which must be met in order to trigger payments under the STI.The measures were chosen to directly align the individuals STI to the KPIs of the Group and to its strategies and performance.DIRECTORS REPORT

191、19 EVENT Hospitality&Entertainment Limited 2018 Annual Report Structure(continued)On an annual basis,an earnings performance rating for the Group and each division is assessed and approved by the Nomination and Remuneration Committee.The individual performance of each executive is also assessed and

192、rated and the ratings are taken into account when determining the amount,if any,of the STI to be allocated to each executive.The aggregate of annual STI payments available for executives across the Group is subject to the approval of the Nomination and Remuneration Committee.STI payments are deliver

193、ed as a cash bonus.For the CEO and other executive KMP,the general target bonus opportunity range is from 50%to 80%of fixed annual remuneration.The target bonus range for the CEO and other executive KMP is detailed below:Maximum STI calculated on fixed annual remuneration(a)Allocated between:Group e

194、arnings Divisional earnings Special projects Other KPIs Managing Director and CEO JM Hastings(b)80%40%20%20%Other executive KMP NC Arundel 50%15%20%15%GC Dean 50%25%25%MR Duff 50%25%11%14%HR Eberstaller 50%16.7%16.7%4%12.6%JM Rodgers 50%15%20%15%(a)Fixed annual remuneration is comprised of base sala

195、ry,superannuation and benefits provided through salary sacrificing arrangements.(b)The targets set for the CEOs STI relate to the Groups performance,the management of current property developments and other business growth targets.These targets may include,for example,the identification of new hotel

196、 developments that will provide an acceptable return and fit within the Groups overall strategic objectives,the delivery of property development projects having regard to timing and budget,and the identification,negotiation and delivery of new cinema sites.The Board considers the specific targets to

197、 be commercially sensitive and accordingly further details of these targets have not been disclosed.Bonuses may be paid above these levels at the discretion of the Nomination and Remuneration Committee and the Board,if it is assessed that an exceptional contribution has been made by an executive.The

198、re is no separate profit-share plan.Variable remuneration LTI Objective The objectives of the LTI plan are to:align executive incentives with shareholder interests;balance the short term with the long term Group focus;and retain high calibre executives by providing an attractive equity-based incenti

199、ve that builds an ownership of the Group mindset.Structure Executives are awarded performance rights which will only vest on the achievement of certain performance hurdles and service conditions.An offer is made under the Executive Performance Rights Plan to executives each financial year and is bas

200、ed on individual performance as assessed by the annual appraisal process.If an executive does not sustain a consistent level of high performance,they will not be nominated for Executive Performance Rights Plan participation.The Nomination and Remuneration Committee reviews details of executives nomi

201、nated for participation subject to final Board approval.In accordance with the ASX Listing Rules,approval from shareholders is obtained before participation in the Executive Performance Rights Plan commences for the CEO.Only executives who are able to directly influence the long term success of the

202、Group participate in the Executive Performance Rights Plan.DIRECTORS REPORT 20 EVENT Hospitality&Entertainment Limited 2018 Annual Report Structure(continued)Each award of performance rights is divided into equal portions,with each portion being subject to a different performance hurdle.The performa

203、nce hurdles are based on earnings per share(“EPS”)growth and relative total shareholder return(“TSR”)of EVENT Hospitality&Entertainment Limited as determined by the Board over a three year period(“Performance Period”).The extent to which the performance hurdles have been met will be assessed by the

204、Board at the expiry of the Performance Period.Performance rights do not carry the right to vote or to receive dividends during the Performance Period.The performance hurdles for the awards of performance rights to executives in the financial year ended 30 June 2018 are based on EVENT Hospitality&Ent

205、ertainment Limiteds EPS growth and relative TSR performance over the Performance Period of the three years to 30 June 2020,with EPS performance measured against the year ended 30 June 2017(being the base year).The performance hurdles for the awards of performance rights to executives in the financia

206、l year ended 30 June 2018 are as follows:EPS hurdle The EPS hurdle requires that the Groups EPS growth for the Performance Period must be greater than the target set by the Board.The EPS hurdle was chosen as it provides evidence of the Groups growth in earnings.The hurdle is as follows:if annual com

207、pound EPS growth over the Performance Period is less than 4%,no performance rights will vest with the executive;if annual compound EPS growth over the Performance Period is equal to or greater than 4%but less than 6%,the proportion of performance rights vesting will be increased on a pro-rata basis

208、between 50%and 100%;or if annual compound EPS growth over the Performance Period is equal to or greater than 6%,all of the performance rights awarded(and attaching to this hurdle)will vest with the executive.TSR hurdle The TSR hurdle requires that the Groups relative TSR performance must be above th

209、e median of the Companys comparator group(“comparator group”).The comparator group is the S&P/ASX 200(excluding trusts,infrastructure groups and mining companies).TSR is defined as share price growth and dividends paid and reinvested on the ex-dividend date(adjusted for rights,bonus issues and any c

210、apital reconstructions)measured from the beginning to the end of the Performance Period.The TSR performance hurdle was chosen as it is widely recognised as one of the best indicators of shareholder value creation.The comparator group for TSR purposes has been chosen as it represents the group with w

211、hich the Group competes for shareholders capital.The hurdle is as follows:if the Companys TSR ranking relative to the comparator group over the Performance Period is less than the 51st percentile,no performance rights will vest;if the Companys TSR ranking relative to the comparator group over the Pe

212、rformance Period is equal to or exceeds the 51st percentile but is less than the 75th percentile,the proportion of performance rights vesting will be increased on a pro-rata basis between 50%and 100%;or if the Companys TSR ranking relative to the comparator group over the Performance Period is equal

213、 to or greater than the 75th percentile,all of the performance rights awarded will vest.After the Board has assessed the extent to which the above performance hurdles and criteria have been achieved,executives will be allocated ordinary shares equal to the number of vested performance rights held.Th

214、e Board has retained the discretion to vary the performance hurdles and criteria.Group performance To provide further context on the Groups performance and returns for shareholders,the following table outlines a 5 year history of key financial metrics:2018 2017 2016 2015 2014 Net profit before indiv

215、idually significant items and income tax($)(a)183,214,000 160,937,000 177,914,000 152,367,000 108,304,000 Dividends per share(cents)52 51 51 45 42 Special dividend per share(cents)8 Share price at year end($)13.39 13.37 14.53 12.54 9.33(a)Refer to page 6 in the Directors Report for a reconciliation

216、to reported net profit for the year.DIRECTORS REPORT 21 EVENT Hospitality&Entertainment Limited 2018 Annual Report Employment contract for the CEO and other executive KMP A summary of the key terms of Ms Hastings employment agreement is set out in the table below:Contract term Ms Hastings appointmen

217、t is ongoing,and there is no fixed term.Fixed annual remuneration Effective from 1 July 2018,a remuneration package to the value of$1,450,000 per annum gross,comprising base salary,superannuation and,if applicable,any fringe benefits or additional superannuation contributions.Incentives Ms Hastings

218、is eligible to participate in the Groups incentive arrangements(including STI and LTI).Ms Hastings is eligible to receive an annual STI bonus payment with a target award of up to 80%of her fixed annual remuneration,subject to the achievement of performance criteria determined by the Board.The maximu

219、m award to Ms Hastings under the STI plan is 90%of fixed annual remuneration.Ms Hastings is also eligible to participate in the Groups Long Term Incentive Plan(“LTIP”).The current LTIP is the Performance Rights Plan approved by shareholders at the 2013 Annual General Meeting.Subject to any required

220、or appropriate shareholder approval,Ms Hastings allocation of performance rights under the LTIP will be determined based on a face value of 90%of the fixed annual remuneration.Termination Either party may terminate the agreement at any time by giving six months notice.On termination,the Group may at

221、 its discretion make a payment in lieu of all or part of the notice period based on Ms Hastings fixed annual remuneration at the time of the notice of termination.Ms Hastings may terminate immediately if there is a fundamental change in her responsibilities or authority without her consent.In that c

222、ase,Ms Hastings is entitled to a payment equivalent to six months fixed annual remuneration.The Group may terminate the agreement immediately in circumstances of misconduct,or if Ms Hastings breaches any material term of the agreement,in which case there is no payment in lieu of notice.Restraint The

223、 agreement contains non-solicitation and other restraints that apply for a restriction period of up to 12 months.Ms Hastings may receive a restraint payment for some or all of the restriction period,calculated based on her fixed annual remuneration at the termination date.The CEOs contract provides

224、for an annual review of the CEOs fixed annual remuneration and maximum incentive opportunities.Employment contracts typically outline the components of remuneration paid to the CEO and other senior executives but do not prescribe how remuneration levels are to be modified from year to year.Generally

225、,remuneration levels are reviewed each year to take into account Consumer Price Index changes,remuneration trends in the market,any change in the scope of the role performed by the executive and any changes required to meet the principles of the remuneration policy.Termination provisions in the empl

226、oyment contracts with other executive KMP are summarised in the table below:Executive Termination by the executive Termination by the Group Expiry date of contract NC Arundel GC Dean MR Duff HR Eberstaller JM Rodgers The notice period is one month.The notice period is one month.On termination,the Gr

227、oup may make a payment in lieu of notice,equal to the notice period.The Group retains the right to terminate the contract immediately under certain conditions.On termination,the executive is entitled to accrued annual and long service benefits.There are no other termination payments.Payment of any L

228、TI(or pro-rata thereof)is subject to the rules in operation at the termination date and at the discretion of the Board.Not applicable,rolling contracts.DIRECTORS REPORT 22 EVENT Hospitality&Entertainment Limited 2018 Annual Report Use of remuneration consultants During the year,the Nomination and Re

229、muneration Committee employed the services of Godfrey Remuneration Group Pty Limited(“GRG”)to provide a minor update to previous advice relating to the Groups LTI arrangements.Under the terms of the engagement,GRG provided remuneration recommendations as defined in section 9B of the Corporations Act

230、 2001 and was paid$5,000 for these services.No other services or advice were provided by GRG during the year.GRG has confirmed all recommendations have been made free from undue influence by members of the Groups KMP.The following arrangements were made to ensure that the remuneration recommendation

231、s were free from undue influence:GRG was engaged by,and reported directly to,the Chairman of the Board.The agreement for the provision of remuneration consulting services was executed by the Chairman on behalf of the Board;the report containing the remuneration recommendations was provided by GRG di

232、rectly to the Chairman;and GRG was not required to speak to management in relation to the engagement and did not provide any member of management with a copy of their draft or final report that contained the remuneration recommendations.As a consequence,the Board is satisfied that the recommendation

233、s were made free from undue influence from any members of the KMP.Key management personnel The KMP for the financial year are set out in the table below:Name Position Period of responsibility Employing company Non-executive directors Alan Rydge Chairman and non-executive director 1 July 2017 to 30 J

234、une 2018 EVENT Hospitality&Entertainment Limited Kenneth Chapman Independent non-executive director 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Peter Coates Independent non-executive director and lead independent director 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertai

235、nment Limited Valerie Davies Independent non-executive director 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited David Grant Independent non-executive director 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Patria Mann Independent non-executive director 1 July

236、 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Richard Newton Independent non-executive director 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Executive director Jane Hastings Managing Director and CEO 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment L

237、imited Other executive KMP Norman Arundel Director of Hotels and Resorts Operations 1 July 2017 to 30 June 2018 Rydges Hotels Limited Gregory Dean Director Finance&Accounting,Company Secretary 1 July 2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Mathew Duff Director Commercial 1 July

238、2017 to 30 June 2018 EVENT Hospitality&Entertainment Limited Hans Eberstaller Managing Director of Commercial,UK and Europe 1 July 2017 to 30 June 2018 The Greater Union Organisation Pty Limited Jordan Rodgers Director of Thredbo Operations 1 July 2017 to 30 June 2018 Kosciuszko Thredbo Pty Limited

239、DIRECTORS REPORT 23 EVENT Hospitality&Entertainment Limited 2018 Annual Report Directors and executives remuneration Details of the nature and amount of each major element of the remuneration of each director of the Company and other KMP of the Group are set out below:Short term Post-employment Shar

240、e-based Other long term Other Total Proportion of remuneration performance related Fixed annual remuneration and fees$STI bonuses$Non-cash benefits$Insurance premiums(a)$Superannuation contributions$Performance rights(b)$Accrued annual leave$Accrued long service leave$Termination payments$DIRECTORS

241、Non-executive AG Rydge 2018 300,951 20,049 321,000 2017 293,384 19,616 313,000 KG Chapman 2018 119,635 11,365 131,000 2017 116,895 11,105 128,000 PR Coates 2018 119,635 11,365 131,000 2017 116,895 11,105 128,000 VA Davies 2018 119,635 11,365 131,000 2017 116,895 11,105 128,000 DC Grant 2018 155,251

242、14,749 170,000 2017 151,598 14,402 166,000 PM Mann 2018 138,813 13,187 152,000 2017 135,160 12,840 148,000 RG Newton 2018 119,635 11,365 131,000 2017 116,895 11,105 128,000 Executive JM Hastings(c)2018 1,279,951 143,051 2,885 20,049 195,376 41,647 1,682,959 20.1%2017 735,588 1,650 17,311 31,877 21,6

243、34 808,060 3.9%DIRECTORS REPORT 24 EVENT Hospitality&Entertainment Limited 2018 Annual Report Directors and executives remuneration(continued)Short term Post-employment Share-based Other long term Other Total Fixed annual remuneration and fees$STI bonuses$Non-cash benefits$Insurance premiums(a)$Supe

244、rannuation contributions$Performance rights(b)$Accrued annual leave$Accrued long service leave$Termination payments$Proportion of remuneration performance related OTHER EXECUTIVE KMP NC Arundel(d)2018 479,415 65,050 8,287 20,049 148,078 13,951(5,341)729,489 29.2%2017 72,660 105,750 1,046 3,043 30,37

245、0 5,087 1,527 219,483 62.0%GC Dean 2018 629,951 76,250 6,886 20,049 210,726(30,992)17,326 930,196 30.9%2017 590,384 282,500 5,241 19,616 215,961(13,419)24,518 1,124,801 44.3%MR Duff 2018 629,951 116,952 5,163 20,049 212,384 90,526 17,537 1,092,562 30.1%2017 590,384 263,686 3,848 19,616 223,380 8,563

246、 25,099 1,134,576 42.9%HR Eberstaller 2018 367,541 63,308 2,762 20,049 109,440(6,362)11,704 568,442 30.4%2017 360,384 185,000 2,183 19,616 124,240(41,036)(35,599)614,788 50.3%JM Rodgers(e)2018 429,951 119,531 2,762 20,049 109,949 1,065 9,494 692,801 33.1%2017 DIRECTORS REPORT 25 EVENT Hospitality&En

247、tertainment Limited 2018 Annual Report Directors and executives remuneration(continued)(a)Amounts disclosed above for remuneration of directors and other executive KMP exclude insurance premiums paid by the Group in respect of directors and officers liability insurance contracts as the contracts do

248、not specify premiums paid in respect of individual directors and officers.Information relating to the insurance contracts is set out within the Remuneration Report.The amounts disclosed in the table above relate to premiums paid by the Group for group salary continuance insurance.(b)Amounts disclose

249、d above for remuneration relating to performance shares and performance rights have been determined in accordance with the requirements of AASB 2 Share-based Payment.AASB 2 requires the measurement of the fair value of performance shares and performance rights at the grant date and then to have that

250、 value apportioned in equal amounts over the period from grant date to vesting date.Details of performance shares and performance rights on issue are set out within the Remuneration Report and further details on the terms and conditions of these performance shares and performance rights are set out

251、in Note 6.1 to the financial statements.(c)JM Hastings commenced employment with the Group on 29 August 2016.(d)NC Arundel ceased to be a key management person of the Group effective 29 August 2016 and became a key management person of the Group effective 1 July 2017.Comparative amounts disclosed in

252、 the table above are in respect of the period for which NC Arundel was a key management person in the prior year.(e)JM Rodgers became a key management person of the Group effective 1 July 2017.Consequently,no comparative information has been presented for Mr Rodgers in the table above.Analysis of ST

253、I bonuses included in remuneration The bonus table below is calculated on the basis of including bonuses awarded during the year ended 30 June 2018.It only includes remuneration relating to the portion of the relevant periods that each individual was a KMP.Details of the vesting profile of the STI b

254、onuses awarded as remuneration to the CEO and other executive KMP of the Group are shown below:Included in remuneration(a)$Awarded in year Not awarded in year(b)Managing Director and CEO JM Hastings(c)143,051 31.7%68.3%Other executive KMP NC Arundel 65,050 26.7%73.3%GC Dean 76,250 25.0%75.0%MR Duff

255、116,952 38.3%61.7%HR Eberstaller 63,308 33.3%66.7%JM Rodgers 119,531 53.1%46.9%(a)Amounts included in remuneration for the year represent the amounts that were awarded in the year based on achievement of personal goals and satisfaction of specified performance criteria for the 30 June 2017 year.No a

256、mounts vest in future years in respect of the STI bonus schemes for the 2017 year.(b)The amounts not awarded are due to the performance criteria not being met in relation to the assessment period.(c)The amount for Ms Hastings is in respect of the 30 June 2017 year when Ms Hastings was Chief Operatin

257、g Officer.Other transactions with key management personnel and their related parties AG Rydge is a director of Carlton Investments Limited.Carlton Investments Limited rents office space from a controlled entity.Rent is charged to Carlton Investments Limited at a market rate.Rent and office service c

258、harges received during the year were$21,368(2017:$20,240).The Company holds shares in Carlton Investments Limited.Dividends received during the year from Carlton Investments Limited totalled$755,213(2017:$780,420).AG Rydge paid rent,levies and other costs to Group entities during the year amounting

259、to$101,539(2017:$98,527).Rent is charged to AG Rydge at market rates.A controlled entity has entered into a lease agreement for a cinema complex in Townsville with an entity related to KG Chapman.Rent paid under the lease is at market rates.DIRECTORS REPORT 26 EVENT Hospitality&Entertainment Limited

260、 2018 Annual Report Other transactions with key management personnel and their related parties(continued)Apart from the details disclosed in the Remuneration Report,no KMP has entered into a material contract with the Group since the end of the previous year and there were no material contracts invo

261、lving directors interests existing at reporting date.From time to time,KMP of the Group,or their related parties,may purchase goods or services from the Group.These purchases are usually on the same terms and conditions as those granted to other Group employees.Where the purchases are on terms and c

262、onditions more favourable than those granted to other Group employees,the resulting benefits form part of the total remuneration outlined within the Remuneration Report.Executive Performance Rights Plan current LTI plan Analysis of LTI performance rights granted as remuneration Details of the vestin

263、g profile of performance rights granted as remuneration to the CEO and other executive KMP are shown below:Fair value Number Grant date Vested during the year Forfeited during the year Year in which the grant vests Performance right EPS$Performance right TSR$Managing Director and CEO JM Hastings 82,

264、737 15 Feb 2018 30 Jun 2021 11.82 6.80 30,303 16 Feb 2017 30 Jun 2020 11.09 3.92 Other executive KMP NC Arundel 19,888 15 Feb 2018 30 Jun 2021 11.82 6.80 13,144 16 Feb 2017 30 Jun 2020 11.09 3.92 13,650 18 Feb 2016 30 Jun 2019 14.01 11.40 19,548 19 Feb 2015 18,845 703 30 Jun 2018 10.74 8.40 GC Dean

265、25,855 15 Feb 2018 30 Jun 2021 11.82 6.80 20,538 16 Feb 2017 30 Jun 2020 11.09 3.92 19,755 18 Feb 2016 30 Jun 2019 14.01 11.40 23,870 19 Feb 2015 23,011 859 30 Jun 2018 10.74 8.40 MR Duff 25,855 15 Feb 2018 30 Jun 2021 11.82 6.80 20,538 16 Feb 2017 30 Jun 2020 11.09 3.92 19,755 18 Feb 2016 30 Jun 20

266、19 14.01 11.40 25,667 19 Feb 2015 24,744 923 30 Jun 2018 10.74 8.40 HR Eberstaller 12,333 15 Feb 2018 30 Jun 2021 11.82 6.80 10,235 16 Feb 2017 30 Jun 2020 11.09 3.92 10,349 18 Feb 2016 30 Jun 2019 14.01 11.40 14,825 19 Feb 2015 14,292 533 30 Jun 2018 10.74 8.40 JM Rodgers 14,319 15 Feb 2018 30 Jun

267、2021 11.82 6.80 12,121 16 Feb 2017 30 Jun 2020 11.09 3.92 12,587 18 Feb 2016 30 Jun 2019 14.01 11.40 15,277 19 Feb 2015 14,728 549 30 Jun 2018 10.74 8.40 DIRECTORS REPORT 27 EVENT Hospitality&Entertainment Limited 2018 Annual Report Executive Performance Rights Plan current LTI plan(continued)Analys

268、is of movements in performance rights The movement during the year,by value,of performance rights in the Company held by the CEO and other executive KMP is detailed below:Granted during the year(a)$Exercised during the year$Performance rights exercised Number Amount paid per right exercised$Managing

269、 Director and CEO JM Hastings 770,279 Other executive KMP NC Arundel 185,157 243,654 18,845 GC Dean 240,708 297,518 23,011 MR Duff 240,708 319,924 24,744 HR Eberstaller 114,818 184,786 14,292 JM Rodgers 133,307 190,424 14,728 (a)The value of performance rights granted in the year is the fair value o

270、f the performance rights calculated at grant date,estimated using a Binomial tree model for those rights that have EPS hurdles and a Monte Carlo model for those rights that have TSR hurdles.The total value of the performance rights granted is included in the table above.This amount is allocated to r

271、emuneration over the vesting period.No performance rights have been granted since the end of the year.Performance rights holdings and transactions The movement during the year in the number of performance rights in EVENT Hospitality&Entertainment Limited held by the CEO and other executive KMP is de

272、tailed below:Held at the beginning of the year Granted Exercised Forfeited Other Held at the end of the year Managing Director and CEO JM Hastings 2018 30,303 82,737 113,040 2017 30,303 30,303 Other executive KMP NC Arundel 2018 46,342 19,888(18,845)(703)46,682 2017 56,083 13,144(22,885)46,342 GC De

273、an 2018 64,163 25,855(23,011)(859)66,148 2017 64,981 20,538(21,356)64,163 MR Duff 2018 65,960 25,855(24,744)(923)66,148 2017 68,405 20,538(22,983)65,960 HR Eberstaller 2018 35,409 12,333(14,292)(533)32,917 2017 42,485 10,235(17,311)35,409 JM Rodgers 2018 39,985 14,319(14,728)(549)39,027 2017 45,718

274、12,121(17,854)39,985 No performance rights have been granted since the end of the year.No performance rights are held by any related parties of KMP.DIRECTORS REPORT 28 EVENT Hospitality&Entertainment Limited 2018 Annual Report Executive Performance Share Plan previous LTI plan Performance shares exe

275、rcised during the year Details of performance shares in the Company exercised during the year by the CEO and other executive KMP are shown below:Exercised during the year(a)$Performance shares exercised Number Amount paid per performance share$Managing Director and CEO JM Hastings Other executive KM

276、P NC Arundel GC Dean MR Duff 149,251 11,105 Nil HR Eberstaller 145,716 10,842 Nil JM Rodgers (a)The value of performance shares exercised during the year is calculated as the market price of shares of the Company on the ASX as at close of trading on the date that the performance shares were exercise

277、d.Performance share holdings and transactions The movement during the year in the number of performance shares in EVENT Hospitality&Entertainment Limited held by the CEO and other executive KMP is detailed below:Held at the beginning of the year Granted Exercised Forfeited Other Held at the end of t

278、he year Managing Director and CEO JM Hastings 2018 2017 Other executive KMP NC Arundel 2018 23,502 23,502 2017 23,502 23,502 GC Dean 2018 2017 MR Duff 2018 47,048 (11,105)35,943 2017 85,665 (38,617)47,048 HR Eberstaller 2018 26,614 (10,842)15,772 2017 35,529 (8,915)26,614 JM Rodgers 2018 2017 No per

279、formance shares have been granted since the end of the year.There were no performance shares held by the related parties of KMP.DIRECTORS REPORT 29 EVENT Hospitality&Entertainment Limited 2018 Annual Report Equity holdings and transactions The movement during the year in the number of ordinary share

280、s of EVENT Hospitality&Entertainment Limited held,directly,indirectly or beneficially,by each KMP,including their related parties,is as follows:Held at the beginning of the year Purchases Received on release of performance shares or rights Sales Other Held at the end of the year Directors AG Rydge(C

281、hairman)2018 72,788,603 607,500 73,396,103 2017 72,788,603 72,788,603 KG Chapman 2018 57,500 57,500 2017 57,500 57,500 PR Coates 2018 46,960 46,960 2017 46,960 46,960 VA Davies 2018 14,000 14,000 2017 10,000 4,000 14,000 DC Grant 2018 5,000 2,000 7,000 2017 3,000 2,000 5,000 PM Mann 2018 6,142 6,142

282、 2017 6,000 142 6,142 RG Newton 2018 66,840 66,840 2017 66,840 66,840 JM Hastings 2018 (CEO)2017 Other KMP NC Arundel 2018 32,666 18,845(11,500)40,011 2017 59,781 22,885(50,000)32,666 GC Dean 2018 122,864 23,011 145,875 2017 101,508 21,356 122,864 MR Duff 2018 23,199 35,849(22,439)36,609 2017 61,600

283、(38,401)23,199 HR Eberstaller 2018 11,100 25,134(24,434)11,800 2017 26,226(15,126)11,100 JM Rodgers 2018 17,854 14,728(20,000)12,582 2017 17,854 17,854 No shares were granted to KMP as compensation in the year ended 30 June 2018.Performance rights were granted to certain KMP as disclosed on page 26.

284、End of Directors Report:Remuneration Report Audited 30 KPMG,an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative(“KPMG International”),a Swiss entity.Liability limited by a scheme approved under Professional Standa

285、rds Legislation.Lead Auditors Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Event Hospitality&Entertainment Limited I declare that,to the best of my knowledge and belief,in relation to the audit of Event Hospitality&Entertainment Limited for the financi

286、al year ended 30 June 2018 there have been:(i)no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit;and(ii)no contraventions of any applicable code of professional conduct in relation to the audit.KPM_INI_01 KPMG Anthony Travers P

287、artner Sydney 23 August 2018 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 31 EVENT Hospitality&Entertainment Limited 2018 Annual Report Note 2018$000 2017$000 ASSETS Current assets Cash and cash equivalents 4.4 95,564 92,318 Trade and other receivables 3.1 55,293 55,051 Inventories 3.2 21,552

288、20,409 Prepayments and other current assets 16,482 10,458 Total current assets 188,891 178,236 Non-current assets Trade and other receivables 3.1 1,042 1,519 Other financial assets 1,396 1,396 Available-for-sale financial assets 4.5 20,924 19,928 Investments accounted for using the equity method 5.3

289、 14,368 10,942 Property,plant and equipment 3.3 1,321,917 1,237,708 Investment properties 3.4 74,000 68,250 Goodwill and other intangible assets 3.5 101,323 108,899 Deferred tax assets 2.4 4,771 6,333 Other non-current assets 1,947 3,115 Total non-current assets 1,541,688 1,458,090 Total assets 1,73

290、0,579 1,636,326 LIABILITIES Current liabilities Trade and other payables 3.6 106,947 106,895 Loans and borrowings 4.4 1,127 325,441 Current tax liabilities 2.4 1,298 790 Provisions 3.7 20,665 20,613 Deferred revenue 2.1 90,170 88,235 Other current liabilities 3.8 5,852 3,841 Total current liabilitie

291、s 226,059 545,815 Non-current liabilities Loans and borrowings 4.4 376,355 2,360 Deferred tax liabilities 2.4 11,731 12,192 Provisions 3.7 16,443 14,340 Deferred revenue 2.1 9,202 8,720 Other non-current liabilities 3.8 2,191 2,610 Total non-current liabilities 415,922 40,222 Total liabilities 641,9

292、81 586,037 Net assets 1,088,598 1,050,289 EQUITY Share capital 4.1 219,126 219,126 Reserves 4.3 64,896 54,933 Retained earnings 804,576 776,230 Total equity 1,088,598 1,050,289 The Statement of Financial Position is to be read in conjunction with the notes to the financial statements on pages 36 to

293、86.INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2018 32 EVENT Hospitality&Entertainment Limited 2018 Annual Report Note 2018$000 2017$000 Revenue and other income Revenue from sale of goods and rendering of services 2.1 1,223,216 1,217,058 Other revenue and income 2.1 66,522 77,211 1,289,738 1,294,26

294、9 Expenses Employee expenses (307,856)(308,536)Occupancy expenses (261,394)(256,145)Film hire and other film expenses (228,430)(244,231)Purchases and other direct expenses (110,613)(118,698)Depreciation,amortisation and impairments (96,387)(84,591)Other operating expenses (77,158)(80,291)Advertising

295、,commissions and marketing expenses (36,972)(37,338)Finance costs (7,655)(9,802)(1,126,465)(1,139,632)Equity accounted profit Share of net profit of equity accounted associates and joint ventures 5.3 2,268 2,684 Profit before tax 165,541 157,321 Income tax expense 2.4(53,631)(46,502)Profit for the y

296、ear 111,910 110,819 2018 Cents 2017 Cents Earnings per share Basic earnings per share 2.5 69.9 69.6 Diluted earnings per share 2.5 69.3 68.7 The Income Statement is to be read in conjunction with the notes to the financial statements on pages 36 to 86.STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR E

297、NDED 30 JUNE 2018 33 EVENT Hospitality&Entertainment Limited 2018 Annual Report The Statement of Comprehensive Income is to be read in conjunction with the notes to the financial statements on pages 36 to 86.2018$000 2017$000 Profit for the year 111,910 110,819 Other comprehensive income Items that

298、may be reclassified to profit or loss Foreign currency translation differences for foreign operations net of tax 5,192 381 Transfer from foreign currency translation reserve to the Income Statement on sale of interest in Fiji Cinema Joint Venture 306 Net change in fair value of available-for-sale fi

299、nancial assets net of tax 697(97)Net change in fair value of cash flow hedges net of tax 18(20)Other comprehensive income for the year net of tax 5,907 570 Total comprehensive income for the year 117,817 111,389 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2018 34 EVENT Hospitality&Ente

300、rtainment Limited 2018 Annual Report Share capital$000 Reserves$000 Retained earnings$000 Total equity$000 Balance at 1 July 2017 219,126 54,933 776,230 1,050,289 Profit for the year 111,910 111,910 Other comprehensive income Foreign currency translation differences for foreign operations net of tax

301、 5,192 5,192 Net change in fair value of available-for-sale financial assets net of tax 697 697 Net change in fair value of cash flow hedging instruments net of tax 18 18 Total other comprehensive income recognised directly in equity 5,907 5,907 Total comprehensive income for the year 5,907 111,910

302、117,817 Employee share-based payments expense net of tax 4,056 4,056 Dividends paid (83,564)(83,564)Total transactions with owners 4,056(83,564)(79,508)Balance at 30 June 2018 219,126 64,896 804,576 1,088,598 Balance at 1 July 2016 219,126 46,321 747,297 1,012,744 Profit for the year 110,819 110,819

303、 Other comprehensive income Foreign currency translation differences for foreign operations net of tax 381 381 Transfer from foreign currency translation reserve to the Income Statement on sale of interest in Fiji Cinemas Joint Venture 306 306 Net change in fair value of available-for-sale financial

304、 assets net of tax (97)(97)Net change in fair value of cash flow hedging instruments net of tax (20)(20)Total other comprehensive income recognised directly in equity 570 570 Total comprehensive income for the year 570 110,819 111,389 Employee share-based payments expense net of tax 8,042 8,042 Divi

305、dends paid (81,886)(81,886)Total transactions with owners 8,042(81,886)(73,844)Balance at 30 June 2017 219,126 54,933 776,230 1,050,289 The Statement of Changes in Equity is to be read in conjunction with the notes to the financial statements on pages 36 to 86.STATEMENT OF CASH FLOWS FOR THE YEAR EN

306、DED 30 JUNE 2018 35 EVENT Hospitality&Entertainment Limited 2018 Annual Report Note 2018$000 2017$000 Cash flows from operating activities Cash receipts in the course of operations 1,333,797 1,366,585 Cash payments in the course of operations (1,131,180)(1,162,968)Cash provided by operations 202,617

307、 203,617 Dividends from associates and joint ventures 2,252 3,692 Other revenue 59,024 56,745 Dividends received 771 795 Interest received 599 807 Finance costs paid (7,736)(9,793)Income tax paid (49,778)(67,182)Net cash provided by operating activities 7.3 207,749 188,681 Cash flows from investing

308、activities Payments for property,plant and equipment and redevelopment of properties(169,388)(258,956)Purchase of management and leasehold rights,software and other intangible assets(3,352)(1,405)Payments for interest in joint venture(3,266)Decrease in loans from other entities(1,609)(472)Payments f

309、or businesses acquired,including intangible assets(1,141)(31,249)Proceeds from disposal of other non-current assets 91 5 Proceeds from disposal of interest in joint operation 9,088 Net cash used by investing activities (178,665)(282,989)Cash flows from financing activities Proceeds from borrowings 1

310、69,665 275,765 Repayments of borrowings (115,191)(150,127)Dividends paid 4.2(83,564)(81,886)Net cash(used)/provided by financing activities (29,090)43,752 Net decrease in cash and cash equivalents (6)(50,556)Cash and cash equivalents at the beginning of the year 92,318 145,040 Effect of exchange rat

311、e fluctuations on cash held 3,252(2,166)Cash and cash equivalents at the end of the year 95,564 92,318 The Statement of Cash Flows is to be read in conjunction with the notes to the financial statements on pages 36 to 86.NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 SECTION 1 BAS

312、IS OF PREPARATION 36 EVENT Hospitality&Entertainment Limited 2018 Annual Report This section explains the basis of preparation for the Groups financial statements,including information regarding the impact of the adoption of new accounting standards.1.1 REPORTING ENTITY EVENT Hospitality&Entertainme

313、nt Limited(“Company”)is a company domiciled in Australia.The consolidated financial report of the Company as at and for the year ended 30 June 2018 comprises the Company and its subsidiaries(collectively referred to as the“Group”)and the Groups interest in associates,joint ventures and joint operati

314、ons.EVENT Hospitality&Entertainment Limited is a for-profit company incorporated in Australia and limited by shares.The shares are publicly traded on the ASX.The nature of the operations and principal activities of the Group are described in Note 2.2.The financial report was authorised for issue by

315、the Board of Directors of EVENT Hospitality&Entertainment Limited on 23 August 2018.1.2 BASIS OF PREPARATION Statement of compliance The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards(“AASBs”)(including Australian Acc

316、ounting Interpretations)adopted by the Australian Accounting Standards Board and the Corporations Act 2001.The financial report also complies with International Financial Reporting Standards and interpretations adopted by the International Accounting Standards Board.Basis of measurement The financia

317、l report is prepared on the historical cost basis except for the following material items in the Statement of Financial Position which are measured at fair value:derivative financial instruments,financial assets classified as available-for-sale,liabilities for cash-settled share-based payments and i

318、nvestment properties.Assets held for sale are stated at the lower of carrying amount,and fair value less costs to sell.The Company is of a kind referred to in ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191 and in accordance with the Instrument,amounts in the financial

319、report and Directors Report have been rounded off to the nearest thousand dollars,unless otherwise stated.Use of estimates and judgements The preparation of a financial report in conformity with AASBs requires management to make judgements,estimates and assumptions that affect the application of acc

320、ounting policies and reported amounts of assets,liabilities,income and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,the results of which form the basis of making the judgement

321、s about carrying values of assets and liabilities that are not readily apparent from other sources.Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the esti

322、mate is revised and in any future periods if affected.Judgements made by management in the application of AASBs that have a significant effect on the financial report are discussed in note 3.3(Property,plant and equipment)and 3.5(Goodwill and other intangible assets).Measurement of fair values A num

323、ber of the Groups accounting policies and disclosures require the measurement of fair values,for both financial and non-financial assets and liabilities.When measuring the fair value of an asset or a liability,the Group uses market observable data as far as possible.Fair values are categorised into

324、different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:Level 1:quoted prices(unadjusted)in active markets for identical assets or liabilities;Level 2:inputs other than quoted prices included in Level 1 that are observable for the asset or liability

325、,either directly(i.e.as prices)or indirectly(i.e.derived from prices);and Level 3:inputs for the asset or liability that are not based on observable market data(unobservable inputs).NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 SECTION 1 BASIS OF PREPARATION 37 EVENT Hospitality&

326、Entertainment Limited 2018 Annual Report 1.2 BASIS OF PREPARATION(continued)If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy,then the fair value measurement is categorised in its entirety in the same level of

327、 the fair value hierarchy as the lowest level input that is significant to the entire measurement.The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measur

328、ing fair values is included in Notes 3.3(Property,plant and equipment),3.4(Investment properties)and 4.5(Financial risk management).1.3 FOREIGN CURRENCY Functional and presentation currency All amounts are expressed in Australian dollars,which is the Groups presentation currency.Items included in th

329、e financial statements of each of the Groups entities are measured using the currency of the primary economic environment in which the entity operates(“functional currency”).The functional currency of the Company is Australian dollars.Foreign currency transactions Transactions in foreign currencies

330、are translated at the foreign exchange rate ruling at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies at the year end date are translated to Australian dollars at the foreign exchange rate ruling at that date.Foreign exchange differences arising on trans

331、lation are recognised in profit or loss,except for differences arising on retranslation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective,which are recognised in other comprehensive income.Non-monetary assets and liabilities that are measur

332、ed in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the transactions.Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Australian dollars at foreign exchange rates ruling at th

333、e dates the fair value was determined.Financial statements of foreign operations The assets and liabilities of foreign operations,including goodwill and fair value adjustments arising on acquisition,are translated to Australian dollars at foreign exchange rates ruling at the reporting date.The income and expenses of foreign operations are translated to Australian dollars at rates approximating the