1、Redcape Hotel Group Appendix 4E Preliminary final report 1.Company details Name of entity:Redcape Hotel Group Comprising:Redcape Hotel Trust I(ARSN 629 354 614)and Redcape Hotel Trust II(ARSN 629 354 696)Reporting period:For the year ended 30 June 2021 Previous period:For the year ended 30 June 2020
2、 2.Results for announcement to the market Consolidated 2021 2020%$000$000 Revenues from ordinary activities improved by 29.3%335,318 259,294 Profit for the year attributable to the stapled security holders improved by 153.6%28,472 11,227 2021 2020 Cents Cents Basic earnings per stapled security 5.16
3、 2.03 Diluted earnings per stapled security 5.16 2.03 Distributions Amount per stapled security Franked amount per stapled security Cents Cents Distribution for the quarter ended 30 September 2020(paid 30 November 2020)1.830 -Distribution for the quarter ended 31 December 2020(paid 26 February 2021)
4、1.830 -Distribution for the quarter ended 31 March 2021(paid 31 May 2021)1.830 -Distribution for the quarter ended 30 June 2021(payable 30 August 2021)2.670 -Comments Commentary and analysis of the results can be found in the ASX released results announcement and presentation.3.Net assets and Net ta
5、ngible assets Jun 2021 Jun 2020 Cents Cents Net assets per stapled security 116.69 109.09 Net tangible assets per stapled security(a)5.98 8.27 (a)Net tangible assets calculation excludes right-of-use assets,lease liabilities,goodwill and licences.No.of stapled securities on issue at 30 June 2021 is
6、552,195,195(30 June 2020:552,195,195).4.Control gained over entities Not applicable.Redcape Hotel Group Appendix 4E Preliminary final report 5.Loss of control over entities Not applicable.6.Distributions Current period Amount per stapled security Franked amount per stapled security Cents Cents Distr
7、ibution for the quarter ended 30 September 2020(paid 30 November 2020)1.830 -Distribution for the quarter ended 31 December 2020(paid 26 February 2021)1.830 -Distribution for the quarter ended 31 March 2021(paid 31 May 2021)1.830 -Distribution for the quarter ended 30 June 2021(payable 30 August 202
8、1)2.670 -Previous period Amount per stapled security Franked amount per stapled security Cents Cents Distribution for the quarter ended 30 September 2019(paid 29 November 2019)2.199 -Distribution for the quarter ended 31 December 2019(paid 28 February 2020)2.211 -Distribution for the quarter ended 3
9、0 June 2020(paid 31 August 2020)0.310 -There is no foreign sourced distribution for the current and previous period.7.Distribution reinvestment plans Not applicable.8.Details of associates and joint venture entities Not applicable.9.Foreign entities Details of origin of accounting standards used in
10、compiling the report:Not applicable.10.Audit qualification or review Details of audit/review dispute or qualification(if any):The financial statements have been audited and an unmodified opinion has been issued.Redcape Hotel Group Appendix 4E Preliminary final report 11.Attachments Details of attach
11、ments(if any):The Annual Report of Redcape Hotel Group for the year ended 30 June 2021 is attached.12.Signed _ Date:18 August 2021 Nicholas Collishaw Chairman Sydney W E A R EAnnual Report 30 June 2021Redcape Hotel Group is one of Australias leading community pub operators with a portfolio of 36 qua
12、lity hotels strategically located across New South Wales and Queensland.Redcape is committed to delivering sustainable distributions and growing earnings through its proven operating platform,active portfolio management and accretive acquisitions.General informationRedcape Hotel Group(“Redcape”)is a
13、 stapled entity comprising Redcape Hotel Trust II(“RHT II”or“the parent entity”),and Redcape Hotel Trust I(RHT I),and their controlled entities.Redcape Hotel Trust I(ARSN 629 354 614)and Redcape Hotel Trust II(ARSN 629 354 696)are Australian registered managed investment schemes.Redcape Hotel Group
14、Management Ltd (ABN 87 610 990 004)is the Responsible Entity of Redcape.The financial statements are presented in Australian dollars,which is Redcapes functional and presentation currency.Redcapes registered office and principal place of business are:Registered office Level 27 Governor Phillip Tower
15、 1 Farrer Place Sydney NSW 2000 Principal place of businessLevel 1 Minskys Hotel 287 Military Road Cremorne NSW 2090A description of the nature of the Groups operations and its principal activities are included in the Directors report,which is not part of the financial statements.The financial state
16、ments were authorised for issue,in accordance with a resolution of Directors,on 18 August 2021.The Directors have the power to amend and reissue the financial .auRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIContentsKey Highlights 4Chairmans report 6Chief Executive O
17、fficers report 8Directors report 10Auditors independence declaration 20Consolidated statement of profit or loss and other comprehensive income 21Consolidated statement of financial position 22Consolidated statement of changes in equity 24Consolidated statement of cash flows 25Notes to the financial
18、statements 26Directors declaration 60Independent auditors report to the members of Redcape Hotel Group 61Stapled Securityholders information 68Corporate directory 70We enrich communities through our hospitality.3ASX:RDCAnnual Report 2021Financial Highlights|30 June 2021FY21 Underlying Earnings1 up 5
19、1.7%FY20 Underlying Earnings of$37.2mStatutory NPAT up 153.6%FY20 NPAT of$11.2m impacted by shut down$56.4m$28.5mFinancial Performance 1.Underlying Earnings(previously Distributable Earnings);Operating Earnings before interest,taxes,depreciations and amortization(EBITDA)less cash rent,cash interest
20、and maintenance capital expenditure(plus other unrealised or non-recurring items specifically excluded from operating EBITDA)Redcape demonstrated high performance of its business and its people reporting strong Underlying Earnings for the year of 10.21 cents per share.Redcape Hotel Group comprising
21、Redcape Hotel Trust I and Redcape Hotel Trust II.au4Gearing ratio Directors4Gearing ratio Statutory5 of 38.2%within target rangeLike-for-Like Revenue growth2 from July 2020 to end February 2021 (not cycling FY20 COVID impact)Revenue growth(FY21 versus FY20 revenue)Directors NAV6 per stapled security
22、 at 30 June 2021Statutory NAV7 of$1.17 per stapled security at 30 June 2021FY21 Operating EBITDA3 up 29.6%FY20 Operating EBITDA of$57.1m35.9%8.4%29.3%$1.31$74.1mCapital ManagementOperational Performance2.Based on venues that were owned or leased for the full year FY20 and FY21 and thus excludes any
23、part year acquisitions and divestments3.EBITDA excluding unrealised,non-recurring and non-operational items such as venue acquisition costs,gains/losses on asset revaluation,gains/losses on sale and disposal of venue/assets and performance fees4.Total borrowings less cash&cash equivalents as a perce
24、ntage of adjusted total assets less cash&cash equivalents;total assets adjusted by substituting Investment property,Land,PPE&Intangibles with Directors valuations5.Total borrowings less cash&cash equivalents as a percentage of total assets less cash&cash equivalents6.Statutory Net Asset Value deduct
25、ing Investment property,Land,PPE&Intangibles replacing it with the most recent valuation of that asset7.Net Asset Value per the statutory accounts5ASX:RDCAnnual Report 2021Dear Securityholders,Redcape Hotel Groups(“Redcape”or “the Group”)strong performance during FY21 has positioned the business for
26、 sustainable future growth led by a highly capable executive team.Chairmans Report|30 June 2021A strong recovery Following the impact of COVID-19 on our operations in FY20,our business recovered strongly during FY21 which was driven by our highly capable management team who had taken decisive action
27、s to ensure the business was well placed to achieve optimal outcomes for Securityholders.Our leadership and highly engaged staff responded to a volatile economic and operating environment with energy and commitment to deliver great customer experiences which resulted in strong customer engagement an
28、d financial performance.This robust performance continued throughout FY21 despite the many ongoing changes in COVID-19 restrictions.Our retail bottle shops remained operational during the period,while regulatory restrictions in New South Wales and Queensland tightened in late June as renewed outbrea
29、ks occurred,with the doors of our venues remaining open until June 26 and June 29,respectively.The economic and trading environment throughout the remainder of FY22 continues to be uncertain.However,we are confident Redcapes business,together with its people first approach,has positioned us to achie
30、ve our strategy and continue to deliver strong long-term operating and financial outcomes.A year of performance Performance during the financial year was pleasing with the Redcape business growing Underlying Earnings that supported our Distributions,and generated future growth through effective port
31、folio management.With a renewed focus on the growth of our business,Redcape traded positively with strong operating momentum in FY21.Building customer advocacy through our digital platform and keeping our team of staff highly engaged delivered an outstanding financial performance in a challenging en
32、vironment.In the September quarter,this resulted in the reinstatement of distributions to Securityholders,following the decision to hold back distributions while our venues were closed in FY20.Our strong trading momentum continued throughout the subsequent quarters,underpinned by the central role pl
33、ayed by our pubs in their communities,resulting in an 11.5%uplift,versus previous guidance,to our full year distribution for the year ended 30 June 2021.Our growth in FY21 included the acquisition of four quality Freehold Going Concern(FHGC)assets which settled in 2H FY21,expanding our portfolio of
34、assets to 36.Our acquisitions were supported by the additional$100m expansion of our debt facility to$600m,which further optimised our balance sheet in line with our stated growth strategy.Our leadership team and employees under CEO Dan Brady have demonstrated great resilience and diligence to respo
35、nd to highly variable operating restrictions and macro conditions throughout FY21.This is evidenced in the business during FY21 delivering strong metrics in like-for-like(LFL)revenue growth of 8.4%,an increase in Operating EBITDA of 29.6%and Underlying Earnings growing 51.7%.6Redcape Hotel Group com
36、prising Redcape Hotel Trust I and Redcape Hotel Trust II.auChairmans Report|30 June 2021Positioned for the future The operating environment clearly remains dynamic and challenging for our business.The fluctuating trading restrictions resulting from COVID-19 outbreaks create a level of uncertainty as
37、 governments respond to peaks in infection rates and seek to balance the health and economic outcomes.Notwithstanding this operating environment,Redcape continues to take steps to best position the portfolio to navigate the external headwinds.The business has maintained its strong balance sheet and
38、liquidity,its staff are engaged-maintaining their high levels of connectedness-and customer advocacy is being maintained including through our leading digital platform.Redcapes management team under Dan is a high performing one,using their diverse wealth of experience across a range of operating env
39、ironments to maintain an innovative and customer first culture that continues to connect our assets with their communities.We acknowledge that,despite the continued strong performance and operating metrics of the business,Redcapes security price has failed to reward Securityholders.For this reason,a
40、s Chairman I have led the Board through a thorough and extensive strategic review to consider the best pathway to provide Securityholders with access to a trading price that more accurately reflects the underlying value of Redcapes high quality assets.As a Board,we have reached agreement that it is
41、the best interests of Securityholders to take Redcape back to being an unlisted fund which is where our journey started.As Securityholders,you will determine the future of Redcape with the delisting subject to Securityholder approval and noting that MA Financial,and its associated funds,will not vot
42、e on the delisting proposal.Importantly,the strategy for the business will remain unchanged.Redcape will continue to seek to provide investors with sustainable and growing distributions by investing in a diversified portfolio of high-quality pubs and hotels with refurbishment,portfolio recycling and
43、 alternative use opportunities from its real estate land bank.Redcape pubs are the hub of the communities in which they operate and I am confident their important role in connecting communities will again come to the fore in FY22.Our position within our communities,coupled with our prudent and disci
44、plined capital management,will allow Redcape to optimise its assets and continue the focus on future growth through great customer experience,digital innovation,and effective portfolio management.On behalf of the Board of Directors,I would like to thank our Securityholders,our leadership and employe
45、es and the communities in which we operate for their continued support through what has been a challenging but successful year.Nicholas Collishaw,Chairman Redcape pubs are the hub of the communities in which they operate and I am confident their important role in connecting communities will again co
46、me to the fore in FY22.7ASX:RDCAnnual Report 2021The continuation of business momentum,despite being in lockdown at the end of FY20,has translated into strong performance and continued growth immediately upon reopen in FY21.Chief Executive Officers Report|30 June 2021Delivering Performance Key to de
47、livering the strong performance in FY21 were the decisions and actions taken during FY20 lockdowns-being clear on our strategy,staying true to our values and making bold decisions including further investment in leading digital customer platform,automation and AI to enhance performance.This agility
48、and innovation resulted in the business returning distributions to Securityholders in the first quarter of FY21 and throughout the year.The business traded positively delivering an outstanding performance in an operating environment with elevated COVID-19 related compliance costs reflecting the Grou
49、ps earnings resilience.In FY21,LFL Revenue growth was up 8.4%1 and Underlying Earnings were up 51.7%against last year reflecting our strong return to trading and disciplined management.Each trading department delivered LFL Revenue growth during the period,consistent with the update in February 2021.
50、Food and Beverage(On-premise)was up 28%,reflecting a focus on customer engagement and delivering on Redcapes bespoke community pub model.Our Retail department(Off-premise)was up 22.4%,with strong momentum and continued growth.Underpinning this financial performance was the ongoing focus on our lead
51、indicator metrics of Staff Satisfaction(4.2 out of a maximum of 5.0)and Customer NPS(50+out of a range of-100 to+100).Targets of 4.5 and 50 respectively continue to be central performance metrics for the business as the lead performance indicators in our value chain for managing our future financial
52、 performance.During the period,the Group secured an additional funding facility($100 million)and extended the tenor of two of its existing lending tranches to further optimise our balance sheet assisting our growth strategy.This enhanced support from our major lenders is underpinned by the strength
53、of our business and continued strong capital management discipline.Connecting with community Our leading edge digital customer platform and continued high levels of engagement with customers facilitated the successful launch of our community centric digital Publinc Communities Program that realises
54、our vision of enriching local communities through our hospitality.The Publinc Communities Program has been implemented at 34 Redcape pubs and during the FY21 period$400,000 was distributed to 64 community organisations in the first seven months since launch,deepening the connection in the communitie
55、s we operate in.The success of the program and its uptake from our Publinc Peer partners has us planning to distribute$1 million to our Peer Partners in FY222.Our focus on deepening the connection our pubs have with their community through Publinc Communities,has proven to lift and build the communi
56、ties we operate in.This is perpetual in nature and underpins the circular economy that our hospitality creates.This is a win/win for Redcape and customers and ignites our value chain for our staff,customers and our Securityholders.Portfolio Management We returned to our strategy of active portfolio
57、management on re-opening in July 2020,with four strategic acquisitions representing a total of$96 million3.The Gladstone Hotel in Dulwich Hill,a freehold going concern acquired for$38.0 million3 in November 2020,was the first of the four transactions confirming the Groups return to strategy of activ
58、e portfolio optimisation and growing sustainable distributions for our Securityholders.The Group expanded the Queensland venues in its portfolio in early December 2020 successfully acquiring the Shafston Hotel,Kangaroo Point and the Aspley Hotel,Aspley,for a purchase price of$27.5 million3.ODonoghue
59、s Hotel at Emu Plains was acquired in late December for$30.5 million3.These four quality freehold going concern acquisitions will benefit from our platform expertise and refurbishment capability.1.For the period July 2020 to end of February 20212.Subject to return of full strategy 3.Excluding transa
60、ction costs8Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auChief Executive Officers Report|30 June 2021Capital refurbishments program recommenced at the start of the period with a modest progress on major projects,and more accelerated progress and completion of min
61、or projects.Maintenance capital continued throughout FY21,with lower rates experienced this period likely to readjust to normal levels in coming periods.Alternate use optionality and asset optimisation opportunities were progressed with development plans lodged for Cabramatta,Keighery Hotel,Auburn a
62、nd a new project identified in Leumeah.Capital Management Post the four acquisitions,gearing sits at 35.9%4 with adequate cash and debt headroom.This reflects disciplined balance sheet management.The strong relationships the Group maintains with Australias four largest banks has proven invaluable as
63、 we secured access to additional funding and extended the tenor of existing facilities.This increased strength of our balance sheet provides certainty with adequate cash and cash equivalents in addition to undrawn facilities.Directors NAV5 was$1.31 cps demonstrating the underlying strength of the po
64、rtfolio.The valuation of the 36 pubs in the portfolio resulted in an uplift of$77.6 million in 2HFY21.A sustainable futureThe performance of the Group in FY21 as improved due to further actions taken during the first lockdown in 2020.During this period,we made some bold moves which paid off tremendo
65、usly.This included substantially increasing the investment in our digital platform,developing our people through learning and training and,keeping our team connected.Our results have been achieved by drawing on the depth of experience within the management team,with support from Redcapes experienced
66、 Board.Redcapes Responsible entity Board as recommended by the Independent Board Committee(IBC)has put forward to Securityholders a Delisting Proposal(Proposal)to more closely align the value of Redcape Securities with the fundamental value of the business.The Board and Management are supportive of
67、the Proposal and believe in the fundamentals underpinning the portfolio and attractiveness of the hospitality asset class and we remain committed and aligned with Redcape Securityholders to deliver long term value.Our business model has proven to be resilient during lockdowns and FY21 performance de
68、monstrates how the business can respond when a sustainable growth strategy is maintained.The business currently is primed for an optimal return to trading despite the outlook for FY22 remaining uncertain.We have been uncompromising in our focus on the engagement and wellbeing of our staff and,invest
69、ing in learning,development and support programs to maintain connection with our team to ensure our pubs can commence full service from day one of re-open.The investment in our digital platform continues as we continue to build high levels of engagement with our customers and maintain our strong con
70、nection with community.Daniel Brady,Chief Executive OfficerOur focus on deepening the connection our pubs have with their community through Publinc Communities,has proven to lift and build the communities we operate in.4.Directors gearing;total borrowings less cash as a percentage of adjusted total
71、assets less cash;total assets adjusted by substituting Investment Property,Land,PPE&Intangibles with Directors valuations5.Statutory Net Asset Value deducting Investment property,Land,PPE&Intangibles replacing it with the most recent valuation of that asset9ASX:RDCAnnual Report 2021Redcape Hotel Gro
72、up Directors report 30 June 2021 10 The Directors of Redcape Hotel Group Management Ltd(the Responsible Entity)present their report,together with the financial statements,of the consolidated entity(referred to hereafter as Redcape or Group)consisting of Redcape Hotel Trust I(RHT I)and Redcape Hotel
73、Trust II(RHT II)and the entities they controlled at the end of,or during,the year ended 30 June 2021.The manager of Redcape(Trust Manager or Management)is MA Hotel Management Pty Ltd,a wholly owned subsidiary of MA Financial Group Ltd(MA Financial,formerly known as Moelis Australia Ltd).Directors Th
74、e following persons were Directors of the Responsible Entity of Redcape for the year ended 30 June 2021 and up to the date of this report,unless otherwise stated:Mr Nicholas Collishaw Mr Daniel Brady Mr Andrew Ireland Mr David Groves Mr Hugh Thomson Non-IFRS Disclosures The Group utilises non-IFRS f
75、inancial metrics in its assessment and presentation of Group performance.In particular,the Group references Operating Earnings Before Interest,Tax,Depreciation and Amortisation(Operating EBITDA)and Underlying Earnings(UE)per Stapled Security.The Directors believe these non-IFRS metrics are useful to
76、 users as they:Reveal the underlying and operating performance of the group which enhances the readers understanding of past performance;Provide insight into Managements decision making as Management uses these measures to run the business,allocate resources and make financial,strategic,and operatin
77、g decisions;and Form the basis of the Groups annual budgeting and internal forecasting processes.Operating EBITDA and UE are not prepared in accordance with International Financial Reporting Standards and are not audited.A reconciliation of non-IFRS financial metrics to statutory results is provided
78、 in the“Review of Operations”.Principal activities Redcape is an ASX-listed,leading Australian hotel business operating a portfolio of 36 hotels across New South Wales(NSW)and Queensland(QLD).Redcape owns 34 of the 36 hotels it operates.The hotels offer patrons:Gaming On-premise food and beverage Of
79、f-premise packaged liquor through retail bottle shops Other services Freehold Going Concern ownership gives Redcape the ability to invest in refurbishment opportunities as well as provide potential future development and enhancement flexibility from the real estate on which the hotels are situated.D
80、istributions Distributions paid/payable during the financial year for the quarters ending:Consolidated 2021 2020$000$000 30 September 2020 of 1.830 cents(30 September 2019:2.199 cents)per stapled security 10,105 12,137 31 December 2020 of 1.830 cents(31 December 2019:2.211 cents)per stapled security
81、 10,105 12,211 31 March 2021 of 1.830 cents(31 March 2020:zero cents)per stapled security 10,105 -30 June 2021 of 2.670 cents(30 June 2020:0.310 cents)per stapled security 14,744 1,712 45,059 26,060 Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au1010Redcape Hotel G
82、roup comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Directors report 30 June 2021 11 Review of operations The statutory profit for Redcape after providing for income tax amounted to$28.5 million(30 June 2020:$11.2 million).The key metrics achieved during the year a
83、re set out below:Underlying earnings of$56.4 million or 10.21 cents per stapled security(30 June 2020:$37.2 million or 6.73 cents per stapled security)Distributions of$45.1 million or 8.16 cents per stapled security(30 June 2020:$26.1 million or 4.72 cents per stapled security)Operating EBITDA of$74
84、.1 million(30 June 2020:$57.1 million)Operating cash flows of$69.0 million(30 June 2020:$32.9 million)Portfolio value increased to$1,175.8 million(30 June 2020:$1,012.5 million).The increase in value reflects the net impact of revaluation($62.2 million)comprising$57.8 million gain recognised in asse
85、t revaluation reserve and$4.4 million gain recognised in profit or loss;acquisition of four hotels$96.0 million;and capital spend$20.1 million less depreciation($15.0 million)Statutory Net Asset Value of$1.17 per stapled security(30 June 2020:$1.09 per stapled security)Total capital expenditure of$2
86、0.1 million(30 June 2020:$20.8 million)of which$14.5 million related to capital growth and$5.6 million for capital maintenance Consolidated 2021 2020$000$000 Statutory Net Profit/(Loss)after tax 28,472 11,227 Impacts of Coronavirus(COVID-19)Redcape venues reopened from 1 June 2020 and during financi
87、al year 2021 were,at times,impacted by capacity restrictions and periodic lockdowns.During this period,Redcape maintained its COVID-19 Safety plans across its venues including employing dedicated COVID-19 Safe Hygiene Marshals at the appropriate times required to ensure all venues operated safely.Re
88、dcape reinstated quarterly distributions from the September 2020 quarter.Redcape venues in NSW(excluding Off premise Bottle shops)were temporarily closed from 26 June 2021 in line with NSW Government COVID-19 restrictions.Redcape venues operating in Queensland(except two venues in Mackay and Off pre
89、mise Bottle shops)were temporarily closed from 29 June 2021 in line with QLD COVID-19 restrictions.For further information,please refer to the Matters subsequent to the end of the financial year.Assistance and support by governments and others During the financial year,the Group received government
90、support through the JobKeeper Payment Scheme(JobKeeper).JobKeeper is a temporary subsidy for businesses significantly affected by COVID-19,where eligible employers are entitled to receive a JobKeeper payment to support the business in ongoing payments to employees.The Group was eligible to receive J
91、obKeeper from 30 March 2020.Total JobKeeper subsidy received from the ATO from 1 July 2020 to 27 September 2020 was$4.5 million,with an impact to current year earnings of$4.0 million.As venues re-opened,the Group was not eligible for JobKeeper subsidy from 27 September 2020.In addition to JobKeeper,
92、the Group received payment deferrals of State and other taxes amounting to$8.4 million which will be paid in financial year 2022.Acquisition of hotels During the financial year,the Group settled the acquisition of four hotels as listed below.Gladstone Hotel,Dulwich Hill,NSW(settled on 1 February 202
93、1)ODonoghues Hotel,Emu Plains,NSW(settled on 15 February 2021)Aspley Hotel,Aspley,QLD(settled on 17 May 2021)Shafston Hotel,East Brisbane,QLD(settled on 17 May 2021)Expanded debt headroom and extended tenor In December 2020,the Group secured an additional$100.0 million funding facility expiring in D
94、ecember 2025.In addition,the Group has extended the tenor of two of its existing lending facilities,increasing the weighted average maturity of its total debt facility to 3.6 years as at 30 June 2021.11ASX:RDCAnnual Report 202111ASX:RDCAnnual Report 2021Redcape Hotel Group Directors report 30 June 2
95、021 12 Reconciliation of non-IFRS financial metrics to statutory results(i)Reconciliation of Operating EBITDA to Statutory Net Profit after Tax(NPAT)Consolidated 30 Jun 2021 30 Jun 2020$000$000 Revenue 335,318 259,294 Gross profit 174,818 137,609 Gross profit(%of Revenue)52.1%53.1%Operating costs (3
96、5,913)(29,602)Employment costs (48,407)(35,992)Management fees(excluding performance fee)(16,286)(14,731)Rent expense (157)(153)Operating EBITDA 74,055 57,131 Operating EBITDA(%of Revenue)22.1%22.0%Performance fee (11,876)-Business acquisition costs (4,366)(1,687)Gain/(loss)on disposal of non-curren
97、t assets 48 (110)Gain/(loss)on asset revaluation 4,390 (3,669)Transaction costs (5,000)-EBITDA 57,251 51,665 Depreciation expense on right-of-use assets (2,419)(1,991)Depreciation expense (15,014)(14,180)EBIT 39,818 35,494 Interest on lease liabilities (1,331)(843)Net finance costs (10,985)(13,932)S
98、waps and borrowing costs write off -(3,992)Profit before income tax expense 27,502 16,727 Income tax expense 970 (5,500)Statutory NPAT 28,472 11,227 Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au1212Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape
99、Hotel Trust II.auRedcape Hotel Group Directors report 30 June 2021 13(ii)Reconciliation of Statutory NPAT to Underlying Earnings Consolidated 30 Jun 2021 30 Jun 2020$000$000 Statutory NPAT 28,472 11,227 Add/(deduct)non-cash&non-operating items Performance fees 11,876 -Business acquisition costs 4,36
100、6 1,687(Gain)/loss on disposal of non-current assets (48)110(Gain)/loss on asset revaluation (4,390)3,669 Transaction costs 5,000 -Depreciation expense on right-of-use assets 2,419 1,991 Depreciation expense 15,014 14,180 Interest on lease liabilities 1,331 843 Cash rent adjustment (2,553)(2,034)Amo
101、rtisation of capitalised loan establishment costs 1,456 1,182 Swaps and borrowing costs write off -3,992 Maintenance capital expenditure (5,596)(5,175)Tax expense (970)5,500 Underlying earnings 56,377 37,173 Underlying earnings per stapled security(Cents)10.21 6.73 Management strategies and future p
102、rospects Continuing the strategy to optimise sustainable distributions The Group was well placed to manage the fluctuating conditions caused by COVID-19.The Groups strong liquidity,cost management capability,motivated and engaged workforce and supportive customers ensured strong performance on reope
103、ning.This strong performance was sustained throughout financial year 2021 despite the fluctuations in regulatory restrictions during the period.Redcape has experienced strong revenue performance since venues reopened from 1 June 2020.Operating EBITDA increased at a steady margin during the financial
104、 period reflecting a strong return to trading and disciplined cost management.The Group has improved its performance-based metrics of Staff Satisfaction and Customer Net Promoter Score(NPS)and reinstated Distributions in the September 2020 quarter.Material business risks Redcape is subject to a rang
105、e of business risk factors,both specific to the Group and general in nature which may impact the operating and financial performance of the Group.These risks are regularly reviewed for their possible impact.Major business disruption events The Groups continued success is underpinned by its ability t
106、o anticipate,respond to and recover from events which have the potential to prevent the continued operation of the Groups venues for a sustained period of time.The Groups business continuity framework enables identification of material risks and outlines the response and recovery of the business to
107、minimise the impact of a major disruption on the business.Regulatory risk The Group operates in a highly regulated industry,where changes to liquor or gaming licences could significantly impact the trading performance and therefore impact Operating EBITDA and long-term profitability of the Group.The
108、 Group is unable to control regulatory changes that may impact on the Groups venues however this is closely monitored to ensure that any potential impacts are mitigated as much as possible.Financial management The ability to maintain financial performance and a strong balance sheet enables the Group
109、 to fund future growth opportunities on commercially acceptable terms.The Group annually establishes a financial budget which underpins the setting of performance targets incorporated in management incentive plans.Financial performance is continuously monitored for any variations from annual financi
110、al budgets and forecast.13ASX:RDCAnnual Report 202113ASX:RDCAnnual Report 2021Redcape Hotel Group Directors report 30 June 2021 14 Significant changes in the state of affairs Other than the matters noted in the Review of Operations,there were no other significant changes in the state of affairs of t
111、he Group during the financial period.Matters subsequent to the end of the financial year On 13 August 2021,the Group extended the tenor of two of its existing lending facilities from September 2022 to December 2025.The weighted average maturity of its debt facility(pre-finance)as at 30 June 2021 was
112、 3.6 years.On 18 August 2021,the Board of the Responsible Entity announced a general meeting of Redcape Securityholders.The meeting will be held on 10 September 2021 to consider the proposed delisting of Redcape as a result of a unanimous recommendation from the Independent Business Committee of the
113、 Responsible Entity.The proposal involves a Buy-Back to provide an immediate liquidity opportunity at a premium to Redcapes current ASX trading price for Redcape Securityholders who choose not to hold an unlisted investment in Redcape.The immediate liquidity facility will provide the opportunity for
114、 existing Redcape investors to acquire additional securities at$1.15 and a repurchasing of securities by Redcape itself.The buy-back is capped at$247.3 million and the rights issue component of$132.3 million is underwritten by MA Financial.For more information,please refer to https:/.au/investor-cen
115、tre/.At the date of this report:Redcapes NSW venues(except Off premise Bottle shops)remain closed.Redcapes QLD venues have resumed trading albeit under Government mandated restrictions.Redcape remains well prepared to manage the re-opening of its NSW venues once permitted to do so by the NSW Governm
116、ent.Further considerations in relation to the COVID-19 pandemic are included in the going concern disclosure in the notes to the financial statements(refer Note 2 Basis of preparation).Other than the above matters,no other matter or circumstance has arisen since 30 June 2021 that has significantly a
117、ffected,or may significantly affect the Groups operations,the results of those operations,or the Groups state of affairs in future financial years.Likely developments and expected results of operations Information on likely developments in the operations of the Group and the expected results of oper
118、ations have not been included in this report because the Directors believe it would not be practicable to estimate the potential impact,positive or negative,after the reporting date.Environmental regulation The Group is not subject to any significant environmental regulation under Australian Commonw
119、ealth or State law.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au1414Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Directors report 30 June 2021 15 Information on Directors Name:Nicholas Collishaw Title:Indep
120、endent Non-Executive Director and Chairman Experience and expertise:Nicholas was appointed to the Board on 27 September 2018.Nicholas has over 35 years experience in Australian and Global real estate and funds management markets.He has considerable experience in the development and management of res
121、idential,hotel,commercial,retail,industrial and retirement assets.Nicholas is a Fellow of Australian Institute of Valuers,a Fellow of Royal Institute of Chartered Surveyors,a Graduate Member of FINSIA and the Institute of Company Directors.Nicholas is currently a Non-Executive Director of Centuria C
122、apital Group(Centuria)and was previously Chief Executive Officer(CEO)-Listed Property Funds at Centuria.Prior to his time at Centuria,Nicholas held the position of CEO and Managing Director of Mirvac Group and successfully guided the business through the global financial crisis and implemented a str
123、ategy of sustained growth for the Real Estate and Investment Company.Other current directorships:Centuria Capital Group(ASX:CNI)Former directorships(last 3 years):None Special responsibilities:Chairman of the Board and Member of the Audit,Risk&Compliance Committee Interests in stapled securities:Ord
124、inary stapled securities 100,000 Name:Daniel Brady Title:Non-Executive Director 1 Experience and expertise:Daniel was appointed to the Board on 29 October 2018.Daniel is currently CEO of MA Hotel Management Pty Ltd(MAHM),the manager and hotel operator of Redcape.An accomplished Senior Executive with
125、 more than 10 years experience,including 10 years board experience on various boards;Daniel is a proven leader of large teams and businesses with diverse capital and ownership structures.Daniels disciplined approach to strategy development,execution and the management of capital has seen him consist
126、ently deliver financial returns,ensuring prosperity for all stakeholders.Daniel values the power that capable people and systems can add to an organisation and is acutely focused on performance with a foundation of strong ethical governance and risk management.Daniel is widely regarded as an industr
127、y specialist with over 25 years experience from proprietary ownership of a single hotel operation to director and board member of large hotel groups.Daniel is an active member of the Australian Hotels Association and has contributed to the development of key policy decisions that continue to positiv
128、ely impact the success and prosperity of communities and the Hotels industry.Graduated from the Advanced Management Program,Harvard Business School 2016.Other current directorships:None Former directorships(last 3 years):None Special responsibilities:None Interests in stapled securities:Ordinary sta
129、pled securities 576,991 1 Daniel Brady is a Non-Executive Director of the Responsible Entity as he is not employed by the Group,however,is responsible for managing the day to day affairs of the Group in his capacity as CEO of MAHM.15ASX:RDCAnnual Report 202115ASX:RDCAnnual Report 2021Redcape Hotel G
130、roup Directors report 30 June 2021 16 Name:Andrew Ireland Title:Independent Non-Executive Director Experience and expertise:Andrew was appointed to the Board on 29 October 2018.Andrew is currently Chairman of VIVID MLC,Director of Sports Australia and Director of the Sydney Swans.Prior to this,Andre
131、w was Managing Director and CEO of Sydney Swans having been appointed as CEO in September 2009 after joining the club in 2002 as General Manager of Football.Since 1990,Andrew has been involved in the management of leading Australian sporting teams including a successful tenure as CEO of Brisbane Bea
132、rs and Brisbane Lions(1990 2001).He led the Brisbane Lions to their first premiership in 2001 as CEO and has overseen a strong and successful football program and growth in commercial areas during his time at Sydney Swans.During both tenures as CEO,Andrew had ultimate responsibility for the AFL club
133、s substantial social clubs,which included bars,restaurants and EGMs.During his tenure at the Brisbane Lions,Andrew was appointed by the QLD Treasurer as a Director of The Golden Casket Corporation,overseeing a gaming entity in a highly regulated market.Andrew holds a Bachelor of Science from La Trob
134、e University,is a Graduate Member of the Australian Institute of Company Directors and is a Life Member of the Australian Football League.Other current directorships:None Former directorships(last 3 years):None Special responsibilities:Member of the Audit,Risk&Compliance Committee Interests in stapl
135、ed securities:Ordinary stapled securities 100,000 Name:David Groves Title:Independent Non-Executive Director Experience and expertise:David was appointed to the Board on 27 September 2018.David has over 25 years experience as a company director.David is a Non-Executive Director of Pengana Capital Gr
136、oup Limited,Pengana International Equities Limited and Pipers Brook Vineyard Pty Ltd.He is a former director of EQT Holdings Limited,Tassal Group Limited and GrainCorp Limited and a former executive with Macquarie Bank Limited and its antecedent,Hill Samuel Australia.David is a member of the Council
137、 of Wollongong University.David is a member of Chartered Accountants Australia&New Zealand and is a Fellow of the Australian Institute of Company Directors.He holds a Bachelor of Commerce from the University of Wollongong and a Master of Commerce from the University of NSW.Other current directorship
138、s:Pengana Capital Group Limited(ASX:PCG),Pengana International Equities Limited(ASX:PIA)Former directorships(last 3 years):Pyrolyx AG(ASX:PLX)Special responsibilities:Chairman of the Audit,Risk&Compliance Committee Interests in stapled securities:Ordinary stapled securities 200,000 Redcape Hotel Gro
139、up comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au1616Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Directors report 30 June 2021 17 Name:Hugh Thomson Title:Non-Executive Director Experience and expertise:Hugh was appointed to th
140、e Board on 26 February 2016.Hugh is a Managing Director at MA Financial with a broad range of responsibilities including managing one of the Groups lending businesses.Prior to this,he was COO of MA Financial.Hugh has over 24 years experience in Investment Management,with a particular emphasis on the
141、 acquisition of alternative assets,finance and operations in Australia across a range of industry sectors.Hughs previous roles include Chief Financial Officer(CFO)and CEO of ING Real Estate Investment Management,COO of HiLife Health&Beauty and CFO of Industrie Clothing.Hugh has considerable expertis
142、e in managing ASX listed funds,including as an executive Board member and Chairman of investment committees and operational risk management committees.Hugh is a qualified chartered accountant and holds a Bachelor of Arts(Honours)from the University of East Anglia.Other current directorships:None For
143、mer directorships(last 3 years):None Special responsibilities:None Interests in stapled securities:Ordinary stapled securities 54,164 Other current directorships quoted above are current directorships for listed entities only and excludes directorships of all other types of entities,unless otherwise
144、 stated.Former directorships(last 3 years)quoted above are directorships held in the last three(3)years for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Company Secretary Ms Rebecca Ong was appointed to the position of Company Secretary in Oc
145、tober 2018.Rebecca is General Counsel of MA Financial.She has over 15 years of experience in areas of corporate,regulatory and funds management.Prior to joining MA Financial in 2018,Rebecca was Regional Counsel with UBS,with primary responsibilities for advising its Asset Management businesses acros
146、s Asia Pacific both from Sydney and Hong Kong.Rebecca holds a Bachelor of Commerce(Finance Major)/Bachelor of Laws from the University of New South Wales and is a Fellow with the Governance Institute of Australia.Meetings of Directors The number of meetings of the Responsible Entitys Board of Direct
147、ors(the Board)held during the year ended 30 June 2021,and the number of meetings attended by each Director were:Full Board Sub-Committee of Board Audit,Risk&Compliance Committee Attended Held Attended Held Attended Held Mr Nicholas Collishaw 12 12 2 2 7 7 Mr Daniel Brady(a)12 12 2 2 -Mr Andrew Irela
148、nd 12 12 -7 7 Mr David Groves 12 12 -7 7 Mr Hugh Thomson(a)12 12 -Held:represents the number of meetings held during the time the Director held office or was a member of the relevant committee.(a)Not a member of the Audit,Risk&Compliance Committee.17ASX:RDCAnnual Report 202117ASX:RDCAnnual Report 20
149、21Redcape Hotel Group Directors report 30 June 2021 18 Remuneration report Remuneration of the Responsible Entity is in accordance with the Constitutions of RHT I and RHT II.As the Responsible Entity is wholly owned by MA Financial,MA Financial oversees the appointment of Directors to the Board of t
150、he Responsible Entity and in this connection sets Director remuneration.Remuneration of the Directors is paid either directly by the Responsible Entity or by entities associated with MA Financial.The Directors are not provided with any remuneration by the Trusts.Directors are not entitled to any equ
151、ity interests in the Trusts or any rights to or options for equity interests in the Trusts as a result of their remuneration provided by the Responsible Entity.There are no Directors or key management personnel employed directly by entities within the Group.Corporate Governance Statement Redcape Hot
152、el Group is a stapled entity comprising Redcape Hotel Trust I(ARSN:629 354 614)and Redcape Hotel Trust II(ARSN:629 354 696).Redcape Hotel Group Management Ltd(ACN 610 990 004)is the responsible entity of Redcape Hotel Group(Responsible Entity)and the Board of the Responsible Entity in this capacity(
153、the Board)is responsible for the overall corporate governance of Redcape and its controlled entities.The Board has created a framework for managing Redcape,including adopting relevant internal controls,risk management processes and corporate governance policies and practices which it believes are ap
154、propriate for Redcapes business and which are designed to promote the responsible management and conduct of Redcape.The Corporate Governance Statement sets out the key features of Redcapes governance framework and reports against the ASX Corporate Governance Councils Corporate Governance Principles
155、and Recommendations(4th edition)(ASX Principles and Recommendations).The policies and charters referred to in the Corporate Governance Statement are available via the Corporate Governance section of Redcapes website which is available at .au.Indemnity and insurance of officers In accordance with the
156、 Constitutions of RHT I and RHT II,the Responsible Entity is indemnified on a full indemnity basis in respect of all taxes,costs and losses which it may pay or incur,in exercising any of its powers,rights,or obligations in properly performing its duties in connection with RHT I and RHT II.All Direct
157、ors of the Responsible Entity are appointed by MA Financial.MA Financial has agreed to indemnify all current and former Directors and Company Secretaries of the Responsible Entity against all liabilities to persons which arise out of the performance of their normal duties as a Director or Company Se
158、cretary to the extent permitted by law unless the liability relates to conduct involving wilful misconduct,bad faith or conduct known to be in breach of law.During the financial year,RHT I and RHT II paid an insurance premium in respect of customary Directors and Officers insurance coverage for the
159、Responsible Entity.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.Indemnity and insurance of auditor RHT I and RHT II have not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of either trust or
160、any related entity against a liability incurred by the auditor.During the financial year,neither RHT I nor RHT II have paid a premium in respect of a contract to insure the auditor of either trust or any related entity.Proceedings on behalf of the trust No person has applied to the Court under secti
161、on 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the trust,or to intervene in any proceedings to which the trust is a party for the purpose of taking responsibility on behalf of the trust for all or part of those proceedings.Non-audit services Details of the amounts pa
162、id or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 32 to the financial statements.The Directors are satisfied that the provision of non-audit services during the financial year,by the auditor(or by another person or firm on the
163、auditors behalf),is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au1818Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape H
164、otel Group Directors report 30 June 2021 19 The Directors are of the opinion that the services as disclosed in note 32 to the financial statements do not compromise the external auditors independence requirements of the Corporations Act 2001 for the following reasons:all non-audit services have been
165、 reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional an
166、d Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the trust,acting as advocate for the trust or jointly sharing economic risks and rewards.Officers of the Responsible Entity who are former partners of KPMG There are
167、 no officers of the Responsible Entity who are former partners of KPMG.Rounding of amounts Amounts have been rounded to the nearest thousand dollars unless otherwise stated,in accordance with ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191.Auditors independence declarat
168、ion A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors report.This report is made in accordance with a resolution of Directors of the Responsible entity,pursuant to section 298(2)(a)of the Corporatio
169、ns Act 2001.On behalf of the Directors _ _ Nicholas Collishaw Daniel Brady Chairman Non-Executive Director 18 August 2021 Sydney 19ASX:RDCAnnual Report 202119ASX:RDCAnnual Report 2021Redcape Hotel Group Auditors independence declaration 20 This page has intentionally been left blank for the insertio
170、n of the auditors independence declaration 2021 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are tradem
171、arks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Lead Auditors Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Redcape Hotel Group Manag
172、ement Ltd,as Responsible Entity of Redcape Hotel Group I declare that,to the best of my knowledge and belief,in relation to the audit of Redcape Hotel Group for the financial year ended 30 June 2021 there have been:i.no contraventions of the auditor independence requirements as set out in theCorpora
173、tions Act 2001 in relation to the audit;andii.no contraventions of any applicable code of professional conduct in relation to the audit.KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG Paul Thomas Partner Sydney 18 August 2021 Redcape Hotel Group comprising Redcape Hotel Trust
174、I and Redcape Hotel Trust II.au2020Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2021 Consolidated Note 2021 2020$000$000 The above consolidated
175、statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 21 Revenue 6 335,318 259,294 Cost of sales (160,500)(121,685)Expenses Operating costs 7 (36,070)(29,755)Employment costs 8 (48,407)(35,992)Management fees 9 (28,162)(14,731)Net financ
176、e costs 10 (12,316)(18,767)Depreciation expense on right-of-use assets 18 (2,419)(1,991)Depreciation expense 16 (15,014)(14,180)Gain/(loss)on disposal of non-current assets 48 (110)Gain/(loss)on asset revaluation 15 4,390 (3,669)Business acquisition costs 37 (4,366)(1,687)Operating profit 32,502 16,
177、727 Transaction costs (5,000)-Profit before income tax benefit/(expense)27,502 16,727 Income tax benefit/(expense)11 970 (5,500)Profit after income tax benefit/(expense)for the year 28,472 11,227 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Gain/(loss
178、)on the revaluation of land 57,776 (10,251)Items that may be reclassified subsequently to profit or loss Net change in the fair value of cash flow hedges taken to equity 792 2,404 Other comprehensive income for the year,net of tax 58,568 (7,847)Total comprehensive income for the year 87,040 3,380 Pr
179、ofit for the year is attributable to:Stapled Securityholders of Redcape Hotel Trust I 31,047 31,327 Stapled Securityholders of Redcape Hotel Trust II (2,575)(20,100)28,472 11,227 Total comprehensive income for the year is attributable to:Stapled Securityholders of Redcape Hotel Trust I 89,615 23,480
180、 Stapled Securityholders of Redcape Hotel Trust II (2,575)(20,100)87,040 3,380 Cents Cents Basic earnings per stapled security 39 5.16 2.03 Diluted earnings per stapled security 39 5.16 2.03 The above consolidated statement of profit or loss and other comprehensive income should be read in conjuncti
181、on with the accompanying notes21ASX:RDCAnnual Report 202121ASX:RDCAnnual Report 2021Redcape Hotel Group Consolidated statement of financial position As at 30 June 2021 Consolidated Note 2021 2020$000$000 The above consolidated statement of financial position should be read in conjunction with the ac
182、companying notes 22 Assets Current assets Cash and cash equivalents 12 48,109 101,433 Trade and other receivables 13 3,140 3,109 Inventories 6,305 4,708 Other current assets 2,507 2,417 Total current assets 60,061 111,667 Non-current assets Investment property 14 2,999 -Land 15 404,110 313,835 Prope
183、rty,plant and equipment 16 153,428 139,302 Intangible assets 17 615,239 559,370 Right-of-use assets 18 44,610 42,241 Deferred tax 11 7,662 6,692 Total non-current assets 1,228,048 1,061,440 Total assets 1,288,109 1,173,107 Liabilities Current liabilities Trade and other payables 21 58,692 34,446 Lea
184、se liabilities 19 1,584 1,039 Employee benefits 22 3,321 2,106 Distribution payable 23 14,744 1,712 Total current liabilities 78,341 39,303 Non-current liabilities Borrowings 24 517,839 486,253 Lease liabilities 20 46,907 43,885 Derivative financial instruments 25 292 1,084 Employee benefits 26 372
185、205 Total non-current liabilities 565,410 531,427 Total liabilities 643,751 570,730 Net assets 644,358 602,377 Equity Contributed equity 27 235,897 235,897 Accumulated losses (67,442)(68,302)Equity attributable to the stapled securityholders of RHT II 168,455 167,595 Non-controlling interest 28 475,
186、903 434,782 Total equity 644,358 602,377 The above consolidated statement of financial position should be read in conjunction with the accompanying notesRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au2222Redcape Hotel Group comprising Redcape Hotel Trust I and Redc
187、ape Hotel Trust II.auRedcape Hotel Group Consolidated statement of financial position As at 30 June 2021 Consolidated Note 2021 2020$000$000 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 23 Equity attributable to RHT I(non-controllin
188、g interest)Contributed equity 318,936 318,936 Reserves 188,696 130,128 Accumulated losses (31,729)(14,282)Total equity attributable to security holders of RHT I(non-controlling interest)28 475,903 434,782 The above consolidated statement of financial position should be read in conjunction with the a
189、ccompanying notes23ASX:RDCAnnual Report 202123ASX:RDCAnnual Report 2021Redcape Hotel Group Consolidated statement of changes in equity For the year ended 30 June 2021 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 24 Issued Accumulated
190、 Non-controlling Total equity capital losses interest Consolidated$000$000$000$000 Balance at 1 July 2019 235,545 (48,202)436,895 624,238 (Loss)/profit after income tax expense for the year -(20,100)31,327 11,227 Other comprehensive income for the year,net of tax -(7,847)(7,847)Total comprehensive i
191、ncome for the year -(20,100)23,480 3,380 Transactions with stapled securityholder in their capacity as stapled securityholder:Distribution reinvestment plans 352 -467 819 Distribution payable(note 23)-(1,712)(1,712)Distributions paid(note 29)-(24,348)(24,348)Balance at 30 June 2020 235,897 (68,302)4
192、34,782 602,377 Issued Accumulated Non-controlling Total equity capital losses interest Consolidated$000$000$000$000 Balance at 1 July 2020 235,897 (68,302)434,782 602,377 Adjustment for reclassification -3,435 (3,435)-Balance at 1 July 2020-restated 235,897 (64,867)431,347 602,377 (Loss)/profit afte
193、r income tax benefit for the year -(2,575)31,047 28,472 Other comprehensive income for the year,net of tax -58,568 58,568 Total comprehensive income for the year -(2,575)89,615 87,040 Transactions with stapled securityholder in their capacity as stapled securityholder:Distribution payable(note 23)-(
194、14,744)(14,744)Distributions paid(note 29)-(30,315)(30,315)Balance at 30 June 2021 235,897 (67,442)475,903 644,358 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notesRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Tru
195、st II.au2424Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Consolidated statement of cash flows For the year ended 30 June 2021 Consolidated Note 2021 2020$000$000 The above consolidated statement of cash flows should be read in conjunction with
196、 the accompanying notes 25 Cash flows from operating activities Receipts from customers(inclusive of GST)368,819 286,080 Payments to suppliers and employees(inclusive of GST)(286,919)(229,990)81,900 56,090 Interest received 169 162 Interest and other finance costs paid(a)(13,033)(23,348)Net cash fro
197、m operating activities 40 69,036 32,904 Cash flows from investing activities Payment for purchase of business,net of cash acquired 37 (96,676)(38,426)Business acquisition transaction costs 37 (4,366)(1,687)Payments for property,plant and equipment 16 (20,118)(19,943)Payments for intangibles 17 -(880
198、)Proceeds from disposal of business -95,682 Proceeds from disposal of property,plant and equipment 48 253 Net cash(used in)/from investing activities (121,112)34,999 Cash flows from financing activities Proceeds from issue of stapled securities -819 Proceeds from borrowings 122,000 152,650 Repayment
199、 of borrowings (90,000)(99,350)Repayment of lease liabilities (1,221)(1,192)Distributions paid 29 (32,027)(36,378)Net cash(used in)/from financing activities (1,248)16,549 Net(decrease)/increase in cash and cash equivalents (53,324)84,452 Cash and cash equivalents at the beginning of the financial y
200、ear 101,433 16,981 Cash and cash equivalents at the end of the financial year 12 48,109 101,433 (a)Financial year 2020 includes refinancing establishment costs of$4.8 million and hedge break costs of$3.8 million.The above consolidated statement of cash flows should be read in conjunction with the ac
201、companying notes25ASX:RDCAnnual Report 202125ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 26 Note 1.General Information Reporting Entity In accordance with AASB 3 Business Combinations one of the entities in the stapled structure is require
202、d to be identified as the parent for the purpose of preparing consolidated financial reports.In accordance with this requirement,RHT II was identified as the parent entity.Redcape is a for-profit entity and its principal activity is the ownership and operation of hotels.There has been no significant
203、 change in the nature of the principal activity during the year.The consolidated financial statements were authorised for issue with a resolution by the Directors of the Responsible Entity on 18 August 2021.The Directors have the power to amend and reissue the consolidated financial statements.Respo
204、nsible Entity Redcape Hotel Group Management Ltd(RHGM)is the Responsible Entity of RHT I and RHT II.Scheme Registration RHT I(ARSN 629 354 614)and RHT II(ARSN 629 354 696)are domiciled in Australia and were registered as managed investment schemes on 26 October 2018 under the Corporations Act 2001.N
205、ote 2.Basis of preparation The Responsible Entity has prepared General Purpose consolidated financial statements for the year ended 30 June 2021 for the purpose of meeting the listing requirements of the Australian Securities Exchange(ASX).Compliance Statement These general purpose financial stateme
206、nts have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for for-profit oriented entities.These financial statements also comply with International Financial Rep
207、orting Standards as issued by the International Accounting Standards Board(IASB).Going concern The financial report has been prepared on a going concern basis.Notwithstanding the ongoing COVID-19 pandemic,the Group is well placed to manage the volatility around COVID-19.It has strong liquidity,demon
208、strated cost management capability,a motivated workforce and supportive customers.It is well positioned should regulatory restrictions be eased and conversely,to withstand a more difficult environment where restrictions are tightened.At 30 June 2021,Redcape had current assets of$60.1 million and cur
209、rent liabilities of$78.3 million leaving a net deficit of working capital of$18.2 million.At reporting date,Redcape had access to$78.0 million of undrawn loan facilities.The Directors of the Responsible Entity believe Redcape has sufficient liquidity to meet current liabilities and believe that Redc
210、ape will be generating operating cash flows sufficient to meet future obligations once the COVID-19 restrictions are lifted.Basis of measurement The financial statements have been prepared on the historical cost basis,except for the following that are measured at fair value:-land;and -derivative fin
211、ancial instruments.The methods used to measure fair values are discussed in note 31 Fair Value Measurement.Functional and presentation currency The consolidated financial statements are presented in Australian dollars,which is Redcapes functional currency and amounts have been rounded to the nearest
212、 thousand dollars unless otherwise stated,in accordance with ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au2626Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trus
213、t II.auRedcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 2.Basis of preparation(continued)27 Use of estimates and judgements The preparation of financial statements requires the use of certain critical accounting estimates.It also requires management to exercise ju
214、dgment in the process of applying accounting policies.The areas involving a higher degree of judgement or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 4 Critical accounting judgements,estimates and assumptions.Note 3.Significan
215、t accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or below.These policies have been consistently applied to all the years presented,unless otherwise stated.New or amended Accounting Standards and
216、Interpretations adopted Redcape has adopted all new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.The adoption of these Accounting Standards and Interpretations did not have any signifi
217、cant impact on the financial performance or position of Redcape.The following Accounting Standards and amendments adopted for the year commencing 1 July 2020 are most relevant to the consolidated entity:AASB 2018-6 Amendments to Australian Accounting Standards Definition of a Business AASB 2018-7 Am
218、endment to Australian Accounting Standards Definition of Material AASB 2019-1 Amendments to Australian Accounting Standards References to the Conceptual Framework AASB 2019-5 Amendments to Australian Accounting Standards Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia New
219、Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 202
220、1.The consolidated entity has made a preliminary assessment of the impact of these new or amended Accounting Standards and Interpretations and does not expect a significant impact to the financial statements.Standard on issue but not yet effective that is most relevant to the consolidated entity:New
221、 or revised requirement When effective AASB 2020-1 Amendments to Australian Accounting Standards Classification of Liabilities as Current or Non-current Effective for annual reporting periods beginning on or after 1 January 2022 Principles of consolidation The consolidated financial statements incor
222、porate the assets and liabilities of all subsidiaries of RHT II as at 30 June 2021 and the results of all subsidiaries for the year then ended.RHT II and its subsidiaries together are referred to in these financial statements as Redcape.Subsidiaries are all those entities over which Redcape has cont
223、rol.Redcape controls an entity when Redcape is exposed to,or has rights to,variable returns from its involvement with the entity.Subsidiaries are fully consolidated from the date on which control is transferred to Redcape.They are de-consolidated from the date that control ceases.Intercompany transa
224、ctions,balances and unrealised gains on transactions between entities in Redcape are eliminated.Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.Accounting policies of subsidiaries align with the policies adopted by Redcape.The
225、 acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change in ownership interest,without the loss of control,is accounted for as an equity transaction,where the difference between the consideration transferred and the book value of the share of the non-controll
226、ing interest acquired is recognised directly in equity attributable to the parent.27ASX:RDCAnnual Report 202127ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 3.Significant accounting policies(continued)28 Where Redcape loses control over
227、 a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.Redcape recognises the fair value of the consideration received and the fair value of any investment retain
228、ed together with any gain or loss in profit or loss.Note 4.Critical accounting judgements,estimates and assumptions The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management con
229、tinually evaluates its judgements and estimates in relation to assets,liabilities,contingent liabilities,revenue and expenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,which management belie
230、ves to be reasonable under the circumstances.The resulting accounting judgements and estimates will seldom equal the related actual results.All critical accounting judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
231、 liabilities have been reflected in the notes:Valuation of land-Note 15 and 31 Fair value measurement-Note 31 Goodwill and other indefinite life intangible assets-Note 17 Note 5.Operating segments Identification of reportable operating segments Redcape operates as one business segment being the owne
232、r and/or operator of hotels,and in one geographic segment being Australia.These operating segments are based on the internal reports that are reviewed and used by the Board of Directors(who are identified as the Chief Operating Decision Makers(CODM)in assessing performance and in determining the all
233、ocation of resources.There is no aggregation of operating segments.The CODM assesses the performance of the operating segment based on a measure of Operating EBITDA,Underlying Earnings per Security and NPAT.The accounting policies adopted for internal reporting to the CODM are consistent with those
234、adopted in the financial statements.The information is reported to the CODM on a monthly basis.Accounting policy for operating segments Operating segments are presented using the management approach,where the information presented is on the same basis as the internal reports provided to the Chief Op
235、erating Decision Makers(CODM).Redcape operates wholly within one business segment being the ownership and operation of hotels in Australia.Note 6.Revenue Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows:Consolidated 2021 2020$000$000 Major revenue s
236、treams Gaming revenue 207,418 157,131 On-premise revenue 65,248 50,977 Off-premise revenue 61,296 50,051 Other services 1,356 1,135 Revenue 335,318 259,294 All major revenue streams are within Australia and timing of revenue recognition is when goods or services transferred.Redcape Hotel Group compr
237、ising Redcape Hotel Trust I and Redcape Hotel Trust II.au2828Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 6.Revenue(continued)29 Accounting policy for revenue recognition Redcape
238、 recognises revenue as follows:Revenue Redcapes revenue mainly comprises gaming revenue,food and beverage revenue and revenue from accommodation and other services.Revenue is recognised when control of the goods has transferred to the customer or when the service is provided at an amount that reflec
239、ts the consideration to which Redcape expects to be entitled.Variable consideration is not material in the context of Redcapes total revenue.Gaming revenue Gaming revenue is the net difference between gaming wins and losses and is recognised upon the outcome of the game at the close of business.Food
240、 and beverage revenue On-premise Food and beverage revenue is recognised when the performance obligation to transfer control of the goods to the customer is satisfied,which occurs at the point in time the goods are provided and payment is collected.Off-premise For sale of goods in-store,control of t
241、he goods transfers to the customer at the point the customer purchases the goods in-store.Accommodation and other services Revenue from accommodation and other services is recognised when the performance obligations have been satisfied.Revenue is recognised when the services are rendered.Where payme
242、nt for the goods and services is received prior to control transferring to the customer,revenue recognition is deferred in deposits received in advance within trade and other payables in the consolidated statement of financial position until the goods have been delivered to,or services are rendered
243、to the customer.Goods and Services Tax(GST)and other similar taxes Revenue is recognised net of the amount of associated GST.Note 7.Operating costs Consolidated 2021 2020$000$000 Administrative expenses 4,916 3,812 Advertising and marketing expenses 5,897 4,701 Operating expenses 12,781 10,121 Repai
244、rs and maintenance expenses 2,510 2,376 Property outgoing expenses 9,809 8,592 Short-term lease payments 157 153 36,070 29,755 Goods and Services Tax(GST)and other similar taxes Expenses are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax author
245、ity.In this case it is recognised as part of the expense.29ASX:RDCAnnual Report 202129ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 30 Note 8.Employment costs Consolidated 2021 2020$000$000 Employment costs 48,407 35,992 Employment costs inc
246、lude defined contribution superannuation expense amounting to$4.1 million(30 June 2020:$3.0 million)and Job Keeper benefit of$4.0 million(30 June 2020:$2.7 million).Accounting policy for government grants Grants from the government are recognised at their fair value when there is reasonable assuranc
247、e that the grant will be received and the Group will comply with all attached conditions.Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate.Note 9.Management fees Consolidated 2
248、021 2020$000$000 Hotel operating fee 10,918 9,449 Asset management fee 5,368 5,282 Performance Fee(a)11,876 -28,162 14,731 (a)Fee payable to the Responsible Entity,in its personal capacity,on the overall performance of Redcape and realised every six months.Performance fee reflects positive independe
249、nt revaluations underpinned by both improved earnings and tightened cap rates.Note 10.Net finance costs Consolidated 2021 2020$000$000 Finance income (169)(162)Finance costs 11,154 14,094 Interest on lease liabilities 1,331 843 Hedge break costs -3,821 Capitalised loan establishment costs written of
250、f -171 12,316 18,767 Accounting policy for finance income and costs Interest Interest income is recognised using the effective interest method.Finance costs Finance costs are expensed in the period in which they are incurred.Finance costs comprise interest expense on borrowings,using the effective i
251、nterest rate method,and unwinding of the discount on provisions.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au3030Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Notes to the consolidated financial statements 3
252、0 June 2021 31 Note 11.Income tax Consolidated 2021 2020$000$000 Income tax(benefit)/expense Deferred tax-origination and reversal of temporary differences (970)5,500 Aggregate income tax(benefit)/expense (970)5,500 Deferred tax included in income tax(benefit)/expense comprises:(Increase)/decrease i
253、n deferred tax assets (970)5,500 Numerical reconciliation of income tax(benefit)/expense and tax at the statutory rate Profit before income tax benefit/(expense)27,502 16,727 Tax at the statutory tax rate of 30%8,251 5,018 Current year tax losses not recognised -1,105 Prior year tax losses not recog
254、nised now recouped (1,105)-Trust profit not subject to tax and transactions between group entities (8,497)(2,576)Non-deductible expenses 381 307 Gain on disposal of business -1,625 Prior year adjustment -21 Income tax(benefit)/expense (970)5,500 (a)During the year ended 30 June 2021,RHT II utilised$
255、2.9 million(30 June 2020:$12.9 million)of carried forward tax losses,resulting in unutilised tax losses of$0.8 million(30 June 2020:$3.7 million)at year end.Consolidated 2021 2020$000$000 Deferred tax asset Deferred tax asset comprises temporary differences attributable to:Amounts recognised in prof
256、it or loss:Tax losses 223 -Depreciation 2,148 1,574 Employee benefits 1,116 688 Leases 1,164 805 Accrued expenses 1,099 308 Transaction costs 1,912 3,317 Deferred tax asset 7,662 6,692 Movements:Opening balance 6,692 15,645 Credited/(charged)to profit or loss 970 (5,500)Charged to retained earnings-
257、AASB 16 -(3,453)Closing balance 7,662 6,692 31ASX:RDCAnnual Report 202131ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 11.Income tax(continued)32 Accounting policy for income tax Deferred tax assets and liabilities are recognised for te
258、mporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an ass
259、et or liability in a transaction that is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reve
260、rsal can be controlled,and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those tempo
261、rary differences and losses.The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be re
262、covered.Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets agains
263、t current tax liabilities and deferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.RHT II and its wholly-owned Australian subsidiaries have formed an in
264、come tax consolidated group under the tax consolidation regime,effective July 2017 and are taxed as a single entity from that date.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has appli
265、ed the separate taxpayer within group approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.In addition to its own current and deferred tax amounts,the head entity also recognises the current tax liabilities(or assets)and the deferred tax assets
266、 arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.These are recognised as amounts payable to or receivable from other entities in the tax consolidated group in conjunction with any tax funding arrangement amount.The members of the tax c
267、onsolidated group have entered into a tax funding arrangement which sets out the funding obligations of members of the tax consolidated group in respect of tax amounts.The tax funding arrangement requires payments to or from the head entity equal to the current tax liability or asset assumed by the
268、head entity and any tax-loss deferred tax asset assumed by the head entity.The members of the tax consolidated group have also entered into a tax sharing agreement.The tax sharing agreement provides for the determination of the allocation of income tax liabilities between the entities should the hea
269、d entity default on its tax payment obligations.No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote.In determining the amount of current and deferred tax RHT II takes into account the
270、impact of uncertain tax positions and whether additional taxes and interest may be due.RHT II believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors,including interpretations of tax law and prior experience.This assessment relies on
271、 estimates and assumptions and may involve a series of judgements about future events.New information may become available that causes RHT II to change its judgement regarding the adequacy of existing tax assets and liabilities;such changes to tax assets and liabilities will impact tax expense in th
272、e period such a determination is made.RHT I Under current income tax legislation,RHT I is not liable for income tax provided unit holders are presently entitled to all of RHT Is income at 30 June each year.RHT II The income tax expense or benefit for the period is the tax payable on that periods tax
273、able income based on the applicable income tax rate for each jurisdiction,adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Redcape Hotel Group comprising Redcape Hot
274、el Trust I and Redcape Hotel Trust II.au3232Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Notes to the consolidated financial statements 30 June 2021 33 Note 12.Current assets-cash and cash equivalents Consolidated 2021 2020$000$000 Cash and ca
275、sh equivalents 48,109 101,433 Accounting policy for cash and cash equivalents Cash and cash equivalents include cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of three months or less.Note 13.Current assets-trade and
276、other receivables Consolidated 2021 2020$000$000 Trade receivables 342 117 Other receivables(a)2,798 2,992 3,140 3,109 (a)Financial year 2021 include receivables from supplier rebates.Financial year 2020 include supplier rebates and government subsidy relating to Job Keeper.Allowance for expected cr
277、edit losses There was no expense for expected credit losses for the year ended 30 June 2021(30 June 2020:nil).Accounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method,les
278、s any allowance for expected credit losses.Redcape has applied the simplified approach to measuring expected credit losses,which uses a lifetime expected loss allowance.To measure the expected credit losses,trade receivables have been grouped based on days overdue.These provisions are considered rep
279、resentative across all customers of Redcape based on recent sales experience,historical collection rates and forward-looking information that is available.Other receivables are recognised at amortised cost,less any allowance for expected credit losses.33ASX:RDCAnnual Report 202133ASX:RDCAnnual Repor
280、t 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 34 Note 14.Non-current assets-Investment property Consolidated 2021 2020$000$000 Investment property 3,000 -Less:Accumulated depreciation (1)-2,999 -Reconciliation Reconciliation of the fair values of the opening a
281、nd closing balances of the current and previous financial year are set out below:Opening balance -Additions-business acquisitions(a)3,000 -Depreciation (1)-Closing balance 2,999 -(a)Note 37 details the treatment of business combinations.Accounting policy for investment property Investment property p
282、rincipally comprises freehold land and buildings held for long-term rental and capital appreciation that are not occupied by the Group.Investment property is recognised at cost(including transaction costs)less accumulated depreciation and accumulated impairment losses.Depreciation is calculated over
283、 the freehold building component of the investment property and is recognised in the profit or loss on a straight-line basis over its estimated useful life.The estimated useful life of freehold buildings is 40 years.The residual values,useful lives and depreciation method are reviewed,and adjusted i
284、f appropriate,at each reporting date.Note 15.Non-current assets-Land Consolidated 2021 2020$000$000 Land-at valuation 404,110 313,835 Reconciliation Reconciliation of the fair values of the opening and closing of the balances of the current and previous financial year are set out below:Opening fair
285、value 313,835 351,648 Disposals-business -(31,239)Additions-business acquisitions(a)28,109 7,346 Revaluation increments/(decrements)(b)62,166 (13,920)Closing fair value 404,110 313,835 Refer to note 31 for further information on fair value measurement.(a)Note 37 details the treatment of business com
286、binations.(b)Total revaluation increment of$62.2 million(2020:decrement$13.9 million)includes gain of$57.8 million(2020:loss$10.2 million)recognised in the asset revaluation reserve and gain of$4.4 million(2020:loss$3.7 million)recognised in the profit or loss.Redcape Hotel Group comprising Redcape
287、Hotel Trust I and Redcape Hotel Trust II.au3434Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 15.Non-current assets-Land(continued)35 Accounting policy for land Land is recognised
288、at fair value based on periodic valuations by external independent valuers and/or six-monthly Directors valuations.The valuations are undertaken more frequently if there is a material change in the fair value relative to the carrying amount.Increases in the carrying amounts arising on revaluation of
289、 land are recognised in other comprehensive income and accumulated in other reserves in shareholders equity.To the extent that the increase reverses a decrease previously recognised in profit or loss,the increase is first recognised in profit or loss.Decreases that reverse previous increases of the
290、same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset;all other decreases are charged to profit or loss.Note 16.Non-current assets-property,plant and equipment Consolidated 2021 2020$000$000 Buildings-at cost 64,160 59,349 Less
291、:Accumulated depreciation (4,922)(3,435)59,238 55,914 Property improvements-at cost 59,572 52,205 Less:Accumulated depreciation (8,748)(5,368)50,824 46,837 Furniture,fittings&equipment-at cost 62,505 49,620 Less:Accumulated depreciation (25,987)(15,891)36,518 33,729 Work in progress-at cost 6,848 2,
292、822 153,428 139,302 35ASX:RDCAnnual Report 202135ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 16.Non-current assets-property,plant and equipment(continued)36 Reconciliations Reconciliations of the written down values of the opening and
293、 closing of the current and previous financial year are set out below:Building Property improvements Furniture,fittings&equipment Work in progress Total Consolidated$000$000$000$000$000 Balance at 1 July 2019 57,472 34,574 32,178 10,729 134,953 Disposals -(322)(343)(56)(721)Disposals-business (675)(
294、2,101)(1,279)(75)(4,130)Additions -19,943 19,943 Additions-business acquisitions 564 534 2,339 -3,437 Transfers in/(out)-17,677 10,042 (27,719)-Depreciation expense (1,447)(3,525)(9,208)-(14,180)Balance at 30 June 2020 55,914 46,837 33,729 2,822 139,302 Additions -20,118 20,118 Additions-business ac
295、quisitions(a)4,811 492 3,718 -9,021 Transfers in/(out)-6,875 9,217 (16,092)-Depreciation expense (1,487)(3,380)(10,146)-(15,013)Balance at 30 June 2021 59,238 50,824 36,518 6,848 153,428 (a)Note 37 details the treatment of business combinations.There has been no impairment recognised in relation to
296、property,plant and equipment(PPE)at 30 June 2021(30 June 2020:nil).Refer to note 17 intangible assets.Accounting policy for property,plant and equipment Depreciation is calculated over the depreciable amount,which is the cost of an asset,or other amount substituted for cost,less its residual value.D
297、epreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property,plant and equipment,since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.Leased assets are de
298、preciated over the shorter of the lease term and their useful lives unless it is reasonably certain that Redcape will obtain ownership by the end of the lease term.The estimated useful lives are as follow:Freehold buildings 40-150 years Property improvements 6-40 years Furniture,fittings and equipme
299、nt 2-14 years The residual values,useful lives and depreciation methods are reviewed,and adjusted if appropriate,at each reporting date.An item of property,plant and equipment is derecognised upon disposal or when there is no future economic benefit to Redcape.Gains and losses between the carrying a
300、mount and the disposal proceeds are taken to profit or loss.Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.Goods and Services Tax(GST)and other similar taxes Assets are recognised net of the amount of associated GST,unless the GST incurre
301、d is not recoverable from the tax authority.In this case it is recognised as part of the cost of the acquisition of the asset.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au3636Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcap
302、e Hotel Group Notes to the consolidated financial statements 30 June 2021 37 Note 17.Non-current assets-intangible assets Consolidated 2021 2020$000$000 Goodwill-at cost 336,948 303,106 Gaming and liquor licences-at cost 278,291 256,264 615,239 559,370 Reconciliations Reconciliations of the opening
303、and closing balances of the current and previous financial year are set out below:Goodwill Gaming and liquor licences Total Consolidated$000$000$000 Balance at 1 July 2019 327,714 263,043 590,757 Additions-business acquisitions 7,576 20,141 27,717 Additions -880 880 Disposals-business (32,184)(27,80
304、0)(59,984)Balance at 30 June 2020 303,106 256,264 559,370 Additions-business acquisitions(note 37)33,842 22,027 55,869 Balance at 30 June 2021 336,948 278,291 615,239 (a)Note 37 details the treatment of business combinations.37ASX:RDCAnnual Report 202137ASX:RDCAnnual Report 2021Redcape Hotel Group N
305、otes to the consolidated financial statements 30 June 2021 Note 17.Non-current assets-intangible assets(continued)38 Impairment testing(i)Goodwill Determining whether goodwill is impaired requires an estimation of the value-in-use(VIU)of the group of cash-generating units(CGUs)to which goodwill has
306、been allocated.These calculations reflect an estimated cash flow projection based on a five-year forecast and requires the use of assumptions,including estimated discount rates,growth rates of estimated future cash flows,and terminal growth rates.The VIU method used in determining the recoverable am
307、ount of the group of CGUs is affected by managements assumptions used in the calculation.A summary of the key assumptions used in the calculation is detailed below.Estimated future cash flows in Year 1 are based on scenario modelling for lockdown arising from forced closure of venues in the first qu
308、arter and for the remainder of the year based on the budget approved by the Board.The budget reflects forecasted trading performance considering current trading restrictions.These cash flows are projected from Years 2 to 5 based on an annualised growth rate of 3.0%(30 June 2020:3.0%).Growth rate on
309、new acquisitions is projected on rates based on the investment analysis from Years 2 to 5.The growth rate has been determined with reference to historical performance of the Group.The discount rates used in the VIU calculations are pre-tax and reflect managements estimate of the time value of money,
310、as well as the risks specific to the Group.The Discount rates have been determined using the weighted average cost of capital and the current market risk-free rate,adjusted for relevant business risks.Discount rate applied in the current year VIU model:7.39%(30 June 2020:7.69%).A terminal growth rat
311、e of 2.96%(30 June 2020:2.96%)has been assumed in the VIU calculation and reflects the long-term growth expectations beyond the five-year forecast horizon,considering both industry comparatives and Redcapes consistent outperformance.Management has modelled the impact of a six-month business shutdown
312、 once every hundred years in the derived outcome of terminal growth rate.Management has based the VIU calculations on the historical performance and future prospects of the business as reported to the CODM,taking into consideration the like-for-like historical growth and impacts of COVID-19 on curre
313、nt trading performance.Sensitivity Management believes that based on current economic conditions and Group performance,any reasonably possible change in the key assumptions used would not result in the Groups carrying amount to exceed its recoverable amount and result in a material impairment.The be
314、low table shows the key assumptions used in the value-in-use calculation and the amount by which each key assumption must change in isolation in order for the estimated recoverable amount to be equal to its carrying value.Pre-tax discount rate Terminal value%Assumptions used in value in use calculat
315、ion 7.39%2.96%Rate required for recoverable amount to equal carrying value(a)9.32%0.79%(a)Each rate is determined in isolation.The above table exclude growth rates of future cash flows as this key assumption is not sensitive in determining impairment of goodwill.Material changes to short-term cash f
316、lows do not result in estimated recoverable amount being less than its carrying value.There has been no impairment recognised in relation to goodwill at 30 June 2021(30 June 2020:nil).Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II.au3838Redcape Hotel Group comprising
317、 Redcape Hotel Trust I and Redcape Hotel Trust II.auRedcape Hotel Group Notes to the consolidated financial statements 30 June 2021 Note 17.Non-current assets-intangible assets(continued)39(ii)CGU assets comprising gaming and liquor licences and other non-financial assets Gaming and liquor licences
318、In accordance with AASB 138,gaming and liquor licences are accounted for at cost.As both gaming and liquor licences are not subject to renewal and do not have an expiry date,these are considered to have an indefinite useful life and are tested for impairment annually.Gaming and liquor licences of$27
319、8.3 million are allocated across the Groups 36 hotels.Other non-financial assets Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.Due to the ongoing COVID-19 pandemic,these assets have been ass
320、essed for impairment as outlined below.Impairment assessment Redcape tests assets for impairment at the CGU level being each individual hotel.This is the smallest group of assets that independently generate cash flows and whose cash flow is largely independent of the cash flows generated by other as
321、sets.Redcape assesses the recoverable amount of each CGU based on the higher of its fair value less costs to dispose(FVLCD)and VIU.The carrying amount of each CGU comprises land at fair value,buildings at cost less accumulated depreciation,plant and equipment at cost less accumulated depreciation,wo
322、rk in progress and intangibles at cost comprising gaming and liquor licences,and right-of-use assets less lease liabilities.FVLCD includes an estimate of the CGUs fair value and costs of disposal.Each CGUs fair value is based on the income capitalisation method,which is determined with reference to
323、maintainable earnings and adopted yield.Refer to note 31 for details of key assumptions used.Costs of disposal is estimated at 2.0%of the hotels fair value,which has been determined with reference to recent disposals.VIU assumptions are consistent with those listed above in relation to goodwill impa
324、irment,being discount rate and terminal growth rate.Sensitivity Management believes that based on current economic conditions and CGU performance,any reasonably possible change in the key assumptions used would not result in the CGUs carrying amount to exceed its recoverable amount and result in a m
325、aterial impairment.As the recoverable amount from the FVLCD and/or VIU assessments exceeded the carrying amount for each CGU,no impairment loss was recorded(30 June 2020:nil).Accounting policy for intangible assets Intangible assets acquired as part of a business combination,other than goodwill,are
326、initially measured at their fair value at the date of the acquisition.Intangible assets acquired separately are initially recognised at cost.Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment.Finite life intangible assets are subsequently me
327、asured at cost less amortisation and any impairment.The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset.The method and useful lives of finite
328、life intangible assets are reviewed annually.Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.Goodwill Goodwill arises on the acquisition of a business.Goodwill is not amortised.Instead,goodwill is tested annu
329、ally for impairment,or more frequently if events or changes in circumstances indicate that it might be impaired,and is carried at cost less accumulated impairment losses.Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.Gaming licences Separately acquired Ga
330、ming licences are shown at historical cost.Gaming licences acquired in a business combination are recognised at fair value at the acquisition date.They have an indefinite useful life and are subsequently carried at cost less accumulated impairment losses.Gaming licences are not amortised but tested
331、for impairment annually,or more frequently if events or changes in circumstances indicate that they might be impaired,and are carried at cost less accumulated impairment losses.39ASX:RDCAnnual Report 202139ASX:RDCAnnual Report 2021Redcape Hotel Group Notes to the consolidated financial statements 30
332、 June 2021 Note 17.Non-current assets-intangible assets(continued)40 Liquor licences Separately acquired Liquor licences are shown at historical cost.Liquor licences acquired in a business combination are recognised at fair value at the acquisition date.They have an indefinite useful life and are su
333、bsequently carried at cost less accumulated impairment losses.Liquor licences are not amortised but tested for impairment annually,or more frequently if events or changes in circumstances indicate that they might be impaired,and are carried at cost less accumulated impairment losses.Note 18.Non-current assets-right-of-use assets Consolidated 2021 2020$000$000 Land and buildings-right-of-use assets
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