CHAIRMAN’S REVIEW CONTINUED
review of the development strategies
and future capital requirements to ensure
that Kosciuszko Thredbo continues to
maintain the mantle as Australia’s
premier year-round alpine resort.
RESTRUCTURE INITIATIVES
Whilst trading conditions have improved
somewhat within Germany, the Group
continues to maintain a high focus on
the German operations and seeks to
maximise efficiencies and enhance cost
control wherever possible. The Group
remains the dominant exhibitor in
the German market with 70 cinema
locations covering 514 screens.
Domestically, the Group has
continued to restructure businesses
and dispose of non-core assets.
During the year, the Group sold the
Pier 26 Bar and Café and Filmlab
Systems International businesses.
Since 30 June 2007, the Group has
announced the sale of the 50% interest
in Roadshow Distributors Pty Limited.
Whilst the Group has been involved
with this business for over 20 years,
the opportunity to divest this business
interest has positioned the Group
in a financially sound position
where it can now focus on its core
operating businesses and future
development strategies.
CORPORATE GOVERNANCE
AND BOARD OF DIRECTORS
The Board is aware of the important
role that boards must undertake in
maintaining and upholding corporate
governance standards. The Board
will, as has always been the case,
endeavour to achieve the highest levels
of accountability and transparency
in all aspects of its reporting.
Consistent with these standards, the
Board and committees continue to be
progressive in maintaining a corporate
governance culture on which
shareholders can rely. The Board and
committees continue to review,
assess and, where applicable,
implement practices to ensure the
Group’s compliance with its legal,
statutory and corporate governance
requirements. The Board supports the
ASX Corporate Governance Council’s
recent revision of its corporate
governance principles and
recommendations and intends
to early adopt any recommendations
arising from the revision.
Mr John O’Neill was appointed to the
Board on 14 December 2006. John’s
appointment was recommended to
the Board by the Nomination and
Remuneration Committee. John
contributed greatly to the Board’s
deliberations however, due to other
work commitments, tendered his
resignation effective 11 October 2007.
DIVIDENDS
The strength in the current year’s profits
has enabled the Board to provide
shareholders with an increase in the
dividend declared for the year.
Directors have declared a final dividend
of 18 cents per share which, in addition
to the 10 cents per share dividend that
was paid on 15 March 2007, brings
the total dividends paid for the year to
28 cents. This equates to an increase of
17% over the previous year’s dividend
of 24 cents. In declaring the dividend,
the directors continue to be mindful
of the current trading environment in
which the Group is operating, together
with its ongoing cash requirements.
The directors are continuing to abide
by a dividend policy that will not only
address the short term needs of
shareholders and the Group, but
hopefully be at a level to provide
longer term continuity of earnings
for both the Group and shareholders.
THE FUTURE
The Board believes the Group is in a
strong position at the commencement
of the new financial year.
Whilst the market segments in which
the various businesses operate will,
from time to time, undergo changes,
the businesses comprising the Group
are robust and, notwithstanding
variable operating conditions and
external factors, we can assure
shareholders that management will
continue to pursue opportunities that
will allow long-term earnings growth
for the Group.
Alan G Rydge
Chairman
Amalgamated Holdings Limited
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