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2016 Has Been a Disappointing When Plans Were Initiated for This Expansion, the One for the Company

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2016 Has Been a Disappointing When Plans Were Initiated for This Expansion, the One for the Company For personal use only METRO HOTELS Metro Hospitality Group operates a network of In addition to its accommodation hotels network, the accommodation hotels and pubs in key locations Metro Hospitality Group has interests in theme pubs and major cities across Australia including Sydney, in Sydney, Adelaide, and Perth. Melbourne, Perth, Brisbane, Gladstone and Groote Eylandt (NT). The pubs division continues to support the broad expertise of the group and has enabled it to leverage Year on year, the chain’s national portfolio of hotels its resources over a wider portfolio of interests. It and apartments continues to attract a broadening has also brought cross-promotional benefits. Having range of corporate and leisure guests, whilst the formed in 1997, Metro Hospitality Group’s pub group’s Palace Hotel Sydney and The Elephant British division is now in its nineteenth year of operation. pub, continue to host tens of thousands of Australians and visiting tourists annually. The flexibility and diversity of the Metro Hospitality Group, incorporating Metro Hotels and Pubs, For personal use only Metro Hotels attracts guests from both the domestic gives Transmetro Corporation a high degree of and international markets for corporate and leisure confidence in its capacity to confront the present and stays as well as in select locations, conferences and future challenges of a dynamic and ever-changing functions. The Metro Hotels group offers a unique marketplace. range of hospitality from fully serviced hotels to The company is dedicated to building client spacious self-contained CBD located apartments. relationships and offers a unique range of long- established and well recognised brands. Transmetro Corporation Limited ABN 45 001 809 043 - 1 - OUR OPERATIONS Metro Hotels Transmetro Corporation Limited is an Australian owned public company listed on the Australian Stock Exchange. Metro Hospitality Group, the trading division of the corporation, oversees the Metro Hotels chain, which has operated for a period spanning five decades. METRO HOTELS AND APARTMENTS PUBS Based in capital cities or larger regional centres, Metro A unique range of pubs in capital cities providing Hotels are generally four star properties catering beverages, food, entertainment, and in one of our mainly for corporate guests, inbound travellers, and Sydney locations, gaming. The division also operates holidaymakers. The fully-serviced hotels include The Elephant, a British pub, in Adelaide, and has an restaurants, meeting rooms, and business facilities. interest in the Elephant & Wheelbarrow at Northbridge, Some properties include comprehensive conference in Perth. The Palace Hotel since 1877 in Sydney has and function space. been renovated and a gaming room has been updated. The Metro Apartments complexes are located in major cities and cater for corporate travellers, and leisure guests looking for longer term stays. Properties are In November 2007, Metro entered into a strategic alliance For personal use only ranked in the 3.5 to 4.5 star bracket, and are fully with Argyle Hotel Group (AHG) in order to represent and equipped with kitchen facilities, separate living room promote each other’s hotel chains in their respective and bedroom space as well as laundry facilities, markets. AHG is now the largest Australian exporter of making Metro’s apartment properties an ideal ‘home hotel and resort management and asset management away from home’. services right across China. AHG’s management portfolio (including hotels in the pipeline) total 80 and have a combined worth of $2.3 billion (USD). Transmetro Corporation Limited ABN 45 001 809 043 - 1 - - 2 - THE YEAR IN REVIEW The year to 30 June 2016 has been a disappointing When plans were initiated for this expansion, the one for the company. demand for hotel rooms in Perth was at a peak. As we reached completion, demand had fallen and at the While revenue was up slightly on the previous year, same time the supply of new hotels has increased. EBITDA and profit, before and after tax, was down. According to STR Global, Perth had an average Substantial redevelopment of two of our properties of 6,244 short term accommodation rooms at 31 over extended periods impacted revenues and December 2015. Average room supply in the city has profits due to disruption of trading. Properties in grown at a marginal 0.7% average each year over the areas impacted by the continuing downturn in the past six years to and including 2015. A number of mining sector however impacted the most. Other new hotels have also opened their doors this year, markets have held their ground, particularly Sydney and others are under construction which has seen growth across the range of Metro Hotel properties in the city. As a result Perth will no doubt continue to be For personal use only challenging for us. We will be banking on a recovery In Perth we completed and brought to market a new in the corporate market as the economy diversifies wing of the Metro Hotel Perth, a 53-room addition, away from mining. With a vastly improved and larger taking the hotel’s inventory up to 147 rooms. We product we are aiming too to open up new revenue also completely refurbished the lobby, reception streams, which if achieved, will enhance the profit area, restaurant, and bar, and added a suite of new ratio of the hotel due to the larger inventory. conference and functions facilities. Transmetro Corporation Limited ABN 45 001 809 043 - 3 - REVIEW 2016 Directors’ In Perth we completed and brought to market a new wing of the Metro Hotel Perth, a 53-room addition, taking the hotel’s inventory up to 147 rooms. We also completely refurbished the lobby, reception area, restaurant, and bar, and added a suite of new conference facilities. The Sydney market remains the company’s mainstay. Our city hotels continue to enjoy optimum occupancies and room rates. The Aspire Hotel, which has been operated by the company since The Chinese market continues to pick up pace too 2009 is undergoing a substantial multi-million dollar while the U.S. market remains a strong contributor refurbishment which will be completed by the end of to arrival numbers. this year. The property at that time will be rebranded Metro Hotel Aspire, Sydney. The company has The directors remain appreciative of the tireless also added the Metro Newport Mirage Hotel to efforts of our colleagues on the front desks of our its management portfolio. This 4-star hotel is a properties around Australia, the room attendants landmark on Sydney’s northern beaches and is well servicing hundreds of thousands of rooms each year, known for weddings and conferences in addition to our engineering, maintenance and food & beverage its role in the accommodation sector. personnel, the service staff in our pubs, and our property managers and group executives, as well For personal use only Directors are of the view the decline in trading has at as our suppliers, our shareholders, and of course least bottomed out and we are already seeing some the hotel guests and pub patrons that frequent our pick-up across the board. International visitor arrivals establishments year-round. We are grateful to all for to Australia continue to increase, no doubt in part their contributions. due to the softened Australian dollar. A resurgence in the Japanese market as a result of substantial increases in flights to and from Japan is also helping. Transmetro Corporation Limited ABN 45 001 809 043 - 3 - - 4 - DIRECTORS’ REPORT 2016 Your directors have pleasure in submitting their report for the year ended 30 June 2016. DIRECTORS PRINCIPAL ACTIVITIES The names of the directors of the company in office at The principal activities of the consolidated group are the date of this report are: the operation of Hotels, Inns, Serviced Apartments, D Lloyd and Theme Pubs. JAC McEvoy A Notley RESULTS FOR THE YEAR S Notley (alternate for A Notley) Profit before interest, depreciation and tax from P J Frawley continuing operations was $4.08 million. After interest, depreciation and tax the net profit of the group was MEETINGS OF DIRECTORS $941k. The following table sets out the numbers of meetings of the company’s directors held during the year ended DIVIDENDS 30 June 2016 and the numbers of meetings attended A fully franked final dividend for the 2014/15 year of 5 by each director. cents per share was paid on 30 June 2015. A fully franked final dividend for the 2015/16 year of 5 Director Eligible to Attended cents per share was paid on 30 June 2016. attend D Lloyd 11 11 EARNINGS PER SHARE Earnings per share from continuing operations were JAC McEvoy 11 11 7.03 cents per share (after interest, depreciation and tax) A Notley 11 6 compared to 10.17 cents for the previous financial year. S Notley 4 4 P J Frawley 11 11 FINANCIAL POSITION For personal use only The net assets of the consolidated group have As at the date of this report the company does not have decreased by $5.1M during the year ended 30 June an audit committee as the Board, consisting of four 2016 due to: directors, feels that all matters of audit significance Group net profit after tax attributable to members of can be adequately dealt with by the Board. $0.9M plus capital contribution reserve of $0.3M less dividends paid of $0.7M and revaluation decrement of $5.6M. Transmetro Corporation Limited ABN 45 001 809 043 - 5 - VARIATION FROM APPENDIX 4E LODGED EVENTS SUBSEQUENT TO BALANCE DATE WITH ASX No matters or circumstances have arisen since the The preliminary final report did not reflect the end of the financial year other than those disclosed freehold property valuation movement for Metro in note 32 to the financial report.
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