ALAN RYDGE – CHAIRMAN
I am pleased to present to you this overview
of the operations of Amalgamated Holdings
Limited and its controlled entities (the “Group”)
for the year ended 30 June 2007. For a
detailed account of the activities of the Group
and a review of the performance for the year,
I commend to you the Managing Director’s
Review of Operations by Division contained
within this Annual Report.
CHAIRMAN’SREVIEW
RESULTS
The Group’s profit attributable to
members was $82.2 million compared
to $59.4 million in the previous year, an
increase of 38%. This was an exceptional
result and follows on from the
31 December 2006 half year where profit
attributable to members was up 24%
over the previous corresponding period.
From a profit perspective, the year
benefited from the strengthening in the
international cinema exhibition business,
an improvement of the earnings
from Thredbo and an up-lift in the
contribution from the property division.
The Group recorded profits from
individually significant items totalling
$20.5 million. The individually significant
items have been detailed within the
financial statements and include the profit
on the sale of the Group’s shareholding
in Village Roadshow Limited and the
Pier 26 Bar and Café business.
PROPERTY
The property portfolio has long been
a significant asset component of the
Group and the management of, and
returns from, the property division are
becoming increasingly more important
each year. During the year, the property
division benefited from the purchase
of the Gowings and Mick Simmons
buildings in the 2005/06 year.
The Group aims to maximise the
available returns from the existing
property portfolio both through
enhanced management and, where
appropriate, development. When
suitable opportunities present
themselves, the Group will continue
to build the portfolio. The freehold
properties purchased during the year
were the Rydges Bankstown and
Rydges Cronulla sites.
In March 2007, the Group secured a
new 50-year head lease of Kosciuszko
Thredbo. In committing to this 50-year
custodial tenure, the Group accepts
the responsibilities entrusted to it in
maintaining this unique alpine area for
current and future generations to enjoy.
The Group is currently undertaking a
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