ANNUAL REPORT 2019 HOTEL PROPERTY INVESTMENTS 1 ANNUAL REPORT 2019 | Hotel Property Investments Comprising Hotel Property Investments Trust (ARSN 166 484 377) and Hotel Property Investments Limited (ABN 25 010 330 515) and their controlled entities
CONTENTS Directors’ report .......................................................... 5 Auditor’s independence declaration .......................... 26 Consolidated statement of profjt or loss and other comprehensive income .............................................. 27 Consolidated statement of fjnancial position ............ 28 Consolidated statement of changes in equity ........... 29 Consolidated statement of cash fmows ...................... 30 Notes to the consolidated fjnancial statements ........ 31 Directors’ declaration ................................................ 64 Independent auditor’s review report ......................... 65 Front cover: Chancellors Tavern Page 2: The Regatta Hotel 2 3 ANNUAL REPORT 2019 | Hotel Property Investments
DIRECTORS’ REPORT Cleveland Sands Hotel 4 5 ANNUAL REPORT 2019 | Hotel Property Investments
MICHAEL TILLEY RAYMOND GUNSTON LACHLAN EDWARDS INDEPENDENT NON-EXECUTIVE CHAIRMAN INDEPENDENT NON-EXECUTIVE DIRECTOR INDEPENDENT NON-EXECUTIVE DIRECTOR INTRODUCTION Appointed 19 November 2013 Appointed 19 November 2013 Appointed 19 November 2013 Michael Tilley is a highly experienced executive having Raymond Gunston has over 30 years of corporate and Lachlan Edwards is the founder of the advisory business The Directors of Hotel Property spent over 30 years advising and managing leading fjnancial services experience in the public and private Faraday Associates, having been the Co-Head of the Investments Limited as Responsible companies in fjnancial services, life insurance and sectors, specialising in fjnance, treasury, mergers and advisory businesses at Lazard in Australia from 2013 Entity (the “Responsible Entity”) for the funds management in Australasia. He has served acquisitions, and accounting. until June 2018. Lachlan has extensive experience in Hotel Property Investments Trust (“the as Managing Director and Chief Executive Offjcer of capital markets and has been a senior level advisor to Trust”) present the consolidated fjnancial Raymond is currently a non-executive Director of Sigma Challenger Financial Services, Chairman and Chief Governments, boards, executive teams and creditors report of Hotel Property Investments Healthcare Limited, where he is also a member of the Executive Offjcer of Merrill Lynch Australasia, and as a in Australia and Europe. He has previously held board Trust, Hotel Property Investments Limited People and Remuneration Committee and Chairman of partner at Deloitte Touche Tohmatsu. positions including Director of NM Rothschild & Sons, a (“the Company”) and their controlled the Risk Management and Audit Committee. Governor of the English National Ballet in London, and entities (together “the HPI Group”) for the Michael was a non-executive Director at Orica Ltd from He was formerly Chief Financial Offjcer of Tatts Group Director at the University & Schools Club in Sydney. year ended 30 June 2019. November 2003 until January 2014 where he was the Limited and Director of many of the Tatts Group’s Chairman of Orica’s Safety, Health & Environment Lachlan was a Managing Director of Goldman The units in the Trust and the shares in subsidiary and associate companies and is currently Committee and a member of the Audit and Risk and Sachs between 2006 and 2013 and was previously at the Company are stapled and cannot be General Manager – Infrastructure, Major Projects and Corporate Governance and Nominations Committees. Rothschild in both Sydney and London for 15 years. traded or dealt with separately. Investment at the Australian Football League. Michael is a former member of the Takeovers Panel and Lachlan currently serves on the board of the Bell The Responsible Entity is incorporated Raymond has a Bachelor of Commerce (Honours) from has previously served as a non-executive Director of Shakespeare Company and as Chairman of the and domiciled in Australia. The registered the University of Melbourne and a Diploma of Education. Incitec Ltd. Turnaround Management Association in Australia. offjce of the Responsible Entity is Suite Raymond is a Fellow Certifjed Practicing Accountant Michael was appointed non-executive Chairman of Tubi 2, Level 17, IBM Centre, 60 City Road, and a Graduate Member of the Australian Institute of Lachlan has a Bachelor of Economics degree from the Limited in June 2013. Southbank, Victoria, 3006. Company Directors. University of Sydney and a Graduate Diploma in Applied He holds a Post Graduate Diploma in Business Finance & Investments from the Securities Institute of Raymond is Chairman of HPI Group’s Board Audit CORPORATE GOVERNANCE Administration from Swinburne University and is a Australia and is a Member of the Australian Institute of and Risk Committee and the Responsible Entity Fellow of The Australian Institute of Company Directors. Company Directors. Compliance Committee. A copy of HPI Group’s Corporate Lachlan is a member of the HPI Group’s Board Governance Statement is available on HPI Audit and Risk Committee and the Human Group’s website at www.hpitrust.com.au/ Resources Committee. cms/corporate_governance DIRECTORS AND OFFICERS The members of the Board of Directors and the Offjcers of the Company in offjce during the year and since the end of the year are listed on the following pages. 6 7 ANNUAL REPORT 2019 | Hotel Property Investments DIRECTORS’ REPORT
JOHN RUSSELL GISELLE COLLINS DON SMITH BLAIR STRIK INDEPENDENT NON-EXECUTIVE DIRECTOR INDEPENDENT NON-EXECUTIVE CHAIRMAN MANAGING DIRECTOR AND CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER AND COMPANY OFFICER SECRETARY Appointed 23 May 2013 Appointed 19 April 2017 Appointed 1 October 2018 as Managing Director and Appointed 26 April 2017 as Chief Financial Offjcer and John Russell is an experienced executive having Giselle Collins is a company Director with signifjcant Chief Executive Offjcer 19 May 2017 as Company Secretary worked across large and small public and private executive experience in property, tourism and companies and multiple industries, including an fjnancial services. Don Smith was appointed Managing Director and Chief Blair Strik joined HPI Group in April 2017 as Chief extensive background in hospitality and gaming. He Executive Offjcer of HPI in October 2018 and brings Financial Offjcer and has over 15 years’ experience Giselle has previously chaired the boards of Aon was most recently Chief Executive Offjcer of Redcape more than 20 years of property and funds management in the property industry, professional services Superannuation Pty Ltd (as Trustee for Aon Master Group Limited and has enjoyed senior executive roles at experience with listed and unlisted companies. Most and treasury. Prior to joining the HPI Group, Blair Trust), The Travelodge Hotel Group and the Heart Australian Leisure and Hospitality Group Limited (ALH) recently, Don has been a member of the management held senior fjnance positions with the Industry Research Institute, and served on the boards of Big4 and Tabcorp Holdings Limited. team at OSK Property and prior to that held a range of Superannuation Property Trust for over 9 years, Holiday Parks and the Royal Australian Institute of roles at Vicinity Centres and Colonial First State. building on experience from previous roles at Rio Tinto John joined Redcape Group from Customers Limited Architects. and KPMG. where he was Managing Director & Chief Executive Don is also a Board Member and Chairman of Giselle is currently Chairman of Darwin Hotel Pty Offjcer. Previously he was Chief Financial Offjcer of Melbourne Athenaeum Incorporated, a not-for-profjt Blair holds a Bachelor of Business from Swinburne Ltd, as nominee for Indigenous Business Australia. ALH and has served as General Manager Strategy & cultural institution. University of Technology and is a member of Chartered Giselle also sits on the boards of Generation Life Pty Operations at AWB Limited and Group General Manager Accountants in Australia and New Zealand. Ltd, subsidiary of ASX listed Generation Development Don holds a Bachelor of Applied Science – Planning and Operations at Tabcorp. Group Ltd and the Royal Botanic Gardens and Domain a Graduate Diploma - Banking and Finance. John holds an Honours Degree in Economics and a Trust board. DAVID CHARLES Master of Business Administration from the University Giselle has a Bachelor of Economics degree from the of Adelaide and is a Graduate Member of the Australian MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER University of Sydney and a Graduate Diploma in Applied Institute of Company Directors. Retired 1 October 2018 Finance & Investments from the Securities Institute of John is the Chairman of HPI Group’s Human Australia and is a Graduate Member of the Australian Resources Committee. Institute of Company Directors. Giselle is a member of HPI Group’s Board Audit and Risk Committee and the Human Resources Committee. 8 9 ANNUAL REPORT 2019 | Hotel Property Investments DIRECTORS’ REPORT
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