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2016 (Previous Corresponding Period: Year Ended 30 June 2015)

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2016 (Previous Corresponding Period: Year Ended 30 June 2015) APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2016 (PREVIOUS CORRESPONDING PERIOD: YEAR ENDED 30 JUNE 2015) RESULTS FOR ANNOUNCEMENT TO MARKET FY2016 FY2015 % $’000 $’000 Revenue up 2.2 261,906 256,217 (Loss) / Profit after tax down 243.2 (9,557) 6,672 (Loss) / Profit after tax attributable to members down 243.2 (9,557) 6,672 Net (loss) / profit for the period attributable down 243.2 (9,557) 6,672 to member The loss in the financial year was due to the non-cash write down due to the loss of a Defence contract. In addition to this, Rex profits were also negatively impacted by unfavourable USD exchange rates. Passenger numbers declined a further 0.8% with trading conditions deteriorating drastically in the last quarter of the financial year. These were partly offset by additional contributions from Queensland regulated routes in the 2 nd half of the financial year. Amount Franked Amount Dividends (Ordinary Shares) Per Security Per Security Final dividend: - current reporting period - - - previous reporting period - - Interim dividend: - current reporting period - - - previous reporting period - - Previous Earnings per Ordinary Current Corresponding Fully Paid Share (EPS) Period Period Basic (loss) / earnings (8.8) cents 6.2 cents Diluted loss) / earnings (8.8) cents 6.2 cents Net Tangible Asset Backing Per Ordinary Security $1.69 $1.70 The attached Annual Report for the year ended 30 June 2016, prepared pursuant to Appendix 4E and ASX Listing Rule 4.3A, has been audited. For personal use only REGIONAL EXPRESS ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2016 REGIONAL EXPRESS ANNUAL REPORT TAILWINDS AND HEADWINDS For personal use only ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2016 REGIONAL EXPRESS HOLDINGS LIMITED 1 REGIONAL EXPRESS HOLDINGS LIMITED REGIONAL EXPRESS HOLDINGS LIMITED 2 REGIONAL EXPRESS VALUE STATEMENT FOREWORD WHAT DOES IT PROFIT A COMPANY IF IT GAINS THE WHOLE WORLD AND LOSES ITS SOUL HEADWINDS AND TAILWINDS COMPANY We are committed to standing behind our staff members and their families and will do all we can to help them in their times of Staff members are part of the Rex family. This comes with both special need: This past Financial Year (FY) has once again been very challenging. Rex’s traditional privileges and responsibilities. Regular Public Transport (RPT) passenger revenue did not reach the bottom as expected • We believe in the value of the family and will strive to create and showed a slight decline of 0.74%. The end of the Defence target towing contract We expect every staff member to take ownership of issues a working environment that is sWupportive of the family. since October of 2015 also dragged down the Group’s performance. The end of encountered: • All staff members have the right to appeal to the Management the Defence contract also prompted us to aggressively write down the Learjets and • Ownership means that if something is wrong then it is Committee if special assistance or consideration is needed. WestWind values along with goodwill recorded when Pel-Air was first acquired as a everyone’s job to fix it. precautionary measure. Although Rex remains operationally profitable, the write down meant that the Group recorded its first statutory loss in 13 years of $9.6M. • Matters that cannot be handled by the staff member ought CUSTOMER However, even as we faced strong headwinds, Rex continued to scale new heights. to be pursued further with senior management. We are committed to providing our customers with safe and Following the FY 15 feat of commencing RPT services to 16 new Queensland ports after reliable air transportation with heartfelt hospitality. • Staff have the right to make mistakes if they act in winning the Queensland Government regulated route tender, Rex has once again in FY the best interest of the customer and the company. As a regional carrier, we constantly strive to keep fares low 16 won another state government regulated route tender, this time in Western Australia through our commitment to simplicity, efficiency and good (WA). With the start of the Perth/Albany and Perth/Esperance routes on 28 February We strive to be a learning organisation where we actively seek value. 2016, Rex can now be considered a truly pan-Australia regional airline with operations to identify issues no matter how small in order to continually servicing 58 ports spanning all states of Australia. transform ourselves to a better organisation: We are committed to treating our customers as individuals and will respond to all their comments and complaints. The FY ahead is again fraught with uncertainties both internationally and within Australia, • This entails a culture where issues are highlighted as learning however Rex sees several favourable tailwinds too. The new WA routes started well experiences even though they may place our colleagues in and are achieving all of our targets. These two routes, awarded under exclusive rights, a bad light. COMMUNITY contribute about 10% to our overall passenger numbers and will help us achieve Rex is mindful of the tremendous social and economic impact improved operating efficiencies and profitability. With its presence in WA fully entrenched, • An excellent airline is one that is outstanding in a thousand its services have on the regional communities and works in Rex intends to further expand its services in WA wherever commercially viable. small ways. partnership with these communities to balance their needs Besides the WA contributions, we see several other significant tailwinds as well. Our We believe that we can only count on ourselves for our continued against Rex commercial imperatives. fuel requirements for FY 17 are 75% hedged and our fuel bill for the full FY is estimated success: LIM KIM HAI We are also committed to giving back to the regional communities to achieve a $6.5M annual saving compared to FY 16. Also, our Australian Airline Pilot • All staff members must embrace the ‘can do’ and ‘will do’ by supporting worthwhile charitable causes which are focused Academy (AAPA) has been approved by the Civil Aviation Authority of Vietnam at the end EXECUTIVE CHAIRMAN spirit that has been the defining characteristic of our initial on helping the less fortunate. of FY 16 and we have already enrolled a steady stream of Vietnamese students. Finally, success. the Pel-Air medivac division has completed a trial deployment in Singapore over several We are committed to preserving the environment to the measure months in FY 16 and the results have been positive. Consequently, a detachment will be • Hard work is the cornerstone of our work ethic. of our capabilities. permanently based in Singapore for the full FY 17 and we expect to grow this activity in • All staff share in the profits and so all staff are expected to the ASEAN region. This will make up most of the ground lost by the completion of the contribute his/her fair share. CONTRACTORS Defence contract. We value open communication and will strive to create an We believe that our suppliers are partners in our business. The net outcome should see the Rex Group stronger at the end of FY 17 than when environment that removes barriers to communication: we started. I would like to thank all shareholders for their long suffering patience as we In all our dealings with suppliers we will seek to be fair and went through five years of very difficult conditions, as well as management and staff for • Staff members have a right to be heard regardless of their honest and will strive to work only with like-minded suppliers. their extraordinary dedication and steadfastness. position. • Staff members are encouraged to contact directly the CAPITAL members of the Management Committee and Board if they Rex believes that its shareholders’ interest is best served by see the need. pursuing a path of steady but sustainable growth of its earnings. We respect the dignity of each staff member and will treat each Lim Kim Hai We believe that maximizing shareholders’ returns in the long other with respect and fairness: term is not incompatible with our duties and responsibilities Executive Chairman • The customer does not always come first and we will stand towards our other stakeholders outlined above. 24 August 2016 by our staff member if the customer is unreasonable. • While we can be single-minded in tackling issues and For personal use only problems, we will focus on the issue and not the person. • We accept that staff members may have different talents and capabilities and will strive to fit the job to the person rather than the other way around. • Important decisions concerning staff matters are always referred to the Management Committee to ensure transparency, fairness and consistency. This annual report covers both Regional Express Holdings Limited as an individual entity and the consolidated entity comprising Regional Express Holdings Limited and its subsidiaries. The Group’s functional and presentation currency is AUD ($). DIRECTORS Lim Kim Hai RMATION The Hon. John Sharp Lee Thian Soo Neville Howell Chris Hine James Davis Ronald Bartsch INFO CORPORATE Garry Filmer COMPANY SECRETARIES Irwin Tan Benjamin Ng REGISTERED OFFICE 81 – 83 Baxter Road Mascot, NSW 2020 (Ph): 02 9023 3555 (Fax): 02 9023 3599 CONTENTS SHARE REGISTRY O5 DIRECTORS’ REPORT Link Market Services Limited 27 AUDITOR’S INDEPENDENCE DECLARATION Level 12, 680 George Street Sydney, NSW 2000 29 CORPORATE GOVERNANCE STATEMENT SOLICITOR Baker & McKenzie 37 FINANCIAL STATEMENTS Level 27, AMP Centre 38 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 50 Bridge Street 39 CONSOLIDATED
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