The directors present their report together
with the financial report of Amalgamated
Holdings Limited (“Company” or “Parent
Entity”) and the consolidated entity (“Group”),
being the Company and its controlled entities,
for the year ended 30 June 2009 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:
Mr AG Rydge (Chairman)
Director since 1978
Mr AJ Clark (lead independent director)
Director since 1998
Mr PR Coates
Appointed 10 July 2009
Mr TC Ford
Director since 1993
Mr RM Graham
Director since 1990
Mr RG Newton
Appointed 29 February 2008
Mr DC Seargeant (Managing Director)
Director since 2001 and Managing Director
since 2002
Ms M Hellicar was a director since 2003 and
resigned 23 April 2009.
Particulars of the qualifications, experience
and independence status of each director, as
at the date of this report, are set out within
the Corporate Governance Statement included
with the Financial Report.
DIRECTORS’ MEETINGS
The number of directors’ meetings (including
meetings of committees of directors) and the
number of meetings attended by each of the
directors of the Company during the financial
year has been disclosed within the Corporate
Governance Statement included with the
Financial Report.
COMPANY SECRETARY
Mr GC Dean CA, ACIS was appointed to
the position of Company Secretary for
Amalgamated Holdings Limited in December
2002. GC Dean was Accounting Manager
for the Company (2001 – 2002) and was
previously employed by an international
mining corporation and a regional accounting
practice. GC Dean is a Chartered Accountant
and a member of Chartered Secretaries
Australia.
PRINCIPAL ACTIVITIES
The principal activities of the Group during
the course of the year were:
• motion picture exhibition in cinemas
and drive-in theatres;
• ownership of cinema, drive-in, office
and retail properties;
• operation of hotels, resorts and
restaurants and ownership of hotel
properties;
• ownership and operation of Thredbo
Alpine Resort;
• ownership and operation of Featherdale
Wildlife Park;
• ownership and operation of the State
Theatre, Sydney;
• supply of theatre and film laboratory
equipment; and
• investment in shares in various listed and
unlisted companies.
During the year the Group disposed of its
50% interest in Atlab Holdings Pty Limited
(“Atlab”). Further details of this transaction
are outlined in the significant changes in the
state of affairs and detailed below.
There were no other significant changes in the
nature of the activities of the Group during
the year.
SIGNIFICANT CHANGES
IN THE STATE OF AFFAIRS
The significant change in the state of affairs
of the Group during the year included the sale
of the Group’s 50% interest in the Atlab group
in September 2008. Prior to the sale, the Atlab
group was an equity accounted associated
company. The consideration for the sale was
$1,500,000, which was equivalent to the
Group’s carrying value and, as a result, there
was no profit or loss on the sale.
OPERATING AND
FINANCIAL REVIEW
Overview of the Group
The normalised result before interest
was $97,566,000 (2008: $76,953,000) and
represented an increase of $20,613,000
or 26.8% above the prior year result.
Normalised net profit was $70,968,000 (2008:
$54,054,000) an increase of $16,914,000 or
31.3% above the prior year result.
Individually significant items in the previous
year totalled $69,085,000 and included the
gain on the disposal of Roadshow Distributors
Pty Limited of $64,381,000. Individually
significant items in the current year consist of
write-downs in the carrying value of land and
buildings totalling $5,340,000. As a result of
the prior year’s individually significant items,
the Group’s net profit of $69,483,000 (2008:
$99,369,000) was $29,886,000 or 30.1%
below the prior year result.
The normalised result includes a fair value
decrement totalling $1,030,000 relating to the
revaluation of the Group’s properties that have
been classified as investment properties. The
prior comparable period included a fair value
decrement of $1,400,000.
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