1、Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Appendix 4E Preliminary final report 1.Company detailsName of entity:Redcape Hotel Group ASRN:Redcape Hotel Trust I(ASRN 629 354 614)and Redcape Hotel Trust II(ASRN 629 354 696)Reporting period:For the year ended 30 June
2、 2019 Previous period:For the year ended 30 June 2018 Redcape Hotel Trust I and Redcape Hotel Trust II were stapled on 2 July 2018.On guidance from the ASX,previous period numbers in this Appendix 4E reflect aggregated financials and the assumption that the trusts were stapled during the period.2.Re
3、sults for announcement to the market Stapled Consolidated 2019 Aggregated 2018%$000$000 Revenues from ordinary activities up 17.4%285,215 242,885 Loss for the year attributable to the stapled security holders down 343.1%(4,930)2,028 Stapled Consolidated 2019 Cents Basic earnings per share(0.93)Dilut
4、ed earnings per share(0.93)Comments Commentary and analysis of the result can be found in the ASX released results announcement and presentation.3.Net assets and Net tangible assetsReporting Period Previous Period Cents Cents Net assets per stapled security 114.09 118.92 Net tangible assets per stap
5、led security 6.96 10.57 No.of stapled securities on issue at 30 June 2019 are 551,445,932 and 30 June 2018 470,312,074.4.Control gained over entitiesName of entities(or group of entities)In accordance to the stapling deed,securities in Redcape Hotel Trust I(RHT I)and Redcape Hotel II(RHT II)were sta
6、pled to one another on 2 July 2018.They were subsequently listed as a single security on the ASX on 30 November 2018.For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Appendix 4E Preliminary final report 5.Loss of control over entitiesNot applicable
7、.6.DistributionsCurrent period Amount per security Franked amount per security Cents Cents Distribution for the quarter ended 30 September 2018(paid 31 October 2018)2.205-Distribution for the quarter ended 31 December 2018(paid 31 January 2019)2.205-Distribution for the quarter ended 31 March 2019(p
8、aid 31 May 2019)2.158-Distribution for the quarter ended 30 June 2019(to be paid 30 August 2019)2.182-Previous period Amount per security Franked amount per security Cents Cents Distribution for the quarter ended 30 September 2017(paid 31 October 2017)(a)2.205-Distribution for the quarter ended 31 D
9、ecember 2017(paid 31 January 2018)2.205-Distribution for the quarter ended 31 March 2018(paid 31 May 2018)2.158-Distribution for the quarter ended 30 June 2018(paid 31 August 2018)2.182-Distributions prior to the listing on the ASX as at 30 November 2018 were calculated on a pro rata basis for days
10、held.(a)Calculated on a pro rata basis notwithstanding that distribution applied from 10 July 2017.Actual amount payable was1.990 cents per security.There is no foreign sourced distribution for the current and previous period.7.Distribution reinvestment plansThe following dividend or distribution pl
11、ans are in operation:The Distribution Reinvestment Plan(“DRP”)applied to the June quarter distributions.The key terms of the DRP are as follows:Securities acquired under the DRP rank equally with existing securities on issue.The price at which securities are allocated under the DRP is the average of
12、 the daily volume weighted average price ofall sales of stapled securities of Redcape Hotel Group(ASX code:RDC)recorded on ASX for each of the first ten ASX trading days following the ASX trading day from and including the 3rd ASX trading day after the record date in respect of the distribution.Elec
13、tion for the DRP generally must be received by 5pm AEST on the final business day of each calendar quarter.Inline with the DRP rules,the Responsible Entity resolved to extend the election cut-off date to 12 July 2019 for theJune 19 quarter distribution.8.Details of associates and joint venture entit
14、iesNot applicable.For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Appendix 4E Preliminary final report 9.Foreign entitiesDetails of origin of accounting standards used in compiling the report:Not applicable.10.Audit qualification or reviewDetails
15、of audit/review dispute or qualification(if any):The financial statements have been audited and an unqualified opinion has been issued.11.AttachmentsDetails of attachments(if any):Stapling of the entities occurred on 2 July 2018.Due to this,Redcapes General Purpose consolidated financial statement c
16、omparatives are for the RHT II group and do not include RHT I.In the interest of providing users with more relevant financial information,the Responsible Entity has supplemented the Annual Report with Special Purpose financial statements,which cover the activities of Redcapes 2019 financial year and
17、 provides aggregated comparative financial information for the 2018 financial year.12.SignedSigned _ Date:28 August 2019 Nicholas Roland Collishaw Chairman Sydney For personal use onlyFY19ANNUAL REPORT 30 JUNE 2019Redcape Hotel Group(ASX:RDC)is a leading hospitality group of 800+dedicated people,who
18、 passionately serve 30 different communities across Australias east coast.Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II ASRN Redcape Hotel Trust I(ASRN 629 354 614)and Redcape Hotel Trust II(ASRN 629 354 696)For personal use onlyCONTENTSKey Highlights 1Cover Note 2C
19、orporate directory 3Chairmans report 4CEO report 6Directors report 10Auditors independence declaration 20Statement of profit or loss and other comprehensive income 21Statement of financial position 22Statement of changes in equity 23Statement of cash flows 24Notes to the financial statements 25Direc
20、tors declaration 61Independent auditors report to the members of Redcape Hotel Group 62Stapled Security Holders information 67Appendix-Special Purpose Financial Statements(SPFS)69SPFS-Statement of profit or loss and other comprehensive income 70SPFS-Statement of financial position 71SPFS-Statement o
21、f changes in equity 72SPFS-Statement of cash flows 73SPFS-Notes to the financial statements 74SPFS-Directors declaration 107SPFS-Independent auditors report to the members of Redcape Hotel Group 108ANNUAL REPORT 30 JUNE 2019Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust
22、 IIFor personal use onlyOur Promise is People First.Our Promise is People First.Our AssetsOur CommunitiesOur PeopleABOUT REDCAPE A leading hospitality group with scalable systems and capable people,led by an experienced and proven management team driving growth through active management of a high qu
23、ality real estate backed portfolio.OUR VISIONOur vision is to enrich communities through our hospitality.Our promise is People First our staff,our customers,our securityholders.ASX:RDCAnnual Report 2019For personal use onlyKey Highlights.Central Hotel ANZAC DayRedcape Hotel Group comprising Redcape
24、Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyFinancial Performance8.8cpsFY19 Distributable Earnings 8.8-9.0 cps guidance at IPO8.75cpsFY Distributions2 8.75 cps guidance at IPO Equates to 7.85%yield3$46.5m1Distributable earnings in line with PDS Statutory net loss after tax of$4.9mCa
25、pital Management38.0%Gearing6 Lower end of 35%-45%target range3.95xInterest Coverage Ratio7 Cash generative business$1.14NAV per stapled security+$14.6m revaluation post IPO5Our Promise is People First.$1.08bPortfolio value 32 venues includes 6 acquisitions and 1 divestmentPortfolioProgressed altern
26、ate use opportunities$21.6mGrowth Capex4 Spend.Includes major refurbishmentprojectsKEY HIGHLIGHTS 30 June 2019 1 Distributable Earnings defined as pro forma NPAT adjusted for non-cash items such as fair value adjustments,depreciation and amortisation and other unrealised and non-recurring items less
27、 maintenance capex.Refer to P13 in the Directors Report for reconciliation.2 Cumulative distributions over FY19 including pre-IPO distributions.3 Based on RDC share price as at 28 June 2019.4 Growth Capex includes major refurbishments,one off acquisition and tactical capital expenditure.5 Uplift mea
28、sured against previous valuations plus growth capital expenditure over the financial year.Statutory valuation uplift of$20.5m(excluding Belrose divestment reversal)over the financial year is higher due to treatment of depreciation expense and maintenance capital expenditure.6 Gearing defined as tota
29、l borrowings less cash as a percentage of total assets less cash.7 Interest Cover Ratio(“ICR”)calculated as Operating EBITDA/Net finance costs less amortisation of borrowing costs(on a 12 month rolling basis).1ASX:RDCAnnual Report 2019For personal use onlyCOVER NOTE 30 June 2019 Redcape Hotel Trust
30、I(ARSN 629 354 614)and Redcape Hotel Trust II(ARSN 629 354 696)were established on 13 June 2017,stapled together on 2 July 2018 and registered as managed investment schemes on 26 October 2018.ASIC granted relief to Redcape to exempt it from the requirement to prepare half-year accounts for the six-m
31、onth period from their registration as managed investment schemes.In accordance with ASXs requirements,Redcape released an Appendix 4D and Special Purpose interim financial report for the 6-month period ended 31 December 2018 with aggregated comparatives.Redcape has consulted with ASIC in relation t
32、o the period for its financial year ended 30 June 2019.In accordance with ASICs guidance and with reference to the Corporations Act,Redcapes financial year ended 30 June 2019 is to be the 12-month period commencing on 1 July 2018.Redcapes General Purpose Financial Statements(as required by Chapter 2
33、M of the Corporations Act)set out Redcapes financial information for its financial year being the 12 months to 30 June 2019.The comparative numbers in the financial statements for the 12 months to 30 June 2018 are the numbers for Redcape Hotel Trust II only because the trusts were not stapled during
34、 this period,hence only the comparatives of the parent entity can be used.The comparative period also commences on 10 July 2017,being the date Redcape was acquired by entities associated with Moelis Australia Ltd.In accordance with ASXs requirements,Redcape has also provided a Special Purpose full y
35、ear financial report,as an appendix to the Annual Report,for the 12-month period ending 30 June 2019 with full year aggregated comparatives.In contrast to the General Purpose financial report,the comparative period commences on 1 July 2017 using the scenario that Redcape was acquired by entities ass
36、ociated with Moelis Australia Ltd on this date.This comparative period is also the reference for both the Appendix 4E and the Directors Report.2Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyCORPORATE DIRECTORY 30 June 2019 DirectorsMr Nicholas Co
37、llishawMr Daniel BradyMr Andrew IrelandMr David GrovesMr Hugh ThomsonResponsible EntityRedcape Hotel Group Management Ltd ACN:610 990 004 (The Responsible Entity)Company secretaryMs Rebecca Ong Entity InformationRedcape Hotel Trust II ARSN:629 354 696(RHT II or the Parent Entity)Redcape Hotel Trust
38、I ARSN:629 354 614(RHT I)together form the stapled entity;Redcape Hotel Group(Redcape)Registered officeLevel 27Governor Phillip Tower1 Farrer PlaceSydney NSW 2000(02)8288 5555Principal place of businessLevel 1Minskys Hotel287 Military RoadCremorne NSW 2090(02)9719 4000Share registerBoardroom Pty Ltd
39、 Level 12 Grosvenor Place 225 George Street Sydney NSW 2000 1300 737 760AuditorKPMGLevel 38International Towers Sydney300 Barangaroo AvenueSydney NSW 200Stock exchange listingRedcape Hotel Group stapled securities are listed on the Australian Securities Exchange(ASX code:RDC)W.au3ASX:RDCAnnual Repor
40、t 2019For personal use onlyCHAIRMANS REPORT 30 June 2019 Dear Securityholders,This has been an exciting year for Redcape Hotel Group(“Redcape”or“the Group”)including the successful listing on the Australian Securities Exchange on 30 November 2018.Delivering on our strategyWe entered the public realm
41、 with a strong management platform and a clear strategy to deliver consistent earnings from our portfolio while pursuing growth through acquisition and capital investment.I am pleased to report that Redcape has executed well on this strategy delivering a strong pro forma operating EBITDA result up+2
42、1.3%1 year on year underpinned by the acquisition of six venues and solid like for like revenue growth of+3.3%.This sound performance delivered distributions of 8.75cps2 for the year consistent with the Groups PDS guidance.Distributable earnings for the year came in at 8.80cps in line with the PDS f
43、orecast.This is a commendable result given the overall weaker market conditions resulting from consumer uncertainty in the lead up to both State and Federal elections.A general reduction in consumer spending impacted many businesses,however our result is a clear demonstration of the resilient nature
44、 of our business and our clear focus on delivering shareholder returns.Future growth opportunities Our robust operating business is underpinned by owning the majority of the real estate in which we operate.This freehold ownership structure sets us apart from many of our industry peers and provides u
45、s with the flexibility to respond quickly to customer preferences or regulatory changes through facility improvements.It also provides us with a valuable land bank for alternate use development opportunities.Having completed several venue upgrades this year,we already have a well-advanced pipeline o
46、f refurbishment opportunities in place for FY20 and beyond.These are designed to continue to deliver incremental earnings growth and underpin a potential uplift in valuations as we continue to improve the quality of our facilities within their local communities.Management has a strong track record o
47、f investing this type of growth capital and with FY19 refurbishments now complete,we continue to be optimistic about these growth opportunities that exist across the portfolio.Our growth proposition is further strengthened by the opportunity to unlock latent land value through alternate use across o
48、ur freehold assets.Within our greater Sydney portfolio(22 freehold assets),approximately 73%of the site area is underutilised.With access to a depth of experience in asset optimisation,we are enthusiastic about the considerable opportunity to optimise land use and extract additional value for the Gr
49、oup.1 Refer to reconciliation provided on P12 of the Directors report 2 Cumulative distributions over FY19 including pre-IPO distributions.4Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyCHAIRMANS REPORT 30 June 2019 Experienced management platfor
50、mThe business strong fundamentals have been enhanced by our industry leading management platform.This operating platform has enabled our local venues to benefit from the expertise of a management team with deep operational experience that is focused on strong risk management and governance whilst ut
51、ilising the latest technology and data to pinpoint growth opportunities.Over recent years significant investment has been made in this management platform that has positioned Redcape well for future growth.A focus of this investment has been on talent development,and this is proving rewarding.The de
52、velopment of our people and creating programs that enable young,driven,hospitality professionals to gain a depth of experience across a number of disciplines,as well as gain exposure to broader organisational projects,is something that we believe will allow us to continue to attract high quality bus
53、iness leaders to both Redcape and its venues.Similarly,our investment in programs that improve social outcomes for the communities in which we operate continues to be a focus of Management.Our venues are the cornerstone of their local communities and we continue to look for opportunities to enhance
54、our contribution through direct financial support and improved harm minimisation initiatives to enhance community life in these areas.An optimistic outlookAs we move into FY20,we will continue our focus on the investment of growth capital through refurbishment and will continue our disciplined appro
55、ach to capital management and portfolio optimisation.Our long-term growth is intrinsically linked to the relationship our venues have with the communities in which they operate.We remain committed to delivering excellent and responsible service,maintaining high quality facilities,and contributing po
56、sitively to our communities.Redcape continues to offer a unique investment proposition as a growth company with a strong capital structure,industry leading systems and processes,capable people,and a stable earnings base that is underpinned by owning its real estate.On behalf of the Board of Director
57、s I would like to thank our existing securityholders,our employees and the communities in which we operate for their continued support throughout the year.We are well placed for growth in FY20.Our business fundamentals remain strong and the sector remains attractive for investors.I am confident that
58、 Redcape,led by Dan Brady and his management team,has the right assets and capability,and is well placed to continue delivering value and positive returns to Securityholders.Nicholas Collishaw,Chairman 5ASX:RDCAnnual Report 2019For personal use onlyCHIEF EXECUTIVE OFFICERS REPORT 30 June 2019 FY19 H
59、ighlights 3 Distributable Earnings defined as pro forma NPAT adjusted for non-cash items such as fair value adjustments,depreciation and amortisation and other unrealised and non-recurring items less maintenance capex.Refer to P13 in the Directors Report for reconciliation.4 Cumulative distributions
60、 over FY19 includes pre-IPO distributions.5 Based on RDC share price as at 28 June 2019 6 Pro forma operating EBITDA defined as Earnings Before Interest,Tax,Depreciation and Amortisation,impairment charges and fair value adjustments.Refer to P12 of Directors Report for a reconciliation of pro forma
61、to Statutory results.7 Like for Like(“LFL”)revenue growth is based on venues that traded for the full year F18 and F19 and thus excludes any part year acquisitions.8 Uplift measured against previous valuations plus growth capital expenditure over the financial year.Statutory valuation uplift of$20.5
62、m(excluding Belrose divestment reversal)over the financial year is higher due to treatment of depreciation expense and maintenance capital expenditure.9 Gearing defined as total borrowings less cash as a percentage of total assets less cash.$46.5mFY19 pro forma distributable earnings3 of$46.5m or 8.
63、80cps in line with PDS guidance.Statutory net loss after tax of$4.9m8.75cpsDistributions of 8.75cps4 equating to a 7.85%5 yield+21.3%Pro forma operating EBITDA6 up+21.3%on FY18,driven by venue acquisitions and like-for-like7(“LFL”)revenue growth+3.3%LFL Revenue grew+3.3%on FY18$1.08bPortfolio value
64、of$1.08b$1.14Net Asset Value at$1.14 per stapled security underpinned by Valuations uplift of$14.6m8 over the full year38.0%Gearing9 of 38.0%at the lower end of target range of 35%-45%6Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyCHIEF EXECUTIVE
65、 OFFICERS REPORT 30 June 2019 Operating Performance The business is a highly cash generative business with operating cash flows in FY19 of$36.0m.Portfolio enhancement through acquisitions and capital investment drove a 21.3%increase in Redcapes FY19 Pro forma Operating EBITDA for the period.Downward
66、 pressure on gaming margin as a result of increased player win rates across the market and some acquisitions taking longer to integrate than expected was offset by a reduction of costs resulting in a$2.3m overall improvement versus PDS forecast.Reflecting Moelis Australia Hotel Management Pty Ltd(“M
67、AHMs”)continued support of Redcape post listing,the Trust Manager waived$1.5m from its Hotel Operating fee,demonstrating its long-term alignment to Redcape Securityholders.Our existing portfolio performed well on a LFL basis,achieving+3.3%LFL revenue growth demonstrating the strength and defensive c
68、haracteristics of the Redcape business.This pleasing operating result was attained against the backdrop of a soft consumer market causing variable trading conditions across the FY19 period,predominately due to macro factors leading to this weaker consumer sentiment.Redcape paid distributions of 8.75
69、cps for the year consistent with the PDS guidance.Pro forma distributable earnings for the year came in at 8.80cps in line with the PDS forecast range of 8.80-9.00cps.Property PortfolioPortfolio Management FY19 was an active year acquiring and integrating six venues into our portfolio and investing$
70、21.6m in growth capex.Both measures have enhanced the quality of the portfolio,diversified earnings and lay a strong platform to drive future earnings growth.The acquisition of three hotels south of Sydney comprising the Central Hotel,the Unanderra Hotel and the Figtree Hotel,as well as Sydney hotel
71、s,the Vauxhall Inn,the Australian Hotel and Brewery,and the Sun Hotel in Northern Queensland,were undertaken in the period.The Belrose Hotel in Sydneys Northern Beaches was divested during the period,allowing for the recycling of capital into higher-growth opportunities.This disposal is consistent w
72、ith the Groups strategy of portfolio optimisation.Redcape now has a portfolio of 3210 quality venues in strategic locations across New South Wales and Queensland.Refurbishment ProgramRedcape has a 5-year pipeline of refurbishment opportunities within the existing portfolio that will modernise the Gr
73、oups venues and make them more appealing to customers.Recent refurbishment activity has delivered IRRs in excess of 20%11.10 Excludes post reporting period exchange of contracts to acquire the Eden Brewhouse,Redbank Plains.11 Based on Internal Rate of Return(“IRR”)achieved on a select group of venue
74、s(control group of 9 venue refurbishments)where sufficient data exists both pre and post capex investment to reliably establish returns.IRRs are typically determined over a 5-year period.Assumptions used by Management included base line estimate of growth without any capital spend.This year has been
75、 focused on the balance of delivering enhanced experiences for our customers across many of our venues,improving the learning and development of our people,investing accretive growth capital,and further strategic crafting of the portfolio whilst delivering Redcapes financial objectives.There is a hi
76、gh level of pride in the teams achievements as we successfully listed the group on the ASX during the period while remaining focused on delivering positive contributions to the communities in which we operate.7ASX:RDCAnnual Report 2019For personal use onlyCHIEF EXECUTIVE OFFICERS REPORT 30 June 2019
77、$21.6m of growth capex was invested in FY19 which included the major refurbishments of the Leumeah Hotel,the Eastwood Hotel and the Cabramatta Hotel.All three have provided enhanced facilities commensurate with the local communities in which they operate and all three are performing well in these ea
78、rly stages of relaunch.Valuation A combination of independent and Directors valuations was completed during the period which saw a net uplift of$14.6m12.While uplifts outweighed downward revaluations,the Trust adjusted valuations for a small number of venues that had weaker earnings performance over
79、 the course of the year.Management executed a plan to improve the profitability of these venues and are pleased with the trajectory these venues are on.Alternative Uses Of the 32 venues,31 are Freehold Going Concern assets which provide a valuable land bank and the flexibility to consider alternativ
80、e uses for those sites to augment the hotels underlying profitability and unlock this latent land value.Importantly,freehold ownership enables Redcape Securityholders to retain the benefits associated with both property and hotel operator growth.Management has completed feasibility studies on four o
81、f its sites identified for potential alternate use development.Two developments were marked for alternate use development within the existing Local Environmental Plan.The Revesby Hotel,Revesby which sits approximately 100 metres from the Revesby train station on a site are of 2,150 sqm has been earm
82、arked for a 144-bed scheme aged care/retirement site.The Cabramatta Hotel which sits within approximately 150 metres from the Cabramatta train station on a 4,308 sqm site has been earmarked for a 234 mixed use unit development.With the independent feasibility studies indicating material potential va
83、lue uplift if the Group were to undertake the developments,management are continuing to progress preliminary planning and approvals whilst assessing options for extracting this latent land value and de-risking projects.Capital Management Redcape has a strong capital structure and a disciplined appro
84、ach to the deployment of capital.Our balance sheet has been strengthened by the increase in property asset values,which are a result of an uplift in valuations.As at 30 June 2019,gearing13 of 38.0%was at the lower end of our target range of 35%-45%-and interest coverage ratio was calculated at 3.95t
85、imes14.Post the reporting period,the Group successfully refinanced a$503m15 debt facility with enhanced terms,an extension of tenor to a weighted average of four years,and an expanded lender group with four financiers now in place versus three previously.As a result of closing out the existing hedge
86、 program and the refinance,we expect the all-in interest costs to improve 100 bps from September 2019.12 Uplift measured against previous valuations plus growth capital expenditure over the financial year.Statutory valuation uplift of$20.5m(excluding Belrose divestment reversal)over the financial ye
87、ar is higher due to treatment of depreciation expense and maintenance capital expenditure.13 Gearing defined as total borrowings less cash as a percentage of total assets less cash.14 Interest Cover Ratio calculated as Operating EBITDA/Net finance costs,less amortisation of borrowing costs(on a 12-m
88、onth rolling basis).15 Includes$3.0m ancillary facility.Leumeah Hotel post refurbishment8Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyCHIEF EXECUTIVE OFFICERS REPORT 30 June 2019 Our People To help ensure each of our venues reflects the needs of
89、 our local communities and to provide local employment opportunities,our venues employ approximately 800 staff mostly from the communities in which we operate.We strive to offer work environments that provide opportunities for growth and empowerment enabling our staff to thrive,excel and find fulfil
90、lment in their career.Staff in our venues are supported by a strong board and senior leadership team,all with extensive experience in hospitality business management.Our Community FocusWe continue our focus on providing venues where local communities can come together in sociable environments.Our go
91、al is to continue to provide the best possible customer experiences by focusing on the development of our staff,our appeal to customers and the enhancement of the communities in which we operate.Throughout the year we continued to provide direct financial support to 106 community groups,local school
92、s,charities and sporting clubs across the 30 communities we serve.We spent over$1.0m in entertainment for local communities,appointed 192 local jobs,74 through the development of internal staff and contributed$80.8m in state government taxes.We continue to remain focused on harm minimisation,taking
93、a community centric approach to our entertainment offering and the responsible service of alcohol and gaming.We also continue to make advances in providing our customers with tools that promote greater awareness and management of gambling activity.Summary and OutlookHaving now completed FY19 and our
94、 first year as a listed entity we have a strong opportunity set for growth and believe Redcape is well positioned for the future.Operating in a consumer facing sector with high regulatory and capital investment barriers to entry,the business has stable earnings base,strong cashflows and revenue grow
95、th prospects.The portfolio is difficult to replicate,comprising of strategically located,high-quality assets,most of which are on sites we own and are largely underutilised,providing an opportunity to unlock value through alternate use development.An optimized program of refurbishment opportunities
96、has been marked for FY20 and an extensive pipeline beyond this perpetuates the growth opportunity set.These facility improvements generate earnings growth coupled with enhanced customer experiences for a total venue offering that is modern and appealing to local communities.Looking to FY20,we are fo
97、recasting distributable earnings to be greater than 9.0cps16.Distributions are expected to be maintained at 8.75cps,equating to a 7.85%yield.The pay-out ratio is to be consistent at 90-100%of distributable earnings.Like for like revenue growth is expected to track above CPI.Dan Brady,Chief Executive
98、 Officer16 Subject to no change in economic conditions,no change to management fee construct and/or portfolio numbers.Australian Hotel&Brewery9ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 1
99、0 The directors of the Responsible Entity present their report,together with the financial statements,of the consolidated entity(referred to hereafter as Redcape)consisting of RHT II,RHT I and the entities they controlled at the end of,or during,the year ended 30 June 2019.Directors The following pe
100、rsons were directors of the Responsible Entity of Redcape from their appointment this financial year and up to the date of this report,unless otherwise stated:Mr Nicholas Collishaw-appointed 27 September 2018 Mr Daniel Brady-appointed 29 October 2018 Mr Andrew Ireland-appointed 29 October 2018 Mr Da
101、vid Groves-appointed 27 September 2018 Mr Hugh Thomson-appointed 26 February 2016 Non-IFRS Disclosures The Group also utilises non-IFRS“Pro Forma”and other financial metrics such as Distributable earnings in its assessment and presentation of Group performance.In particular the Group references Pro
102、forma Earnings Before Interest,Tax,Depreciation and Amortisation(“EBITDA”),Distributable Earnings per Security and Pro Forma Net Profit After Tax(“NPAT”).The directors believe the pro forma financial and distributable earnings information is useful to users as it:reveals the underlying run rate busi
103、ness economics of the Group which enhances the readers understanding of past performance;provides insight into Managements decision making as Management uses these measures to run the business,allocate resources and make financial,strategic and operating decisions;forms the basis of the Groups annua
104、l budgeting and internal forecasting processes;and forms the basis of the financial metrics relevant to the determination of variable components of executive and employee remuneration.The Pro forma and other financial metrics,such as Distributable earnings,are not prepared in accordance with Interna
105、tional Financial Reporting Standards and are not audited.Differences in measurement can have both a positive and negative impact on the Pro Forma financial information presented.Specifically,some adjustments give rise to material reductions in underlying measures but align with the principles by whi
106、ch the Company views and manages itself internally.Principal activities Redcape is an ASX listed,leading Australian hotel business operating a portfolio of 32 hotels across NSW and QLD.Redcape owns 31 of the 32 hotels it operates as Freehold Going Concerns.The Hotels offer patrons:Gaming On-Premise
107、Food and Beverage Off-Premise packaged liquor through retail bottle shops Corporate and Other Revenue Freehold Going Concern ownership gives Redcape the ability to invest in refurbishment opportunities as well as provide potential future capital gains from the real estate on which the hotels are sit
108、uated.10Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 11 Distributions Distributions paid/payable during the financial year were as foll
109、ows:Stapled Consolidated 2019 Aggregated 2018$000$000 Final distribution for the quarter ended 30 September 2018 of 2.205 cents(FY18:2.205 cents(a)per unit 10,795 7,839 Final distribution for the quarter ended 31 December 2018 of 2.205 cents(FY18:2.205 cents)per unit 11,548 9,032 Final distribution
110、for the quarter ended 31 March 2019 of 2.158 cents(FY18:2.158 cents)per unit 11,898 9,912 Final distribution for the quarter ended 30 June 2019(b)of 2.182 cents(FY18:2.182 cents)per unit 12,030 10,243 46,271 37,026 (a)Calculated on a pro rata basis notwithstanding that distribution applied from 10 J
111、uly 2017.Actual payable was 1.990 cents per security.(b)On 24 June 2019 the directors declared a final dividend for the quarter ended 30 June 2019 of 2.182 cents per unit to be paid on 30 August 2019.Distributions prior to the listing on the ASX as at 30 November 2018 were calculated on a pro rata b
112、asis for days held.Review of operations The statutory loss for Redcape after providing for income tax amounted to$4.9 million(30 June 2018:profit of$2.0 million).Distributable earnings of$46.5 million or 8.80 cents per stapled security Distributions of$46.3 million or 8.75 cents per stapled security
113、 Pro forma operating EBITDA increased 21.3%to$67.1 million Operating cash flows of$36.0 million Portfolio value increased to$1,077.4 million from$906.2 million in FY18 Net Asset Value of$1.14 per stapled security Total capex of$25.2m of which$21.6 million related to growth capex and$3.7m for mainten
114、ance capex 11ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 12 Stapled Consolidated 2019 Aggregated 2018 Change Change$000$000$000%Gaming Revenue 179,099 153,846 25,253 16.4%On-Premise Revenu
115、e 56,877 39,999 16,878 42.2%Off-Premise Revenue 48,022 48,126 (104)(0.2%)Corporate and Other Revenue 1,217 915 302 33.0%Total Revenue(a)285,215 242,885 42,330 17.4%Cost of Sales(a)(133,021)(117,110)(15,911)(13.6%)Gross profit 152,194 125,775 26,419 21.0%Employment Costs (38,522)(29,487)(9,035)(30.6%
116、)Other Operating Costs (32,162)(27,462)(4,700)(17.1%)Management Fees (14,421)(13,511)(910)(6.7%)Pro Forma Operating EBITDA 67,089 55,316 11,773 21.3%(20,562)-(20,562)(100.0%)Listing costs and Performance fee Loss on Asset Revaluation (17,998)-(17,998)(100.0%)Venue Acquisition costs(b)(7,631)(31,509)
117、23,878 75.8%Gain on sale of venues 1,026 1,952 (926)(47.4%)Loss on sale of other non-current assets (523)254 (605)372 82(118)13.6%(31.7%)Restatement of management fees pre-IPO One-off Employee share grants (199)-(199)(100.0%)Employment costs -(121)121 100.0%Other operating costs -340 (340)(100.0%)St
118、atutory EBITDA 21,456 25,745 (4,289)(16.7%)Depreciation (11,360)(9,036)(2,324)(25.7%)Statutory EBIT 10,097 16,709 (6,612)(39.6%)Net Financing costs (17,324)(14,911)(2,413)(16.2%)Profit/(Loss)before tax (7,227)1,798 (9,025)(501.9%)Tax benefit 2,297 230 2,067 898.7%Statutory Net Profit/(Loss)after tax
119、 (4,930)2,028 (6,958)(343.1%)(a)Revised statutory mapping since 2018 resulting in Revenue,Cost of Sales and Expenses differing marginally from metrics listed in the PDS.(b)FY18 includes acquisition costs of$26.3 million for Redcape by the entities associated with Moelis Australia Ltd.12Redcape Hotel
120、 Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 13 Stapled Consolidated 2019 Aggregated 2018 Change Change$000$000$000%Statutory Net Profit/(Loss)after
121、 tax (4,930)2,028 (6,958)(343.1%)Pro Forma adjustments Listing Costs and Performance Fee 20,562 -20,562 100.0%Venue Acquisition costs(a)-26,316 (26,316)(100.0%)Restatement of management fees pre-IPO (254)(568)314 55.3%One-off Employee share grants 199 -199 100.0%Employment costs -121 (121)(100.0%)Ot
122、her operating costs -(144)144 100.0%Tax benefit/(expense)(3,625)(999)(2,626)(262.9%)Pro Forma Net Profit after tax 11,951 26,753 (14,802)(55.3%)Add/(Deduct)non-cash&non-operating items Loss on Asset Revaluation 17,998 -17,998 (100.0%)Depreciation 11,360 9,036 2,324 25.7%Venue Acquisition costs 7,631
123、 5,193 2,438 46.9%Gain on sale of venues (1,026)(1,952)926 47.4%Loss on sale of other non-current assets 523 605 (82)(13.6%)Amortisation of borrowing costs 486 681 (195)(28.7%)Maintenance capital expenditure (3,686)(4,648)962 20.7%Other non-cash items (43)376 (419)(111.4%)Tax expense 1,328 770 558 7
124、2.5%Distributable Earnings 46,522 36,814 9,708 26.4%Distributable Earnings per stapled security(Cents)8.80 8.50 0.30 3.5%(a)FY18 includes acquisition costs of$26.3 million for Redcape by the entities associated with Moelis Australia Ltd.Significant changes in the state of affairs Securities in RHT I
125、I and RHT I were stapled on 2 July 2018 in accordance with the stapling deed and are dealt with as a stapled security.For further details refer to Note 1 of the consolidated financial statements.RHT II and RHT I are domiciled in Australia and were registered as managed investment schemes on 26 Octob
126、er 2018 under the Corporations Act 2001.On 30 November 2018 Redcape Hotel Group listed on the Australian Securities Exchange(“ASX”).Redcape has acquired 6 venues and disposed of 1 venue during the year.They were all Freehold Going Concern venues.There were no other significant changes in the state o
127、f affairs of Redcape during the financial year.Matters subsequent to the end of the financial year Subsequent to 30 June 2019,Redcape refinanced its debt facilities resulting in an increased facility of$503.0 million(including$3.0 million ancillary facility)with a weighted average term of 4 years.As
128、 a result of the refinancing,in FY20 the hedge position of the existing finance facility will be closed out at a cost of approximately$4.0 million.Capitalised loan establishment costs of$0.5 million will be written off upon activation of the new facility in FY20.Post the end of the financial year,Re
129、dcape exchanged contracts to acquire the Eden Brewhouse Redbank Plains Queensland as part of the ongoing portfolio optimisation program.No other material matter or circumstance has arisen since 30 June 2019 that has significantly affected,or may significantly affect Redcapes operations,the results o
130、f those operations,or Redcapes state of affairs in future financial years.13ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 14 Likely developments and expected results of operations Having now
131、 completed FY19 and our first year as a listed entity we have a strong opportunity set for growth and believe Redcape is well positioned for the future.Operating in a consumer facing sector with high regulatory and capital investment barriers to entry,the business has stable earnings base,strong cas
132、hflows and revenue growth prospects.The portfolio is difficult to replicate,comprising of strategically located,high-quality assets,most of which are on sites we own and are largely underutilised,providing an opportunity to unlock value through alternate use development.An optimized program of refur
133、bishment opportunities has been marked for FY20 and an extensive pipeline beyond this perpetuates the growth opportunity set.These facility improvements generate earnings growth coupled with enhanced customer experiences for a total venue offering that is modern and appealing to local communities.Lo
134、oking to FY20,we expect like-for-like revenue growth to track above CPI.We are forecasting distributions to be maintained in line with FY19 and distributable earnings to be greater than 9.0cps subject to no material change in economic conditions,standard management fee construct and/or portfolio num
135、bers.Environmental regulation Redcape is not subject to any significant environmental regulation under Australian Commonwealth or State law.Information on directors Name:Nicholas Collishaw Title:Independent Non-Executive Director and Chairman Experience and expertise:Nicholas was appointed to the Bo
136、ard 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 residential,hotel,commercial,retail,industrial and retirement assets.Nicholas is a Fellow of Australian
137、 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 Capital Group(Centuria)and was previously CEO Listed Property Funds at Centuria.Prior to his time at
138、Centuria,Nicholas held the position of CEO and Managing Director of Mirvac Group and successfully guided the business through the GFC and implemented a strategy of sustained growth for the Real Estate and Investment Company.Other current directorships:Centuria Capital Group(ASX:CNI)Former directorsh
139、ips(last 3 years):None Special responsibilities:Chairman of the Board and Member of the Audit,Risk&Compliance Committee Interests in stapled securities:Ordinary stapled securities 100,000 14Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Ho
140、tel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 15 Name:Daniel Brady Title:Executive Director Experience and expertise:Daniel was appointed to the Board on 29 October 2018.Daniel is currently Chief Executive Officer of Moelis Australia Hotel Manage
141、ment Pty Ltd(MAHM),the manager and hotel operator of Redcape.Prior to this,he was Chief Operating Officer at Redcape,a role which he assumed in October 2012.He has extensive operational experience and has held senior positions within listed,privately owned pub organisations and was the owner operato
142、r of a pub.Prior to joining Redcape,Daniel was National Operations Manager at National Leisure and Gaming Limited(NLG),a position he held for five years before being made Chief Executive Officer at NLG in January 2011.Daniel has previously held key industry positions as well as currently being a Dir
143、ector of the Liquor Stax Retail Group.Daniel completed an Advanced Management Program at Harvard Business School in 2016.Other current directorships:None Former directorships(last 3 years):None Special responsibilities:Chief Executive Officer(MAHM)Interests in stapled securities:Ordinary stapled sec
144、urities 1,480,000 Name:Andrew Ireland Title:Independent Non-Executive Director Experience and expertise:Andrew was appointed to the Board on 29 October 2018.Andrew is currently Chair of Clemenger Brisbane,Director of Sports Australia and Director of the Sydney Swans.Prior to this,Andrew was Managing
145、 Director and Chief Executive Officer(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 Br
146、isbane Bears 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 th
147、e AFL clubs 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 fr
148、om La Trobe University,is a Fellow 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 stap
149、led securities:Ordinary stapled securities 50,000 15ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 16 Name:David Groves Title:Independent Non-Executive Director Experience and expertise:David
150、 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 Group Limited,Pengana International Equities Limited and Pipers Brook Vineyard Pty Ltd.He is a former director of EQT Holdings Limited,Tassal
151、 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 of Wollongong University.David is a member of the Australian Institute of Chartered Accountants and a fellow of the Australian Institute o
152、f Company Directors and holds a Bachelor of Commerce from the University of Wollongong and a Master of Commerce at the University of NSW.Other current directorships:Pengana Capital Group Limited(ASX:PCG),Pengana International Equities Limited(ASX:PIA)Former directorships(last 3 years):Pyrolyx AG(ASX
153、:PLX)Special responsibilities:Chairman of the Audit,Risk&Compliance Committee Interests in stapled securities:Ordinary stapled securities 200,000 Name:Hugh Thomson Title:Experience and expertise:Hugh was appointed to the Board on 26 February 2016.Hugh is a Managing Director at Moelis Australia Limit
154、ed(Moelis Australia)within its Advisory businesses.Prior to this,he was Chief Operating Officer of Moelis Australia.Hugh has over 24 years experience in Investment Management,with a particular emphasis on the acquisition of alternative assets,finance and operations in Australia across a range of ind
155、ustry sectors.Hughs previous roles include CFO and CEO of ING Real Estate Investment Management,COO of HiLife Health&Beauty and CFO of Industrie Clothing.Hugh has considerable expertise in managing ASX listed funds,including as an executive Board member and Chairman of investment committees and oper
156、ational risk management committees.Hugh is a qualified chartered accountant and member of the Institute of Chartered Accountants in England and Wales and holds a Bachelor of Arts(Honours)from the University of East Anglia.Other current directorships:None Former directorships(last 3 years):None Speci
157、al responsibilities:None Interests in stapled securities:Ordinary stapled securities 50,000 Other current directorships quoted above are current directorships for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Former directorships(last 3 years)
158、quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.16Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redc
159、ape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 17 Company secretary Ms Rebecca Ong was appointed to the position of Company Secretary in October 2018.Rebecca joined Moelis Australia as a Senior Legal Counsel in February 2018.She has over 13 years of experience in areas of
160、 corporate,regulatory and funds management.Prior to joining Moelis Australia,Rebecca was Regional Counsel with UBS,with primary responsibilities for advising its Asset Management businesses across Asia Pacific both from Sydney and Hong Kong.Rebecca holds a Bachelor of Commerce(Finance Major)/Bachelo
161、r 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 Directors(the Board)held during the year ended 30 June 2019,and the number of meetings attended by each directo
162、r were Full Board Audit and Risk Committee Attended Held Attended Held Mr Nicholas Collishaw 8 8 3 3 Mr Daniel Brady 8 8 *Mr Andrew Ireland 8 8 3 3 Mr David Groves 8 8 3 3 Mr Hugh Thomson 7 8 *Held:represents the number of meetings held during the time the director held office.*Not a member of the c
163、ommittee Remuneration report Remuneration of the Responsible Entity is as per the Constitution of RHT I and RHT II.As the Responsible Entity is wholly owned by Moelis Australia Limited(Moelis Australia),Moelis Australia oversees the appointment of Directors to the Board of the Responsible Entity and
164、 in this connection sets Director remuneration.Remuneration of the Directors is paid either directly by the Responsible Entity or by entities associated with Moelis Australia.The Directors are not provided with any remuneration by the Trusts.Directors are not entitled to any equity interests in the
165、Trusts or any rights to or options for equity interests in the Trusts as a result of their remuneration provided by the Responsible Entity.Corporate Governance Statement Redcape is a stapled entity comprising of Redcape Hotel Trust I ARSN:629 354 614 and Redcape Hotel Trust II ARSN:629 354 696.Redca
166、pe Hotel Group Management Ltd(ACN 610 990 004)(Responsible Entity)is the responsible entity of Redcape and the Board of the Responsible Entity in this capacity(the Board)is responsible for the overall corporate governance of Redcape and its controlled entities.The Board has created a framework for m
167、anaging Redcape,including adopting relevant internal controls,risk management processes and corporate governance policies and practices which it believes are appropriate for Redcapes business and which are designed to promote the responsible management and conduct of Redcape.The Corporate Governance
168、 Statement sets out the key features of Redcapes governance framework and reports against the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations(3rd edition)(ASX Principles and Recommendations).The 4th edition ASX Principles and Recommendations apply to the financi
169、al years beginning on or after January 2020.Redcape is in the process of reviewing its corporate governance policies and practices against the 4th edition ASX Principles and Recommendations and has incorporated many of the new recommendations into its Corporate Governance Statement already.The polic
170、ies and charters referred to in the Corporate Governance Statement are available via the Corporate Governance section of Redcapes website which is available at WWW.REDCAPE.COM.AU 17ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Tr
171、ust II Directors report 30 June 2019 18 Indemnity and insurance of officers In accordance with the Constitution 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,right
172、s,or obligations in properly performing its duties in connection with RHT I and RHT II.All Directors of the Responsible Entity are appointed by Moelis Australia.Moelis Australia has agreed to indemnify all current and former Directors and company secretaries of the Responsible Entity against all lia
173、bilities to persons which arise out of the performance of their normal duties as a Director or Company Secretary to the extent permitted by law unless the liability relates to conduct involving willful misconduct,bad faith or conduct known to be in breach of law.During the financial year,RHT I and R
174、HT II paid an insurance premium in respect of customary Directors and Officers insurance coverage for the 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 The trusts have not,during or si
175、nce the end of the financial year,indemnified or agreed to indemnify the auditor of the trusts or any related entity against a liability incurred by the auditor.During the financial year,the trusts have not paid a premium in respect of a contract to insure the auditor of the trust or any related ent
176、ity.Proceedings on behalf of the trust No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the trusts,or to intervene in any proceedings to which the trust is a party for the purpose of taking responsibility on behalf of the t
177、rusts for all or part of those proceedings.Non-audit services Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 30 to the financial statements.The directors are satisfied that the provision of non-audit
178、 services during the financial year,by the auditor(or by another person or firm on the auditors behalf),is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The directors are of the opinion that the services as disclosed in note 30 to the financia
179、l statements do not compromise the external auditors independence requirements of the Corporations Act 2001 for the following reasons:all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermi
180、ne the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for
181、 the trust,acting as advocate for the trust or jointly sharing economic risks and rewards.Officers of the trust who are former partners of KPMG There are no officers of the trusts who are former partners of KPMG.Rounding of amounts Amounts have been rounded to the nearest thousand dollars unless oth
182、erwise stated,in accordance with ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191.Auditors independence declaration A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors rep
183、ort.18Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Directors report 30 June 2019 19 Auditor KPMG continues in office in accordance with section 327 of the Corporatio
184、ns Act 2001.This report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directors _ _ Nicholas Roland Collishaw Daniel John Brady Chairman Executive Director 28 August 2019 Sydney 19ASX:RDCAnnual Report 2019For personal
185、use onlyKPMG,an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative(“KPMG International”),a Swiss entity.Liability limited by a scheme approved under Professional Standards Legislation.Lead Auditors Independence Decl
186、aration under Section 307C of the Corporations Act 2001 To the Directors of Redcape Hotel Group Management 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 2019
187、there have been:i.no contraventions of the auditor independence requirements as set out in theCorporations 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 KPMG Cameron Roan Partner Sydney 28 August 2019 PAR_
188、SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 20For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Statement of profit or loss and other comprehensive income For the year ended 30 June 2019 Note Stapled Consolidated 2019 RHT II Consolidated 2018
189、$000$000 The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 21 Revenue 6 285,215 238,200 Cost of sales(133,021)(115,005)Expenses Operating costs 7(32,162)(61,917)Management fees 8(14,166)(12,217)Net finance costs 9(17,324)(9
190、,016)Employment costs(38,720)(28,938)Depreciation and amortisation expense 15(11,360)(8,080)Gain/(loss)on disposal of non-current assets 502 511 Loss on asset revaluation 15(17,998)-Business acquisition costs 35(7,631)(4,879)Operating profit/(loss)13,335(1,341)Listing costs and performance fee 10(20
191、,562)-Loss before income tax benefit(7,227)(1,341)Income tax benefit 11 2,297 185 Loss after income tax benefit for the year(4,930)(1,156)Other comprehensive income Items that will not be reclassified subsequently to profit or loss Gain on the revaluation of land 37,573-Items that may be reclassifie
192、d subsequently to profit or loss Net change in the fair value of cash flow hedges taken to equity(3,216)-Other comprehensive income for the year,net of tax 34,357-Total comprehensive income for the year 29,427(1,156)Profit/(loss)for the year is attributable to:Unitholders of Redcape Hotel Trust I 10
193、,691-Unitholders of Redcape Hotel Trust II (15,621)(1,156)(4,930)(1,156)Total comprehensive income for the year is attributable to:Unitholders of Redcape Hotel Trust I 45,048-Unitholders of Redcape Hotel Trust II (15,621)(1,156)29,427(1,156)Basic earnings per share(cents)39(0.93)Diluted earnings per
194、 share(cents)39(0.93)21ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Statement of financial position As at 30 June 2019 Note Stapled Consolidated 2019 RHT II Consolidated 2018$000$000 The above statement of financial pos
195、ition should be read in conjunction with the accompanying notes 22 Assets Current assets Cash and cash equivalents 12 16,981 20,537 Trade and other receivables 13 3,936 1,415 Inventories 5,130 5,104 Other current assets 14 3,319 2,849 Total current assets 29,366 29,905 Non-current assets Property,pl
196、ant and equipment 15 486,601 57,502 Intangible assets 16 590,757 278,461 Deferred tax 17 15,645 12,674 Total non-current assets 1,093,003 348,637 Total assets 1,122,369 378,542 Liabilities Current liabilities Trade and other payables 18 38,749 28,641 Employee benefits 19 1,708 1,432 Distribution pay
197、able 20 12,030-Total current liabilities 52,487 30,073 Non-current liabilities Other payables 21 430 13,302 Borrowings 22 436,561 136,534 Derivative financial instruments 23 3,489-Employee benefits 24 255 240 Total non-current liabilities 440,735 150,076 Total liabilities 493,222 180,149 Net assets
198、629,147 198,393 Equity Contributed equity 25 235,545 199,549 Accumulated losses(43,293)(1,156)Equity attributable to the stapled security holders of RHT II 192,252 198,393 Non-controlling interest 26 436,895-Total equity 629,147 198,393 Equity attributable to RHT I(non-controlling interest)Contribut
199、ed equity 318,469-Reserves 161,923-Accumulated losses(43,497)-Total equity attributable to unitholders of RHT I(non-controlling interest)(a)436,895-a)RHT II stand-alone is the comparative therefore the RHT I(non-controlling interest)balance reflected is zero22Redcape Hotel Group comprising Redcape H
200、otel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Statement of changes in equity For the year ended 30 June 2019 The above statement of changes in equity should be read in conjunction with the accompanying note
201、s 23 Contributed Accumulated Non-controlling Total equity equity losses interest RHT II Consolidated$000$000$000$000 Balance at 1 July 2017-Loss after income tax benefit for the year-(1,156)-(1,156)Other comprehensive income for the year,net of tax-Total comprehensive income for the year-(1,156)-(1,
202、156)Transactions with security holders in their capacity as security holders:Contributions of equity,net of transaction costs(note 25)199,549-199,549 Balance at 30 June 2018 199,549(1,156)-198,393Issued Accumulated Non-controlling Total equity capital losses interest Stapled Consolidated$000$000$000
203、$000 Balance at 1 July 2018 199,549(1,156)-198,393Arising due to stapling arrangement-(26,516)387,410 360,894Profit/(loss)after income tax benefit for the year-(15,621)10,691(4,930)Other comprehensive income for the year,net of tax-34,357 34,357 Total comprehensive income for the year-(15,621)45,048
204、 29,427 Transactions with stapled security holders in their capacity as stapled security holders:Contributions of equity,net of transaction costs(note 25)35,996-50,70886,704 Distributions paid(note 27)-(46,271)(46,271)Balance at 30 June 2019 235,545(43,293)436,895 629,147 23ASX:RDCAnnual Report 2019
205、For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Statement of cash flows For the year ended 30 June 2019 Note Stapled Consolidated 2019 RHT II Consolidated 2018$000$000 The above statement of cash flows should be read in conjunction with the accomp
206、anying notes 24 Cash flows from operating activities Receipts from customers(inclusive of GST)311,559 262,414 Payments to suppliers and employees(inclusive of GST)(257,638)(245,186)53,921 17,228 Interest received 259 135 Interest and other finance costs paid(18,183)(9,317)Income taxes paid-(1,632)Ne
207、t cash from operating activities 38 35,997 6,414 Cash flows from investing activities Payment for purchase of business,net of cash acquired 35(153,349)(306,863)Business acquisition transaction costs(7,631)(4,879)Payments for property,plant and equipment 15(25,182)(14,739)Proceeds from disposal of bu
208、siness 20,430 5,848 Proceeds from disposal of property,plant and equipment 112 425 Net cash used in investing activities(165,620)(320,208)Cash flows from financing activities Proceeds from issue of stapled securities 25 89,757 203,849 Proceeds from borrowings 119,000 283,275 Repayment of borrowings(
209、49,000)(146,650)Stapled Securities issue transaction costs(3,724)(6,143)Distributions paid 27(44,484)-Net cash from financing activities 111,549 334,331 Net increase/(decrease)in cash and cash equivalents(18,074)20,537 Cash and cash equivalents at the beginning of the financial year 35,055-Cash and
210、cash equivalents at the end of the financial year 12 16,981 20,537 24Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 25 N
211、ote 1.General Information(a)Reporting EntityThe Redcape Hotel Trust II(RHT II)and Redcape Hotel Trust I(RHT I)were stapled on 2 July 2018 such that the securities are effectively dealt with as a stapled security.The stapled securities of RHT I and RHT II(collectively“Redcape Hotel Group”or Redcape)c
212、ommenced trading as a single stapled security on the ASX on 30 November 2018 under the ticker code“RDC”.In accordance with AASB 3 Business Combinations one of the entities in the stapled structure is required to be identified as the parent for the purpose of preparing consolidated financial reports.
213、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 change in the nature of the principal activity during the year.(b)Responsible EntityRedcape
214、Hotel Group Management Ltd(“RHGM”)is the Responsible Entity of RHT I and RHT II effective 24 October 2018(replacing Moelis Australia Asset Management Ltd).(c)Scheme RegistrationRHT I(ARSN 629 354 614)and RHT II(ARSN 629 354 696)are domiciled in Australia and were registered as managed investment sch
215、emes on 26 October 2018 under the Corporations Act 2001.(d)First-year reportRedcape has consulted with ASIC in relation to the period for its financial year ended 30 June 2019.In accordance with ASICs guidance and with reference to the Corporations Act,Redcapes financial year ended 30 June 2019 is t
216、o be the 12-month period commencing on 1 July 2018.Redcapes General Purpose Financial Statements(as required by Chapter 2M of the Corporations Act)set out Redcapes financial information for its financial year being the 12 months to 30 June 2019.The comparative numbers for the 12 months to 30 June 20
217、18 are the numbers for Redcape Hotel Trust II consolidated only.The trusts were not stapled during this period;hence the comparatives exclude Redcape Hotel Trust I.Redcape has also provided a Special Purpose full year financial report for the 12-month period ending 30 June 2019 with full year aggreg
218、ated comparatives.This can be seen in the appendix of the Annual Report.Note 2.Basis of preparation The Responsible Entity has prepared General Purpose consolidated financial statements for the year ended 30 June 2019 for the purpose of meeting the listing requirements of the Australian Securities E
219、xchange(ASX).(a)Compliance StatementThe General Purpose financial statements 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 entitie
220、s.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).The financial report has been prepared on a going concern basis.The consolidated financial report as at and for the year ended 30 June 2019 was ap
221、proved by the directors of the Responsible Entity on 28 August 2019 25ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 2.Basis of preparation(continued)26(b)Basis of measu
222、rementThe financial statements have been prepared on the historical cost basis,except for the following that are measured at fair value:-land;and-derivative financial instruments.The methods used to measure fair values are discussed in the relevant notes(c)Functional and presentation currencyThe con
223、solidated financial statements are presented in Australian dollars,which is Redcapes functional currency and 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.(d)Use of es
224、timates and judgementsThe preparation of financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgment in the process of applying accounting policies.Estimates and judgements affect the application of policies and reported amounts
225、 of assets,liabilities,income and expenses.Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.(e)Going
226、ConcernThe consolidated financial statements have been prepared on a going concern basis,which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.At 30 June 2019,Redcape had current assets of$29.4 milli
227、on and current liabilities of$52.5 million leaving a net deficit of working capital of$23.1 million.The directors of the Responsible Entity believe Redcape will continue to generate operating cash flows sufficient to meet current liability obligations.Note 3.Significant accounting policies The princ
228、ipal accounting policies adopted in the preparation of the financial statements are set out below.These policies have been consistently applied to all the years presented,unless otherwise stated.New or amended Accounting Standards and Interpretations adopted Redcape has adopted all of the new or ame
229、nded Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.The adoption of these Accountin
230、g Standards and Interpretations did not have any material impact on the financial performance or position of Redcape.The following Accounting Standards and Interpretations are most relevant to Redcape:AASB 9 Financial Instruments From 1 July 2018,Redcape has applied AASB 9 prospectively.The resultin
231、g accounting policies for Redcapes financial instruments are explained in further detail in Note 3.AASB 15 Revenue from Contracts with Customers From 1 July 2018,Redcape has applied AASB 15 prospectively.The resulting accounting policies for Redcapes revenue are explained in further detail in Note 3
232、 Revenue Recognition.26Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)2
233、7 Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of RHT II as at 30 June 2019 and the results of all subsidiaries for the year then ended.RHT II and its subsidiaries together are referred to in these financial statements a
234、s Redcape.Subsidiaries are all those entities over which Redcape has control.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
235、are de-consolidated from the date that control ceases.Intercompany transactions,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.Accountin
236、g policies of subsidiaries align with the policies adopted by Redcape.The 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 cons
237、ideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.Where Redcape loses control over a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsi
238、diary 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 retained together with any gain or loss in profit or loss.Operating segments Operating segments are presented using the
239、 management approach,where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers(CODM).Redcape operates wholly within one business segment being the ownership and operation of hotels in Australia.Revenue recognition Redcape recognises
240、revenue as follows:Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which Redcape is expected to be entitled in exchange for transferring goods or services to a customer.For each contract with a customer,Redcape identifies the contract with
241、a customer,identifies the performance obligations in the contract,determines the transaction price which takes into account estimates of variable consideration and the time value of money,allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone
242、 selling price of each distinct good or service to be delivered,and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.Variable consideration is not material in the context of Redcapes total r
243、evenue.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 and beverage revenue(On-Premise and Off-Premise)Food and beverage revenue is recognised at the point in time the goods are provided a
244、nd payment is collected.Accommodation and other revenues Accommodation and other revenues are recognised at the point in time services are performed.Interest Interest income is recognised using the effective interest method.27ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprisi
245、ng Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)28 Income tax 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 I
246、s income at 30 June each year.RHT II The income tax expense or benefit for the period is the tax payable on that periods taxable 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,u
247、nused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax assets and liabilities are recognised for temporary 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
248、 substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset 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
249、When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reversal can be controlled,and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductib
250、le temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recogni
251、sed are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover th
252、e asset.Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against 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
253、 or different taxable entities which intend to settle simultaneously.RHT II and its wholly owned Australian subsidiaries have formed an income 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 subsid
254、iary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has applied 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
255、its own current and deferred tax amounts,the head entity also recognises the current tax liabilities(or assets)and the deferred tax assets 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 re
256、ceivable from other entities in the tax consolidated group in conjunction with any tax funding arrangement amount.The members of the tax consolidated 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 am
257、ounts.The tax funding arrangement requires payments to or from the head entity equal to the current tax liability or asset assumed by the 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 agreemen
258、t.The tax sharing agreement provides for the determination of the allocation of income tax liabilities between the entities should the head 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
259、 under the tax sharing agreement is considered remote.28Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significan
260、t accounting policies(continued)29 In determining the amount of current and deferred tax RHT II takes into account the 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 base
261、d on its assessment of many factors,including interpretations of tax law and prior experience.This assessment relies on 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 a
262、dequacy of existing tax assets and liabilities;such changes to tax assets and liabilities will impact tax expense in the period such a determination is made.Cash and cash equivalents Cash and cash equivalents include cash on hand,deposits held at call with financial institutions,other short-term,hig
263、hly liquid investments with original maturities of three months or less.Trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method,less any allowance for expected credit losses.Redcape has appli
264、ed 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.Other receivables are recognised at amortised cost,less any allowance for expected credit losse
265、s.Inventories Inventories include food and beverages,these are costed on a weighted average basis and stated at the lower of cost and net realisable value.Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated c
266、osts necessary to make the sale.Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date.The accounting for subsequent changes in fair value depends
267、 on whether the derivative is designated as a hedging instrument,and if so,the nature of the item being hedged.Derivatives are classified as current or non-current depending on the expected period of realisation.Cash flow hedges Cash flow hedges are used to hedge Redcapes interest rate risk exposure
268、s.The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income through the cash flow hedges reserve in equity,whilst the ineffective portion is recognised in profit or loss.Amounts taken to equity are transferred out of equity and included in the me
269、asurement of the hedged transaction when the forecast transaction occurs.Cash flow hedges are tested for effectiveness on a regular basis prospectively to ensure that each hedge is highly effective and continues to be designated as a cash flow hedge.If the forecast transaction is no longer expected
270、to occur,the amounts recognised in equity are transferred to profit or loss.If the hedging instrument is sold,terminated,expires,exercised without replacement or rollover,or if the hedge becomes ineffective and is no longer a designated hedge,the amounts previously recognised in equity remain in equ
271、ity until the forecast transaction occurs.29ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)30 Property,plant and equipment Re
272、cognition and measurement With the exception of land,all other items of property,plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the asset.The cost of self-construct
273、ed assets includes the cost of materials and direct labour,any other costs directly attributable to bringing the assets to a working condition for their intended use,the costs of dismantling and removing the items and restoring the site on which they are located,and capitalised borrowing costs.Purch
274、ased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.When parts of an item of property,plant and equipment have different useful lives,they are accounted for as separate items(major components)of property,plant and equipment.Gains and
275、losses on disposal of an item of property,plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property,plant and equipment and are recognised net within other income in profit or loss.Subsequent costs The cost of replacing a part of an item of prope
276、rty,plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to Redcape,and its cost can be measured reliably.The carrying amount of the replaced part is derecognised.The costs of the day-to-day servic
277、ing of property,plant and equipment are recognised in profit or loss as incurred.Depreciation Depreciation is calculated over the depreciable amount,which is the cost of an asset,or other amount substituted for cost,less its residual value.Depreciation is recognised in profit or loss on a straight-l
278、ine 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 depreciated over the shorter of the lease term and their usef
279、ul 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 yearsProperty improvements 7-40 yearsFurniture,fittings and equipment 7-15 yearsSoftware 4-7 yearsThe residual values,useful liv
280、es 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 amount and the disposal proceeds are taken to
281、 profit or loss.Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.Revaluation Land is recognised at fair value based on periodic valuations by external independent valuers and/or 6-month director valuations.A revaluation surplus is credited
282、to other reserves in securityholders equity.Increases in the carrying amounts arising on revaluation of land are recognised in other comprehensive income and accumulated in other reserves in securityholders equity.To the extent that the increase reverses a decrease previously recognised in profit or
283、 loss,the increase is first recognised in profit or loss.Decreases that reverse previous increases of the 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.30Redcape Hotel G
284、roup comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)31 Intangible assets Intangible assets
285、acquired as part of a business combination,other than goodwill,are 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 le
286、ss any impairment.Finite life intangible assets are subsequently measured 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 am
287、ount of the intangible asset.The method and useful lives of finite 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
288、 business.Goodwill is not amortised.Instead,goodwill is tested annually 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 a
289、re not subsequently reversed.Gaming licences Separately acquired Gaming 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 accumula
290、ted impairment losses.Gaming licenses 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.Liquor licences Separately acquired Liquor licences are
291、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 subsequently carried at cost less accumulated impairment losses.Liquor licenses are not amortised but tested for impairment ann
292、ually,or more frequently if events or changes in circumstances indicate that they might be impaired,and are carried at cost less accumulated impairment losses.Impairment Non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and
293、are tested annually for impairment,or more frequently if events or changes in circumstances indicate that they might be impaired.Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.An impairment l
294、oss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value less costs of disposal and value-in-use.The value-in-use is the present value of the estimated future cash flows relating to the asset using a
295、pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cash-generating unit.Financial assets Redcape recognises a loss allowance for expected credit losses on financial assets which
296、are either measured at amortised cost.Redcape has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables.These provisions are considered representative across all customers of Redcape based on recent sales experience,historical collection rates and forwa
297、rd-looking information that is available.Trade and other payables These amounts represent liabilities for goods and services provided to Redcape prior to the end of the financial year and which are unpaid.Due to their short-term nature they are measured at amortised cost,are unsecured and are not di
298、scounted.31ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)32 Loans and borrowings Loans and borrowings are initially recognis
299、ed at the fair value of the consideration received,net of transaction costs.They are subsequently measured at amortised cost using the effective interest method.Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date,the loans or bor
300、rowings are classified as non-current.Finance costs Finance costs are expensed in the period in which they are incurred.Finance costs comprise interest expense on borrowings,using the effective interest rate method,and unwinding of the discount on provisions.Provisions Provisions are recognised when
301、 Redcape has a present(legal or constructive)obligation as a result of a past event,it is probable Redcape will be required to settle the obligation,and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration requ
302、ired to settle the present obligation at the reporting date,considering the risks and uncertainties surrounding the obligation.If the time value of money is material,provisions are discounted using a current pre-tax rate specific to the liability.The increase in the provision resulting from the pass
303、age of time is recognised as a finance cost.Employee benefits Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.Other long-term employee benefits The liability for annual leave and long servi
304、ce leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method.Consideration is given to expected future w
305、age and salary levels,experience of employee departures and periods of service.Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match,as closely as possible,the estimated future cash outflows.Fair
306、value measurement When an asset or liability,financial or non-financial,is measured at fair value for recognition or disclosure purposes,the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
307、at the measurement date;and assumes that the transaction will take place either:in the principal market;or in the absence of a principal market,in the most advantageous market.Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,assuming
308、 they act in their economic best interests.For non-financial assets,the fair value measurement is based on its highest and best use.Valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value,are used,maximising the use of relevant
309、observable inputs and minimising the use of unobservable inputs.Assets and liabilities measured at fair value are classified into three levels,using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.Classifications are reviewed at each reporting date
310、 and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.For recurring and non-recurring fair value measurements,external valuers may be used when internal expertise is either not available or when the valuati
311、on is deemed to be significant.External valuers are selected based on market knowledge and reputation.Where there is a significant change in fair value of an asset or liability from one period to another,an analysis is undertaken,which includes a verification of the major inputs applied in the lates
312、t valuation and a comparison,where applicable,with external sources of data.Issued capital Ordinary stapled securities are classified as equity.32Redcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust IIFor personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I a
313、nd Redcape Hotel Trust II Notes to the financial statements 30 June 2019 Note 3.Significant accounting policies(continued)33 Incremental costs directly attributable to the issue of new stapled securities or options are shown in equity as a deduction,net of tax,from the proceeds.Distributions Distrib
314、utions are recognised when declared during the financial year and no longer at the discretion of the trust.Provision is made for the amount of any distribution declared,being appropriately authorised and no longer at the discretion of the trust,on or before the end of the financial year but not dist
315、ributed at the reporting date.Business combinations The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired.The consideration transferred is the sum of the acquisition-date fair values of the assets trans
316、ferred,equity instruments issued,or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree.For each business combination,the non-controlling interest in the acquiree is measured at the proportionate share of identifiable n
317、et assets of the acquiree.All acquisition costs are expensed as incurred to profit or loss.On the acquisition of a business,Redcape assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms,economic conditio
318、ns,Redcapes operating or accounting policies and other pertinent conditions in existence at the acquisition-date.Where the business combination is achieved in stages,Redcape remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between t
319、he fair value and the previous carrying amount is recognised in profit or loss.Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value.Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recog
320、nised in profit or loss.Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.The difference between the acquisition-date fair value of assets acquired,liabilities assumed and any non-controlling interest in the acquiree and the
321、fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill.If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired,being a bargain purchase to the
322、 acquirer,the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date,but only after a reassessment of the identification and measurement of the net assets acquired,the non-controlling interest in the acquiree,if any,the consideration transferred and the
323、 acquirers previously held equity interest in the acquirer.Business combinations are initially accounted for on a provisional basis.The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period,based on new
324、information obtained about the facts and circumstances that existed at the acquisition-date.The measurement period ends on either the earlier of(i)12 months from the date of the acquisition or(ii)when the acquirer receives all the information possible to determine fair value.Goods and Services Tax(G
325、ST)and other similar taxes Revenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax authority.In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.Receivables and pay
326、ables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax authority is included in other receivables or other payables in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash
327、flows arising from investing or financing activities which are recoverable from,or payable to the tax authority,are presented as operating cash flows.33ASX:RDCAnnual Report 2019For personal use onlyRedcape Hotel Group comprising Redcape Hotel Trust I and Redcape Hotel Trust II Notes to the financial
328、 statements 30 June 2019 Note 3.Significant accounting policies(continued)34 Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Sta
329、ndards and Interpretations that have recently been issued or amended but are not yet mandatory,have not been early adopted by Redcape for the annual reporting period ended 30 June 2019.Redcapes assessment of the impact of these new or amended Accounting Standards and Interpretations,most relevant to
330、 Redcape,are set out below.AASB 16 Leases This standard is applicable to annual reporting periods beginning on or after 1 January 2019.The standard replaces AASB 117 Leases and for lessees will eliminate the classifications of operating leases and finance leases.Subject to exceptions,a right-of-use
331、asset will be capitalised in the statement of financial position,measured at the present value of the unavoidable future lease payments to be made over the lease term.The exceptions relate to short-term leases of 12 months or less and leases of low-value assets(such as personal computers and small o
332、ffice furniture)where an accounting policy choice exists whereby either a right-of-use asset is recognised or lease payments are expensed to profit or loss as incurred.A liability corresponding to the capitalised lease will also be recognised,adjusted for lease prepayments,lease incentives received,
333、initial direct costs incurred and an estimate of any future restoration,removal or dismantling costs.Straight-line operating lease expense recognition will be replaced with a depreciation charge for the leased asset(included in operating costs)and an interest expense on the recognised lease liability(included in finance costs).In the earlier periods of the lease,the expenses associated with the le
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