Event Hospitality & Entertainment : Annual Report to shareholders

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AnnualEVENT HOSPITALITY & ENTERTAINMENT LIMITED

Report

2021

E V E N T H O S P I T A L I T Y & E N T E R T A I N M E N T L I M I T E D

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C O N T E N T S

Section		Page
Directors' Report	2
Directors' Report: Remuneration Report - Audited	24
Lead Auditor's Independence Declaration	35
Statement of Financial Position	36
Income Statement	37
Statement of Comprehensive Income	38
Statement of Changes in Equity	39
Statement of Cash Flows	40
Notes to the Financial Statements
Section 1 - Basis of preparation
1.1	- Reporting entity	41
1.2	- Basis of preparation	41
1.3	- Foreign currency	44
1.4	- New and amended accounting standards adopted by the Group	45
1.5	- Restatement of comparatives and discontinued operations	47
Section 2 - Performance for the year
2.1	- Revenue	53
2.2	- Segment reporting	57
2.3	- Individually significant items	62
2.4	- Taxation	62
2.5	- Earnings per share	65
Section 3 - Operating assets and liabilities
3.1	- Trade and other receivables	66
3.2	- Inventories	67
3.3	- Property, plant and equipment	67
3.4	- Investment properties	72
3.5	- Assets held for sale	73
3.6	- Goodwill and other intangible assets	74
3.7	- Trade and other payables	76
3.8	- Provisions	76
3.9	- Commitments and leases	78
3.10 - Other liabilities	81
Section 4 - Capital structure and financing
4.1	- Share capital	82
4.2	- Dividends	83
4.3	- Reserves	84
4.4	- Loans, borrowings and financing arrangements	85
4.5	- Financial risk management	87
Section 5 - Group composition
5.1	- Business combinations	92
5.2	- Subsidiaries	94
5.3	- Interests in other entities	97
Section 6 - Employee benefits and related party transactions
6.1	- Share-based payments	101
6.2	- Director and executive disclosures	104
6.3	- Related parties	105
Section 7 - Other information
7.1	- Contingent liabilities	106
7.2	- Reconciliation of loss for the year to net cash provided by operating activities	106
7.3	- Auditors' remuneration	107
7.4	- Parent entity disclosures	108
7.5	- Events subsequent to reporting date	109
7.6	- Deed of Cross Guarantee	110
Directors' Declaration	112
Independent Auditor's Report	113
Shareholder Information	118
Other Information	120

1 EVENT Hospitality & Entertainment Limited - 2021 Annual Report

D I R E C T O R S ' R E P O R T

The directors present their report together with the financial report of EVENT Hospitality & Entertainment Limited, being the Company and its controlled entities ("Group"), for the year ended 30 June 2021 and the auditor's report thereon.

DIRECTORS

The directors of the Company in office at any time during or since the end of the year are:

AG Rydge (Chairman)

Director since 1978

PR Coates

Director since 2009

VA Davies

Director since 2011

DC Grant

Director since 2013

JM Hastings (Managing Director and Chief Executive Officer)

Director since 2017

PM Mann

Director since 2013

RG Newton

Director since 2008.

Directors' qualifications, experience and independent status

Alan Rydge

Non-executive Chairman, Board member since 1978, Chairman of the Board since 1980. Member of the Audit and Risk Committee and member of the Nomination and Remuneration Committee.

Experience

A company director with more than 50 years of experience in the film, hospitality, leisure and tourism industries. Joined the Greater Union group in 1971 and was formerly the Group Managing Director.

Directorships

Mr Rydge is also a director of the listed company, Carlton Investments Limited (appointed 1980, chairman since 1980). In addition, Mr Rydge is chairman of Alphoeb Pty Limited and Enbeear Pty Limited.

Peter Coates AO, BSc (Mining Engineering), FAICD, FAusIMM

Independent non-executive director and Board member since 2009, and Chairman of the Nomination and Remuneration Committee. Mr Coates is the lead independent director.

Experience

A company director with more than 50 years of resource industry experience including as chief executive officer of Xstrata and Glencore's global coal businesses until his retirement in December 2007. Mr Coates was a past non-executive chairman of Santos Limited, Sphere Minerals Limited and Minara Resources Ltd, and a past chairman of the Minerals Council of Australia, NSW Minerals Council and Australian Coal Association. He was made an Officer of the Order of Australia in 2009 and awarded the Australasian Institute of Mining and Metallurgy Medal in 2011.

Directorships

Positions held by Mr Coates during the last three years include:

• director of Glencore plc; and
• chairman of the Industry Advisory Council for the School of Minerals and Energy Resource Engineering, UNSW.

2 EVENT Hospitality & Entertainment Limited - 2021 Annual Report

D I R E C T O R S ' R E P O R T

Directors' qualifications, experience and independent status (continued)

Valerie Davies FAICD

Independent non-executive director and Board member since 2011.

Experience

A company director with more than 20 years of broad experience across diverse sectors, including tourism, property, technology, labour-hire, health and media. In parallel, Ms Davies established her own consultancy in corporate communications, working at the highest level with numerous tier 1 national and international business organisations addressing the complexities of issues management, communications, coaching and mentoring. Ms Davies is a member of Chief Executive Women, a former Telstra Business Woman of the Year (WA) and a past Vice-President of the Australian Institute of Company Directors (WA).

Directorships

Positions held by Ms Davies during the last three years include:

• director of Cedar Woods Properties Limited; and
• commissioner of Tourism Western Australia (resigned 30 June 2021).

David Grant BComm, CA, GAICD

Independent non-executive director, Board member since 2013, and Chairman of the Audit and Risk Committee.

Experience

A company director and a Chartered Accountant with more than 25 years of accounting and finance experience spanning both the accounting profession and the commercial sector. Mr Grant'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

Positions held by Mr Grant during the last three years include:

• director of Retail Food Group Limited;
• director of The Reject Shop Limited;
• director of A2B Australia Limited; and
• director of Murray Goulburn Co-operative Co. Limited (appointed 27 October 2017 and resigned 26 June 2020).

Jane Hastings BComm

Managing Director and Chief Executive Officer ("CEO") since 1 July 2017.

Experience

Ms Hastings has more than 20 years of experience in the tourism, hospitality and entertainment sectors. Ms Hastings was previously CEO of New Zealand Media and Entertainment (NZME) (2014 − 2016). Ms Hastings was appointed as the Group's Chief Operating Officer in 2016 and CEO in 2017.

Directorships

Ms Hastings was previously a New Zealand Film Commission board member.

3 EVENT Hospitality & Entertainment Limited - 2021 Annual Report