1、|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT ANNUAL REPORT Annual Report ABN|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT ANNUAL REPORT Acknowledgement of Country EVT acknowledges the Traditional Owners and Custodians of Country where we live,work and play,and we recognise their conti
2、nuing connection to the land and waters.We pay our respects to Aboriginal and Torres Strait Islander peoples,and to Elders past and present.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT ANNUAL REPORT Contents Section Page Directors Report Lead Auditors Independence Declaration Statement of Fi
3、nancial Position Income Statement Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Consolidated Entity Disclosure Statement Directors Declaration Independent Auditors Report Shareholder Information Other Information|EVT LIMITE
4、D ANNUAL REPORT|EVT LIMITED ANNUAL REPORT ANNUAL REPORT DIRECTORS REPORT Introduction The directors present their report together with the financial report of EVT Limited,being the Company and its controlled entities(“Group”),for the year ended June and the auditors report thereon.DIRECTORS The dire
5、ctors of the Company in office at any time during or since the end of the year are:Director since AG Rydge(Chairman)BD Chenoweth PR Coates VA Davies DC Grant JM Hastings(Managing Director and Chief Executive Officer)PM Mann(resigned February)JB Webster(appointed March)DIRECTORS QUALIFICATIONS,EXPERI
6、ENCE AND INDEPENDENCE STATUS Alan Rydge AM Non-executive Chairman,Board member since,Chairman of the Board since.Member of the Audit and Risk Committee and member of the Nomination and Remuneration Committee.Experience A company director with more than years of experience in the film,hospitality,lei
7、sure and tourism industries.Joined the Greater Union group in and was formerly the Group Managing Director.He was made a Member of the Order of Australia in.Directorships Mr Rydge is also a director of the listed company,Carlton Investments Limited(appointed,chairman since).In addition,Mr Rydge is c
8、hairman of Alphoeb Pty Limited and Enbeear Pty Limited.Brett Chenoweth Independent non-executive director and Board member since.Experience A company director with more than years of operating experience in media,technology,telecommunications and digital businesses.Directorships Mr Chenoweth is chai
9、rman of Madman Entertainment Pty Ltd,Canberra Data Centres and The Bombora Group.He is also a director of Tabcorp Holdings Limited(ASX:TAH)and Surfing Australia Limited,and a Senior Advisor to H.R.L.Morrison&Co.Mr Chenoweth was previously chairman of Adairs Limited(ASX:ADH)(resigned March).Peter Coa
10、tes AO,BSc(Mining Engineering),FAICD,FAusIMM Independent non-executive director and Board member since,and Chairman of the Nomination and Remuneration Committee.Mr Coates is the lead independent director.Experience A company director with more than years of industry experience including as chief exe
11、cutive officer of Xstrata and Glencores global coal businesses until his retirement in December.Mr Coates was a past non-executive director of Glencore plc,a past non-executive chairman of Santos Limited,Sphere Minerals Limited and Minara Resources Ltd,and a past chairman of the Minerals Council of
12、Australia,NSW Minerals Council and Australian Coal Association.He was made an Officer of the Order of Australia in and awarded the Australasian Institute of Mining and Metallurgy Medal in.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Valerie Davies FAICD Independent non-execu
13、tive director and Board member since.Member of the Nomination and Remuneration Committee.Experience A company director with more than years of broad experience across diverse sectors,including tourism,property,technology,resources,labour-hire,health and media.Ms Davies also operated her own consulta
14、ncy in corporate communications,working at the leadership level with numerous tier one national and international business organisations addressing the complexities of issues management,communications,coaching and mentoring.She is a member of Chief Executive Women,a former Telstra Business Woman of
15、the Year(WA),a Fellow of the Australian Institute of Company Directors as well as being a past Vice-President of the AICD(WA).Directorships Ms Davies is a director of Cedar Woods Properties Limited(ASX:CWP)and was previously a commissioner of Tourism Western Australian(resigned June).David Grant BCo
16、mm,CA,GAICD Independent non-executive director and Board member since.Chairman of the Audit and Risk Committee.Experience A company director and a Chartered Accountant with more than years of accounting and finance experience spanning both the accounting profession and the commercial sector.Mr Grant
17、s executive career included roles with Goodman Fielder Limited and Iluka Resources Limited.Mr Grant was formerly a non-executive director of iiNet Limited.Directorships Mr Grant is a director of Retail Food Group Limited(ASX:RFG)and The Reject Shop Limited(ASX:TRS),and was previously a director of A
18、B Australia Limited(ASX:AB)(resigned October).Jane Hastings BComm Managing Director and Chief Executive Officer(“CEO”)since July.Experience More than years of experience in the tourism,hospitality and entertainment sectors.Ms Hastings was previously CEO of New Zealand Media and Entertainment(NZME)()
19、.Ms Hastings was appointed as the Groups Chief Operating Officer in and CEO in.Directorships Ms Hastings is a director of Les Mills International Limited,a New Zealand company,and is a director of Cinema Association Australasia,an Australian public company limited by guarantee.Ms Hastings is current
20、ly chair of the Global Cinema Federation and was previously a New Zealand Film Commission board member.Jenelle Webster BComm,CA,Registered Company Auditor,IIAA,AGIA Independent non-executive director and Board member since.Member of the Audit and Risk Committee.Experience An experienced non-executiv
21、e director over years of senior finance and accounting experience within both the public and private sectors.Ms Webster was previously the Chief Financial Officer at St Vincents Private Hospital in Sydney from to,and prior to that was an Audit Executive at Ernst&Young from to.Directorships Ms Webste
22、r is a director of Whitefield Industrials Limited(ASX:WHF)and Cadence Capital Limited(ASX:CDM).Ms Webster also holds the position of Director of Advancement at The Scots College in Sydney.Explanation of abbreviations and degrees:AM Member of the Order of Australia;AO Officer of the Order of Australi
23、a;BComm Bachelor of Commerce;BSc(Mining Engineering)Bachelor of Science(Mining Engineering);CA Member of Chartered Accountants Australia and New Zealand;FAICD Fellow of the Australian Institute of Company Directors;FAusIMM Fellow of the Australasian Institute of Mining and Metallurgy;GAICD Graduate
24、Member of the Australian Institute of Company Director;AGIA Member of the Governance Institute of Australia and IIAA Member of the Institute of Internal Auditors.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT COMPANY SECRETARIES GC Dean CA,ACG(CS,CGP)was appointed to the posit
25、ion of Company Secretary for EVT Limited in December.GC Dean was Accounting Manager for the Company()and is a Chartered Accountant and a member of the Governance Institute of Australia.DI Stone FCA,ACG was appointed to the position of Company Secretary for EVT Limited in February.Prior to this appoi
26、ntment,DI Stone was an audit senior manager at KPMG.DI Stone is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Governance Institute of Australia.CORPORATE GOVERNANCE The Board endorses the ASX Corporate Governance Councils Corporate Governance Principles
27、and Recommendations,th Edition.The Group has disclosed its Corporate Governance Statement in the corporate governance section on its website( required,the Group has also lodged the Corporate Governance Statement and Appendix G with the ASX.DIRECTORS MEETINGS The number of directors meetings(includin
28、g meetings of committees of directors)and the number of meetings attended by each of the directors of the Company during the year are set out below:Directors meetings Audit and Risk Committee meetings Nomination and Remuneration Committee meetings Other special purpose committee meetings(a)Entitled
29、to attend Attended Entitled to attend Attended Entitled to attend Attended Entitled to attend Attended AG Rydge 5 5 4 4 7 7 3 3 BD Chenoweth 5 5 1 1 PR Coates 5 4 1 1 7 7 2 2 VA Davies 5 5 1 1 7 7 DC Grant 5 5 4 4 3 3 JM Hastings(b)5 5 4 4 6 6 3 3 PM Mann(c)4 4 3 3 JB Webster(d)1 1 1 1 (a)Other spec
30、ial purpose committees were formed during the year to assist the Board with confirming final approval of the half year and year end financial statements and its oversight of the investment in CineStar Germany.(b)JM Hastings attended Audit and Risk Committee and certain Nomination and Remuneration Co
31、mmittee meetings by invitation.Other directors who are not members of a committee may attend meetings by invitation from time to time.(c)PM Mann resigned on 15 February 2024.(d)JB Webster was appointed on 21 March 2024.During the year,directors also visited various sites to improve their understandi
32、ng of the Groups locations and operations.PRINCIPAL ACTIVITIES The principal activities of the Group during the course of the year included the following:cinema exhibition operations in Australia and New Zealand,including technology equipment supply and servicing,and the State Theatre;cinema exhibit
33、ion operations in Germany;ownership,operation and management of hotels and resorts in Australia and overseas;operation of the Thredbo resort including property development activities;and property development and managing investment properties.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no
34、 significant changes in the state of affairs of the Group during the year.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT OPERATING AND FINANCIAL REVIEW The Groups normalised revenue was$,.million,up$.million(.%)on prior year and up.%on an underlying basis,driven by a record re
35、venue result in Hotels and Resorts(up.%)and growth in underlying Entertainment revenue(.%).A record result was achieved for the Hotels and Resorts Hotels and Resorts division with revenue of$.million,up$.million or.%on prior year and normalised earnings before interest,tax,depreciation,amortisation,
36、the impact of AASB Leases and individually significant items(“normalised EBITDA”)of$.million up$.million or.%.Record revenue per available room(“revpar”)results were achieved with each of the Groups brands contributing to this outstanding result and achieving greater than fair market share.Rydges Me
37、lbourne delivered strong trading and customer sentiment results in the first year of trading after a major upgrade was completed in.Thredbo was impacted by the worst winter weather conditions for nearly years,and with adverse weather continuing to impact the summer opening season.The remainder of th
38、e summer season traded in line with the prior record year.Poor weather conditions also impacted the start to the winter season,with no natural snowfall and no significant terrain open until the end of June,which compared unfavourably with June.Revenue for the year was$.million,$.million(.%)below a r
39、ecord prior year,whilst normalised EBITDA was$.million,$.million below the prior year.The success of the new business model was a key factor to deliver these results on materially weaker season conditions.Entertainment underlying revenue of$.million was up$.million(.%)adjusting for prior year German
40、 Government support.The first half of the year was strong,underpinned by a record first quarter driven by the success of Barbie and Oppenheimer.First half revenue of$.million,was up.%on the prior comparable half year period,and normalised EBITDA was$.million,up.%.As expected,the second half of the y
41、ear was materially impacted by the Hollywood industry strikes(July to November)with studios delaying film releases,resulting in fewer admissions.As a result,the April to mid-June period recorded the lowest admission weeks on record(excluding COVID closure periods).In addition,there was a greater con
42、tribution from family films and whilst the Group was able to successfully grow per family spend,each family admission contributes less than a normalised audience.In Australia,adjusting for the benefit of IMAX Sydney,second half revenue was down$.million,and second half normalised EBITDA was down$.mi
43、llion.Strong cost management mitigated most inflationary pressures,but the combination of the material strike impact on admissions and several screens closed for upgrades,resulted in base operating models not able to fully offset energy and rent increases.Entertainment New Zealand normalised EBITDA
44、was$.million,up$.million on prior year.Entertainment Germanys EBITDA,adjusting for prior year Government subsidies,was down$.million.Like Australia,EBITDA margin was impacted due to strike-related record low admission periods in April and May,and the European Championships which took place in German
45、y during June and July.Overall,the success of the revenue strategies has proven that in like for like admissions months,margin growth can be achieved.As the film line up recovers into FY and FY,the benefit of these revenue strategies is expected to deliver strong results.The Groups property portfoli
46、oproperty portfolio is independently valued at least every three years and updated independent valuations were obtained in the prior year for the majority of the Groups property portfolio.The overall independent value of the Groups property portfolio is approximately$,.million.The Groups property st
47、rategy is to own hotel properties in key city locations that support the growth of the Groups hotel brands,to develop assets,and divest underperforming and non-core assets to recycle capital into growth projects.The normalised EBITDA for the Groups Property division was$.million,up$.million(.%)on th
48、e prior year.The Group invested in future growth initiatives and capabilities including initial resourcing for offshore hotel expansion and ongoing investment in leveraging efficiencies from artificial intelligence and customer facing digital technology as part of its business transformation strateg
49、ic initiatives.Strong cost management discipline was evident across the Group with a range of business transformation initiatives deployed to mitigate the impact of cost pressures and the ever-growing cost of compliance.The Groups unallocated corporate costs at the EBITDA level decreased$.million to
50、$.million.The Groups underlying unallocated costs were.%below FY despite market cost challenges,adjusting for the impact of insurance premium increases and short-term incentive payments relating to the prior years performance.The Groups Normalised EBITDA was$.million.The prior year included a non-re
51、curring$.million of German Government support and excluding this,underlying normalised EBITDA was down$.million(.%)on the prior year.The decline in EBITDA year on year is related to a change in the mix of earnings from the Group with poor weather conditions at Thredbo(EBITDA down$.million),and the i
52、mpact of Hollywood strikes resulting in a lack of consistent film releases causing unusually low trading periods,combined with the impact of temporary screen closures for refurbishments.The Groups profit before interest,individually significant items,the net impact of AASB Leases,and income tax expe
53、nse was$.million and included an increase in depreciation in relation to the reopening of Rydges Melbourne and the opening of IMAX Sydney.Normalised profit after tax was$.million,down$.million adjusted for German Government subsidies in the prior year.The reported net profit after income tax was$.mi
54、llion.The current year reported net profit after tax included a non-cash tax charge of$.million following a change in New Zealand taxation rules in relation to the depreciation of buildings.In the prior year,the reported net profit after tax included the profit on sale of properties of$.million reco
55、gnised on disposal of The Miller Hotel(formerly Rydges North Sydney)and the Darwin Cinema Centre.Adjusted for these and other one-off individually significant items,NPAT was down in line with trading performance.The Groups net debt at June was$.million,which was broadly in line with pre-COVID net de
56、bt levels.The enduring strength of the Groups balance sheet will enable the Group to invest for growth and capitalise on opportunities in the future.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT EVT Group Strategy EVT(Entertainment,Ventures and Travel)strategic framework cont
57、inues to make strong progress against the three strategic goals,being:.Grow revenue above market by deploying insight-led demand driving strategies and ensuring a positive customer experience and engaged employee culture to secure results above fair market share.Maximise assets by growing the value
58、of the EVT hotel property portfolio through developing existing assets,acquisition of hotel properties in key city locations that support the growth in the Groups hotel brands,asset-light hotel brand growth and divesting underperforming and non-core assets to recycle capital into growth projects.Bus
59、iness transformation initiatives to continually improve operating models and IT innovation to mitigate cost pressures and maintain or improve margins.The achievement of the EVT three strategic goals is supported by the Groups Elevate program:.Elevate our Customers which includes growing our loyalty
60、membership,listening and tracking customer feedback to target investment and adoption of new technology and capabilities to improve the customer experience.Elevate our People which includes recruitment,development,and retention of quality talent by creating a positive and empowered culture,adopting
61、continuous employee feedback,and measuring outcomes.Elevate our Community which includes encouraging daily evidence of our“Everyone Belongs”diversity and inclusion approach and playing our part to support the communities we operate in.Elevate our Environment with our focus areas of sourcing responsi
62、bly,designing for the future,and playing our part by sharing the progress that we make along the way.To support the Elevate our Environment strategy,the Group has announced its commitment to carbon reduction goals for.These goals are a%reduction in Scope and carbon emissions compared to the FY base
63、year,and a%reduction in Scope emissions compared to the FY base year.A detailed plan has been developed to achieve these goals.In summary,the reduction in Scope emissions is expected to be achieved with a transition to purchasing renewable electricity for our cinemas and hotels,with Thredbo having p
64、urchased renewable electricity for several years.For the reduction in Scope emissions,the Group will be working with its suppliers to understand their decarbonisation goals and over time drive more sustainable procurement decision making.Maximising Assets The EVT property portfolio is currently valu
65、ed at approximately$,.million,principally based on independent valuations obtained in the prior year.The portfolio is underpinned by the Groups property strategy of acquiring hotel properties in key city locations that support the growth of the Groups hotel brands,developing existing assets with pre
66、miumisation initiatives,and divesting underperforming and non-core assets to recycle capital into growth projects.The Group has previously divested over$million of non-core properties at a premium of approximately%over the independent valuations of the properties sold.These properties previously con
67、tributed EBITDA of approximately$.million in FY,and the lost earnings have been fully offset by the success of the asset-light Hotels brand growth strategy.Whilst the Groups non-core property proceeds target was exceeded,there are a small number of other properties that will be divested when market
68、conditions are favourable.One of these properties is Rydges Hobart and sale contracts have been exchanged($.million)and the sale is expected to complete in August.Property acquisitions completed included Essex Street,Fremantle(Western Australia),and plans are in progress to convert this property to
69、a LyLo with construction expected to commence later in the year.In addition,a Development Application has been approved for the development of LyLo Gold Coast on surplus land at the Groups QT Gold Coast property.A Development Application has been approved for a new basement bar at QT Sydney,and plan
70、ning for the potential expansion of guest rooms in underutilised conference space at Atura Adelaide Airport is in progress.In relation to the Groups major development projects,planning is in progress for the phased upgrades of Rydges Queenstown in FY and QT Canberra in FY.A Stage Two Development App
71、lication was approved in May for George Street,Sydney of a mixed-use development including prime George Street retail space,a QT hotel,and residential apartments.A range of options are currently under consideration to realise the best return from this development.In addition,The City of Sydney has p
72、reviously approved the podium for the proposed-George Street development.As an initial phase,the planning for the extension of the QT Hotel and prime retail space across the podium level is underway.The timing of these projects will be subject to market conditions.The Group continues to target inves
73、tment into key cinema locations with premium cinema experiences.Australias first ScreenX opened in August at Event Cinemas Robina,and a DX screen is planned for Event Cinemas Innaloo later this year.IMAX Sydney opened in October,and despite being only one screen has ranked as the sixth highest gross
74、ing cinema complex in the country.Targeted premiumisation upgrades are also in progress at Event Cinemas Innaloo,Marion,Burwood and BCC Rockhampton.In total,new or upgraded premium screens were completed or commenced during the year.Hotel Expansion Hotel Expansion The Groups hotel strategy has evolv
75、ed to expand into all market segments from luxury to budget accommodation across Australia and New Zealand and targeted international markets.Highlights of expansion activity in the year include:A management agreement was signed for the Hotel Telegraph,Singapore,which is in the final stages of conve
76、rsion to QT Singapore,the first QT property outside of Australia and New Zealand and a key milestone in the Groups targeted international expansion strategy.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Management agreements have been executed for three future additions to th
77、e Rydges portfolio,including the Rydges Ringwood in Victoria(formerly the Sebel Ringwood,under Rydges management from August),and the new developments of Rydges Tauranga New Zealand and Rydges Wailoaloa Beach Fiji,both of which are expected to open in the next three years.The Group secured managemen
78、t agreements for additional independent hotels including The Old Clare Hotel,Sydney,The Harbour Rocks Hotel,Sydney,The Inchcolm Hotel,Brisbane and The Alex Hotel,Perth.LyLo is an innovative budget lifestyle accommodation offering to meet the needs of budget travellers.LyLo properties cater to all st
79、yles of travel and feature a mix of private sleeping pods,private double rooms with design led shared amenities and private ensuite rooms,as well as shared kitchen facilities,workspaces and social areas to connect with fellow travellers.LyLo now operates in Brisbane,Auckland,Christchurch and Queenst
80、own.LyLo Perth and LyLo Gold Coast are two new properties in the pipeline over the next two years.FY outlook In Entertainment,FY started with the release of two strong family releases,Inside Out and Despicable Me.Inside Out is the highest-grossing animated film of all time,and Despicable Me has exce
81、eded the performance of Despicable Me.Deadpool&Wolverine has been well received by audiences and has set new records in key metrics.However,the combination of these three films is not expected to offset the record prior comparable period which included Barbie and Oppenheimer.A stronger line-up is an
82、ticipated in second quarter versus prior comparable second quarter with major titles including Joker:Folie Deux,Gladiator II,Wicked,Moana and Mufasa.The film line-up consistency for FY remains impacted by the prior year film production disruption due to Hollywood strikes,however,less film date moves
83、 are anticipated.Subject to film appeal,particularly over the peak Christmas period,FY could be in line with,or ahead of,the prior year.Looking further ahead,there are good signs of recovery in the film line-up into FY.It has been a slower start to the year for Hotels due to fewer major events to dr
84、ive demand.Looking ahead,there are some anticipated market headwinds,including a New Zealand market that,except for Queenstown,is challenged,and Sydney and Melbourne markets will cycle the Taylor Swift impact in the third quarter.There is also the general pressure on consumer discretionary spend imp
85、acting weekend leisure travel decisions.Weekday corporate travel remains strong and there is positive demand from conference and events.There is still room for recovery in inbound travel into both New Zealand and Australia,particularly from China.Despite these headwinds,the Group expects to be in li
86、ne or possibly achieve another record result for the Hotel segment.Thredbos winter season has had a slower start than the prior year with no natural snowfall until after the key school holiday period in July.Despite these challenges,the Groups investment in snowmaking and recent natural snowfall sup
87、ported improved conditions in August.Overall,a result broadly in line with FY is expected,subject to the second half,including conditions in June.The Group continues to mitigate inflationary cost pressures,including in relation to rent,energy and wages.The Group has a strong foundation for the futur
88、e and greater agility to respond to market challenges that may arise in FY.|EVT LIMITED ANNUAL REPORT EVT LIMITED ANNUAL REPORT DIRECTORS REPORT OVERVIEW OF THE GROUP The Groups profit before interest,individually significant items,the net impact of AASB Leases,and income tax expense was$.million an
89、d included an increase in depreciation in relation to the reopening of Rydges Melbourne and the opening of IMAX Sydney.Normalised profit after tax was$.million,down$.million adjusted for German Government subsidies in the prior year.The reported net profit after income tax was$.million.The current y
90、ear reported net profit after tax included a non-cash tax charge of$.million following a change in New Zealand taxation rules in relation to the depreciation of buildings.In the prior year,the reported net profit after tax included the profit on sale of properties of$.million recognised on disposal
91、of The Miller Hotel(formerly Rydges North Sydney)and the Darwin Cinema Centre.Adjusted for these and other one-off individually significant items,NPAT was down in line with trading performance.A summary of the normalised result is outlined below:June June CONSOLIDATED GROUP RESULT Normalised EBITDA
92、Depreciation and amortisation Normalised Result Impact of AASB Leases Reconciliation to reported net profit Normalised EBITDA Depreciation and amortisation Normalised Result Impact of AASB Leases Reconciliation to reported net profit$Entertainment Australia and New Zealand ,(,),(,),Germany ,(,)(),(,
93、),Travel Hotels and Resorts ,(,),(,),Thredbo ,(,),(,),Property ,(,),(,),Unallocated revenues and expenses (,)(,)(,)(,)(,)(,)(,)(,),(,),(,)(,),Net finance costs (,)(,)(,)(,)(,)(,),Income tax expense (,)()(,)(,)(,)(,)Profit before individually significant items ,Individually significant items net of t
94、ax (,),Reported net profit ,1.Normalised EBITDA is the normalised result(see below)for the year before depreciation and amortisation and excluding the impact of AASB 16 Leases.2.Depreciation and amortisation excludes the impact of AASB 16 Leases.3.Normalised result is profit for the year before indi
95、vidually significant items(as outlined in Note 2.2 to the financial statements)and excluding the impact of AASB 16 Leases.As outlined in Note 2.2 to the financial statements,this measure is used by the Groups Chief Executive Officer to allocate resources and in assessing the relative performance of
96、the Groups operations.The normalised result is an unaudited nonInternational Financial Reporting Standards(“IFRS”)measure.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT An analysis of the last five years is outlined below:Total revenue and other income($),Basic earnings per sh
97、are(cents).(.)(.)Total dividends declared(a)($),Ordinary dividends per share(cents)Special dividends per share(cents)(a)No dividends were declared in relation to the 30 June 2022 and 30 June 2021 years.A final dividend was declared in relation to the year ended 30 June 2023(refer also to Note 4.2).I
98、NDIVIDUALLY SIGNIFICANT ITEMS Individually significant items comprised the following:$Profit on sale of properties,Settlement of a legal dispute relating to the sale of a business segment ,Restructure,redundancies and staff related costs(,)New system implementation costs(,)Hotel and cinema pre-openi
99、ng costs(,)(,)Write-off relating to various development projects(,)Other expenses(net of income items)()()Impairment charges (,)Transaction and other costs associated with the sale of a business segment (,)Individually significant items before tax(,),Income tax benefit/(expense),(,)Income tax expens
100、e adjustment to deferred tax liabilities(relating to the removal of tax depreciation for commercial buildings)(,)Individually significant items after tax(,),Individually significant items includes a one-off tax expense adjustment(non-cash)of$,arising from the change in government tax policy in New Z
101、ealand and relating to the removal of commercial building depreciation from the-income year onwards.The adjustment creates a corresponding deferred tax liability for a number of the Groups buildings located in New Zealand.The deferred tax liability will unwind(over a period of up to years)as the rel
102、evant buildings are depreciated under the Groups depreciation accounting policy.INVESTMENTS The Group acquired property,plant and equipment totalling$,during the year.The significant acquisitions and capital additions include the following:the conversion of the Limes Hotel,Brisbane to Australias fir
103、st LyLo;cinema refurbishments at Chermside,Campbelltown,Burwood,Innaloo and Marion in Australia,and Dortmund and Bremen in Germany;the completion of the fit-out of IMAX Sydney;the Thredbo Alpine Coaster;and other refurbishment requirements for Thredbo,cinemas,hotels and resorts.On September,the Grou
104、p acquired an additional%interest in Rydges Latimer Holdings Limited(“Latimer”)taking the Groups total ownership interest in Latimer to%.Latimer owns and operates the Rydges Latimer Christchurch hotel.The net consideration paid for the acquisition of%of the total share capital of Latimer was NZ$,(A$
105、,).Further information relating to these acquisitions has been outlined within Note.to the financial statements.PROPERTY The Group has exceeded its previous target to realise gross proceeds of$million from the sale of non-core property assets.Total proceeds from non-core property sales up to and inc
106、luding those that completed in the prior year were$.million,which represented a premium of approximately%over the most recent valuations of the properties sold.Further information regarding these matters is set out below in the Review of Operations by Division.The Groups interest in land and buildin
107、gs and integral plant and equipment,including long term leasehold land and improvements,is independently valued by registered qualified valuers on a progressive two to three-year cycle.Independent valuations for the|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT majority of the
108、 Groups properties were obtained at June,and the total value of the Groups interest in land and buildings based on these independent valuations is$,(refer to Notes.,.and.to the financial statements)whilst the total written-down book value of these land and buildings including integral plant and equi
109、pment at June was$,.The total value of the Groups properties as at June included:Valuation of:Valuations (a)Carrying value Valuations (a)Carrying value$Interest in land and buildings ,Investment properties,Assets held for sale,Total,(a)Valuations are based on independent valuations(as outlined in No
110、te.to the financial statements).CAPITAL STRUCTURE Cash and term deposits at June totalled$,(:$,)and total bank debt outstanding was$,(:$,).TREASURY POLICY The Group manages interest rate risk in accordance with a Board approved treasury policy covering the types of instruments,range of protection an
111、d duration of instruments.The financial instruments include interest rate swaps and forward rate agreements.Maturities of these instruments are up to a maximum of five years.Interest rate swaps and forward rate agreements allow the Group to raise long term borrowings at floating rates and swap a por
112、tion of those borrowings into fixed rates.The approved range of interest rate cover is based on the projected debt levels for each currency and reduced for each future year.At June,the Group had no interest rate hedges(:nil).LIQUIDITY AND FUNDING The Groups main secured bank debt facilities were ame
113、nded and restated in May and consist of$,(:$,)in revolving multi-currency general loan facilities and a$,(:$,)credit support facility for the issue of letters of credit and bank guarantees.The main secured bank debt facilities are supported by interlocking guarantees from most Australian and New Zea
114、land-domiciled Group entities and secured by specific property mortgages(refer to Note.).Debt drawn under the main secured bank debt facilities bears interest at the relevant inter-bank benchmark reference rate plus a margin of between.%and.%per annum.As at June,the Group had drawn$,(:$,)under the m
115、ain secured bank debt facilities and$,(:$,)under the credit support facility.A New Zealand-domiciled subsidiary has a general business loan facility.The subsidiary had drawn NZ$,(A$,)under the facility at June (:NZ$,(A$,).CASH FLOWS FROM OPERATIONS Net cash inflows from operating activities as repor
116、ted decreased to$,from$,in the prior year.After adjusting to include the payment of lease liabilities,net cash inflows from operating activities decreased to$,from$,in the prior year.This movement was driven a reduction in other revenue and income,including government subsidies and support.IMPACT OF
117、 LEGISLATION AND OTHER EXTERNAL REQUIREMENTS There were no changes in environmental or other legislative requirements during the year that have significantly impacted the results of operations of the Group.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT REVIEW OF OPERATIONS BY
118、DIVISION ENTERTAINMENT GROUP The Groups Entertainment revenue of$.million was up$.million(.%)on an underlying basis adjusting for prior year German Government support,and normalised EBITDA was$.million.The year started with a record quarter and then suffered from fewer releases due to the Hollywood
119、strikes for the remainder of the year.A strong first half(admissions+.%on prior year)was underpinned by a record first quarter driven by the release of Barbie and Oppenheimer in July.However,second half admissions were down.%on the prior year,impacted by the strikes that halted the Hollywood product
120、ion and release of films.The most impacted period of the year was April to mid-June,where the Entertainment Group experienced year-on-year declines in admissions of%or more in key trading weeks.Pleasingly,June performed well ahead of global expectations with Inside Out strongly resonating with famil
121、y audiences,and it is now the number one animated title of all time.The German market was also impacted by the European Championships where local content was not released during this window and a materially lower contribution from D(down from.%to.%)due to the impact of the types of films released ca
122、used by the Hollywood strikes.The Entertainment Group continues to experience record results when high quality blockbuster titles are released and like for like admissions periods continue to demonstrate margin improvement,despite cost pressures.Year ended June Movement Admissions(),-.%Revenue($),-.
123、%Underlying RevenueUnderlying Revenue ($)($),+.%+.%Normalised EBITDA($),-.%Underlying EBITDAUnderlying EBITDA ($)($),-.%-.%PBIT($),-.%.Admissions includes the Groups share of admissions from joint operations.Adjusted for German Culture Fund subsidies received in the prior year.ENTERTAINMENT AUSTRALI
124、A As at June Movement Cinema locations*Cinema screens*()*Managed and joint venture cinema sites(excludes Moonlight Cinema sites and screens and the State Theatre).Entertainment Australia revenue was$.million,a.%increase on the prior year.Box Office revenue increased by.%on the prior year.In the firs
125、t half,box office revenue was up.%on the prior comparable period,driven by the success of Barbie and Oppenheimer in the first quarter.Second half box office revenue was down.%on the prior comparable period,or down.%excluding the benefit of IMAX Sydney.As expected,the second half of the year was chal
126、lenged by the material impact of the Hollywood industry strikes(July to November)with studios delaying film releases beyond the financial year,resulting in less admissions.With fewer films,the April to mid-June period recorded the lowest admission weeks since COVID closures.In addition,there was a g
127、reater contribution from family films(more family admissions)and whilst the Group was able to successfully grow per family spend,each family admission contributes less than a normalised audience.The second half,on a like for like basis adjusting for the benefit of IMAX Sydney,revenue was down$.milli
128、on,and normalised EBITDA was down$.million.Strong cost management mitigated most inflationary pressures,but the strike impact on admissions in the second half resulted in the base operating models not able to fully offset energy and rent increases.Entertainment Australia was further impacted by temp
129、orary closure of screens in key locations for upgrades.The key releases during the year included Barbie(July)which grossed over$.million and is now the fifth highest grossing film of all time in Australia,and the release of Oppenheimer(grossed$.million),Wonka(grossed$.million),and Dune:Part Two(gros
130、sed$.million).The impact of the writers and actors strikes which ran from July to November,resulted in the stalling of film production and delayed release dates.As a result during the year,there were nine titles that grossed over$million,compared to twelve titles in the prior year.Given the delay to
131、 the larger titles being released,there was a greater dependency on mid-range titles with titles released in the period that grossed between$million and$million up from titles in the prior year.Premium concepts were favoured by customers,with the admission contribution from premium concepts at%.AAP
132、increased by.%over the prior full year periods record result and SPH increased by.%over the pre-COVID FY,holding up.%on prior|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT year.Eight out of the months of the financial year set a new SPH record,which was a strong result given t
133、he change in film mix and audiences.The Groups direct customer relationships remain strong with Cinebuzz representing%of cinema visits and%of online transactions.Australias first ScreenX opened in August at Event Cinemas Robina,allowing audiences to immerse themselves in a-degree viewing experience
134、where movie visuals are extended to the side walls of the auditorium.IMAX Sydney opened in October,with the site being the sixth highest grossing cinema in the country despite being a single screen.Event Cinemas Campbelltown was refurbished including Gold Class,ScreenX,V-Max with daybeds,reclining s
135、eats and premium fixed back seating,and introduction of a self-service Marketplace candy bar.Refurbishment works also commenced at Event Cinemas Castle Hill,Event Cinemas Marion and Event Cinemas Burwood.Given strike-impacted film supply,it was the ideal timing to upgrade these key screens.The resul
136、t was impacted by the unplanned closure of Event Cinemas Burwood for the majority of the first half of the year due to roof damage.Capital works scheduled for FY include further auditorium upgrades at Event Cinemas Castle Hill,Marion,Burwood and BCC Rockhampton.The Group has also reached agreement w
137、ith IMAX to convert two screens across the Australian circuit to the IMAX format in calendar and.The overall normalised EBITDA profit for the year ended June was$.million,which was down$.million(.%)when compared with EBITDA of$.million in the prior year.The result was impacted by the Hollywood strik
138、es disrupting film supply with record low admission levels from April to mid-June impacting margins,and costs associated with the temporary closure of auditoriums for premiumisation upgrades during the year.In seven out of months,the Group achieved EBITDA margin growth compared with like for like ad
139、mit months in the pre-COVID period.ENTERTAINMENT NEW ZEALAND(Note:all amounts in Australian dollars unless otherwise stated)As at June Movement Cinema locations*Cinema screens*Managed and joint venture cinema sites.Entertainment New Zealand revenue was$.million,up$.million or.%on the comparable prio
140、r year.Box Office revenue increased by.%.The Queensgate cinema which commenced trading in December and fully opened in April was the highest grossing cinema complex in the country for the full year.Admissions were relatively flat,down.%on the prior year,despite the impact of the actors and writers s
141、trikes with a record contribution from World titles.First half admissions were up.%on the prior comparable period,driven by the success of Barbie and Oppenheimer,whilst second half admissions were down.%on the prior comparable period due to the impact of the strikes.The top grossing films for the ye
142、ar were:Barbie(grossed NZ$.million);Oppenheimer(grossed NZ$.million);Wonka(grossed NZ$.million);Dune:Part Two(NZ$.million);and Mission:Impossible-Dead Reckoning Part One(grossed NZ$.million).As with Australia there was a noticeable lack of blockbuster films with only nine titles grossing over$millio
143、n compared to titles in the prior year.Barbie became the fourth highest grossing film ever in New Zealand highlighting that audiences are keen to return to the cinema when high-quality films are released.As evidenced in Australia,customers were spending more per visit with a record period of AAP,up.
144、%on the prior year and increasing by.%over the pre-COVID FY.In addition,SPH was up.%on pre-COVID spend per head,and held up.%on the prior year.A total of nine out of months set new SPH records.Cinebuzz maintained its strong influence with Cinebuzz representing approximately%of all online transaction
145、s.Overall,customer satisfaction and employee engagement scores also improved year on year.The normalised EBITDA result for the year ended June was a profit of$,which was an improvement of$,(.%)on the prior year.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT ENTERTAINMENT GERMA
146、NY(Note:all amounts in Australian dollars unless otherwise stated)As at June Movement Cinema locations*()Cinema screens*()*Managed and joint venture cinema sites.Entertainment Germany revenue was$.million which was.%below the prior year.The prior year included COVID related assistance and subsidies
147、of$.million.Excluding the benefit of the COVID related assistance and subsidies from the prior year,revenue was.%above the prior year.The highest grossing titles within the German market included:Barbie(.million admissions);Oppenheimer(.million admissions);Dune:Part Two(.million admissions);the Germ
148、an production Chantal im Marcheland(.million admissions);and Wonka(.million admissions).The top ten films achieved total market admissions of.million,which was.%lower than the prior year.SPH increased by.%over the prior year and by.%over the pre-COVID FY.AAP was flat on the prior year and was still
149、up.%on the pre-COVID-FY period,a good result considering the materially reduced contribution from D films in the year,down from.%to.%,and the impact on film releases of the European Championships football tournament held in Germany in June and July.The second half of the year was challenged by the m
150、aterial impact of the Hollywood industry strikes(July to November)with studios delaying film releases beyond the financial year and less local German films released,resulting in less admissions.With fewer films,the April to May period recorded the lowest admission weeks since COVID closures.The stri
151、ke impact on admissions in the second half resulted in the base operating models not able to fully offset cost increases.The significant rise in energy costs in recent years was partially mitigated by the German governments energy subsidy program which continued through to December.Energy prices are
152、 reducing compared to the peak pricing in but remain higher than pre-COVID levels.Entertainment Germanys EBITDA,adjusting for prior year Government subsidies,was down$.million.Like Australia,the ability to fully mitigate cost increases was impacted by the strike related record low admission periods
153、in April and May,and the European Championships which took place in Germany in June and July.The Group has commenced refurbishment of the Dortmund and Bremen locations which will introduce premium cinema concepts and is planning refurbishments at two other key locations.The Group has also reached ag
154、reement with IMAX to convert four screens across the German circuit to the IMAX format in calendar and.HOTELS AND RESORTS As at June Movement Locations*Rooms*,Locations(owned)Rooms(owned),()*Owned,managed and other hotels with which the Group has a branding,license,or affiliate agreement.Includes Ly
155、Lo ensuite rooms but excludes Pods.A record result for Hotels and Resorts with revenue of$.million,an increase of.%over the prior year,and normalised EBITDA of$.million,+$.million or+.%.Normalised PBIT was$.million,an increase of$.million or.%over the prior year.The Groups expanded brand portfolio a
156、nd operating models have unlocked growth opportunities for shareholders,hotel owners and employees alike.EVTs hotel portfolio now comprises hotels with,rooms spanning across Australia,New Zealand and Singapore.All the Groups brands continue to perform ahead of market and contributed to record occupa
157、ncy and revpar results.Occupancy in the Groups owned hotels reached.%,an increase of.percentage points compared to the previous year.The average room rate was$,resulting in a revpar of$,an increase of.%on the prior year.Rydges Melbourne delivered strong results,in line with expectations for its firs
158、t full year of trading following a major upgrade.Major events,such as Taylor Swifts Eras Tour in February,and the FIFA Womens World Cup in July and August,fuelled demand delivering record room rates during key trading periods.Food and beverage revenue was up.%,with a.percentage point improvement in
159、margin.Overall,customer satisfaction and employee engagement scores also improved year on year.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Demand from the corporate and conference segments was strong,with a record result in conference and events for the year.There was furth
160、er recovery in inbound with stronger recovery in wholesale business.However,a full recovery in inbound traffic will take some time,as international arrival numbers have yet to reach pre-COVID levels,particularly for the China market.Growth from these segments was partially offset by a normalisation
161、of domestic leisure travel following the sharp post-pandemic acceleration in demand experienced from this segment in FY.During the year,the Group faced inflationary pressure on costs and the growing cost of compliance.Despite these headwinds,margins across the business have recovered well,with the n
162、ormalised EBITDA margin up slightly on the prior year.New technology,both customer-facing and back-of-house,has significantly improved management effectiveness and the guest experience.A two-year project to introduce a new central reservations platform is set to be completed in FY.This will deliver
163、enhanced functionality at a lower cost,making it easier and faster to connect with distribution partners and onboard new hotels.Network expansion remains a strategic priority.Three additional lifestyle hotels(The Old Clare Hotel and Harbour Rocks Hotel in Sydney and The Inchcolm Hotel in Brisbane)ha
164、ve joined the Independent Collection by EVT,which now comprises,rooms across hotels.A further four management contracts have been executed for future additions to the portfolio,including The Alex Hotel Perth(July),the Rydges Ringwood in Victoria(formerly the Sebel Ringwood,opens August),Rydges Taura
165、nga New Zealand(expected to open in late)and Rydges Wailoaloa Beach Fiji(expected to open in-years).Other managed hotels including QT Parramatta and Atura Oran Park are expected to be added to the portfolio in the next few years.The Hotel Telegraph in Singapore secured under a management contract in
166、 December,was closed in April for a major refurbishment,and will reopen in September as QT Singapore,the Groups first QT Hotel outside Australia and New Zealand.Australias first LyLo property opened in Brisbane taking the LyLo portfolio to four properties with rooms and pods,with LyLo Perth and LyLo
167、 Gold Coast in the future pipeline.THREDBO ALPINE RESORT The Thredbo result was materially impacted by adverse weather conditions during both the winter and the-summer seasons.Revenue for the year was$.million,$.million(.%)below the record prior year,whilst normalised EBITDA was$.million,$.million b
168、elow the prior year.The winter weather conditions were the worst experienced since.Winter had a late start,and the season continued with warm weather patterns and an unusually high number of days with strong winds that resulted in key lifts not operating.Winter visitation(measured by skier access sc
169、ans)was.%percent lower than the prior year.The new business model continued to maintain strong yield,with the ticket price per skier up.%on the prior year,and up.%on pre-COVID levels.The first half summer months were also impacted by poor weather conditions limiting trade with closures during key tr
170、ading periods,and the normalisation of domestic travel to the region.The second half summer months were in line with the prior year.When weather conditions are more favourable,demand for mountain biking remains strong.Customer sentiment remained high across the winter and summer months.Costs were we
171、ll controlled despite inflationary pressures.Poor weather conditions impacted the start to the winter season.The resort opened on the June long weekend,but with no natural snowfall the Group was unable to open any significant terrain until the end of the month,which compared unfavourably with June.T
172、he important school holiday period in July was also limited by no natural snowfall.Despite these challenges,the Groups investment in snowmaking and recent natural snowfall supported improved conditions in August.The Alpine Coaster was opened in June and is performing well.The Alpine Coaster delivers
173、 a further year-round attraction to the resort.Major upgrades to the snowmaking system,including pipe replacement and the installation of three new snowmaking fan guns on the Lower Supertrail,were also completed in time for the winter season.Looking ahead,mountain bike trail expansion on both sides
174、of the mountain is continuing with a focus on providing more variety to the trail network.Preparatory work has commenced for the replacement of the two-seater Snowgums chairlift with a new six-seater chairlift,with construction scheduled for completion for the winter season,subject to the necessary
175、planning approvals.PROPERTY AND OTHER INVESTMENTS Property revenue was up$.million to$.million,and normalised PBIT of$.million was$.million above the prior year.UNALLOCATED REVENUES AND EXPENSES The Groups unallocated corporate costs at the EBITDA level decreased$.million to$.million.The Groups unde
176、rlying unallocated costs were.%below FY despite market cost challenges,adjusting for the impact of insurance premium increases and short-term incentive payments.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT DIRECTORS REPORT Business Strategies and Risks The Groups business is
177、 comprised of:Entertainment including cinema operations in Australia,New Zealand and Germany,restaurants,bars and wellness offerings such as spas and golf courses.Ventures including the management and development of the Groups property portfolio,valued at around$.billion,hotel management solutions,j
178、oint venture partnerships,and business customers for media and entertainment technology.Travel including the Groups hotel operations,from luxury to budget accommodation,and Thredbo Alpine Resort for year-round recreation and adventure activities.To better reflect the Groups strategy and operations,s
179、hareholders approved a change of the Companys name to EVT Limited in.The Groups values of empowerment,possibilities and community enable it to drive positive employee engagement and fulfil its purpose,which is to be leaders in creating experiences that escape the ordinary.Measuring and improving cus
180、tomer sentiment,having a positive social impact in the communities in which the Group operates,and creating a better tomorrow through environmental sustainability initiatives are at the core of how the Group operates and creates value for its stakeholders.The Groups strategy is visually represented
181、below:|EVT LIMITED ANNUAL REPORT EVT LIMITED ANNUAL REPORT DIRECTORS REPORT The Groups strategic priorities and initiatives are described in the Operating and Financial Review on pages-,and summarised below:|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT MATERIAL RISKS AND OPPO
182、RTUNITIES The Groups principal business risks and opportunities are outlined below.The risks identified below may materially adversely affect the Groups business strategy,financial position or future prospects.It is not possible to identify every risk that could affect the business and the actions t
183、aken to mitigate risks cannot provide absolute assurance that a risk will not materialise.Details of the Groups risk management framework can be found in the Corporate Governance Statement,available at risks and opportunities Potential impact How we are responding Safety Safety and wellbeing remain
184、the Groups highest priority.The Group is subject to inherent operational risks that could potentially result in serious injury or fatality of employees,contractors or members of the public,including an earthquake,bushfire or extreme weather event,a terrorist incident,a fire at one of the Groups loca
185、tions,a food poisoning outbreak,an avalanche or landslide,and a lift incident or failure.The Groups highest priority is the safety of all those impacted by its operations,including the Groups employees,guests,contractors,and the communities in which it operates.The Group has implemented a comprehens
186、ive and robust safety management system which was independently reviewed in the prior year.The Group monitors and reports on safety metrics which measure work-related injuries and lost time,with regular reporting to the Board.Pandemics As COVID-has demonstrated,a pandemic,epidemic or flu outbreak ha
187、s the potential to materially impact the Groups operations,including due to government mandated closures or domestic or international travel restrictions.In response to COVID-,detailed COVID-safety plans and staff training programs were developed for,and implemented by,each of the Groups operating d
188、ivisions.In addition,to ensure these plans were consistent with best practice in Australia,advice was also sought from infectious diseases experts.The Group implemented a comprehensive internal and external audit process to ensure that each location complied with the relevant COVID-safety plans.The
189、operational and financial impacts of COVID-were partially mitigated by the development of new,more flexible operating models,delivering cost savings during periods of forced closure or restricted trading.It is anticipated that similar strategies may be adopted in response to a future pandemic,if req
190、uired.People A failure to attract,develop and retain high performing individuals could adversely impact the Groups ability to achieve its strategic objectives,including due to the loss of key staff and labour shortages in key roles.In addition,the Group operates in industries that have an elevated r
191、isk of the underpayment of staff,including the hospitality industry.The Group considers that its ability to attract,develop and retain high-performing individuals is a competitive advantage and key to achievement of its strategic objectives.The Group regularly monitors and measures employee engageme
192、nt through internal surveys.The Group has also undertaken talent management and succession planning processes to identify high potential employees and prepare successors for senior executive positions.The Group has implemented a comprehensive and robust system to manage compliance with employment la
193、w,including modern awards and enterprise bargaining agreements,and this system is subject to periodic external reviews.Capital Management Maintaining an appropriate capital structure,consideration of hedging exposures and strategies,and compliance with banking covenants will enable the Group to achi
194、eve its future strategic objectives,including the planned major property developments.The Group has implemented detailed treasury policies and procedures to manage and monitor compliance with banking covenants and hedging policies approved by the Board.Property Values The Groups property portfolio h
195、as a fair value at June of approximately$.billion.Whilst the majority of the portfolio remains core to the Groups operations,a decline in property values may negatively impact market perception of the Groups value and share price.The Group has recently completed a successful divestment of non-core p
196、roperties,realising proceeds of over$million,representing a premium of%over the most recent valuations of the properties sold.Most of the remaining Group properties are operating assets,reducing the Groups exposure to cyclical changes in property valuations.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANN
197、UAL REPORT DIRECTORS REPORT Key risks and opportunities Potential impact How we are responding Property Resilience The Group is subject to inherent operational risks that could potentially result in damage or loss of one or more of the Groups properties,including because of earthquake,bushfire or ex
198、treme weather event,a terrorist incident,or a fire at one of the Groups locations.The Group maintains a comprehensive insurance program including in respect of property damage and business interruption.Independent insurance valuations are obtained periodically to ensure that declared insurance value
199、s remain appropriate.Due to the exposure of certain Group properties to an elevated risk of earthquake or flood,increased deductibles or reduced policy limits may apply for certain categories of events at certain locations.Interruption to Film Product Supply and a Shortening of the Cinema Release wi
200、ndow The Groups Entertainment division is reliant on a high-quality global film release schedule,which may be disrupted including due to strike action,a pandemic,a deterioration in international relations and war,geo-economic breakdown or collapse,or a change in strategy by one or more of the major
201、film production studios.In addition,a shortening of the cinema release window could reduce the appeal of cinema for customers.The Group has limited ability to mitigate exposure to its reliance on global film release dates and cinema release windows,other than through programming of local and alterna
202、tive content which may be expected to result in generally lower admission levels when compared with blockbuster Hollywood film content.Customers,Partners and Competitors The Group operates in highly competitive markets,and customers have alternatives to the Groups entertainment and travel products a
203、nd services.Increasing intensity of competitor activity could affect the Groups market share.The Group also maintains key strategic relationships with partners including joint venture partners and hotel owners,and a deterioration in relations with those partners may negatively impact on the Groups a
204、bility to meet its strategic objectives.The Group maintains proactive and constructive relationships with its key partners,and where appropriate seeks to develop relationships with other potential partners to assist in mitigating the impact of any potential future breakdown in relations with existin
205、g partners.Supply Chain The Group is reliant on a broad range of suppliers providing a diverse range of goods and services.An interruption to supply of key products may negatively impact on the Groups operations or program of property developments,upgrades,and refurbishments.The Groups supply chain
206、may also include risks associated with modern slavery or environmental sustainability.The Group maintains proactive and constructive relationships with key suppliers.The Group identifies key supplier risk and where appropriate develops contingency plans and alternative suppliers for key products and
207、 services.The Groups response to the risk of modern slavery is set out in its Modern Slavery Statement,available at Security and Data Privacy The unauthorised access to,or use of,the Groups information technology systems could adversely impact the Groups ability to serve its customers or compromise
208、customer or employee data,resulting in reputational damage,financial loss or adverse operational consequences.The Group applies the National Institute of Standards and Technology Framework and has implemented a cyber security program that is subject to periodic external reviews.The Group has a robus
209、t information and cyber security and data governance strategy and framework which are subject to regular testing,review and enhancement.Information technology general controls testing,including business continuity and disaster recovery,and penetration testing are performed annually.Legal and Regulat
210、ory Compliance The Group operates in several geographic regions with differing legal regimes and legislative requirements.A failure to comply with regulatory obligations and local laws could adversely affect the Groups operational and financial performance and its reputation.The Group is also requir
211、ed to maintain compliance with key leases and other contracts,some of which are critical to the ongoing operation of its businesses.A failure to maintain compliance with key leases and contracts may have a material adverse impact on the Groups operations.The Group has implemented a comprehensive com
212、pliance management framework,including policies,procedures,training,and exception reporting.The compliance management framework is subject to periodic internal and external review.Any exceptions are reported to the Board,together with remediation action plans.|EVT LIMITED ANNUAL REPORT|EVT LIMITED A
213、NNUAL REPORT DIRECTORS REPORT Key risks and opportunities Potential impact How we are responding Environmental Sustainability and Climate Change The Groups assets and operations are exposed to risks associated with climate change,including physical risks,such as an increase in frequency and severity
214、 of severe weather events and a reliance on natural snowfall in Thredbo,and transitional risks,such as the imposition of a carbon price.Physical climate-related risks may increase the cost of insurance or result in underinsurance of assets in the future.In addition,the Group is exposed to specific e
215、nvironmental sustainability and compliance risks,including in respect of the operation of a sewerage treatment plant and compliance with water licence requirements in Thredbo.The Group continued alignment with the recommended disclosures of the Task-force on Climate-related Financial Disclosures(“TC
216、FD”),and further information regarding the Groups response to climate-related risks and opportunities is set out below.The Group has implemented a robust risk management framework to manage compliance with its specific environmental obligations in Thredbo.ENVIRONMENTAL SUSTAINABILITY The Group has c
217、ontinued a long-term focus on contributing to a sustainable future,ensuring that there are strong foundations in place to respond to a dynamic external environment and taking action to drive progress towards the Groups strategic sustainability goals.The Groups approach is built on its strong values
218、and a recognition that addressing significant sustainability challenges is a collective endeavour,requiring collaboration and transparency.The Group is focused on making better choices for customers,communities and the planet.Materiality assessment Materiality assessment In FY,the Group completed a
219、materiality assessment to identify material topics which:reflect the impact of the business on people,the environment and the economy as well as the impact of these factors on EVT as a business;matter most to stakeholders and their decision-making;and inform the Groups sustainability strategy into t
220、he future.In undertaking this assessment,topics were identified through desktop review and interviews with key internal and external stakeholders,prioritised by the Groups Senior Leadership Team(“SLT”)and representative internal stakeholders,and refined to consider alignment to reporting standards,s
221、uch as the Global Reporting Initiative Standards.Material Topics Material Topics PeoplePeople CommunityCommunity EnvironmentEnvironment Health,safety and wellbeing Employee engagement Talent attraction and retention Diversity,inclusion and equal opportunity Training,learning and development Business
222、 reputation Stakeholder engagement Climate change Carbon emissions Sustainable design and building Natural capital Packaging and waste management Responsible Procurement Cyber and data security Regulatory compliance Transparency This process underlined the importance of climate change to the Groups
223、stakeholders,and the Group is committed to playing its part in reducing its impact on global warming.The Group recognises the significance of a changing climate for its team members,customers,shareholders and community,and acknowledges that it presents risks and opportunities which may have a materi
224、al impact on the business in the future.To address these risks and opportunities,the Group is committed to:-reducing the Groups emissions,with goals to reduce the Groups Scope,and emissions as explained further below;-taking action to progress delivery of the Sustainability framework;and-sharing inf
225、ormation about progress and the assessment of the risks and opportunities with the Groups stakeholders.Our approach to Sustainability Our approach to Sustainability Our approach to sustainability comprises three strategic priorities which seek to drive progress in areas that are important to our bus
226、iness and stakeholders and provide a framework for our sustainability efforts:-Grow revenue above market:by differentiating our products and services.-Maximise assets:by investing in more resource efficient properties,we can enhance the value of our portfolio.-Business transformation:by taking the n
227、ecessary steps to ensure EVT is well positioned to respond to a changing climate and to transition to a lower carbon economy.Achieving the Groups strategic priorities is supported by four focus areas which include:|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT -sourcing respon
228、sibly;-designing for the future;-playing our part(transparency and reporting);and-our partnerships.The table below provides more detail on what these strategic priorities mean in practice for the Group,including how the focus areas support them,how they are measured,and how the Group will put them i
229、nto action.Importantly,while the Groups activities have many positive impacts,there are also trade-offs with Group activities which may also have the potential to cause adverse impacts.The Group is committed to continuously improving sustainability performance by maintaining progress towards the Gro
230、ups strategic priorities,optimising positive contributions and,where practicable,minimising adverse impacts.The Group will continue to review its goals to ensure they remain relevant to the business and its stakeholders,and reflect its ambition for the future.Strategic priorityStrategic priority Wha
231、t are we trying to achieve?Focus areas Focus areas Where are we focusing efforts?Goal Goal What does this mean for the Group?FY Update FY Update What was achieved during the year?Grow revenue above marketGrow revenue above market by differentiating our products and services to meet customers expecta
232、tions of lower carbon experiences and grow revenue ahead of our competitors.Sourcing responsibly Sourcing responsibly Choosing to work with suppliers who align to our sustainability principles and sourcing more sustainable products.Reduce the environmental impact of packaging across the Group and ma
233、nage waste by:engaging with suppliers to increase use of recyclable packaging.working with landlords to divert waste from landfill.improving waste data to identify reduction opportunities.Group waste contracting for the Groups hotels and cinemas refreshed with a strong focus on ensuring more diversi
234、on from landfill across the Group and enhanced data collection and reporting.Reduce emissions by decreasing energy and natural resource consumption and purchasing renewable electricity.Emissions reduction goals in place see Goals and Metrics below.Maximise assetsMaximise assets by investing in more
235、resource efficient properties,and enhancing the value of our portfolio.Designing for the future Designing for the future Choosing to actively build and embed sustainability into how we design,refresh and operate our properties.Obtain National Australian Built Environment Rating System(“NABERS”)ratin
236、gs for owned property.Complete-NABERS ratings have been maintained for owned properties in FY.Consider and where practical,prioritise products which include recycled material,reduce energy and water use,and recycle waste in capital expenditure projects.This also includes appropriate building certifi
237、cations.*Green Star rating targeted in Development Application for the LyLo Gold Coast development.Business transformationBusiness transformation by taking the necessary steps to ensure EVT is well positioned to respond to a changing climate and to transition to a lower carbon economy.Playing our pa
238、rt Playing our part Choosing to respond to a changing climate,empower our people and customers to take part,and share our progress along the way.Disclose our progress in responding to climate-related risks and opportunities with Task Force on Climate-related Financial Disclosures(TCFD)reporting.Cont
239、inued alignment with the recommended disclosures of TCFD in Annual Report and preparation for the Australian Governments mandatory Australian Sustainability Reporting Standards(“ASRS”).|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Strategic priorityStrategic priority What are
240、 we trying to achieve?Focus areas Focus areas Where are we focusing efforts?Goal Goal What does this mean for the Group?FY Update FY Update What was achieved during the year?Raise awareness for environmental protection initiatives to support our customers and team members All team members have recei
241、ved information about EVTs sustainability goals,and%of our team have completed a Know More About EVT eLearning module Our partnerships Our partnerships Choosing to work with strategic partners and experts who will hold us to account and help us achieve our goals Strengthen the implementation of our
242、goals by working cross-functionally to deliver our goals across our business,and with partners and industry groups externally to drive progress Ongoing Transparency and reporting playing our part Transparency and reporting playing our part In June,the International Sustainability Standards Board(“IS
243、SB”)released its global sustainability disclosure standards,IFRS S and IFRS S.IFRS S sets out specific climate-related disclosures and builds on the recommendations of the TCFD.These reporting frameworks form the basis of the Australian Governments mandatory climate-related reporting requirements fo
244、r businesses through amendments to the Corporations Act that are expected to be applicable to the Group for the financial year ending June.To date,the Group has progressively aligned its climate disclosures with the TCFD framework and as in previous years,external climate consultants were engaged to
245、 support the Groups preparation for the new disclosure requirements.Due to the Groups progressive alignment with the recommended disclosures of TCFD requirements,it is well positioned to meet the new mandatory reporting requirements when they come into effect.Sustainability Governance Board oversigh
246、t Sustainability Governance Board oversight EVTs Board of Directors,directly and through authority delegated to the Audit and Risk Committee,is responsible for reviewing and approving the Groups sustainability-related strategies,goals,and material investments to manage actual or potential impacts an
247、d opportunities on the Group.The Board sets the overall risk appetite for the Group and monitors the Groups significant financial and non-financial business risks as well as the adequacy,effectiveness and operation of risk management and compliance policies,controls and frameworks.The Board is also
248、committed to ensuring there is an appropriate mix of skills,experience and diversity represented on the Board to support decision-making.The Groups Directors have a broad range of skills across various professions and industries and strong capabilities in risk management,including climate-related ri
249、sks.The Board will continue to consider appropriate sustainability skills as part of its skills matrix,and is committed to continually developing climate-related capability.In FY,the Board has been engaged regularly in the Groups climate-related activities and progress,including reviewing updates to
250、 climate scenario analysis to include a.C aligned scenario,considering detailed climate risk and opportunities modelling applied to the Groups portfolio,and participating in the materiality assessment process.The impact of these climate scenarios on the Groups strategic plans will continue to be con
251、sidered within the overall risk management process.The Board is informed about the requirements of the ISSB Standards and the upcoming Australian Government climate-related disclosure requirements.The role of management The role of management Once approved by the Board,the CEO leads the delivery of
252、the Groups strategic response to climate change,with the Company Secretary responsible for leading the Groups implementation of sustainability-related strategies and for reporting progress to the Board at least twice a year.The SLT oversee execution of the Groups Sustainability strategy and are resp
253、onsible for embedding the Groups responses to climate risks and opportunities into day-to-day risk management,business strategy,planning and budgetary processes.The SLT is accountable for ensuring that the Group identifies,assesses,and manages material risks,including climate change and other sustai
254、nability risks.Supporting the SLT is the Group Sustainability function and the Sustainability Committee which formulates and drives implementation of EVTs climate response including the Groups decarbonisation pathway and climate resilience evaluation.The Sustainability Committee meets bi-monthly to
255、track progress towards the Groups sustainability strategy.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT EVTs Sustainability Governance Overview Diagram Sustainability Strategy and Risk Management Sustainability Strategy and Risk Management The Groups diverse,global operations
256、 require careful consideration of the strategic,operational,regulatory and financial risks associated with a changing climate.Accordingly,the Group implements a robust set of risk management practices,to identify,assess and manage climate-related risks and opportunities that adhere to its risk polic
257、y principles of creating and protecting value,through integrated,focused,tailored and iterative risk management.This includes enterprise-level risk management,informed by the materiality assessment and the climate risk and opportunity assessment that are regularly updated to form an overall picture
258、of business resilience.Further information regarding the Groups risk management framework and approach is set out in the Corporate Governance Statement,available at Group periodically conducts climate risk assessments,including deep dives on physical and transition risks facing the Group,with update
259、d analysis being performed during FY.For the updated scenario analysis,the Group has identified the likely timeline of the risk and opportunity impacts on the Group.These have been defined with consideration given to the life of the Groups assets,the profile of climate-related risks,and the sectors
260、and geographies of operation.These time horizons are aligned to the requirements of TCFD and outlined below:Short term:-years Medium term:-years Long term:-years.Climate Scenario Analysis Climate Scenario Analysis The Group has updated its climate scenario analysis in FY to include an additional cli
261、mate-related scenario,deepen its understanding of climate-related risks and opportunities across the portfolio,and better inform strategic planning.Importantly,while scenario analysis is a useful planning tool for the Group,there are inherent limitations with scenario analysis and scenarios do not c
262、onstitute definitive outcomes or probabilities.It is difficult to predict which,if any,of the scenarios might eventuate and scenario analysis relies on assumptions that may or may not prove to be correct.In addition to the existing consideration of low emissions scenario and high emissions scenario
263、on the Groups activities,a.C scenario has been included to reflect current climate science.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Scenario:Scenario:Scenario:Scenario:Scenario:Scenario:Very low emissions scenario (.C)Low emissions scenario (C)Scenario utilises the SSP .
264、scenario.The world shifts steadily toward more sustainable practices,with a focus shifting from economic growth to global wellbeing.Investments in decarbonisation and abatement technology increase,as do investments in education and health.Consumption is oriented toward low material growth,and lower
265、resource and energy intensity.This is the only IPCC scenario that meets the Paris Agreement,with temperatures escalating.C above preindustrial standards but stabilising around.C by the end of the century.Scenario utilises the SSP .scenario.Global CO emissions are strongly reduced,however the objecti
266、ve of zero emissions is reached after.A high carbon price and strict coordinated emissions policy is adopted worldwide.Severe weather events continue to increase in frequency under this scenario,however the worst impacts are avoided.Society embraces a rapid decline in fossil fuel usage,transitioning
267、 to renewable energy.Private and public investment is mobilised into decarbonisation and abatement technology.Global temperature continues to increase,stabilising around.C above preindustrial standards by the end of the century.Scenario utilises the SSP .scenario.No action is taken to advance climat
268、e policy or reverse current policies.Fossil fuel consumption continues to grow until,and as greenhouse gas emissions continue to rise,so does the global temperature.Severe weather events are regular with significant impact to built environments,causing significant economic repercussions.Within Austr
269、alia,capital cities are hotter and drier,with significant increases in heat waves.Investment in education and technological development decline,and economic development is slow.A low international priority for addressing environmental concerns leads to strong environmental degradation in developing
270、regions.Globally,CO emissions have nearly doubled from current levels by,and by the end of the century,average temperatures have risen by.C.Note.“SSP”refers to“Shared Socio-economic Pathways”which are climate change scenarios of projected socioeconomic global changes up to as defined in the IPCC Six
271、th Assessment Report on Climate Change in “IPCC”refers to the Intergovernmental Panel on Climate Change(IPCC)which is the United Nations body for assessing the science related to climate change.To understand the impact of these scenarios on the portfolio,the Group assessed owned and managed sites in
272、 six geographical locations.These geographies were chosen for assessment due to their economic and reputational significance.All sites located within the geographical region were included in the modelling.This scenario analysis assessed the key physical and transition risks likely to impact the Grou
273、ps operations and the time horizons over which they are likely to occur.The high-level key themes remained consistent with the Groups earlier analysis disclosed in the Annual Report,with an additional key theme of Resource Efficiency now included to reflect the strategic importance of adapting to a
274、carbon constrained environment.Potential Impact to EVT Potential Impact to EVT How were planning to respondHow were planning to respond .Thredbo Thredbo is a material contributor to the Groups earnings,with the majority of those earnings currently generated during the winter months.As previously ide
275、ntified and disclosed,Thredbos winter operations have a particular exposure to physical climate impacts on snowfall and temperatures,potentially limiting periods during which snowmaking can operate.Climate change may impact on the availability of water,which is required for snowmaking.-Investigating
276、 and,where appropriate,implementing resilience measures for the winter season,which may include investment in snowmaking technologies and capabilities,subject to water availability.-Investing in activities and infrastructure that can support year-round visitation,for example the Alpine Coaster which
277、 opened in June.Property resilience The Group relies on physical infrastructure to deliver products and services to customers.Scenario modelling showed increasing temperature,extreme heat,water stress,drought,extreme cold and changing precipitation patterns have potential to impact all operating reg
278、ions.The increasing duration and frequency for extreme weather events could place aging and-Monitoring the highest risk assets,from both a value and climate perspective,to understand specific climate stressors applicable to individual sites and adapt accordingly.-Monitoring potential insurance premi
279、um increases or changes in coverage for assets in higher-risk areas.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Potential Impact to EVT Potential Impact to EVT How were planning to respondHow were planning to respond less resilient infrastructure at risk.Resource efficiency
280、 Under the very low and low carbon scenarios,the cost of fossil fuels and energy usage is set to increase rapidly as governments strengthen carbon pricing mechanisms and policies to accelerate decarbonisation.The demand for lower-emission(as compared to current state)buildings and building materials
281、 is also increasing.This,in conjunction with the global shift towards sustainable resource use,necessitates the prudent use of natural resources and energy.Older inefficient equipment may lead to higher energy usage and associated costs.Alternatively,investment in energy efficiency could support the
282、 achievement of sustainability goals and reduce operational expenditure.-Exploring ways to participate in the renewable energy market,as well as take advantage of new technologies as they come to market.-Improving energy efficiency overall to mitigate exposure to a carbon constrained environment.-Ev
283、aluating new opportunities considering their energy profile,updating or augmenting older infrastructure and investing in new monitoring systems to improve efficiency.-Investigating the use of building materials with lower environmental impacts than standard building materials due to lower carbon emi
284、ssions in manufacturing and/or the inclusion of recycled or renewable material when undertaking new developments.Supply Chain The Group relies on a diverse supply chain and,under changing climatic conditions and the increase of severe weather conditions highlighted in scenario analysis,supply chain
285、disruptions are likely to become increasingly common.This,in conjunction with increased prices driven by a carbon policy may result in reduced availability of critical commodities,and a higher cost for food and beverages.-Using forward planning and appropriate procurement strategies to mitigate disr
286、uptions and reduce the risk of higher costs.For example,diverse menus and offers have allowed the Group to adapt to sudden supply disruptions and price spikes.-Continuing to evaluate and respond to the specific risks facing key supply chains,allowing the Group to refine sourcing strategies in the fu
287、ture.Summary of climate-related risks and opportunities Summary of climate-related risks and opportunities The four key themes outlined in the table above were synthesised from a more detailed analysis of risks and opportunities with the potential to affect the Group.Eight risks and five opportuniti
288、es are outlined in the table below.Summary of climate-related risks Risk CategoryRisk Category Time HorizonTime Horizon ClimateClimate-Related RiskRelated Risk Key Key Mitigating ActionsMitigating Actions Physical Chronic Medium to Long Term Physical climate impacts on snowfall and cold temperatures
289、,such as increasing temperatures in Thredbo,potentially limiting periods during which snowmaking can occur.-Technology improvements support snowmaking across a wider range of weather conditions.-Improved climate modelling enhances understanding of likely timelines and supports planning for shifts in
290、 tourism seasonality.Physical Chronic Medium to Long Term Physical climate impacts such as increasing temperature in all regions,and water stress and drought,impact agricultural productivity and increases cost of supply.-Identification of alternative suppliers and flexibility in food and beverage of
291、ferings.Physical Acute Medium to Long Term Increased frequency and severity of weather events cause disruptions in the supply chain.Weather events across regions are likely to include:-Water stress and drought(Sydney,Melbourne,and Perth).-Changing precipitation patterns(Melbourne and Auckland).-Forw
292、ard planning for seasonal products and ensuring supply chain flexibility and diversity.Physical Acute and Chronic Medium to Long Term Increased frequency and severity of climate impacts on property and plant availability and operating costs.Climatic events with a medium to long-term risk include ext
293、reme heat and cold,river flooding,extreme rainfall flooding,extreme winds and storms,wildfires,increasing temperature,water stress,and drought.-Completion of physical risk assessments for key owned assets to improve understanding of climate impacts.-Engagement with hotel owners and landlords to unde
294、rstand risk exposure and improve resilience.|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Physical and Transition Medium Term Insurance premiums significantly rise due to perceived higher exposure to climate-related risks.Climate risks include extreme heat and cold,river floo
295、ding,extreme rainfall flooding,extreme winds and storms,wildfires,increasing temperature,water stress,and drought,across all operating regions.-Property enhancements to reduce exposure and minimise impact of weather events.-Consideration of locations of operations and insurability based on long-term
296、 climate change projections.Transition Policy Long Term Introduction of a carbon price raises cost of food and beverage products.-Improved diversity of local product suppliers.-Engagement with suppliers to identify lower-carbon alternatives as compared to existing food and beverage products sourced
297、by EVT.Transition Policy Long Term Introduction of a carbon price raises the cost of energy.-Continued exploration of renewable energy procurement and implementation of energy efficiency measures.Transition Policy Long Term Introduction of a carbon price and/or corporate carbon budget decreases freq
298、uency of air travel and/or raises the cost of travel,specifically air-travel,leading to changes in consumer behaviour.-Longer stays,options for customers to reduce environmental impact of stay in destination hotel.Summary of climate-related opportunities Opportunity Opportunity CategoryCategory Time
299、 HorizonTime Horizon Climate-Related OpportunityClimate-Related Opportunity Key ActionsKey Actions Transition Technology,Market and Reputational Medium Term Development and refurbishment of our properties provides opportunities for more efficient design and consumption.This may include implementing
300、energy efficient lighting,HVAC systems,insulation and building controls to enhance energy efficiency in hotels.-Consideration of climate-related opportunities for new developments.-Engagement with hotel owners and landlords during design and development stage of build and refurbishments to implement
301、 more energy-efficient systems.Transition Market and Reputational Short to Medium Term Increased demand for lower environmental impact products provides opportunity to position the Group ahead of its competitors.-Continued exploration of lower environmental impact products and services.Transitional
302、Market and Reputational Short to Medium Term Effective implementation of adaptation measures and increased efficiency of property can increase property valuation.Adaptation measures may include renewable energy measures,such as solar panelling,to reduce a reliance upon fossil fuels.-Continued monito
303、ring of asset resilience to climate impacts and enhancement of assets to improve efficiency.Physical Chronic Medium to Long Term Increased demand for Thredbo in summer months due to its comparatively cooler climate.-Continued promotion of summer experiences at Thredbo and development of mountain bik
304、e trails and year-round experiences.Transition Market&Reputational Medium Term Improved waste management practises can support an enhanced market position.-Continued engagement with landlords and other stakeholders to improve waste management strategies.-Engage with suppliers to increase recycled an
305、d upcycled offerings.-Continue to implement findings of FY waste audit;improve recycling and engage customers|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Opportunity Opportunity CategoryCategory Time HorizonTime Horizon Climate-Related OpportunityClimate-Related Opportunity
306、Key ActionsKey Actions and internal team in that process;and engage with suppliers to reduce packaging across the Group.The Group will continue to monitor climate-related risks and opportunities periodically to assess whether there has been any change in the materiality assessment for these risks an
307、d opportunities.Next steps Next steps In line with a gap analysis against IFRS S standards completed in FY,the Group will continue to prepare and disclose in accordance with the IFRS S recommendations and work towards alignment with the Australian Governments draft mandatory ASRS.This will include f
308、urther work to:quantify the potential financial impact of material risks and opportunities identified;and deepen the Groups understanding of the impact of a changing climate on material assets over the short,medium,and long term time horizons.In addition,the Group has begun completing a gap analysis
309、 against the Taskforce on Nature-Related Financial Disclosures(“TNFD”)and aims to develop a roadmap in FY to align our future disclosures to this framework.Goals and Metrics Organisational boundary Goals and Metrics Organisational boundary EVT has selected the operational control consolidation metho
310、d to determine its emissions boundary and in line with the requirements of the GHG Corporate Value Chain(Scope)Accounting and Reporting Standard(GHG Scope Corporate Standard”),this has been applied consistently across the portfolio and across Scopes,and.Definition of scopes:-Scope Scope covers direc
311、t greenhouse gas emissions(“GHG”)from the burning of fuels and fleet emissions;-Scope Scope covers the indirect emissions from the production of energy primarily electricity purchased;and-Scope Scope covers the indirect emissions due to upstream and downstream activities required for the Groups dire
312、ct activity.EVT will consider reviewing and resetting the Groups base year inventory and goals where:-there are changes in the Group structure such as acquisitions,divestments and mergers;and-emissions from aspects of Group operations which currently sit outside the reporting boundary change signifi
313、cantly or are required to be included due to regulatory change or emissions calculation methodology change.Carbon Emissions Scope and Carbon Emissions Scope and Set out below is a summary of the Groups Scope and.In FY,and in preparation for future mandatory reporting requirements,EVT has adopted dua
314、l reporting of Scope emissions:-Location-based emissionsLocation-based emissions are calculated using the average emissions intensity of the grid on which the energy consumption occurs-Market-based emissionsMarket-based emissions are calculated using supplier-specific data about the energy purchased
315、 The Groups total Scope and total Scope carbon emissions for the year ended June have been subject to limited assurance procedures performed by KPMG.Scope and carbon emissions data has been compiled based on information provided by the Groups energy retailers and other relevant data sources.In some
316、cases,careful estimations have been used for certain locations and periods where source data could not be obtained prior to the finalisation of the Directors Report.Total emissions(tCOe)Scope Natural gas,Stationary fuels,Transport fuels Other Scope (location-based)electricity,Scope (market-based)ele
317、ctricity,By geographic location(Scope and Scope location-based):Australia,New Zealand,Germany,Singapore|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Note:The National Greenhouse and Energy Reporting(NGER)methodology has been applied across all regions to maintain consistency
318、with region or country-specific emissions factors applied as required.Emissions factor sources include the Australian National Greenhouse Accounts Factors,New Zealand Ministry for the Environment:Measuring emissions:A guide for organisations and the International Energy Agency Emissions Factors.The
319、chart below illustrates the Groups total Scope and location-based Scope carbon emissions over the past six years:Boundary setting Scope Boundary setting Scope In FY,the Group completed a Scope boundary assessment and applied the following considerations in establishing the Scope boundary:.Organisati
320、onal BoundaryOrganisational Boundary in line with the guidance of the GHG Scope Corporate Standard,and following a review of relevant industry peers,the Group confirmed the application of an operational control consolidation method for Scope categories.GHG Scope Corporate Standard and GuidanceGHG Sc
321、ope Corporate Standard and Guidance the GHG Scope Corporate Standard provides a global foundation for defining and reporting Scope emissions with high level boundary descriptions for upstream and downstream sources of emissions spanning categories.All categories were reviewed against the principles
322、of the GHG Scope Corporate Standard to identify nine applicable categories which are materially relevant to the Group.Applicable categoriesApplicable categories:Category Purchased Goods and Services Category Capital Goods Category Fuel and Energy related activities Category Upstream transportation a
323、nd distribution Category Waste generated in operations Category Business Travel Category Employee Commuting Category End of life treatment of sold products Category Franchises By division(Scope and Scope location-based):Cinemas,Owned hotels,Managed hotels,Thredbo,Other,Scope +total emissions(locatio
324、n-based),Scope +total emissions(market-based),|EVT LIMITED ANNUAL REPORT|EVT LIMITED ANNUAL REPORT DIRECTORS REPORT Not applicable categoriesNot applicable categories Category Upstream leased assets:emissions from the operation of leased assets are included in the Groups Scope and inventory.Category
325、 Downstream transportation and distribution:the Group does not manufacture products for onward sale and distribution.Category Processing of sold products:the Group does not manufacture products for onward sale and distribution.Category Use of sold products:after evaluation of the very small number o
326、f physical products sold(for example,D glasses in cinemas),it was determined that emissions from this category are not material.Category Downstream leased assets:Emissions from downstream leased assets were assessed as not material Category Investments:No material investments requiring consideration
327、.Adjacent sector-specific guidelines and standardsAdjacent sector-specific guidelines and standards the Net Zero Methodology for Hotels sector specific guidelines produced by the World Sustainable Hospitality Alliance were reviewed to identify any additional boundary definitions which could be consi
328、dered when applying GHG Scope Corporate Standard emissions reporting categories.Science-based Target InitiativeScience-based Target Initiative(“SBTi”)the SBTis Corporate Net Zero Standard near-term target Scope threshold requirements were also considered in setting the Scope boundary.In relation to
329、Category,it should be noted that emissions resulting from capital goods acquired or purchased by hotel owners for hotels managed by the Group do not fall within EVTs Scope boundary.Emissions relating to the Groups joint operations include:%of emissions in joint venture locations which are under the
330、Groups operational control;and no emissions associated with joint venture locations which are operated by a joint venture partner and consequently are not under the operational control of the Group.The Group will periodically review its Scope reporting boundary and remains open to adapting its appro
331、ach as further alignment and practice relating to identifying and measuring Scope emissions evolve.Carbon emissions Scope Carbon emissions Scope Following completion of the Scope boundary assessment,the Group has modelled its Scope emissions on an FY base year.Scope emissions estimates have been der
332、ived from calculations based on purchasing volumes(spend-based approach)and assessed against the boundary setting requirements of the GHG Scope Corporate Standard and the SBTi.EVTs FY Scope emissions baseline is provided below and compared to FY Scope and emissions data to provide context in relatio
333、n to SBTi target-setting.An estimate of the Groups FY Scope emissions is currently in development.FY Scope estimates (tCOFY Scope estimates (tCO e)e)By geographic location:Australia ,New Zealand ,Germany,By division:Cinemas,Hotels(both owned and managed),Thredbo,Other,By category:Cat.Purchased Goods and Services,Cat.Capital Goods ,Cat.Fuel and energy related activities,Cat.Upstream transportation
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