AnnuAl RepoRt 2013 - listed companylasseters.listedcompany.com/misc/ar2013/ar2013.pdf · AnnuAl...

This document has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, Stamford Corporate Services Pte Ltd (the “Sponsor”), for compliance with the relevant rules of Singapore Exchange Securities Trading Limited (the “Exchange”). The Sponsor has not independently verified the contents of this document. This document has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements of opinions made or reports contained in this document. The contact person for the Sponsor is Mr Bernard Lui (Telephone : (65) 6389 3000 E mail : [email protected])

L A S S E T E R S I N T E R N A T I O N A L H O L D I N G S L I M I T E D

Casino · Hotel & Resor t · Health Retreat & Spas · Proper t y Development

Focus on Fundamentals

AnnuAlRepoRt2013

Contents01 – CorporaTE VaLuES

02 – CorporaTE profiLE

04 – BuSinESS ModEL

06 – CorporaTE inforMaTion

08 – Board of dirECTorS

12 – KEy ManagEMEnT

14 – noTES To SharEhoLdErS

16 – finanCiaL highLighTS

17 – rEViEw of opEraTionS

22 – CorporaTE goVErnanCE

31 – finanCiaL STaTEMEnTS

100 – STaTiSTiCS of SharEhoLdingS

102 – noTiCE of annuaL gEnEraL MEETing

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01Lasseters Annual Report 2013

CorporAte VAlues

- Mission -Lasseters aims to excel in its performance by enlarging its customer base and broadening its spectrum of businesses through casino development and expansion of its principal activities. in so doing, it will evolve its business into an integrated resort with gaming still forming the core. Lasseters will venture into new markets, form strategic alliances and at the same time leverage on the synergies among its range of businesses.

Casino management and iT applications are envisaged to play a pivotal role in attracting players to Lasseters’ gaming segment.

PEOPLE

Lasseters’ success in casino and hospitality industries is due in great part to its experienced, hardworking and dedicated staff. it is these professionals and their unrivalled wealth of know-how and expertise which help to give Lasseters the crucial edge over its competitors and provide its casino and resort guests with the high standards of service and hospitality that have come to be synonymous with Lasseters’ business outfit.

Adherence to Government reGulAtions And Anti-MONEy LAuNDERING

Lasseters is fully aware of the effects money laundering can have on society, it whole-heartedly respects its obligation to ensure the legality and security of all its financial transactions. The Company takes all necessary precautions and measures to avoid and prevent any involvement whatsoever with such perfidy in its operations by working closely with experts and national authorities, and by adhering strictly to all relevant legislation. Lasseters’ vast experience, strict financial procedures, network of security and financial experts ensure the financial integrity of all its casino operations.

Lasseters hotel Casino in alice Springs complies with the gaming Control act of northern Territory (“nT”), the nT Code of practice for responsible gambling and rules issued by The australian Transaction reports and analysis Centre (auSTraC) and anti-Money Laundering and Counter Terrorism financing act. in new Zealand, the casino operation of Lasseters wharf Casino is governed by the gambling act 2003 and anti-money laundering controls such as the financial Transactions reporting act 1986.

The Queensland (“QLd”) and new South wales (“nSw”) operations are governed by the respective state legislations such as the Liquor Licensing act, gaming Machines act and the Code of practice.

The holiday inn on flinders, Melbourne, complies with the Liquor Control reform act 1998 (Vic), the food act 1984, the health act 1958 and the radiocommunications act 1992.

INTERNAL CONTROLS AND RISk MANAGEMENT

Lasseters operates in an environment which requires the Company to conform to strict guidelines laid down by nT, nSw and QLd in australia and new Zealand governments through specific legislation. Standard operating procedures for gaming are well documented in internal control manuals which are endorsed by the relevant authorities and Board members from time to time.

RESPONSIbLE GAMING

Lasseters takes its responsibility to society with the utmost seriousness and is committed to providing maximum entertainment with minimum risk to guests. nonetheless, Lasseters understands the problems gambling can cause for some people. The Company actively promotes responsible gaming in all its casinos and their staff are fully trained to recognize and deal with such issues. Minors are restricted from access to the premises, credit gaming is prohibited and an electronic wallet limit is set. Lasseters works closely with independent gaming group and national authorities to implement appropriate measures and procedures to ensure that each operation adheres strictly to the prevailing standards on harm minimization.

02 Lasseters Annual Report 2013

CorporAte proFIle

Lasseters international holdings Limited (“Lasseters” or collectively known as the “group”) was established in february 2004 and officially listed on Sgx-Sesdaq (the former Catalist Board) in May 2004. Lasseters started off as a land-based gaming group with complementary hospitality businesses in accommodation, food & beverage and convention centre services in australia and new Zealand.

To expand its business portfolio to increase market competitiveness, Lasseters expanded into health retreats, spa and wellness living markets with the acquisition of Cypress Lakes group Limited (“CLgL”) in July 2005. it has since evolved into a hospitality player with comprehensive service offerings in both gaming and non-gaming businesses.

The group’s business model generates revenue by offering a wide range of leisure and entertainment experiences through its portfolio of hotel casinos, convention centres, hotel and resort, health retreat and spas. it operates in a jurisdiction where the gaming industry is well developed, where there are stringent controls in place to ensure all gaming operators conduct their business in a transparent and proper manner. Most importantly, money laundering prevention guidelines are strictly adhered to.

in addition, the group is committed to conducting its casino business in line with world-class standards of excellence and integrity and in line with aS/nZS iSo 9001:2000, an international standard which requires strict systems of monitoring and auditing, designed to increase customer confidence and satisfaction.

Lasseters operates its core land-based gaming businesses through two establishments, Lasseters Hotel Casino and Lasseters Wharf Casino; hotel and resort, health retreats and spa businesses through CLgL under the premium name of “Cypress Lakes” and “The Golden Door”.

lAnd-BAsed GAminG ESTAbLISHMENTSLasseters Hotel Casino (“LHC”) is nestled beneath the renowned Macdonnell ranges, banks of the Todd river, next to the ayers rock or “uluru” in alice Springs, second largest town in the northern Territory (“nT”), australia. alice Springs is renowned for arid environment consisting of several different deserts that offers a true outback experience to both locals and tourists.

originally constructed in 1981, LhC is the centre of entertainment in alice Springs. This 4½ star establishment boasts 205 rooms and suites overseeing the nearby 18-hole alice Springs desert golf Club. LhC houses an international standard casino fully furnished with table games and gaming machines complemented by a comprehensive range of food & beverages (“f&B”) outlets and well-equipped amenities. LhC adjoins and manage the alice Springs Convention Centre (“Convention Centre”) that caters to the needs of the Meetings, incentives, Conferencing and Exhibitions (“MiCE”) market.

LhC has participated actively in assisting nT Tourist Commission and nT government to jointly promote alice Springs as a unique destination and also supported the town with its donations in most prominent as well as smaller events, charities, sports

teams and local schools. LhC was also synonyms of high quality and dependable services that customers can rely on for maximum satisfaction in the region. Several accolades won includes aha aristocrat Technology award for Excellence for Best restaurant, Best Sports Entertainment and Best nT Keno Venue and Brolga northern Territory Tourism award for deluxe accommodation. LhC was even awarded a Certificate of Excellence by Tripadvisor Travellers Choice award 2013.

LhC complies with the gaming Control act of nT; the nT Code of practice for responsible gambling; and rules issued by The australian Transaction reports and analysis Centre (auSTraC).

Lasseters Wharf Casino (“LWC”) is a premium boutique casino conveniently located 20 minutes away from Queenstown airport, on the edge of Lake wakatipu. LwC is situated in the exclusive lakeside Steamer wharf Complex, regarded as the most popular skiing holiday destination in new Zealand for local and international tourists.

LwC holds one out of the 6 limited gaming licenses issued in new Zealand. The limited number of such licenses in new Zealand, a country rated as Tier-1 gaming jurisdiction made LwC a privileged business opportunity for the group. LwC has introduced a waterfront f&B outlet to complement its gaming operations back in fy2011. on 17 May 2013, Lasseters (nZ) Limited has entered into a Sale and purchase agreement with Skycity Entertainment group Limited for the disposal of its equity interest in otago Casinos Limited, the owner of LwC. The disposal was completed on 23 July 2013.


Corporate Profile

HOTEL AND RESORT, HEALTH RETREATS AND SPAas part of the cost reduction strategy, Cypress Lakes group Limited (“CLgL”) was voluntarily delisted from australian Securities Exchange on 9 december 2009.

CLgL owns and operates resort, hotel, health retreat and spa businesses within australia. The resort sector comprises of Cypress Lakes resort (“CLr”) and Cypress Lakes golf and Country Club (“CLgCC”), both located in hunter Valley, new South wales (“nSw”), australia’s oldest wine regions and are located less than 2 hours drive away from Sydney central business district. CLr is a golf resort comprises of 232 individual strata title villas and CLgCC houses an 18 holes championship golf course, popular among all golfers.

The health retreat and spas segment is managed by The golden door australia within CLgL and are branded under the market leading banner “The golden door”. in addition to 2 day Spas facilities at gold Coast, Queensland (“QLd”) and Kingscliff in nSw, CLgL owns and operates 2 primarily world leading purpose-built health retreats

namely, The golden door health retreat willowvale (“Tgdw”) in QLd and The golden door Elysia (“TgdE”) in hunter Valley, nSw. Tgdw and TgdE offer all-inclusive health and wellness programs aimed at helping people improve their overall health and well-being in 3, 5 or 7-day packages. activities offered within the programs; amongst others include Tai Chi, pilates, yoga, deep water running and hiking.

Towards late fy2013, the group entered into a licensing agreement with Shine (aust) pty Ltd to diversify its product offerings and enhance its services through professional crafted nutrition and exercise program under the leading brand “The Biggest Loser”. The highly successful and popular weight loss model of The Biggest Loser television series combined with The golden door’s 20 years of australia’s premier health and wellness retreat augurs well with the group.

holiday inn on flinders (“hif”), Melbourne, australia is strategically located within the central business district in Melbourne, a city reputed as one of the highest achiever on room occupancy rate within australia,

with close proximity to Melbourne Exhibition and Convention Centre, Crown Casino, ETihad stadium to name a few. on 11 March 2013, the group entered into a sale and purchase agreement with Priscilla david Limited for the disposal of the property, assets and business of hif. The disposal was completed on 10 May 2013.

on 19 July 2013, the group entered into a conditional sale and purchase agreement with hunter Valley (CL) Management pty Ltd for the disposal of property, assets and business comprising inter alia freehold interest in lands, villa leases, golf course business and development lands located at Cnr Mc donalds and Thompsons rd, pokolbin, hunter Valley.

Cypress is the winner of several accolades such as Luxury reborn award for peace, Beauty/Spas’ harpers Bazaar/Belvedere Vodka Luxury reborn awards; gourmet Traveler Travel awards, Best Spa/ health retreat; Spa asia Crystal awards, national Category, Best Spa in australia; Luxury Travel gold awards in the golden door health retreat Elysia and the ‘australasia’s Leading Spa resort’ - 13th world Travel awards, to name a few.

PROPERTy DEvELOPMENTThe group’s maiden property development arm, Merry Palms Sdn Bhd (“MPSB”) is principally engaged in property development, management and related industries. MpSB is involved in the development of sixteen units of industrial factory lots. Leveraging on the Board’s experience in the related industry of property development, the group hope to diversify its revenue base and enhance shareholders’ return through this new investment.


BusIness model

Lasseters’ business model offers and evolves a range of associated services, such as hotel and resort golf club, convention centre, spa and wellness, property development and a whole array of food & beverage options that revolve around its core gaming business. These services in turn assist in generating gaming patronage and revenue for the group.

The service quality, integrity, responsibility and respect for tradition that are reflected in all our business services are also driving forces behind our success.


Business Model

CAsIno

propertydeVelopment

Core Business

HeAltH retreAt & spAs

Hotel & resort


CorporAte InFormAtIon

bOARD Of DIRECTORS

Dato’ Jaya J b TanExecutive Chairman

Dato’ kamal y P TanExecutive Director

Tan San ChuanExecutive Director

Dato’ Sri Ir. kuan Peng Ching @ kuan Peng SoonIndependent Director

Hon. frederick Arthur finch AMIndependent Director

Teo Chee SengIndependent Director

COMPANy SECRETARIES

S Surenthiraraj @ S SuresshKok Mor Keat, aCiS

REGISTERED OffICE

Sgx Centre 2, #17-014 Shenton waySingapore 068807Telephone : (65) 6361-9883facsimile : (65) 6538-0877

SHARE REGISTRAR

Boardroom Corporate & advisoryServices Pte Ltd50 raffles placeSingapore Land Tower #32-01Singapore 048623

INDEPENDENT AuDITORS

Bdo LLppublic accountants andChartered accountants21 Merchant road, #05-01Singapore 058267partner-in-charge :william ng wee Liang(appointed since the financial yearended 30 June 2012)

PRINCIPAL bANkERS

The hongkong and ShanghaiBanking Corporation Limited21 Collyer Quay,#14-01 hSBC BuildingSingapore 049320

national australia Bank LimitedLevel 10, 22-28 King william Streetadelaide Sa 5000 australia

westpac Banking Corporation91 King william Streetadelaide Sa 5000 australia

Malayan Banking Berhad1st floor, Menara Maybank100, Jalan Tun perak50050 Kuala LumpurMalaysia

affin Bank Berhad14th floor, Menara affin80 Jalan raja Chulan50200 Kuala Lumpur, Malaysia

SOLICITORS

Stamford Law Corporation10 Collyer Quay, #27-00ocean financial CentreSingapore 049315


unparallel excitement awaits our guest when they enter our casinos. it’s a place where fun and entertainment abounds as each moment passes by. play to Enjoy and

Stay to savor the overall experience.

sHArInG tHesuccess


BoArd oF dIreCtors

From left to right:1. dato’ Jaya J B Tan2. Teo Chee Seng3. dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon4. hon. frederick arthur finch aM5. Tan San Chuan6. dato’ Kamal y p Tan


Board of Directors


DATO’ JAyA J b TAN

Executive ChairmanMember of Nominating Committee

dato’ Jaya was appointed as a director of the Company with effect from 26 february 2004 and assumed the current position of Executive Chairman on 1 September 2005. he graduated from the university of arizona and is a Mechanical Engineer by training. he has extensive experience in forestry, property development, food retail operations, trading and financial services. he has served as Chairman of several companies quoted on the stock exchanges of Malaysia, united Kingdom, Singapore, australia and india.

Currently, dato’ Jaya is the Chairman of Lasseters Corporation Limited and Cypress Lakes group Limited in australia. he is also the Chairman of Etika international holdings Limited, a company listed on the Singapore Stock Exchange (“Sgx”). dato’ Jaya is the Vice Chairman of park hyatt Saigon, a 259-room 5-star hotel in ho Chi Minh City, Vietnam and is also involved in gaming business in papua new guinea.

dato’ Jaya was re-elected as director at the annual general Meeting (“agM”) held in 2012. he is the brother of dato’ Kamal y p Tan and uncle of Mr Tan San Chuan.

Board of Directors

DATO’ kAMAL y P TAN

Executive Director

dato’ Kamal was appointed as a director of the Company on 26 february 2004. he is an Economics graduate from the London School of Economics. on 3 april 2008, dato’ Kamal was re-designated to hold the position of Executive director.

dato’ Kamal has previously held board positions with companies listed on the stock exchanges in Malaysia, Singapore, australia, united Kingdom and india.

Currently, dato’ Kamal is a director of Lasseters Corporation Limited and Cypress Lakes group Limited and the group Chief Executive officer of Etika international holdings Limited. dato’ Kamal is a Board member of park hyatt Saigon, a 259-room 5-star hotel in ho Chi Minh City, Vietnam and is also involved in gaming business in papua new guinea.

dato’ Kamal will retire at the forthcoming agM and will offer himself for re-election. he is the brother of dato’ Jaya J B Tan and uncle of Mr Tan San Chuan.

TAN SAN CHuAN

Executive Director

Mr Tan was appointed as a director of the Company on 15 September 2005. he is an accounting and finance graduate from the London School of Economics. on 3 october 2007, Mr Tan was re-designated as the Executive director of the Company.

prior to joining the group, he was employed by KpMg and has gained experience in auditing. Mr Tan has also worked in a merchant bank in Malaysia in which he gained some experience in corporate finance through his involvement in mergers and acquisitions and corporate restructuring exercises.

Mr Tan is a director of Lasseters Corporation Limited and Cypress Lakes group Limited. he is also a Board member of park hyatt Saigon, a 259-room 5-star hotel in ho Chi Minh City, Vietnam.

Mr Tan was re-elected as director at the agM held in 2011. he is the nephew of dato’ Jaya J B Tan and dato’ Kamal y p Tan.


dAto’ sri ir. KuAn PenG chinG @ kuAN PENG SOON

Independent DirectorChairman of Nominating Committee, Member of Remuneration and Audit

Committees

dato’ Sri ir. Kuan was appointed as a non-Executive director of the Company on 27 february 2004 and was re-designated as independent director on 26 august 2010. he is a qualified Electrical Engineer graduated from adelaide university, South australia. he is registered with the Board of Engineers, Malaysia as a Professional Engineer and is also a member of institution of Engineers, Malaysia.

dato’ Sri ir. Kuan is the Executive Chairman of fajarbaru Builder group Bhd, a company which is listed on the Bursa Malaysia Securities Berhad.

dato’ Sri ir. Kuan was re-elected as director at the agM held in 2011.

Board of Directors

HON. fREDERICk ARTHuR fINCH AM

Independent DirectorMember of Audit, Remuneration and

Nominating Committees

Mr finch was appointed as a director of the Company on 27 february 2004. he graduated in Civil Engineering from the university of new South wales (1969) and has a broad range of experience both in australia and internationally. he served in the northern Territory (nT) Legislative assembly from 1983 to 1997. he was appointed to the Cabinet in 1987 and has held responsibility for a number of portfolios including Transport & works, Education, public Employment, attorney general and racing & gaming until his retirement from politics in 1997. after 1997, he held the position of Chairman of the nT planning authority (now known as nT development Consent authority). his many community interests have included institution of Engineers australia and Lions international for considerable periods, rugby union and Surf Life Saving australia Ltd., where he served as a national director for 14 years. he is a Life Member of nT rugby and SLSnT and is a Life Member of the national body for SLSa. he was appointed a Member of the order of australia (aM) in the 2007 australia day honours List. Mr finch and his family have resided, worked and had business interests in darwin, northern Territory, australia since 1975.

apart from the present directorship of the Company, Mr finch is also an independent director of Lasseters Corporation Limited and ford dynasty pty Ltd (since 1999).

Mr finch was re-elected as director at the agM held in 2012.

TEO CHEE SENG

Independent DirectorChairman of Audit and Remuneration Committees, Member of Nominating

Committee

Mr Teo Chee Seng was appointed as a director of the Company on 26 february 2004. he holds a Bachelor of Laws (hons) degree from the university of Singapore and is a lawyer in the Singapore private practice for more than 30 years. he is also a notary public.

Mr Teo acts as the legal consultant to Tzu Chi foundation, Taiwan’s biggest charity organisation which is also an united nations ngo.

apart from the present directorship of the Company, Mr Teo is the independent director of Etika international holdings Limited and Soilbuild Construction group Ltd, companies listed on the Singapore Stock Exchange, united overseas australia Ltd, which is listed on both Singapore and australia stock exchanges and uoa development Bhd, a company listed on the KLSE.

Mr Teo will retire at the forthcoming agM and will offer himself for re-election.


Key mAnAGement

PAuL WONG bAAN CHuN

Chief Financial OfficerLasseters International Holdings Limited

Mr paul wong has been a fellow of the Chartered association of Certified accountants since 1994 and his professional background revolves around finance, treasury and corporate work with an international practice.

he has held various key financial positions in public companies listed on the Kuala Lumpur Stock Exchange (now known as Bursa Malaysia), involved in investment holding, real estate and property development, stock broking, manufacturing and trading.

CHRIS SARTORI

Chief Operating OfficerLasseters Hotel Casino and Lasseters Wharf Casino

Chris Sartori was appointed into the role in december 2010 and brings with him over 20 years experience in the gaming and club industry, most recently spending 5 years as the general Manager at Kedron-wavell Services Club where under his leadership was awarded the 2010 Queensland Club of the year.

Mr Sartori holds a post graduate Certificate in Business and a diploma in Club Management. his community and professional involvement has included sitting on the Board of The prince Charles hospital foundation, a member of the Clubs Queensland advisory Council, principal of KwSC registered Training organisation and he is currently the Chairman of the alice Springs Liquor accord.

DENIS CROkE

Director and Chief Operating OfficerCypress Lakes Group Limited

denis Croke holds a B.a. hotel Management (ireland). denis brings with him a wealth of experience having worked in hotels and management for 26 years. originally based in Europe, denis began his career with accor working in paris, London and dublin. after re-locating to australia, denis spent time working with large scale hotel groups such as all Seasons, accor and Mirvac hotels. during this time he reshaped hotels such as the pacific Bay resort Coffs harbour, yarra Valley Country Club and resort, The harbourlights Cairns and The welcome hotel, Melbourne. denis’s main strengths are in business development, positioning, financials and marketing. he is a solid relationship builder and with his excellent operations management is well placed to oversee Cypress Lakes resort renewal process.


Contentment, comfort and affordability that’s our commitment to ensuring our guests receive the best of all their needs. we’ve made a determined effort to

continually listen, understand and improve our facilities to keepthe quality of our establishments refresh and consistent.

sustAInInG ourcommitment


notes to sHAreHolders

“The group’s core land-based hotel and casino operations stayed resilient and remained profitable, contributing 56.9% or aud43.2 million to the group’s revenue in fy2013.”

THE yEAR IN REvIEW

on behalf of the Board of directors, i would like to present the annual report of Lasseters international holdings Limited (“Lasseters” or collectively known as the “group”) for the financial year ended 30 June 2013 (“fy2013”).

fy2013 continued to be a demanding year for the group, impacted by general macro-economic conditions globally. This has resulted in weak market sentiments across most industries around the world with the strong aussie dollar adding pressure to the Tourism market. frequent interstate Travelers and Meetings, incentives, Conferencing and Exhibitions (MiCE) market looked to prioritize disposable income and have found alternative travelling destinations outside australia in some cases to be cheaper.

amidst the bearish market sentiment and unpredictable consumer spending, the group recorded a marginal increase in its revenue at aud75.8 million in fy2013 as compared to aud75.6 million for financial year ended 30 June 2012 (“fy2012”).

for the reporting period, the group successfully disposed of holiday inn on flinders, Melbourne (“hif”) and Lasseters wharf Casino (“LwC”) on 10 May 2013 and 23 July 2013 respectively and on 19 July 2013, contracted for the sale of Cypress Lakes resort (“CLr”) as part of the group’s overall rationalisation strategy to dispose of some of its loss making entities as well as unlock asset value and reduced the group’s gearing level.

The proposed CLr sale and a write down on the assets value in the wellness business has resulted in the group having to impair (“non-cash” item) its combined assets value of aud6.4 million in fy2013, a requirement under the accounting standard. as a result of which, the group posted a higher net loss attributable to shareholders of aud11.4 million in fy2013. without the impairment, the group net loss would be aud5.0 million, an improvement of 26.5% as compared to a net loss of aud6.8 million in fy2012.

however, the group’s core land-based hotel and casino operations has remained resilient and remained profitable, contributing 56.9% or aud43.2 million to the group revenue, which reflects an increase of 8.7% year-on-year (“y-o-y”) from fy2012.


Notes to Shareholders

buSINESS AND CORPORATE DEvELOPMENTS

despite the challenges faced, the group remains committed to ensure it preserves its core assets and continue on its rationalisation strategy and regain its focus.

our expansion plan to transform the gaming operations, Lasseters hotel Casino (“LhC”) in alice Springs, australia into a resort style gaming destination is progressing well with the final development on hotel and casino reception areas, commercial gym and spa scheduled for completion in July 2014. we are pleased to report that in fy2013, the new 66 premium rooms contributed a y-o-y growth of 25.6% to the room revenue at the property. Contributions from completed Vip gaming Lounge and newly theme restaurant “Tali” (literally carrying the meaning of “desert dune”) will create a positive effect to the group’s result for the current financial year. with stabilisation and full completion of the expansion works, LhC will further enhance its status as the “cenTre of entertainment” in alice Springs and uplift its position amongst its competitors nationally.

while the group remains focused to build on its core business, fy2013 is a rationalisation year with the group successfully disposed of holiday inn on flinders, Melbourne (“hif”) and Lasseters wharf Casino (“LwC”) on 10 May 2013 and 23 July 2013 respectively. These disposals have allowed the group to unlock its asset value and utilise part of the proceeds to pare down group gearing level. as announced, on 19 July 2013, the group contracted for the sale of CLr with hunter Valley (CL) Management pty Ltd. This accretive transaction further enable the group to dispose of loss making business and together with the value realised from hif and LwC offers the group a flexibility to reallocate its resources efficiently and enhance shareholders’ value going forward.

in Malaysia, the group’s maiden property development business arm, Merry palms Sdn Bhd (“MpSB”) continues to trade positively with 70% of the units sold and the project is scheduled to be handed over to the purchasers by end 2014. MpSB is currently exploring to acquire additional land bank to add on to its development portfolio.

LOOkING AHEAD

with the recent change in government in australia, 2014 is going to an interesting year. we hope that, the new government will review and table positive business centric policies and lend its support to the business community at large. This is particularly so, when the global sentiment remains weak and Europe is still undergoing a difficult economic recovery.

nonetheless, we remain dedicated and will continue to keep track of regional casino developments by identifying opportunities that may lead to shareholder accretive transactions, solidifying our business fundamentals, reinforcing the group’s position in its core gaming markets.

we remain cautious and adopt a conservative approach in steering ahead. The group shall continue to revisit and manage its business strategies at effective pulse that would work efficiently and effectively within the difficult market conditions. APPRECIATION

i would like to take this opportunity to express my heartfelt gratitude to my fellow directors for the guidance and encouragement in overcoming obstacles over this challenging period, management and staff for their unwavering commitment and dedication to Lasseters, to business associates and partners, bankers, suppliers and customers for their continuous support to the group. To all my loyal shareholders, it was a privilege to obtain your unwavering support and votes of confidence and i look forward to meeting you at the upcoming annual general Meeting.

Thank you.

DATO ’ JAyA J b TANExecutive Chairman


FInAnCIAl HIGHlIGHts

- Revenue -

- Net Asset Worth -

- Profit/(loss) After tax* -

* profit after tax excludes impairment in value of property, plant & equipment and intangible assets, share of impairment in associates and accreditation of negative goodwill arising on acquisition of subsidiaries.

aud (‘000)

100

80

60

40

20

0

aud (‘000)

80

60

40

20

0

aud (‘000)

0

-2

-4

-6

-8

2,325

2010

2010

2010

2011

2011

2011

2012(restated)

2012

2012

2013

2013

2013

10

25,04722,597

47,643

Continuing

discontinued

69,43365,446

(4,018)(3,805)

60,195

(6,795)

72,50080,503

50,536 53,246

(4,915)


reVIeW oF operAtIons

Lasseters Hotel Casino (“LHC”)Lasseters hotel Casino remains the cenTre of entertainment in alice Springs and the aud35.0 million transformation plan into a resort style gaming destination continues to progress well during the financial year ended 30 June 2013 (“fy2013”).

Sixty six (66) new premium rooms, a resort style pool and back of house plants and equipment were added to the premises in fy2013. The new Vip gaming lounge and newly outback theme restaurant featuring a desert landscape will be operational in the 1st half of the next financial year. while the remaining main components of the development works comprising the hotel reception, fully equipped commercial gym and refurbish casino lobby is scheduled to complete in July 2014.

These added new venue facilities and service offerings will further enhance LhC as the cenTre of attractions in alice Springs, re-position and strengthen the Lasseters brand and lay a solid platform to stimulate revenue growth.

OPERATIONAL REvIEW

for the period under review, LhC achieved a year-on-year (“y-o-y”) increase of 6.7% to aud39.7 million as compared to financial year ended 30 June 2012 (“fy2012”) of aud37.2 million.

revenue from the gaming business continued to be the main driver contributing 55.0% or aud22.2 million in fy2013 (fy2012: 56.5% or aud21.4 million), a marginal improvement of aud0.8 million despite on-going construction disruption on the development work.

room division remains a key component on non-gaming revenue contribution, achieving an increase of 25.6% y-o-y to aud5.4 million in fy2013. This reflects the positive impact of the 66 new premium rooms. revenues from the food & Beverages (“f&B”), Convention Centre and others increased by 4.2% y-o-y to aud12.5 million in fy2013 as compared to aud12.0 million in fy2012. This again demonstrated management’s commitment to manage and mitigate risk associated with disruption on construction work through strategic theme change in the f&B outlets.

operating expenses increased by 7.5% to aud28.8 million in fy2013 as compared to aud26.8 million in fy2012. The increase is mainly due to cost associated with driving additional revenue to the new rooms. finance costs increased by aud1.2 million to aud3.8 million in fy2013 due to additional interest expense on completed new venue facilities.

as a result of which, LhC concluded in fy2013 with a profit before income tax and intercompany transaction of aud1.7 million as compared to aud2.6 million in fy2012.


Review of operations

OuTLOOk

The group shall continue to stay abreast of required casino development and identify opportunities that may lead to shareholders accretive transaction, strives to maximize resource deployment to achieve optimum productive efficiency, delivers revenue growth while at the same time adopting a vigilant watch over its cost structure and if required, realign the current operational practices to compliment new venue facilities.

The group believes that a transformed LhC will be able to stand out among its industry peers in terms of service offerings and experiential quality, bring the much-needed quality facilities to alice Springs as “a cenTe of entertainment”, improve its market share moving forward.

Lasseters Wharf Casino (“LWC”)Lasseters wharf Casino (“LwC”) is a premium boutique casino with a waterfront f&B outlet conveniently located on the edge of Lake wakatipu. LwC is situated in the exclusive lakeside Steamer wharf Complex, regarded as the most popular skiing holiday destination in new Zealand.

LwC holds one out of the 6 limited gaming licenses issued in new Zealand. The limited number of such licenses in new Zealand, a country rated as Tier-1 gaming jurisdiction made LwC a privileged business opportunity for the group.

OPERATIONAL REvIEW

revenue for LwC improved to aud2.9 million in fy2013 from aud2.6 million in fy2012, registering a 11.5% y-o-y increase. revenue from gaming operations increased by 19.8% y-o-y to

aud2.0 million while f&B revenue increased by 8.7% y-o-y to aud0.9 million in fy2013 respectively. despite weak market sentiment in new Zealand, performance of LwC remained resilient against the headwinds.

Expenses were held well across LwC with total operating expenses maintained fairly consistent at aud3.0 million in both fy2013 and fy2012. finance costs are held steady at aud0.07 million in fy2013.

for the period under review, LwC posted a net loss before income tax and intercompany transactions of aud0.03 million in fy2013 as compared to a net loss of aud0.4 million in fy2012.

OuTLOOk

as announced on 17 May 2013, the group had entered into a sale contract to dispose of Lasseters wharf Casino to SkyCity Entertainment group Limited for a consideration of aud4.1 million equivalent.

The sale was completed on 23 July 2013.



Cypress Lakes Group (“CLGL”)Cypress Lakes group owns and operates a resort golf course, hotel, health retreat and spa businesses within australia.

as part of the cost reduction strategy, CLgL was voluntarily delisted from australian Securities Exchange on 9 december 2009.

OPERATIONS REvIEW

financial performance remained strenuous in light of the unpredictable consumer spending and bearish market sentiment that continues to dominate the australian market. CLgL’s revenue fell by 8.7% y-o-y to aud32.6 million in fy2013 from aud35.7 million in fy2012.

resort revenue contribution from rooms, food & beverages, convention centre and golf slid 7.6% y-o-y to aud10.9 million in fy2013 as compared to aud11.8 million in fy2012. The reduction is mainly due to drop in golf revenue and reduced room revenue arising from a lower average daily room rates of aud202.2 as compared to aud213.76 in fy2012 with occupancy rate remains fairly consistent to what was registered in previous corresponding period of approximately 55.0%.

health retreats and spa program revenue contribution decreased by 5.9% y-o-y to aud10.0 million in fy2013, with the health retreat segment receiving a total of 17,616 program guest nights in fy2013 as compared to 18,219 guests in fy2012. The hotel division under

hif contributed revenue of aud11.6 million for the 10 months to 10 May 2013.

Stringent cost measure and practice continues to be adhered to within CLgL and operating costs decreased by 4.1% y-o-y to aud33.2 million in fy2013 from aud34.6 million in fy2012. The drop is partly due to a 10 months consolidation effect on hif. finance costs dropped to aud4.1 million from aud4.9 million in fy2012, the savings in interest is mainly due to a repayment in bank borrowings from the proceeds received on the sale of hif.

for the period under review, CLgL recorded a net loss before income tax and intercompany transactions of aud10.5 million in fy2013 as compared to aud6.5 million in fy2012. The higher loss is mainly due to an exceptional item of aud6.4 million in the write down in asset value from the proposed Cypress Lakes resort sale and an impairment from the wellness business, as required under the accounting standard.



OuTLOOk

as announced, on 10 May 2013, CLgL successfully disposed of hif in Melbourne and the group had, on 19 July 2013, contracted for the sale of CLr as part of the group’s overall rationalisation strategy.

Moving forward and pending completion of CLr sale, CLgL shall concentrate to rebuild its health retreat and spa segment while acknowledging that the growth and business sustainability of the spa and wellness division will depend largely on its ability to maintain and grow its market share.

apart from investing in branding efforts in boasting market awareness of “The golden door”, the group remained committed to extend its service and product offerings through selective capital

investment programs to move up the value chain so as to remain relevant to market demand within the wellness regime. on 15 May 2013, Tgdw australia entered into a licensing agreement with Shine (aust) pty Ltd and transformed Tgdw from a wellness retreat to a boot camp facility, a well-known TV reality show on weight loss management under brand name “The Biggest Loser (TBL)”. Such move would enable Tgd australia to expand its product offering, remove competitions amongst its industry peers and create a positive spin on spill over of Tgd loyal guests from Tgdw to TgdE. The group is vigorously looking at various measures to value add and streamline Cypress’ assets, but not limiting to unlocking the assets if such actions could improve or contribute positively to the group’s overall performance.

Merry Palms Sdn bhd (“MPSb”)MpSB commenced its physical construction of a sixteen (16) units industrial factory lots, measuring 7 acres of a leasehold land in the first quarter of fy2013.

OPERATIONAL REvIEW

for the period under review, MpSB traded positively with 70% of the factory lots successfully sold. revenue and expenses for MpSB has not been recognised in fy2013 as ifrS requires the group

to adopt a completed contract method whereby revenue and expenses will only be recognised in the profit or loss account when significant risks and rewards of ownership on the property are transferred to the buyer.

OuTLOOk

The project is scheduled to be handed over to the purchasers by end 2014. MpSB is currently exploring to acquire additional land bank to add on to its development portfolio and the group believes that by tapping on the management’s wide experience in development and construction sectors, this property arm will generate additional revenue stream for the group, moving forward.


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delIVerInG ourvalues


Lasseters international holdings Limited (“Lasseters”) is committed to maintaining a high standard of corporate governance by complying with the benchmark set by the Code of Corporate governance (the “Code”) as issued by the Ministry of finance on 14 July 2005. good corporate governance establishes and maintains an ethical environment, which strives to enhance the interest of all shareholders. Lasseters believes it has put in place effective self-regulatory corporate practices to protect its shareholders’ interests and enhance long-term shareholders’ value. This report outlines Lasseters’ corporate governance framework in place throughout fy2013.

bOARD MATTERS

the Board’s conduct of AffairsPrinciple 1 : Effective Board to lead and control the Company The Board of directors (the “Board”) comprises one Executive Chairman, two Executive directors and three independent directors, having the appropriate mix of core competencies and diversity in experience, which in the course of deliberations, they are obliged to act in good faith and consider all times the interest of the Company.

The primary functions of the Board are to provide stewardship for Lasseters and its subsidiaries (the “group”) and to enhance and protect long-term returns and value for its shareholders. Besides carrying out its statutory responsibilities, the Board oversees the formulation of the group’s long-term strategic objectives and directions, reviews and approves the group’s annual budgets, business and strategic plans and monitors the achievement of the group’s corporate objectives. it also oversees the management of the group’s business affairs and conducts periodic reviews of the group’s financial performance and implementing policies relating to financial matters, which include risk management and internal control and compliance.

The Board’s approval is also required in matters such as major funding proposals, investment and divestment proposals, major acquisitions and disposals, corporate or financial restructuring, mergers and acquisitions, share issuance and dividends and major corporate policies on key areas of operations, the release of the group’s half yearly and full year results and interested person transactions of a material nature. The Board ensures that incoming new directors are familiarized with the group’s businesses and corporate governance practices upon their appointment to facilitate the effective discharge of their duties.

The Board meets regularly to oversee the business affairs of the group, and to approve, if applicable, any financial and business objectives and strategies. ad-hoc meetings will be held when circumstances require. Lasseters’ articles of association also provide for telephone conference and video conferencing meetings.

The attendance of the directors at meetings of the Board and Board committees is as follows:-

Audit remuneration nominating Board committee committee committee

no. of meetings held in fy2013 3 2 2 1

number of meetings attendeddato’ Jaya J B Tan 3 n/a n/a 1dato’ Kamal y p Tan 3 n/a n/a n/aTan San Chuan 2 n/a n/a n/adato’ Sri ir. Kuan peng Ching @ Kuan peng Soon 3 2 2 1hon. frederick arthur finch aM 3 2 2 1Teo Chee Seng 3 2 2 1

n/a - not applicable as director is not a member of the committee.

CorporAte GoVernAnCe


Corporate Governance

Board composition and BalancePrinciple 2 : Strong and independent element on the Board

presently, the Board of Lasseters comprises the following directors:-

date of first date of lastname Age appointment re-election designation

dato’ Jaya J B Tan 65 26.2.2004 19.10.2012 Executive Chairmandato’ Kamal y p Tan 61 26.2.2004 21.10.2010 Executive directorTan San Chuan 31 15.9.2005 21.10.2011 Executive directordato’ Sri ir. Kuan peng Ching @ Kuan peng Soon 67 27.2.2004 21.10.2011 independent directorhon. frederick arthur finch aM 68 27.2.2004 19.10.2012 independent directorTeo Chee Seng 59 26.2.2004 21.10.2010 independent director

There is a good balance between the executive and non-executive directors and a strong and independent element on the Board. Key information on directors can be found in the “Board of directors” section of this annual report.

The Board, through the delegation of its authority to the nominating Committee (“nC”), has used its best efforts to ensure that directors appointed to the Board possess the relevant background, experience and knowledge in technology, business, finance and management skills critical to the group’s business to enable the Board to make sound and well-considered decisions.

The independence of each director is reviewed annually by the nC, which confirms that the independent directors made up at least one-third of the Board. The Board considers an “independent” director as one who has no relationship with Lasseters, its related companies or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of the director’s independent business judgment of the conduct of the group’s affairs.

although the independent directors hold directorships in other companies, the Board is of the view that such multiple Board representations do not hinder them from carrying out their duties as directors. These directors would widen the experience of the Board and give it a broader perspective.

The composition of the Board is reviewed on an annual basis by the nC to ensure that the Board has the appropriate mix of expertise and experience, and collectively possesses the necessary core competence for informed decision-making and effective functioning.

chairman and chief executive officer Principle 3 : Clear division of responsibilities at the top of the Company The Company has not adopted the recommendation of the Code to have a separate appointment of Chairman and Chief Executive officer. The Board is of the view that it is in the best interests of the group to adopt a single leadership structure, whereby the CEo and the Chairman of the Board is the same person, so as to ensure that the decision-making process of the group would not be unnecessarily hindered.

presently, dato’ Jaya J B Tan, as Executive Chairman, continues to provide strategic leadership for the group and hold executive responsibility for the Company’s business. additionally, he is responsible for the effective workings of the Board and promotes high standards of corporate governance. he ensures that Board meetings are held when necessary and sets the Board meeting agenda in consultation with other directors and the key management. he also reviews Board papers before they are presented to the Board to ensure that information provided to the Board members is adequate. during the Board meetings, he facilitates effective contributions and constructive discussions on strategic issues and business planning from the executive and non-executive directors. dato’ Jaya is assisted by an experienced and qualified team of executive officers of the group.

bOARD MEMbERSHIP AND PERfORMANCE

Board committees

To assist the Board in the discharge of its responsibilities, the Board has established three Board Committees, namely the audit Committee (“aC”), nominating Committee (“nC”) and remuneration Committee (“rC”). These committees function within clearly defined terms of reference and operating procedures, which are reviewed on a regular basis.



The composition of each of the committees as at the date of this report is as follows:-

Audit nominating remunerationdirectors committee committee committee

Teo Chee Seng Chairman Member Chairmandato’ Sri ir. Kuan peng Ching @ Kuan peng Soon Member Chairman Memberhon. frederick arthur finch aM Member Member Memberdato’ Jaya J B Tan - Member -

nominating committeePrinciple 4 : Formal and transparent process for appointment of new directorsPrinciple 5 : Formal assessment of the effectiveness of the Board and contributions of each director

The nominating Committee (“nC”) comprises one executive director and three independent non-executive directors, one of whom is also the Chairman of the Committee. The members of the nC are as follows:-

dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon (Chairman) non-Executive, independentTeo Chee Seng (Member) non-Executive, independenthon. frederick arthur finch aM (Member) non-Executive, independentdato’ Jaya J B Tan (Member) Executive

The nC has adopted its terms of reference that describes the responsibilities of its members.

The nC decides how the Board should be evaluated and selects a set of performance criteria that is linked to long-term shareholders’ value, to be used for performance evaluation of the Board.

The nC performs the following principal functions:-• reviews the structure, size and composition of the Board and make recommendations to the Board;• identifies candidates and reviews all nomination for the appointment and re-appointment of members of the Board;• determines annually whether or not a director is independent in accordance with the guidelines of the Code;• decides how the Board’s performance may be evaluated and proposes objective performance criteria for the Board’s approval; and• assesses the effectiveness of the Board as a whole, as well as the contribution by each member of the Board.

The Board has power from time to time and at any time to appoint a person as a director to fill a casual vacancy or as an addition to the Board. any new directors appointed during the year shall only hold office until the next annual general Meeting (“agM”) and submit themselves for re-election and shall not be taken into account in determining the directors who are to retire by rotation at that meeting.

presently, new directors are appointed by way of a board resolution after the nC approves and recommends to the Board for approval, subject to compliance with Lasseters’ articles governing new appointment of directors. article 90(2) of the Company provides that no director shall be appointed without the consent of the northern Territory Minister. article 90(3) further provides that upon a director of Lasseters or, if required by a gaming authority or a Licence, any of Lasseters’ subsidiaries being appointed, there shall be a period of 14 days during which Lasseters shall make an application(s) to the nT Minister for his consent for purposes of article 90(2) above.

article 102 of Lasseters’ articles of association requires the Managing director, Chief Executive officer or president (or person holding an equivalent position) who is a director to be subject to retirement by rotation.

article 106 of Lasseters’ articles of association requires one third of the Board to retire by rotation at every agM. The directors must present themselves for re-nomination and re-election at regular intervals of at least once every three years.

in reviewing the nomination of the retiring directors, the nC considered the performance and contribution of each of the retiring directors, having regard not only to their attendance and participation at Board and Board Committee meetings but also the time and efforts devoted to the group’s business and affairs, especially the operational and technical contributions.

in considering the appointment of any new director, the nC ensures that the new director possesses the necessary skills, knowledge and experience that could facilitate the Board in the making of sound and well-considered decisions. for re-appointments, nC takes into account the individual director’s past contributions and performance.



The nC has recommended the nomination of directors retiring pursuant to article 106 of the Company’s articles of association, namely dato’ Kamal y p Tan and Mr Teo Chee Seng for re-election at the forthcoming annual general Meeting.

dato’ Kamal y p Tan was appointed as a director of the Company with effect from 26 february 2004 and became an Executive director on 3 april 2008.

Mr Teo Chee Seng was appointed to the Board on 26 february 2004. he is currently the Chairman of the aC and rC and is a member of nC. Mr Teo will, upon re-election as a director of the Company, remain as the Chairman of the aC and rC and a member of the nC. he will be considered independent for the purposes of rule 704(7) of Section B: rules of Catalist of the Listing Manual of the Singapore Exchange Securities Trading Limited.

Access to informationPrinciple 6 : Board members to have complete, adequate and timely information

To assist the Board in its discharge of duties and responsibilities, all directors are provided with adequate information in a timely manner by the management on matters to be deliberated, thus facilitating informed decision-making. directors are also updated on initiatives and developments for the group’s business whenever possible on an on-going basis.

The Board has separate and independent access to Lasseters’ senior management and the Company Secretaries. at least one of the Company Secretaries attends the Board and Board committee meetings and is responsible for ensuring that board procedures are followed in accordance with the Memorandum and articles of association of Lasseters, and that applicable rules and regulations are complied with.

Management will, upon direction by the Board, assist the directors, either individually or as a group, to get independent professional advice in furtherance of their duties, at Lasseters’ expense.

remuneration committeePrinciple 7 : Formal and transparent procedure for fixing remuneration packages of directorsPrinciple 8 : Remuneration of directors should be adequate but not excessivePrinciple 9 : Remuneration policy, level and mix of remuneration and procedure for setting remuneration

The remuneration Committee (“rC”) comprises three independent non-executive directors, one of whom is also the Chairman of the Committee. The members of the rC are as follows:-

Teo Chee Seng (Chairman) non-Executive, independenthon. frederick arthur finch aM (Member) non-Executive, independentdato’ Sri ir. Kuan peng Ching @ Kuan peng Soon (Member) non-Executive, independent

The role of the rC is to review and recommend remuneration policies and packages for directors and key executives and to disseminate proper information on transparency and accountability to shareholders on issues of remuneration of the executive directors of the group and employees related to the executive directors and controlling shareholders of the group.

rC’s review covers all aspect of remuneration, including but not limited to directors’ fees, salaries, allowances, bonuses, options, long-term incentive schemes, including share schemes and benefits in kind. recommendations are made in consultation with the Chairman of the Board and submitted for endorsement by the entire Board. no director is involved in deciding his own remuneration.

primary functions to be performed by rC:-• reviews and recommends to the Board, a framework of remuneration for the Board and key executives;• reviews the level of remuneration that are appropriate to attract, retain and motivate the directors and key executives;• Ensures adequate disclosure on directors’ remuneration;• reviews and recommends to the Board the terms for renewal of directors’ service contracts;• reviews and administers the Lasseters Employee Share option Scheme (the “Scheme”) adopted by the group and decides on the

allocations and grants of options to eligible participants under the Scheme; and• recommends to the Board, the Executive Share option Schemes or any long-term incentive schemes which may be set up from time

to time and does all acts necessary in connection therewith.



directors’ remuneration

a) number of directors in remuneration bands:-

1/7/2011 to 1/7/2012 to 30/6/2012 30/6/2013

Below Sgd250,000 5 5 Sgd250,000 to below Sgd500,000 1 1 Sgd500,000 and above - -

6 6

b) a breakdown, showing the level and mix of each individual director’s remuneration and fees of Lasseters for fy2013 is as follows:-

Performance- directors’ related income/ total remuneration Bands & names of directors salary* Fees** Bonus*** remuneration % % % %

SGD250,000 to below SGD500,000 dato’ Jaya J B Tan 77.4 12.3 10.3 100.0 below SGD250,000 dato’ Kamal y p Tan - 100.0 - 100.0 Tan San Chuan 80.0 20.0 - 100.0 dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon - 100.0 - 100.0 hon. frederick arthur finch aM - 100.0 - 100.0 Teo Chee Seng - 100.0 - 100.0

Notes : * Inclusive of benefits in kind, allowances and provident funds/superannuation paid by the Company and/or its subsidiaries, where

applicable.** Includes fees received from subsidiaries, where applicable.*** Performance-related income/bonus for FY2012 received in FY2013.

The breakdown, showing the level and mix of each key executive’s remuneration for fy2013 is as follows:-

Performance- related income/ total remuneration Bands & names of executive officers salary* Bonus** remuneration % % %

SGD250,000 to below SGD500,000 Chris Sartori 100.0 - 100.0 paul wong Baan Chun 88.1 11.9 100.0 denis Croke 100.0 - 100.0 below SGD250,000 Craig Jervis 98.7 1.3 100.0 Benjamin inglis 98.5 1.5 100.0

Notes : Remuneration drawn in AUD has been converted to SGD based on AUD1 to SGD1.1790 as at 28 June 2013.

* Inclusive of benefits in kind, allowances, provident funds/superannuation, annual leave and long service leave.** Performance-related income/bonus for FY2012 received in FY2013.



Immediate family members of Directorsother than as disclosed above, there are no immediate family members of directors in employment with Lasseters and whose remuneration exceeds Sgd150,000 during the fy2013 save and except for dato’ Jaya J B Tan, who are related to dato’ Kamal y p Tan and Tan San Chuan, both who are Executive directors of the Company.

AccountabilityPrinciple 10 : Accountability of the Board and management

The Board is accountable to shareholders for the stewardship of the group. The Board updates shareholders on the operations and financial position of Lasseters through half-year and full-year results announcements as well as timely announcements of other matters as prescribed by the relevant rules and regulations. The Management is accountable to the Board by providing the Board with the necessary financial information for the discharge of its duties.

presently, the Management presents to the aC the interim and full year results and the aC reports on the results to the Board for review and approval before releasing the results to the Sgx-ST and public via SgxnET.

Audit committeePrinciple 11 : Establishment of audit committee with written terms of reference

The audit Committee (“aC”) comprises three independent non-executive directors, one of whom is also the Chairman of the Committee. The members of the aC are as follows:-

Teo Chee Seng (Chairman) non-Executive, independenthon. frederick arthur finch aM (Member) non-Executive, independentdato’ Sri ir. Kuan peng Ching @ Kuan peng Soon (Member) non-Executive, independent The principal responsibility of the aC is to assist the Board in maintaining a high standard of corporate governance, particularly by providing an independent review of the group’s material internal controls, including financial, operational, compliance and risk management controls at least once annually, to safeguard Lasseters’ assets and maintain adequate accounting records, with the overall objective of ensuring that the management creates and maintains an effective control environment in the group.

The aC has authority to investigate any matter within its terms of reference, gain full access to and co-operation by management, exercise full discretion to invite any director or executive officer to attend its meetings, and gain reasonable access to resources to enable it to discharge its function properly.

The aC will meet with the external auditors without the presence of the management at least once a year to review the scope and results of the audit and its cost effectiveness, as well as the independence and objectivity of the external auditors.

it has undertaken a review of all non-audit services provided by the external auditors and is of the opinion that the provision of such services would not affect the independence of the auditors.

in performing those functions, the aC reviews:-• and discuss with external auditors before the audit commences, the nature and scope of the audit to ensure co-ordination where

more than one audit firm is involved;• External auditor’s management letter and the management’s response;• audit plans and results of the audit performed by the external auditors and ensure adequacy of Lasseters’ system of accounting

controls;• the financial statements of Lasseters and the consolidated financial statements of the group before their submission to the Board of

directors;• the announcements of the financial results;• the adequacy of the internal audit function and the effectiveness of Lasseters’ material internal controls;• independence of the external auditors;• any work performed by the independent financial advisor;• interested person transactions;• co-operation given by the management to the external auditors; • the appointment and re-appointment of external and internal auditors of Lasseters’ and the audit fees; and• other matters as requested by the Board and as required by statute or the Listing Manual.



The external auditors have full access to the aC who has the express power to conduct or authorise investigations into any matters within its terms of reference. Minutes of the aC meetings will be regularly submitted to the Board for its information.

The aC has reviewed the group’s risk assessment, and based on the audit reports and management controls in place, is satisfied that there are adequate internal controls in the group.

for the year under review, the group has accrued an aggregate amount of audit and tax fees of aud421,785, comprising audit fees of aud95,277 paid to auditors of the Company; and aud239,800 and aud86,708 paid to other auditors for audit fees of the subsidiaries and tax fees respectively. in compliance with rule 1204(6) of Section B : rules of Catalist of the Listing Manual (“Catalist rules”) of the Singapore Exchange Securities Trading Limited, the aC confirmed that it has undertaken a review of all non-audit services provided by the auditors and they would not, in the aC’s opinion, affect the independence of the auditors.

The group has complied with rules 712 and 715 of the Listing Manual in relation to its auditors.

The aC has recommended the re-appointment of Bdo LLp as auditors for the ensuing year, subject to shareholders’ approval at the forthcoming agM.

Internal Controls and Internal AuditPrinciple 12 : Sound system of internal controlsPrinciple 13 : Setting up independent audit function

a system of internal controls has been implemented for all companies within the group. The controls are designed to provide reasonable assurance that assets are safeguarded, operational controls are in place, business risks are suitably protected, proper accounting records are maintained and financial information used within the business and for publication is accurate and reliable.

given the types of business conducted, the group has to conform to strict guidelines laid down by the governments of northern Territory (“nT“), new South wales (“nSw”), Queensland (“QLd”), Victoria (“ViC”) in australia and in new Zealand (“nZ”) through specific legislation. Standard operating procedures of casino gaming are well documented in internal control manuals which have been endorsed by the respective governments. The respective governments are allowed to conduct random inspections on the day-to-day operations of the gaming business and to access the financial status, as well as to conduct checks on the directors and Management. The internal accounting controls are reviewed by Lasseters’ present external auditors as part of their audit.

while no system can provide absolute assurance against loss or misstatement, Management, in designing the controls, had taken into account the business risk, its likelihood of occurrence and the cost of protection. during the financial year, the aC, on behalf of the Board, has reviewed the effectiveness of the various systems in place by Management and is satisfied that there are adequate internal controls in the group.

The main role of internal audit function is to review the effectiveness of the system of internal control.

internal audits are continuously carried out by designated personnel in the group, in addition to random inspection by nT, nSw, QLd and ViC governments and also internal accounting control reviews by the subsidiaries external auditors as part of their audit. They are responsible for ensuring that the group’s operational and financial controls comply with the strict guidelines laid down by the nT, nSw, QLd and ViC governments through specific legislation and support the audit Committee in its role of assessing the effectiveness of the group’s overall internal control system and assisting in the implementation of a risk management framework.

during the financial year, the Board with the concurrence of aC, after carrying out a review, is of the opinion that the internal controls of the group are adequate to address operational, financial and compliance risks. in arriving at the opinion, the Board is of the view that the internal controls of the group have reasonable assurance about achieving the effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations.

communication with shareholdersPrinciple 14 : Regular, effective and fair communication with shareholdersPrinciple 15 : Shareholder participation at AGM

Lasseters is committed to timely dissemination of information and proper transparency and disclosure of relevant information to Sgx-ST, shareholders, analysts, the public and its employees.



information is communicated to shareholders and the public through the following channels:• notice of annual general Meeting (“agM”) and annual reports that are issued to all shareholders. The Board strives to ensure that

these reports include all relevant information on the group, including current developments, strategic plans and disclosures required under the Companies act, Singapore financial reporting Standards, Listing Manual of the Sgx-ST and other relevant statutory and regulatory requirements;

• price sensitive announcement of interim and full year results released through SgxnET;• disclosures on the SgxnET;• Press releases; and• press and analysts’ briefings as may be appropriate.

all shareholders are welcome to attend the agM. The Board of directors, aC members and other committee members, chief financial officer, auditors and the Company Secretary/Secretaries will be present and are available to address any questions from shareholders regarding the group and its businesses.

Material Contracts

no material contracts were entered into between Lasseters or any of its subsidiaries involving the interests of any director or controlling shareholder, which are either subsisting at the end of the financial year or, if not then subsisting, entered into since the end of the previous financial year up to the date of the financial statements except for related party transactions and director’s remuneration as disclosed in the financial statements.

interested Person transactions

Lasseters has established procedures to ensure that all transactions with interested persons are reported in a timely manner to the aC and that the transactions are at arm’s length basis. all interested person transactions are subject to review by the aC to ensure compliance with the established procedures.

The aggregate value of interested person transactions entered into during the year were as follows:-

Name of Interested Person

rental of office premises between Lasseters rM528,000 -Management (M) Sdn Bhd and Motif Etika Sdn Bhd (or approximately Sgd210,602*)

* Based on exchange rate as at 28 June 2013 of SGD1 = RM2.5071.

Risk Management

The Board reviews the risk profile of the group and ensures that there are robust risk management policies and internal controls in place. The Board has delegated the responsibility for setting the direction of the group’s risk management strategy to Management. The key risks of the group have been identified within a group risk framework that has been approved by Management and the aC.

The group has established risk management policies, guidelines and control procedures to manage its exposure risks. details of the various financial risk factors and the management of such risks are outlined in the financial statements.

Aggregate value of all interested person transactions during the

financial year under review (excluding transactions less than

sGd100,000 and transactions conducted under shareholders’

mandate pursuant to Rule 920 of the sGX listing manual)

Aggregate value of all interested person transactions conducted under shareholders’ mandate

pursuant to Rule 920 of the sGX listing manual (excluding

transactions less than SGD100,000)



it is part of the Board’s role to ensure that there are adequate policies for risk management and internal controls and to oversee the effectiveness of the policies in achieving the group’s goals and objectives. The responsibility for implementing appropriate policies and procedures to achieve effective risk management and internal control is delegated to Senior Management. The overall framework established by Management is designed to enhance the soundness of the group’s financial reporting, risk management, compliance and internal control systems which include:-

• process improvement initiatives undertaken by business units;• Benchmarking against key risk indicators, such as loss reporting, exceptions reporting and management reviews;• annual formal evaluations by the heads of business units and support functions on the soundness, effectiveness and efficiency of the

financial reporting, risk management;• compliance and internal control systems in their respective areas of responsibility;• implementation of formal policies and procedures relating to the delegation of authority;• involvement of experienced and suitably qualified employees who take responsibility for important business functions; and• Segregation of key functions that are deemed incompatible and that may give rise to a risk that errors or irregularities may not be

promptly detected.

There is an organisational structure with clearly drawn lines of accountability and delegation of authority. There are documented procedures in place that cover management accounting, financial reporting, investment appraisal, information systems security, compliance and other risk management issues.

The systems that are in place are intended to provide guidance in managing and mitigating the business risks in safeguarding assets, maintenance of proper accounting records, the reliability of financial information, compliance with applicable legislation and best practice, but not absolute assurance against misstatements or losses.

dealings in securities

following the introduction of Best practice guide by Sgx-ST (the “Code”), the Company has brought to the attention of its employees the implications of insider trading and recommendations of the Best practice guide.

Lasseters has adopted and implemented an internal compliance of the Code which prohibits securities dealings by directors and employees while in possession of unpublished price-sensitive information. officers are discouraged to deal in the Company’s securities on short-term considerations. directors, executives and any other employees who have access to material price-sensitive information are prohibited from dealing in securities of Lasseters prior to the announcement of a matter that involves material unpublished price-sensitive information. They are required to report on all their dealings in Lasseters securities to Lasseters. They are also prohibited from dealing in Lasseters’ securities during the period commencing one month before the announcement of the Lasseters’ interim or full year results and ending on the day after the announcement of the interim and full year results.

The group has complied with the Best practices guide on Securities Transactions issued by the Singapore Exchange.

Catalist Sponsor

There was no non-sponsor fee paid to the sponsor for the year under review. however, the group has paid to Stamford Law Corporation, an affiliate of the sponsor, legal and secretarial fees in aggregate amounting to Sgd19,200 for fy2013.

FInAnCIAlstAtements

32 – rEporT of ThE dirECTorS

35 – STaTEMEnT By dirECTorS

36 – indEpEndEnT audiTor’S rEporT

37 – ConSoLidaTEd STaTEMEnT of CoMprEhEnSiVE inCoME

38 – STaTEMEnTS of finanCiaL poSiTion

39 – STaTEMEnTS of ChangES in EQuiTy

41 – ConSoLidaTEd STaTEMEnT of CaSh fLowS

42 – noTES To ThE finanCiaL STaTEMEnTS

31Lasseters annual report 2013

report oF tHe dIreCtors

The directors of the Company present their report to the members together with the audited financial statements of the group for the financial year ended 30 June 2013 and the statement of financial position of the Company as at 30 June 2013 and the statement of changes in equity of the Company for the financial year ended 30 June 2013.

1. Directors

The directors of the Company in office at the date of this report are as follows:

dato’ Jaya J B Tan (Executive Chairman)dato’ Kamal y p Tan (Executive director)Tan San Chuan (Executive director)dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon (independent director)hon. frederick arthur finch aM (independent director)Teo Chee Seng (independent director)

2. Arrangements to enable Directors to acquire shares or debentures

neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object is to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

3. Directors’ interests in shares or debentures

The directors of the Company holding office at the end of the financial year had no interests in the shares or debentures of the Company and its related corporations as recorded in the register of directors’ Shareholdings kept by the Company under Section 164 of the Singapore Companies act, Cap. 50 (the “act”), except as follows:

Shareholdings registered in the name of directors/nominees

balance as at balance as at 1.7.2012 30.6.2013

The Company Number of ordinary shares

dato’ Jaya J B Tan 47,184,270 47,184,270dato’ Kamal y p Tan 49,558,006 49,558,006Tan San Chuan 9,057,668 9,057,668dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon 1,521,239 4,521,239hon. frederick arthur finch aM 50,000 50,000Teo Chee Seng 200,000 200,000

Subsidiary Lasseters Corporation Limited

Number of ordinary shares

dato’ Sri ir. Kuan peng Ching @ Kuan peng Soon 1,355,531 1,355,531

in accordance with the continuing listing requirements of the Singapore Exchange Securities Trading Limited (“Sgx-ST”), the directors of the Company state that, according to the register of directors’ Shareholdings, the directors’ interests as at 21 July 2013 in shares of the Company have not changed from those disclosed as at 30 June 2013.

32 Lasseters annual report 2013


Report of the Directors

4. Directors’contractualbenefits

Sincetheendofthepreviousfinancialyear,noDirectoroftheCompanyhasreceivedorbecomeentitledtoreceiveabenefitwhichisrequiredtobedisclosedbySection201(8)oftheAct,byreasonofacontractmadebytheCompanyorarelatedcorporationwiththeDirectororwithafirmofwhichheisamember,orwithacompanyinwhichhehasasubstantialfinancialinterest,exceptasdisclosedin the financial statements. CertainDirectors received remuneration from related corporations in their capacity asDirectors and/orexecutivesofthoserelatedcorporationsasdisclosedinNote33oftheaccompanyingfinancialstatements.

5. Shareoptions

TherewerenoshareoptionsgrantedbytheCompanyoritssubsidiariesduringthefinancialyear.

TherewerenosharesissuedduringthefinancialyearbyvirtueoftheexerciseofoptionstotakeupunissuedsharesoftheCompanyoritssubsidiaries.

TherewerenounissuedsharesintheCompanyoritssubsidiariesunderoptionasattheendofthefinancialyear.

TheCompanyhasimplementedashareoptionschemeknownasthe“LassetersEmployeeShareOptionScheme”(“ESOS”).TheESOSwasapprovedandadoptedbytheShareholdersatanExtraordinaryGeneralMeetingoftheCompanyheldon30March2004.NoshareoptionshavebeengrantedpursuanttotheESOS.

6. Auditcommittee

The Company’s Audit Committee comprises the followingmembers,who are all Independent Directors. Themembers of the AuditCommitteeatthedateofthisreportare:

TeoCheeSeng(Chairman)Hon.FrederickArthurFinchAMDato’SriIr.KuanPengChing@KuanPengSoon

TheAuditCommitteemeetsperiodicallytoperform(amongothers)thefollowingfunctions:

a. reviewwiththeexternalindependentauditorstheauditplan,andtheresultsoftheexternalindependentauditors’examinationandevaluationofthesystemofinternalaccountingcontrols;

b. reviewtheconsolidatedfinancialstatementsoftheGroup,statementoffinancialpositionandstatementofchangesinequityoftheCompany,andtheexternalindependentauditor’sreportonthosefinancialstatements,beforesubmissiontotheBoardofDirectorsforapproval;

c. reviewtheco-operationgivenbythemanagementtotheexternalindependentauditors;

d. considertheappointmentandre-appointmentoftheexternalindependentauditors;

e. reviewandapproveinterestedpersontransactions;

f. reviewpotentialconflictofinterests,ifany;

g. undertakesuchotherreviewsandprojectsasmayberequestedbytheBoardandreporttotheBoarditsfindingsfromtimetotimeonmattersarisingandrequiringtheattentionoftheAuditCommittee;and

h. generallyundertakesuchotherfunctionsanddutiesasmayberequiredbystatuteortheprovisionsofSectionB:RulesofCatalistoftheListingManualofSGX-ST,andbysuchamendmentsmadetheretofromtimetotime.

TheAuditCommitteehasrecommendedtotheBoardofDirectorsthenominationofBDOLLP,forre-appointmentasindependentauditorsoftheCompanyattheforthcomingAnnualGeneralMeeting.


7. Auditors

Theauditors,BDOLLP,haveexpressedtheirwillingnesstoacceptre-appointment.

8. AdditionaldisclosurerequirementsoftheListingManualoftheSingaporeExchangeSecuritiesTradingLimited

Theauditorsof thesubsidiariesof theCompanyaredisclosed inNote15tothefinancialstatements. In theopinionof theBoardofDirectorsandAuditCommittee,Rule712andRule715oftheprovisionsofSectionB:RulesofCatalistoftheListingManualofSGX-SThasbeencompliedwith.

OnbehalfoftheBoardofDirectors

Dato’JayaJBTan Dato’KamalYPTanExecutiveChairman ExecutiveDirector

6September2013

Report of the Directors


IntheopinionoftheBoardofDirectors,

(a) theaccompanyingconsolidatedfinancial statementsof theGroupand thestatementoffinancialpositionandstatementof changesinequityoftheCompanytogetherwiththenotesthereonareproperlydrawnupinaccordancewiththeprovisionsoftheSingaporeCompaniesAct,Cap.50andSingaporeFinancialReportingStandardssoastogiveatrueandfairviewofthestateofaffairsoftheGroupandoftheCompanyasat30June2013andoftheresults,changesinequityandcashflowsoftheGroupandchangesinequityoftheCompanyforthefinancialyearendedonthatdate;and

(b) atthedateofthisstatement,therearereasonablegroundstobelievethattheCompanywillbeabletopayitsdebtsasandwhentheyfalldue.

OnbehalfoftheBoardofDirectors

Dato’JayaJBTan Dato’KamalYPTanExecutiveChairman ExecutiveDirector

6September2013

STATEMENT BY DIRECTORS


INDEPENDENTAUDITOR’S REPORT TO THE MEMBERS OF LASSETERS INTERNATIONAL HOLDINGS LIMITED

Report on the Financial Statements

Wehaveauditedtheaccompanyingfinancial statementsofLasseters InternationalHoldingsLimited (the“Company”)and itssubsidiaries(the“Group”)assetoutonpages37to99,whichcomprisetheconsolidatedstatementoffinancialpositionoftheGroupandthestatementoffinancialpositionoftheCompanyasat30June2013,andtheconsolidatedstatementofcomprehensiveincome,statementofchangesinequityandstatementofcashflowsoftheGroupandthestatementofchangesinequityoftheCompanyforthefinancialyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.

Management’s Responsibility for the Financial Statements

ManagementisresponsibleforthepreparationoffinancialstatementsthatgiveatrueandfairviewinaccordancewiththeprovisionsoftheSingaporeCompaniesAct,Cap.50(the“Act”)andSingaporeFinancialReportingStandards,andfordevisingandmaintainingasystemofinternalaccountingcontrolssufficienttoprovideareasonableassurancethatassetsaresafeguardedagainstlossfromunauthoriseduseordisposition;andtransactionsareproperlyauthorisedandthattheyarerecordedasnecessarytopermitthepreparationoftrueandfairprofitandlossaccountsandbalancesheetsandtomaintainaccountabilityofassets.

Auditor’s Responsibility

Ourresponsibility istoexpressanopiniononthesefinancialstatementsbasedonouraudit.Weconductedouraudit inaccordancewithSingaporeStandardsonAuditing.Thosestandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selecteddependon theauditor’s judgement, including theassessmentof the risksofmaterialmisstatementof thefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationoffinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

Opinion

Inouropinion,theconsolidatedfinancialstatementsoftheGroupandthestatementoffinancialpositionandstatementofchangesinequityoftheCompanyareproperlydrawnupinaccordancewiththeprovisionsoftheActandSingaporeFinancialReportingStandardssoastogiveatrueandfairviewofthestateofaffairsoftheGroupandoftheCompanyasat30June2013andoftheresults,changesinequityandcashflowsoftheGroupandthechangesinequityoftheCompanyforthefinancialyearendedonthatdate.

ReportonOtherLegalandRegulatoryRequirements

Inouropinion,theaccountingandotherrecordsrequiredbytheActtobekeptbytheCompanyandbythosesubsidiariesincorporatedinSingaporeofwhichwearetheauditors,havebeenproperlykeptinaccordancewiththeprovisionsoftheAct.

BDOLLPPublicAccountantsandCharteredAccountants

Singapore6September2013


CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Group 2013 2012 Note AUD’000 AUD’000 (Restated)

Continuingoperations Revenue 4 53,246 50,536Consumables (4,615) (4,300)Employeebenefitsexpense 5 (23,995) (23,108)Depreciationexpenses 6 (6,813) (6,117)Villaleaserental (2,504) (2,414)Advertisingandpromotionalexpenses (1,676) (1,721)Gamingtax (2,707) (2,629)Otheroperatingexpenses (11,188) (9,817)Impairmentinvalueofproperty,plantandequipment (1,113) (275)Financecosts 7 (5,254) (4,211)

Lossbeforeincometaxfromcontinuingoperations 8 (6,619) (4,056)Incometax 9 (199) (734)

Lossforthefinancialyearfromcontinuingoperations (6,818) (4,790)Lossforthefinancialyearfromdiscontinuedoperations 10 (4,563) (2,280)

Lossforthefinancialyear (11,381) (7,070)

Other comprehensive income: Items that will not be reclassified to profit or loss: Reversalofrevaluationreserve (1,594) -Deferredtaxrelatingtocomponentsofothercomprehensiveincome 435 - Items that may be reclassified subsequently to profit or loss: Exchangedifferencesontranslatingforeignoperations (12) 4

Othercomprehensiveincomeforthefinancialyear,netoftax (1,171) 4

Totalcomprehensiveincomeforthefinancialyear (12,552) (7,066)

Lossforthefinancialyearattributableto: Ownersoftheparent (11,379) (7,069)Non-controllinginterests (2) (1)

(11,381) (7,070)

Totalcomprehensiveincomeforthefinancialyearattributableto:Ownersoftheparent (12,550) (7,065)Non-controllinginterests (2) (1)

(12,552) (7,066)

Losspersharefromcontinuingoperationsattributabletoownersoftheparent 11 -Basicanddiluted(AUDCents) (2.73) (1.95)

Losspersharefromdiscontinuedoperationsattributabletoownersoftheparent 10 -Basicanddiluted(AUDCents) (1.83) (0.93)

The accompanying notes form an integral part of these financial statements.


STATEMENTS OFFINANCIAL POSITIONAS AT 30 JUNE 2013

Group Company 2013 2012 2013 2012 Note AUD’000 AUD’000 AUD’000 AUD’000

Non-current assets Property,plantandequipment 12 150,732 210,238 2 4Intangibleassets 13 2,656 2,621 - -Landheldforpropertydevelopment 14 - - - -Investmentsinsubsidiaries 15 - - 19,956 19,956Membershipright 16 38 38 38 38

153,426 212,897 19,996 19,998

Current assets Inventories 17 900 1,098 - -Tradeandotherreceivables 18 2,013 5,042 25,064 24,563Propertydevelopmentcosts 19 5,377 4,218 - -Currentincometaxrecoverable 13 - - -Cashandcashequivalents 20 9,159 1,311 120 89

17,462 11,669 25,184 24,652Assetsclassifiedasheldforsale 21 10,953 34 - -

28,415 11,703 25,184 24,652

Less:Currentliabilities Tradeandotherpayables 22 24,902 24,928 3,503 2,584Provisionsforemployeeentitlements 23 1,447 1,505 66 59Bankborrowings-secured 24 5,671 11,835 - -Financeleasepayables 25 826 642 - -Currentincometaxpayable - 99 - -

32,846 39,009 3,569 2,643Liabilitiesclassifiedasheldforsale 21 73 188 - -

32,919 39,197 3,569 2,643

Netcurrent(liabilities)/assets (4,504) (27,494) 21,615 22,009

Less:Non-currentliabilities Tradeandotherpayables 22 205 193 - -Provisionsforemployeeentitlements 23 568 477 - -Bankborrowings-secured 24 75,513 98,476 - -Financeleasepayables 25 1,218 943 - -Deferredtaxliabilities 26 23,775 25,119 2 2

101,279 125,208 2 2

Net assets 47,643 60,195 41,609 42,005

Equity Sharecapital 27 44,287 44,287 44,287 44,287Treasuryshares 28 (426) (426) (426) (426)Foreigncurrencytranslationreserve 29 (3,922) (3,910) (1,717) (1,717)Revaluationreserve 30 48,580 49,739 - -Accumulatedlosses 31 (40,930) (29,551) (535) (139)

Equityattributabletoownersoftheparent 47,589 60,139 41,609 42,005Non-controllinginterests 54 56 - -

Totalequity 47,643 60,195 41,609 42,005



STATEMENTS OFCHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Attributabletoownersoftheparent

Non-controlling

interestsTotal

equity

Group

Sharecapital

AUD’000

Treasuryshares

AUD’000

Foreigncurrency

translationreserve

AUD’000

Re- valuation

reserveAUD’000

Accumu-lated

lossesAUD’000

TotalAUD’000 AUD’000 AUD’000

Balanceasat1.7.2012 44,287 (426) (3,910) 49,739 (29,551) 60,139 56 60,195

Lossforthefinancialyear - - - - (11,379) (11,379) (2) (11,381)

Other comprehensive incomeforthefinancialyear:

Exchangedifferencesontranslatingforeignoperations - - (12) - - (12) - (12)

Reversalofrevaluationreserve - - - (1,594) - (1,594) - (1,594)

Deferredtaxrelatingtocomponentsofothercomprehensiveincome - - - 435 - 435 - 435

Totalcomprehensiveincomeforthefinancialyear - - (12) (1,159) (11,379) (12,550) (2) (12,552)

Balanceasat30.6.2013 44,287 (426) (3,922) 48,580 (40,930) 47,589 54 47,643

Balanceasat1.7.2011 42,472 (426) (3,914) 49,739 (22,482) 65,389 57 65,446

Lossforthefinancialyear - - - - (7,069) (7,069) (1) (7,070)

Other comprehensive incomeforthefinancialyear:

Exchangedifferencesontranslatingforeignoperations - - 4 - - 4 - 4

Totalcomprehensiveincomeforthefinancialyear - - 4 - (7,069) (7,065) (1) (7,066)

Issuanceofnewshares 1,815 - - - - 1,815 - 1,815

Balanceasat30.6.2012 44,287 (426) (3,910) 49,739 (29,551) 60,139 56 60,195



Statements of Changes in EquityFor the Financial Year Ended 30 June 2013

Foreign currency Accumulated Share Treasury translation (losses)/ Total capital shares reserve profit equityCompany AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Balanceasat1.7.2012 44,287 (426) (1,717) (139) 42,005 Lossforthefinancialyear,representingtotalcomprehensiveincomeforthefinancialyear - - - (396) (396)

Balanceasat30.6.2013 44,287 (426) (1,717) (535) 41,609

Balanceasat1.7.2011 42,472 (426) (1,717) 380 40,709

Lossforthefinancialyear,representingtotalcomprehensiveincomeforthefinancialyear - - - (519) (519)

Issuanceofnewshares 1,815 - - - 1,815

Balanceasat30.6.2012 44,287 (426) (1,717) (139) 42,005




OperatingactivitiesLossbeforeincometaxfromcontinuingoperations (6,619) (4,056)Lossbeforeincometaxfromdiscontinuedoperations 10 (4,548) (2,280)

(11,167) (6,336)

Adjustmentsfor: Depreciationexpenses 6 7,849 8,259 Impairmentinvalueofproperty,plantandequipment 8 6,422 275 Impairmentinvalueofintangibleassets 8 44 - Gainondisposalofbusinesses 8,32 (2,894) - Lossondisposalofproperty,plantandequipment 8 - 79 Allowanceforimpairmentinvalueoftradereceivables 8 - 47 Interestexpense 7 7,840 7,377 Interestincome 8 (48) (7)

Operatingcashflowsbeforeworkingcapitalchanges 8,046 9,694

Workingcapitalchanges: Inventories 198 (139) Tradeandotherreceivables 3,043 (504) Propertydevelopmentcosts (555) (172) Tradeandotherpayables (1,005) 7,777

Cashgeneratedfromoperations 9,727 16,656 Interestreceived 48 7 Interestpaid (8,242) (7,722) Incometaxpaid (1,283) (1,281)

Netcashfromoperatingactivities 250 7,660

Investingactivities Proceedsfromdisposalofbusinesses 32 46,700 - Purchaseofproperty,plantandequipment 12 (1,639) (7,068) Proceedsfromdisposalofplantandequipment - 16 Foreigncurrencytranslationadjustment (114) (43)

Netcashfrom/(usedin)investingactivities 44,947 (7,095)

Financingactivities Proceedsfromissuanceofshares - 1,815 Repaymentofbankborrowings (36,611) (2,411) Repaymentoffinanceleaseobligations (631) (823) Foreigncurrencytranslationadjustment 10 14

Netcashusedinfinancingactivities (37,232) (1,405)

Netchangeincashandcashequivalents 7,965 (840)Cashandcashequivalentsatthebeginningofthefinancialyear 237 1,074Currencytranslationadjustmentoncashandcashequivalents (13) 3

Cashandcashequivalentsattheendofthefinancialyear 20 8,189 237

CONSOLIDATED STATEMENTOF CASH FLOwS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013



NOTES TO THEFINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Thesenotesformanintegralpartofandshouldbereadinconjunctionwiththeaccompanyingfinancialstatements.

1. General

Lasseters InternationalHoldingsLimited(the“Company”) isapubliccompany limitedbyshares, incorporatedanddomiciled in theRepublicofSingaporewithitsregisteredofficeatSGXCentre2,#17-01,4ShentonWay,Singapore068807.TheCompanydoesnothaveaplaceofbusinessinSingaporeatthedateofthisreport.TheCompany’sregistrationnumberis200402223M.

TheCompanyislistedonCatalistoftheSingaporeExchangeSecuritiesTradingLimited.

TheprincipalactivitiesoftheCompanyarethoseofaninvestmentholdingcompanyandproviderofmanagementandtechnicalservices.TheprincipalactivitiesofthesubsidiariesaredisclosedinNote15tothefinancialstatements.

TheconsolidatedfinancialstatementsoftheCompanyanditssubsidiaries(the“Group”)andthestatementoffinancialpositionandstatementofchangesinequityoftheCompanyforthefinancialyearended30June2013wereauthorisedforissuebytheBoardofDirectorson6September2013.

2. Summaryofsignificantaccountingpolicies

2.1 Basisofpreparationoffinancialstatements

ThefinancialstatementshavebeendrawnupinaccordancewiththeprovisionsoftheSingaporeCompaniesAct,Cap.50andSingaporeFinancialReportingStandards(“FRS”),includingrelatedInterpretationsofFRS(“INTFRS”),andarepreparedunderthehistoricalcostconvention,exceptasdisclosedintheaccountingpoliciesbelow.

TheindividualfinancialstatementsofeachGroupentityaremeasuredandpresentedinthecurrencyoftheprimaryeconomicenvironmentinwhichtheentityoperates(“functionalcurrency”).TheconsolidatedfinancialstatementsoftheGroupandthestatementoffinancialpositionandstatementofchangesinequityoftheCompanyarepresentedinAustraliandollar(“AUD”),whichisthefunctionalandpresentationcurrencyoftheCompanyandallvaluesareroundedtothenearestthousand(AUD’000)exceptwhenotherwiseindicated.

AlthoughtheGrouphasanegativeworkingcapitalasat30June2013ofAUD4,504,000(2012:AUD27,494,000),theconsolidatedfinancialstatementsoftheGrouphavebeenpreparedonthebasisthattheGroupisagoingconcernasintheopinionoftheDirectorsoftheCompany,theGroupwouldbeabletomeetitsworkingcapitalneedsandservicedebtobligationsasandwhentheyfallduewithoutforegoinganynecessaryfuturecapitalexpenditurebasedonitsprojectedcashflows.

Inthecurrentfinancialyear,theGrouphasadoptedallthenewandrevisedFRSandINTFRSthatarerelevanttoitsoperationsandeffectiveforthecurrentfinancialyear.TheadoptionoftheseneworrevisedFRSandINTFRSdoesnotresultinchangestotheGroup’saccountingpoliciesandhasnomaterialeffectontheamountsreportedforthecurrentorpriorfinancialyears.


Notes to the Financial Statements For the Financial Year Ended 30 June 2013

2. Summaryofsignificantaccountingpolicies(Continued)

2.1 Basisofpreparationoffinancialstatements(Continued)

FRS and INT FRS issued but not yet effective

Atthedateofauthorisationofthesefinancialstatements,theGrouphasnotadoptedthefollowingFRSandINTFRSthathavebeenissuedbutnotyeteffective:

Effectivedate (annual periods beginningon orafter)

FRS19(Revised) Employeebenefits 1January2013 FRS27(Revised) Separatefinancialstatements 1January2014 FRS28(Revised) Investmentsinassociatesandjointventures 1January2014 FRS32(Amendments) Offsettingfinancialassetsandfinancialliabilities 1January2014 FRS36(Amendments) Recoverableamountdisclosuresfornon-financialassets 1January2014 FRS101(Amendments) Governmentloans 1January2013 FRS107(Amendments) Offsettingfinancialassetsandfinancialliabilities 1January2013 FRS110 Consolidatedfinancialstatements 1January2014 FRS111 Jointarrangements 1January2014 FRS112 Disclosureofinterestsinotherentities 1January2014 FRS113 Fairvaluemeasurement 1January2013 FRS110,FRS112and Investmententities 1January2014 FRS27(Amendments)

ImprovementstoFRSs2012 1January2013 -FRS1(Amendments) Presentationoffinancialstatements -FRS16(Amendments) Property,plantandequipment -FRS32(Amendments) Financialinstruments:presentation InterpretationsofFRSs -INTFRS120 Strippingcostsintheproductionphaseofasurfacemine 1January2013 -INTFRS121 Levies 1January2014

Consequentialamendmentswerealsomadetovariousstandardsasaresultoftheseneworrevisedstandards.

ThemanagementanticipatesthattheadoptionoftheaboveFRSandINTFRS,ifapplicable,inthefutureperiodswillhavenomaterialimpactonthefinancialstatementsintheperiodofinitialadoption,exceptasdisclosedbelow.




2.1 Basisofpreparationoffinancialstatements(Continued)

FRS and INT FRS issued but not yet effective (Continued)

FRS 110 Consolidated Financial Statements and FRS 27 Separate Financial Statements

FRS110replacesthecontrolassessmentcriteriaandconsolidationrequirementscurrentlyinFRS27andINTFRS12Consolidation–SpecialPurposeEntities.FRS110definestheprincipleofcontrolandestablishescontrolas thebasisofdeterminingwhichentities are consolidated in the consolidatedfinancial statements. FRS 27 remains as a standard applicable only to separatefinancialstatements.OnadoptionofFRS110managementwillberequiredtoexercisemorejudgementthanunderthecurrentrequirementsofFRS27inordertodeterminewhichentitiesarecontrolledbytheGroup.Thesechangeswilltakeeffectfromthefinancialyearbeginningon1July2014withfullretrospectiveapplication.

The Group is currently evaluating the effect and anticipates that nomaterial impact to the financial position and financialperformanceoftheGrouponinitialadoptionofthestandardinthefinancialyearbeginningon1July2014.

FRS 112 Disclosure of Interests in Other Entities

FRS112isanewstandardwhichprescribescomprehensivedisclosurerequirementsforalltypesofinterestsinotherentities.It requires an entity to providemore extensive disclosures regarding the nature of any risks associatedwith its interests insubsidiaries,associates,jointarrangementsandunconsolidatedstructuredentities.Asthisisadisclosurestandard,therewillbenoimpactonthefinancialpositionorfinancialperformanceoftheGrouponinitialadoptionofthestandardinthefinancialyearbeginningon1July2014.

FRS 113 Fair Value Measurement

FRS113isanewstandardthatappliestobothfinancialandnon-financialitemsprovidingguidanceonhowtomeasurefairvalueinsituationswherefairvaluemeasurementisrequiredbyotherFRSs.Itprovidesacommonfairvaluedefinitionandhierarchyapplicabletothefairvaluemeasurementofassets,liabilities,andanentity’sownequityinstrumentswithinitsscope,aswellasdisclosurerequirements.FRS113willbeeffectiveprospectivelyfromthefinancialyearbeginningon1July2013.

TheGroupdoesnotexpectthattheadoptionofFRS113willhaveanyimpactonthefinancialpositionorfinancialperformanceoftheGroup,howevertheremaybechangestodisclosuresinthefinancialstatements.

The preparation of financial statements in conformity with FRS requires management to make judgements, estimates andassumptionsthataffecttheGroup’sapplicationofaccountingpoliciesandreportedamountsofassets,liabilities,revenueandexpenses.Althoughtheseestimatesarebasedonmanagement’sbestknowledgeofcurrenteventsandactions,actualresultsmaydifferfromthoseestimates.TheareaswheresuchjudgementsorestimateshavethemostsignificanteffectonthefinancialstatementsaredisclosedinNote3.

2.2 Basisofconsolidation

The consolidatedfinancial statements incorporate thefinancial statements of theCompany and its subsidiaries. SubsidiariesareentitiesoverwhichtheCompanyhasthepowertogovernthefinancialandoperatingpolicies,generallyaccompaniedbyashareholdinggivingrisetothemajorityofthevotingrights,soastoobtainbenefitsfromtheiractivities.

SubsidiariesareconsolidatedfromthedateonwhichcontrolistransferredtotheGroupuptotheeffectivedateonwhichcontrolceases,asappropriate.

Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions areeliminatedonconsolidation.Unrealisedlossesmaybeanimpairmentindicatoroftheassetconcerned.




2.2 Basisofconsolidation(Continued)

ThefinancialstatementsofthesubsidiariesarepreparedforthesamereportingperiodasthatoftheCompany,usingconsistentaccountingpolicies.Wherenecessary,accountingpoliciesof subsidiariesarechangedtoensureconsistencywith thepoliciesadoptedbyothermembersoftheGroup.

Non-controlling interests insubsidiariesare identifiedseparatelyfromtheGroup’sequitytherein.Non-controlling interests intheacquireemaybe initiallymeasuredeitherat fairvalueorat thenon-controlling interests’proportionateshareof the fairvalueoftheacquiree’sidentifiablenetassets.Thechoiceofmeasurementbasisismadeonanacquisition-by-acquisitionbasis.Subsequenttoacquisition,thecarryingamountofnon-controllinginterestsistheamountofthoseinterestsatinitialrecognitionplus the non-controlling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non-controllinginterestsevenifthisresultsinthenon-controllinginterestshavingadeficitbalance.

ChangesintheGroup’sinterestinasubsidiarythatdonotresultinalossofcontrolareaccountedforasequitytransactions.ThecarryingamountsoftheGroup’sinterestsandthenon-controllinginterestsareadjustedtoreflectthechangesintheirrelativeinterestsinthesubsidiary.Anydifferencebetweentheamountbywhichthenon-controllinginterestsareadjustedandthefairvalueoftheconsiderationpaidorreceivedisrecogniseddirectlyinequityandattributedtoownersoftheparent.

WhentheGrouplosescontrolofasubsidiary,itderecognisestheassetsandliabilitiesofthesubsidiaryandanynon-controllinginterest.Theprofitorlossondisposaliscalculatedasthedifferencebetween(i)theaggregateofthefairvalueoftheconsiderationreceivedandthefairvalueofanyretainedinterestand(ii)thepreviouscarryingamountoftheassets(includinggoodwill),andliabilitiesof thesubsidiaryandanynon-controlling interests.Amountspreviously recognised inothercomprehensive incomeinrelationtothesubsidiaryareaccountedfor(i.e.reclassifiedtoprofitorlossortransferreddirectlytoaccumulatedprofits)inthesamemanneraswouldberequirediftherelevantassetsorliabilitiesweredisposedof.ThefairvalueofanyinvestmentsretainedintheformersubsidiaryatthedatewhencontrolislostisregardedasthefairvalueoninitialrecognitionforsubsequentaccountingunderFRS 39 Financial Instruments: Recognition and Measurementor,whenapplicable,thecostoninitialrecognitionofaninvestmentinanassociate.

IntheseparatefinancialstatementsoftheCompany,investmentsinsubsidiariesarecarriedatcost,lessanyimpairmentlossthathasbeenrecognisedinprofitorloss.

2.3 Businesscombinations

Business combinations from 1 July 2009

Theacquisitionofsubsidiariesandbusinessesisaccountedforusingtheacquisitionmethod.Theconsiderationtransferredfortheacquisitionismeasuredattheaggregateofthefairvalues,atthedateofexchange,ofassetsgiven,liabilitiesincurredorassumed,andequityinstrumentsissuedbytheGroupinexchangeforcontroloftheacquiree.Acquisition-relatedcostsarerecognisedintheprofitorlossasincurred.Considerationalsoincludesthefairvalueofanycontingentconsideration.

Theacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesthatmeettheconditionsforrecognitionunderFRS103arerecognisedattheirfairvaluesattheacquisitiondate.

Whereabusinesscombinationisachievedinstages,theGroup’spreviouslyheldinterestsintheacquiredentityareremeasuredtofairvalueattheacquisitiondate(i.e.thedatetheGroupattainscontrol)andtheresultinggainorloss,ifany,isrecognisedinprofitorloss.Amountsarisingfrominterestsintheacquireepriortotheacquisitiondatethathavepreviouslybeenrecognisedinothercomprehensiveincomearereclassifiedtoprofitorloss,wheresuchtreatmentwouldbeappropriateifthatinterestweredisposedof.

Goodwillarisingonacquisitionisrecognisedasanassetattheacquisitiondateandinitiallymeasuredattheexcessofthesumoftheconsiderationtransferred,theamountofanynon-controllinginterestintheacquireeandthefairvalueoftheacquirer’spreviouslyheldequityinterest(ifany)intheentityovernetacquisition-datefairvalueamountsoftheidentifiableassetsacquiredandtheliabilitiesassumed.




2.3 Businesscombinations(Continued) Business combinations from 1 July 2009 (Continued)

If,afterreassessment, theGroup’s interest in thenet fairvalueof theacquiree’s identifiablenetassetsexceedsthesumof theconsiderationtransferred,theamountofanynon-controllinginterestintheacquireeandthefairvalueoftheacquirer’spreviouslyheldequityinterestintheacquiree(ifany),theexcessisrecognisedimmediatelyinprofitorlossasabargainpurchasegain.

Business combinations before 1 July 2009

Incomparisontotheabovementionedrequirements,thefollowingdifferencesapplied:

Business combinations were accounted for by applying the purchasemethod. Transaction costs directly attributable to theacquisitionformedpartoftheacquisitioncosts.Thenon-controllinginterest(formerlyknownasminorityinterest)wasmeasuredattheproportionateshareoftheacquiree’sidentifiablenetassets.

Business combinationsachieved in stageswereaccounted foras separate steps.Adjustments to those fair values relating topreviouslyheldinterestsweretreatedasarevaluationandrecognisedinequity.

WhentheGroupacquiredabusiness,embeddedderivativesseparatedfromthehostcontractbytheacquireewerenotreassessedonacquisitionunlessthebusinesscombinationresultedinachangeinthetermsofthecontractthatsignificantlymodifiedthecashflowsthatwouldotherwisehavebeenrequiredunderthecontract.

Contingentconsiderationwasrecognisedif,andonlyif,theGrouphadapresentobligation,theeconomicoutflowwasprobableandareliableestimatewasdeterminable.Subsequentmeasurementstothecontingentconsiderationaffectedgoodwill.

2.4 Revenuerecognition

RevenueismeasuredatthefairvalueoftheconsiderationreceivedorreceivableforthesaleofgoodsandrenderingofservicesintheordinarycourseofbusinessoftheGroup.Revenueisreducedforestimatedcustomerreturns,rebates,salesrelatedtaxesandothersimilarallowances.

RevenuefromgamingisrecognisedupontheresultsofagamebeingdeterminedwhentheamountofrevenuecanbemeasuredreliablyanditisprobablethatitwillbereceivedbytheGroup.

Revenuefromfoodandbeveragesisrecogniseduponthebillingoffoodandbeveragestocustomers.

Revenuefromrenderingofserviceswhichincludeaccommodation,conventioncentre,healthretreatandspasarerecognisedwhentheserviceisrendered.

RevenuefromthesaleofgoodsisrecognisedwhentheGrouphastransferredtothebuyerthesignificantrisksandrewardsofownershipofthegoodsandretainsneithercontinuingmanagerialinvolvementtothedegreeusuallyassociatedwithownershipnoreffectivecontrolover thegoodssold, theamountof revenuecanbemeasuredreliably, it isprobable that theeconomicbenefitsassociatedwiththetransactionwillflowtotheentityandthecostsincurredortobeincurredinrespectofthetransactioncanbemeasuredreliably.Normallythesecriteriaaremetwhenthegoodsaredeliveredtoandacceptedbythebuyer.

Interestincomeisaccruedonatimebasis,byreferencetotheprincipaloutstandingandattheeffectiveinterestrateapplicable.

TheGrouphasacustomerloyaltyprogrammewherebycasinopatronsareawardedcreditsknownas“Points”entitlingcasinopatronstotherighttoredeemthroughouttheproperty.ThefairvalueoftheconsiderationreceivedorreceivableinrespectoftheinitialsaleisallocatedbetweenthePointsandtheothercomponentsofthesale.TheamountallocatedtothePointsisestimatedbyreferencetothefairvalueoftherighttoutiliseatthroughouttheproperty.SuchamountisdeferredandrevenueisrecognisedwhenthePointsareredeemedandtheGrouphasfulfilleditsobligationstoprovideservices.TheamountofrevenuerecognisedinthosecircumstancesisbasedonthenumberofPointsthathavebeenredeemedintheproperty.DeferredrevenueisalsoreleasedtorevenuewhenitisnolongerconsideredprobablethatthePointswillberedeemed.




2.5 Government subsidies

Governmentsubsidiesarerecognisedatthefairvalueinprofitorlosswherethereisreasonableassurancethatthesubsidieswillbereceivedandallattachingconditionshavebeencompliedwith.

Whenthesubsidiesrelatetoanexpenseitem,itisrecognisedinprofitorlossovertheperiodnecessarytomatchthemonasystematicbasistothecoststhatitisintendedtocompensate.Whenthesubsidiesrelatetoanasset,thefairvalueisrecognisedasadeductionfromthecarryingamountoftheassetandamortisedtoprofitorlossovertheexpectedusefullifeoftherelevantassetbyequalannualinstalments.

2.6 Borrowingcosts

Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,whichareassets thatnecessarilytakeasubstantialperiodoftimetogetreadyfortheirintendeduseorsale,areaddedtothecostofthoseassets,untilsuchtimeastheassetsaresubstantiallyreadyfortheirintendeduseorsale.Investmentincomeearnedonthetemporaryinvestmentofspecificborrowingspendingtheirexpenditureonqualifyingassetsisdeductedfromtheborrowingcostseligibleforcapitalisation.

Allotherborrowingcostsarerecognised inprofitor loss in theperiod inwhichtheyare incurredusingtheeffective interestmethod.

2.7 Taxes

Incometaxexpenserepresentsthesumofthetaxcurrentlypayableanddeferredtax.

Currentincometax

Thetaxcurrentlypayableisbasedontaxableprofitforthefinancialyear.Taxableprofitdiffersfromprofitasreportedinprofitorlossbecauseitexcludesitemsofincomeorexpensethataretaxableordeductibleinotherfinancialyearsanditfurtherexcludesitemsthatarenottaxableortaxdeductible.TheGroup’sliabilityforcurrenttaxiscalculatedusingtaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenacted incountrieswheretheCompanyandthesubsidiariesoperatebytheendofthefinancialyear.

Deferredtax

Deferredtax isrecognisedonalltemporarydifferencesbetweenthecarryingamountsofassetsandliabilities inthefinancialstatementsandthecorrespondingtaxbasesusedinthecomputationoftaxableprofit,andareaccountedforusingthebalancesheet liabilitymethod.Deferred tax liabilitiesaregenerally recognised forall taxable temporarydifferencesanddeferred taxassetsarerecognisedtotheextentthatitisprobablethattaxableprofitswillbeavailableagainstwhichdeductibletemporarydifferencescanbeutilised.Suchassetsandliabilitiesarenotrecognisedifthetemporarydifferencearisesfromgoodwillorfromtheinitialrecognition(otherthaninabusinesscombination)ofotherassetsandliabilitiesinatransactionthataffectsneitherthetaxableprofitnortheaccountingprofit.

Deferredtaxliabilitiesarerecognisedontaxabletemporarydifferencesarisingoninvestmentsinsubsidiaries,exceptwheretheGroupisabletocontrolthereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.

Thecarryingamountofdeferredtaxassetsisreviewedattheendofthefinancialyearandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailabletoallowallorpartoftheassettoberecovered.

Deferredtaxiscalculatedatthetaxratesthatareexpectedtoapplyintheperiodwhentheliabilityissettledortheassetrealisedbasedonthetaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheendofthefinancialyear.

Themeasurementofdeferredtaxreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichthegroupexpectstorecoverorsettleitsassetsandliabilities.




2.7 Taxes(Continued)

Deferredtax(Continued)

DeferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceablerighttosetoffcurrenttaxassetsagainstcurrenttaxliabilitiesandwhentheyrelatetoincometaxesleviedbythesametaxationauthorityandtheGroupintendstosettleitscurrenttaxassetsandliabilitiesonanetbasis.

Currentanddeferredtaxarerecognisedasanexpenseorincomeinprofitorloss,exceptwhentheyrelatetoitemscreditedordebiteddirectlytoequity,inwhichcasethetaxisalsorecogniseddirectlyinequity,orwheretheyarisefromtheinitialaccountingforabusinesscombination.Inthecaseofabusinesscombination,thetaxeffectistakenintoaccountincalculatinggoodwillordeterminingtheexcessoftheacquirer’sinterestinthenetfairvalueoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesovercost.

Salestax

Revenue,expensesandassetsarerecognisednetoftheamountofsalestaxexcept:

• whenthesalestaxthatisincurredonpurchaseofassetsorservicesisnotrecoverablefromthetaxauthorities,inwhichcasethesalestaxisrecognisedaspartofcostofacquisitionoftheassetoraspartoftheexpenseitemasapplicable;and

• receivablesandpayablesthatarestatedwiththeamountofsalestaxincluded.

2.8 Discontinuedoperations

AdiscontinuedoperationisacomponentoftheGroup’sbusinessthatrepresentsaseparatemajorlineofbusinessorgeographicalarea operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusivelywith a view to resale.Classificationasadiscontinuedoperationoccursupondisposalorwhentheoperationmeetsthecriteriatobeclassifiedasheldforsale,ifearlier.Whenanoperationisclassifiedasadiscontinuedoperation,thecomparativeprofitorlossisre-presentedasiftheoperationhadbeendiscontinuedfromthestartofthecomparativeperiod.

2.9 Foreigncurrencytransactionsandtranslation

In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functionalcurrency(“foreigncurrencies”)arerecordedattherateofexchangeprevailingonthedateofthetransaction.Attheendofeachfinancialyear,monetary itemsdenominated inforeigncurrenciesareretranslatedattheratesprevailingasoftheendofthefinancialyear.Non-monetaryitemscarriedatfairvaluethataredenominatedinforeigncurrenciesareretranslatedattheratesprevailingonthedatewhenthefairvaluewasdetermined.Non-monetaryitemsthataremeasuredintermsofhistoricalcostinaforeigncurrencyarenotretranslated.

Exchangedifferencesarisingonthesettlementofmonetaryitems,andonretranslationofmonetaryitemsareincludedinprofitorlossforthefinancialyear.Exchangedifferencesarisingontheretranslationofnon-monetaryitemscarriedatfairvalueareincludedinprofitorlossforthefinancialyearexceptfordifferencesarisingontheretranslationofnon-monetaryitemsinrespectofwhichgainsandlossesarerecogniseddirectlyinequity.Forsuchnon-monetaryitems,anyexchangecomponentofthatgainorlossisalsorecogniseddirectlyinequity.

For the purpose of presenting consolidated financial statements, the assets and liabilities of theGroup’s foreign operations(includingcomparatives)areexpressedinAustraliandollarusingexchangeratesprevailingattheendofthefinancialyear.Incomeandexpenseitems(includingcomparatives)aretranslatedattheaverageexchangeratesfortheperiod,unlessexchangeratesfluctuatedsignificantlyduringthatperiod,inwhichcasetheexchangeratesatthedatesofthetransactionsareused.Exchangedifferences arising, if any, are classified as equity and transferred to the Group’s foreign currency translation reserve. Suchtranslationdifferencesarerecognisedinprofitorlossintheperiodinwhichtheforeignoperationisdisposedof.




2.9 Foreigncurrencytransactionsandtranslation(Continued)

Onconsolidation,exchangedifferencesarisingfromthetranslationofthenetinvestmentinforeignentities(includingmonetaryitemsthat,insubstance,formpartofthenetinvestmentinforeignentities),andofborrowingsandothercurrencyinstruments

designatedashedgesofsuchinvestments,aretakentotheforeigncurrencytranslationreserve.

Goodwillandfairvalueadjustmentsarisingontheacquisitionofaforeignoperationaretreatedasassetsandliabilitiesoftheforeignoperationandtranslatedattheclosingrate.

2.10 Property,plantandequipment

Freeholdlandarestatedattheirrevaluedamounts,beingthefairvalueatthedateofrevaluation.Freeholdbuildings/licensedcasinoarestatedattheirrevaluedamounts,beingthefairvalueatthedateofrevaluation, lessanysubsequentaccumulateddepreciationandsubsequentimpairmentlosses.Freeholdlandandfreeholdbuildings/licensedcasinoarerevaluedwithsufficientregularitysuchthatthecarryingamountsdonotdiffermateriallyfromthatwhichwouldbedeterminedusingfairvaluesattheendofthefinancialyear.

Anyrevaluationincreasearisingontherevaluationofsuchlandandbuildingsiscreditedtotherevaluationreserve,excepttotheextentthatitreversesarevaluationdecreaseforthesameassetpreviouslyrecognisedinprofitorloss, inwhichcasetheincreaseiscreditedtoprofitorlosstotheextentofthedecreasepreviouslycharged.Adecreaseincarryingamountarisingontherevaluationofsuchlandandbuildingsischargedtoprofitorlosstotheextentthatitexceedsthebalance,ifany,heldintherevaluationreserverelatingtoapreviousrevaluationofthatasset.

Allotherplantandequipmentarestatedatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.

Thecostofproperty,plantandequipmentincludesitspurchasepriceandanycostsdirectlyattributabletobringingtheassettothelocationandconditionnecessaryforittobecapableofoperatinginthemannerintendedbymanagement.Dismantlement,removalorrestorationcostsareincludedaspartofthecostofproperty,plantandequipmentiftheobligationfordismantlement,removalorrestorationisincurredasaconsequenceofacquiringorusingtheproperty,plantandequipment.

Subsequentexpenditurerelatingtotheproperty,plantandequipmentthathasalreadybeenrecognisedisaddedtothecarryingamountoftheproperty,plantandequipmentwhenitisprobablethatthefutureeconomicbenefits,inexcessofthestandardofperformanceoftheproperty,plantandequipmentbeforetheexpenditurewasmade,willflowtotheGroup,andthecostcanbereliablymeasured.Othersubsequentexpenditureisrecognisedasanexpenseduringthefinancialyearinwhichitisincurred.

Depreciationischargedsoastowriteoffthecostorvaluationofassets,otherthanlandandpropertiesunderconstruction,overtheirestimatedusefullives,usingthestraight-linemethod,onthefollowingbases:

Years

Freeholdbuildings/licensedcasino 22to50 Plantandequipment 1.5to67 Leasedassetsandleaseholdimprovements 2.5to20

Nodepreciationischargedonconstruction-in-progressastheyarenotyetinuseasattheendofthefinancialyear.

Freeholdlandisnotdepreciated.

Thecarryingvaluesofproperty,plantandequipmentarereviewedfor impairmentwheneventsorchanges incircumstancesindicatethatthecarryingvaluemaynotberecoverable.




2.10 Property,plantandequipment(Continued) Theestimatedusefullives,residualvaluesanddepreciationmethodsarereviewed,andadjustedasappropriate,attheendof

eachfinancialyear.

Assetsheldunderfinanceleasesaredepreciatedovertheirexpectedusefullivesonthesamebasisasownedassetsor,ifthereisnoreasonablecertaintythatthelesseewillobtainownershipbytheendoftheleaseterm,theassetshallbefullydepreciatedovertheshorteroftheleasetermanditsusefullife.

Anitemofproperty,plantandequipmentisderecognisedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.

Thegainorlossarisingondisposalorretirementofanitemofproperty,plantandequipmentisdeterminedasthedifferencebetweenthesalesproceedsandthecarryingamountoftheassetandisrecognisedinprofitorloss.Anyamountintherevaluationreserverelatingtothatassetistransferredtoaccumulatedprofitsdirectly.

2.11 Intangibleassets

Goodwill on business combinations

GoodwillarisingontheacquisitionofasubsidiaryrepresentstheexcessofthecostofacquisitionovertheGroup’sinterestinthenetfairvalueoftheidentifiableassets,liabilitiesandcontingentliabilitiesofthesubsidiaryrecognisedatthedateofacquisition.Goodwillisinitiallyrecognisedasanassetatcostandissubsequentlymeasuredatcostlessanyaccumulatedimpairmentlosses.

Forthepurposeofimpairmenttesting,goodwillisallocatedtoeachoftheGroup’scash-generatingunitsexpectedtobenefitfromthesynergiesofthecombination.Cash-generatingunitstowhichgoodwillhasbeenallocatedaretestedforimpairmentannually,ormorefrequentlywhenthereisanindicationthattheunitmaybeimpaired.Iftherecoverableamountofthecash-generatingunit is less thanthecarryingamountof theunit, the impairment loss isallocatedfirst to reducethecarryingamountofanygoodwillallocatedtotheunitandthentotheotherassetsoftheunitpro-rataonthebasisofthecarryingamountofeachassetintheunit.Animpairmentlossrecognisedforgoodwillisnotreversedinasubsequentperiod.

Ondisposalofasubsidiary,theattributableamountofgoodwillisincludedinthedeterminationofprofitorlossondisposal.

Business licences

Business licencesrepresentQueenslandGamingandLiquorLicencesandNorthernTerritoryGamingLicence.Business licenceisstatedatcostlessaccumulatedamortisationandimpairmentlosses,ifany.AmortisationonQueenslandGamingandLiquorLicencesutilisedintheGroup’sleaseholdsinterestsisrecognisedinprofitorlossonastraight-linemethodovertheleasetermoftheleaseholdinterestsof40to55years.AmortisationontheNorthernTerritoryGamingLicenceisrecognisedinprofitorlossonastraight-linebasisof22yearsovertheusefullifeoftheNorthernTerritoryGamingLicenceto30June2018withanoptiontoextendbyanother5years.

Patents and trademarks

Patentsandtrademarksrepresentcostsassociatedwiththeprotectionofthename“LASSETERS”,“TheGoldenDoor”andthestylised “L” usedby theGroup. Patents and trademarks are stated at cost less impairment losses, if any.No amortisation isprovidedonthecostofpatentsandtrademarksasthemanagementbelievesthatthepatentsandtrademarkshaveindefiniteusefullifearisingfromcontinuousrenewalsofregistration.




2.11 Intangibleassets(Continued)

Product development costs

Researchcostsareexpensedasincurred.

Costsincurredindevelopingsystemsanddeliverymechanismstofacilitatethegenerationofrevenuesarebroughttoaccountasproductdevelopmentcosts.AnintangibleassetarisingfromproductdevelopmentcostsisrecognisedonlywhentheGroupcandemonstratethetechnicalfeasibilityofcompletingtheintangibleassetsothatitwillbeavailableforuseorsale,itsintentiontocompleteanditsabilitytouseorselltheasset,howtheassetwillgeneratefutureeconomicbenefits,theavailabilityofresourcestocompleteandtheabilitytomeasurereliablytheexpenditureduringthedevelopment.

Thecarryingvalueoftheproductdevelopmentcostsisreviewedforimpairmentannuallywhentheassetisnotyetinuseormorefrequentlywhenanindicationofimpairmentarisesduringthefinancialyear.

2.12 Membershipright

Membershiprightheldonalongtermbasisisstatedatcostlessimpairmentlosses,ifany,basedonareviewattheendofeachfinancialyear.

2.13 Impairmentoftangibleandintangibleassetsexcludinggoodwill

At theendofeachfinancial year, theGroup reviews thecarryingamountsof its tangibleand intangibleassets todeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentoftheimpairmentloss(ifany).Whereit isnotpossibletoestimatetherecoverableamountofanindividualasset,theGroupestimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.

Intangibleassetswithindefiniteusefullivesandintangibleassetsnotyetavailableforusearetestedforimpairmentannually,andwheneverthereisanindicationthattheassetmaybeimpaired.

Therecoverableamountofanassetorcash-generatingunitisthehigherofitsfairvaluelesscoststosellanditsvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.

If therecoverableamountofanasset (orcash-generatingunit) isestimatedtobe lessthan itscarryingamount, thecarryingamountoftheasset(cash-generatingunit)isreducedtoitsrecoverableamount.Animpairmentlossisrecognisedimmediatelyinprofitor loss,unless the relevantasset is carriedata revaluedamount, inwhichcase the impairment loss is treatedasarevaluationdecrease.

Wherean impairment losssubsequentlyreverses,thecarryingamountoftheasset(cash-generatingunit) is increasedtotherevisedestimateof its recoverableamount,butsothat the increasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedhadnoimpairmentlossbeenrecognisedfortheasset(cash-generatingunit)inpriorfinancialyears.Areversalofanimpairmentlossisrecognisedimmediatelyinprofitorloss,unlesstherelevantassetiscarriedatarevaluedamount,inwhichcasethereversaloftheimpairmentlossistreatedasarevaluationincrease.




2.14 Inventories

Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costscomprisedirectmaterialsand,whereapplicable,directlabourcostsandthoseoverheadsthathavebeenincurredinbringingtheinventoriestotheirpresentlocationandcondition.

Costisdeterminedona“first-in,first-out”basis.Netrealisablevaluerepresentstheestimatedsellingpricelessallestimatedcostsofcompletionandcoststobeincurredinmarketing,sellinganddistribution.Allowanceismadeforobsolete,slow-movinganddefectiveinventories.

2.15 Cashandcashequivalents

Cashand cashequivalents comprise cashonhandanddemanddeposits, bankoverdraftsandother short-termhighly liquidinvestmentswhicharereadilyconvertibletoknownamountsofcashandaresubjecttoaninsignificantriskofchangesinvalue.

2.16 Developmentproperties

Land held for property development

Landheldforpropertydevelopmentconsistsoflandonwhichnosignificantdevelopmentworkhasbeenundertakenorwheredevelopmentactivitiesarenotexpectedtobecompletedwithinthenormaloperatingcycle.Suchlandisclassifiedasnon-currentassetandisstatedatcostlessaccumulatedimpairmentlosses.

Costsassociatedwiththeacquisitionoflandincludethepurchasepriceoftheland,professionalfees,stampduties,commissions,conversionfeesandotherrelevantlevies.WheretheGrouphadpreviouslyrecordedthelandatrevaluedamountitcontinuestoretainthisamountasitssurrogatecosts.Whereanindicationofimpairmentexists,thecarryingamountoftheassetisassessedandwrittendownimmediatelytoitsrecoverableamount.

Landheldforpropertydevelopmentistransferredtopropertydevelopmentcostswhendevelopmentactivitieshavecommencedandwherethedevelopmentactivitiescanbecompletedwithinthenormaloperatingcycle.

Property development costs

Developmentpropertiesareheldordevelopedforsaleintheordinarycourseofbusiness,ratherthantobeheldfortheGroup’sownuse,rentalorcapitalappreciation.

Propertydevelopmentcostsinclude:

(i) Leaseholdland; (ii) Amountspaidtocontractorsforconstruction;and (iii) Borrowingcosts,planninganddesigncosts,costsofsitepreparation,professionalfeesforlegalservices,propertytransfer

taxes,constructionoverheadsandotherrelatedcoststhatcanbeallocatedonareasonablebasistotheseactivities.

Wherepropertyisunderdevelopmentandagreementhasbeenreachedtosellsuchpropertywhentheconstructioniscomplete,themanagementconsiderwhetherthecontractcomprises:

• Acontracttoconstructaproperty;or • Acontractforthesaleofacompletedproperty.

Whenacontractisjudgedtobeforconstructionofaproperty,revenueisrecognisedusingthepercentageofcompletionmethodasconstructionprogresses.




2.16 Developmentproperties(Continued)

Property development costs (Continued)

Where thecontract is judged tobe for the saleof completedproperty, revenue is recognisedwhen the significant risksandrewardsofownershipoftherealestatehavebeentransferredtothebuyer(i.e.completedcontractmethod).

If,however,thelegaltermsofthecontractaresuchthattheconstructionrepresentscontinuoustransferofworkinprogresstothepurchaser,thepercentageofcompletionmethodofrevenuerecognitionmethodisappliedandrevenueisrecognisedasworkprogresses.

Completed contract method

Allrevenue,expensesandincomewillonlyberecognisedinprofitorlosswhenthesignificantrisksandrewardsofownershiphavebeentransferredtothebuyer. Iftotalcontractcostexceedstotalcontractrevenue,theamountofexpectedlosswillberecognisedimmediatelytoprofitorloss.

Themanagement isoftheviewthatrevenueonthispropertydevelopmentwillberecognisedunderthecompletedcontractmethodastheownershipoftherealestatewillbetransferredtothebuyeruponcompletionoftheproperty.Thesaidpropertyisstillindevelopmentstageandnorevenueisrecognisedinthecurrentfinancialyear.

Propertydevelopmentcostsareheldasanassetandarestatedatthelowerofcostandnetrealisablevalue.

Whererevenuerecognised intheprofitor lossexceedsbillingstopurchasers,thebalance isshownasaccruedbillingsundertradeandotherreceivables.Wherebillingstopurchasersexceedrevenuerecognisedintheprofitorloss,thebalanceisshownasprogressbillingsunderpayables.

2.17 Non-currentassetsheldforsale

Non-currentassets(ordisposalgroups)areclassifiedasheldforsaleiftheircarryingamountwillberecoveredthroughasaletransactionratherthanthroughcontinuinguse.Thisconditionisregardedasmetonlywhenthesaleishighlyprobableandtheasset(ordisposalgroup)isavailableforimmediatesaleinitspresentcondition.Managementmustbecommittedtothesale,whichshouldbeexpectedtoqualifyforrecognitionasacompletedsalewithinoneyearfromthedateofclassification.

Non-currentassets (ordisposalgroups)classifiedasheld for salearemeasuredat the lowerof theassets’previouscarryingamountandfairvaluelesscoststosell.Theassetsarenotdepreciatedoramortisedwhileclassifiedasheld-for-sale.

Impairmentlossesoninitialclassificationasheldforsaleandsubsequentgainsorlossesonre-measurementarerecognisedintheprofitorloss.Gainsarenotrecognisedinexcessofanycumulativeimpairmentlosses.

2.18 Financial instruments

FinancialassetsandfinancialliabilitiesarerecognisedonthestatementsoffinancialpositionwhentheGroupbecomesapartytothecontractualprovisionsoftheinstrument.

Effectiveinterestmethod

Theeffectiveinterestmethodisamethodofcalculatingtheamortisedcostofafinancialinstrumentandallocatingtheinterestincomeorexpenseovertherelevantperiod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashreceipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate,transactioncostsandotherpremiumsordiscounts)throughtheexpectedlifeofthefinancialinstrument,orwhereappropriate,ashorterperiod,tothenetcarryingamountofthefinancialinstrument.Incomeandexpensearerecognisedonaneffectiveinterestbasisfordebtinstrumentsotherthanthosefinancialinstrumentsatfairvaluethroughprofitorloss.




2.18 Financialinstruments(Continued)

Financial assets

Financialassetsareinitiallymeasuredatfairvalueplustransactioncosts.

TheGroupclassifiesitsfinancialassetsasloansandreceivables.Theclassificationdependsonthenatureandpurposeforwhichthesefinancialassetswereacquiredandisdeterminedatthetimeofinitialrecognition.

Loans and receivables

Non-derivativefinancialassetswhichhavefixedordeterminablepaymentsthatarenotquotedinanactivemarketareclassifiedas “loans and receivables”. Loans and receivables aremeasured at amortised cost, using the effective interestmethod, lessimpairment.Interestisrecognisedbyapplyingtheeffectiveinterestrate,exceptforshort-termreceivableswhentherecognitionofinterestwouldbeimmaterial.

TheGroup’s loans and receivables in the statements of financial position comprise trade and other receivables (other thanprepayments)andcashandcashequivalents.

Impairmentoffinancialassets

Financialassetsareassessedforindicatorsofimpairmentattheendofeachfinancialyear.Financialassetsareimpairedwherethereisobjectiveevidencethattheestimatedfuturecashflowsoftheassetshavebeenimpacted.

Forfinancialassetscarriedatamortisedcost,theamountoftheimpairmentisthedifferencebetweentheasset’scarryingamountandthepresentvalueofestimatedfuturecashflows,discountedattheoriginaleffectiveinterestrate.

Thecarryingamountsofallfinancialassetsarereducedbytheimpairmentlossdirectlywiththeexceptionoftradeandotherreceivableswherethecarryingamountsarereducedthroughtheuseofanallowanceaccount.Changesinthecarryingamountoftheallowanceaccountarerecognisedinprofitorloss.

If,inasubsequentperiod,theamountoftheimpairmentlossdecreasesandthedecreasecanberelatedobjectivelytoaneventoccurringaftertheimpairmentlosswasrecognised,thepreviouslyrecognisedimpairmentlossisreversedthroughprofitorlosstotheextentthecarryingamountoftheassetsatthedatetheimpairmentisreverseddoesnotexceedwhattheamortisedcostwouldhavebeenhadtheimpairmentnotbeenrecognised.

Derecognitionoffinancialassets

TheGroupderecognisesafinancialassetonlywhenthecontractualrightstothecashflowsfromtheassetexpire,orittransfersthefinancialassetandsubstantiallyalltherisksandrewardsofownershipoftheassettoanotherentity.

On derecognition, any difference between the carrying amount and the sum of proceeds received and amounts previouslyrecognisedinothercomprehensiveincomeisrecognisedinprofitorloss.

Financial liabilities and equity instruments

Classificationasdebtorequity

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractualarrangementsenteredintoandthedefinitionsofafinancialliabilityandanequityinstrument.




2.18 Financialinstruments(Continued)

Financial liabilities and equity instruments (Continued)

Equity instruments

AnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheGroupafterdeductingallofitsliabilities.Equityinstrumentsarerecordedattheproceedsreceived,netofdirectissuecosts.

Whensharesrecognisedasequityarereacquired,theamountofconsiderationpaidisrecogniseddirectlyinequity.Reacquiredsharesareclassifiedastreasurysharesandpresentedasadeductionfromtotalequity.Nogainorlossisrecognisedinprofitorlossonthepurchase,saleissueorcancellationoftreasuryshares.

Whentreasurysharesaresubsequentlycancelled,thecostoftreasurysharesaredeductedagainstthesharecapitalaccountifthesharesarepurchasedoutofcapitaloftheCompany,oragainsttheaccumulatedprofitsoftheCompanyifthesharesarepurchasedoutofearningsoftheCompany.

Whentreasurysharesaresubsequentlysoldorreissuedpursuanttotheemployeeshareoptionscheme,thecostoftreasurysharesisreversedfromthetreasuryshareaccountandtherealisedgainorlossonsaleorreissue,netofanydirectlyattributableincrementaltransactioncostsandrelatedincometax,isrecognisedinthecapitalreserveoftheCompany.

Financial liabilities

TheGroupclassifiesitsfinancialliabilitiesasotherfinancialliabilities.

Other financial liabilities

Trade and other payables

Tradeandotherpayablesareinitiallymeasuredatfairvalue,netoftransactioncosts,andaresubsequentlymeasuredatamortisedcost,whereapplicable,usingtheeffectiveinterestmethod,withinterestexpenserecognisedonaneffectiveyieldbasis.

Interest-bearing liabilities

Interest-bearingliabilitiesareinitiallymeasuredatfairvalue,andaresubsequentlymeasuredatamortisedcost,usingtheeffectiveinterestmethod.Anydifferencebetweentheproceeds(netoftransactioncosts)andthesettlementorredemptionofborrowingsisrecognisedoverthetermoftheborrowingsinaccordancewiththeGroup’saccountingpolicyforborrowingcosts(seeNote2.6).

Financial guarantee contracts

TheCompanyhas issuedcorporateguaranteetoabankforborrowingsofasubsidiaryandthisguaranteequalifyasfinancialguaranteesbecausetheCompanyisrequiredtoreimbursethebankifthesubsidiarybreachesanyrepaymentterm.

Financialguaranteecontractliabilitiesaremeasuredinitiallyattheirfairvaluesplustransactioncostsandsubsequentlyatthehigheroftheamountofobligationunderthecontractrecognisedasaprovisioninaccordancewith FRS 37 Provisions, Contingent Liabilities and Contingent Assets and theamount initially recognised less cumulativeamortisation inaccordancewithFRS 18 Revenue.

Derecognition of financial liabilities

TheGroupderecognisesfinancialliabilitieswhen,andonlywhen,theGroup’sobligationsaredischarged,cancelledortheyexpire.The differencebetweenthecarryingamountandtheconsiderationpaidisrecognisedinprofitorloss.




2.19 Provisions

ProvisionsarerecognisedwhentheGrouphasapresentlegalorconstructiveobligationasaresultofapastevent,itisprobablethattheGroupwillberequiredtosettletheobligation,andareliableestimatecanbemadeoftheamountoftheobligation.

Theamountrecognisedasaprovisionisthebestestimateoftheconsiderationrequiredtosettlethepresentobligationattheendofthefinancialyear,takingintoaccounttherisksanduncertaintiessurroundingtheobligation.Whereaprovisionismeasuredusingthecashflowsestimatedtosettlethepresentobligation,itscarryingamountisthepresentvalueofthosecashflows.

Whensomeoralloftheeconomicbenefitsrequiredtosettleaprovisionareexpectedtoberecoveredfromathirdparty,thereceivableisrecognisedasanassetifitisvirtuallycertainthatreimbursementwillbereceivedandtheamountofthereceivablecanbemeasuredreliably.

Changesintheestimatedtimingoramountoftheexpenditureordiscountratearerecognisedinprofitorlosswhenthechangesarise.

2.20 Employeebenefits

Provisionsaremadeforemployeeentitlementsarisingfromservicesrenderedbyemployeestotheendofthefinancialyear.Employeeentitlementsexpected tobe settledwithinonefinancial year togetherwithentitlementsarising fromsalariesandwages,annualleaveandsickleavewhichwillbesettledwithinonefinancialyearhavebeenmeasuredattheirnominalamount.Otheremployeeentitlementspayablelaterthanonefinancialyearhavebeenmeasuredatthepresentvalueoftheestimatedfuturecashflowstobemadeforthoseentitlements.

Defined contribution plans and employee superannuation funds

Contributionstodefinedcontributionplansandemployeesuperannuationfundsarerecognisedascompensationexpensesinprofitorlossinthesamefinancialyearastheemploymentthatgivesrisetothecontributions.

Employee leave entitlement

Employeeentitlementstoannualleavearerecognisedwhentheyaccruetoemployees.Aprovisionismadefortheestimatedliabilityforunutilisedannualleaveasaresultofservicesrenderedbyemployeesuptotheendofthefinancialyear.

2.21 Leases

Finance leases

Leasesareclassifiedasfinanceleaseswheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsincidentaltoownershipoftheleasedassetstothelessee.Allotherleasesareclassifiedasoperatingleases.

AssetsheldunderfinanceleasesarerecognisedasassetsoftheGroupattheirfairvalueattheinceptionoftheleaseor,iflower,atthepresentvalueoftheminimumleasepayments.Thecorrespondingliabilitytothelessorisincludedinthestatementsoffinancialpositionasafinanceleaseobligation.Leasepaymentsareapportionedbetweenfinancechargesandreductionoftheleaseobligationsoastoachieveaconstantrateofinterestontheremainingbalanceoftheliability.Financechargesarechargeddirectlytoprofitorloss,unlesstheyaredirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,inwhichcasetheyarecapitalisedinaccordancewiththeGroup’sgeneralpolicyonborrowingcosts(seeNote2.6).




2.21 Leases(Continued)

Operating leases

Rentalspayableunderoperatingleasesarechargedtoprofitorlossonastraight-linebasisoverthetermoftherelevantleaseunlessanothersystematicbasisismorerepresentativeofthetimepatterninwhicheconomicbenefitsfromtheleasedassetareconsumed.

Whenanoperatingleaseisterminatedbeforetheleaseperiodhasexpired,anypaymentrequiredtobemadetothelessorbywayofpenaltyisrecognisedasanexpenseinthefinancialyearinwhichterminationtakesplace.

2.22 Segmentreporting

Operatingsegmentsarereportedinamannerconsistentwiththeinternalreportingprovidedtothechiefoperatingdecision-maker.Thechiefoperatingdecision-maker,whoisresponsibleforallocatingresourcesandassessingperformanceoftheoperatingsegments, has been identified as the group of executive directors and chief executive decisionmakers whomake strategicdecisions.

3. Criticalaccountingjudgementsandkeysourcesofestimationuncertainty

IntheapplicationoftheGroup’saccountingpolicies,whicharedescribedinNote2,managementmadejudgements,estimatesandassumptionsabout thecarryingamountsofassetsand liabilities thatwerenot readilyapparent fromothersources.Theestimatesandassociatedassumptionswerebasedonhistoricalexperienceandotherfactorsthatwereconsideredtobereasonableunderthecircumstances.Actualresultsmaydifferfromtheseestimates.

Theseestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.

3.1 Criticaljudgementsmadeinapplyingtheentity’saccountingpolicies

IntheprocessofapplyingtheGroup’saccountingpolicies,themanagementisoftheopinionthattherearenocriticaljudgementsinvolvedthathaveasignificanteffectontheamountsrecognisedinthefinancialstatementsexceptasdiscussedbelow.

(i) Impairmentofinvestmentsinsubsidiariesandfinancialassets

TheGroupandtheCompanyfollowtheguidanceofFRS36andFRS39ondeterminingwhenaninvestmentinsubsidiaryorafinancialassetisimpaired.Thisdeterminationrequiressignificantjudgement.TheGroupandtheCompanyevaluate,amongotherfactors,thedurationandextenttowhichthefairvalueofaninvestmentinsubsidiaryorafinancialassetislessthanitscostandthefinancialhealthofthenear-termbusinessoutlookfortheinvestmentorfinancialasset,includingfactorssuchasindustryandsectorperformance,changesintechnologyandoperationalandfinancingcashflows.

3.2 Keysourcesofestimationuncertainty

Thekeyassumptionsconcerningthefuture,andotherkeysourcesofestimationuncertaintyattheendofthefinancialyear,thathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitiesandthereportedamountsofrevenueandexpenses,withinthenextfinancialyear,arediscussedbelow.



3. Criticalaccountingjudgementsandkeysourcesofestimationuncertainty(Continued)

3.2 Keysourcesofestimationuncertainty(Continued)

(i) Depreciationofproperty,plantandequipment

Otherthanfreeholdland,theGroup’sproperty,plantandequipmentaredepreciatedonastraight-linebasisovertheirestimatedusefullives.Themanagementestimatestheusefullivesoftheseassetstobewithin1.5to67years(2012:1.5to67years).Changesintheexpectedlevelofusageandtechnologicaldevelopmentscouldimpacttheeconomicusefullivesandtheresidualvaluesoftheseassets,thereforefuturedepreciationchargescouldberevised.Thecarryingamountsof the Group’s and the Company’s property, plant and equipment (excluding freehold land) as at 30 June 2013wereAUD140,732,000(2012:AUD183,107,000)andAUD2,000(2012:AUD4,000)respectively.

(ii) Impairmentofgoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullife

Themanagementdetermineswhethergoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullifeareimpairedatleastonanannualbasis.Thisrequiresanestimationofthevalueinuseofthecash-generatingunitstowhichthegoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullifeareallocated.Estimating thevalue inuse requires theGroup tomakeanestimateof theexpected future cashflows from the cash-generatingunitandalsotochooseasuitablediscountrate inordertocalculatethepresentvalueof thosecashflows.Thecarryingamountsof theGroup’sgoodwill,patentsand trademarksandproductdevelopmentcostswith indefiniteusefullifeasat30June2013wereAUD1,058,000(2012:AUD979,000),AUD1,591,000(2012:AUD1,591,000)andAUD7,000(2012:AUD51,000),respectively.DetailsofthevalueinusecalculationsareprovidedinNote13tothefinancialstatements.

(iii) Revaluationoffreeholdproperties

TheGroup’sfreeholdpropertiesreportedatfairvaluelessaccumulateddepreciation,whereapplicable,arebasedontheDirectors’valuationsand/orreviewedbyindependentprofessionalvaluers.

TheDirectorshaveexercisedjudgementindeterminingdiscountrates,estimatesoffuturecashflows,capitalisationrate,terminalyearvalue,market freehold rentalandother factorsused in thevaluationprocess.Also, judgementhasbeenapplied inestimatingprices for less readilyobservableexternalparameters.Other factors suchasmodelassumptions,market dislocations andunexpected correlations can alsomaterially affect these estimates and the resulting valuationestimates.ThecarryingamountoftheGroup’sfreeholdpropertiesrevaluedasat30June2013wasAUD135,087,000(2012:AUD180,854,000).

(iv) Incometaxes

The Group has exposure to income taxes in numerous jurisdictions. Significant judgement is involved in determiningtheGroup’sprovisionfortheincometaxes.Therearecertaintransactionsandcomputationsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.

TheGrouprecognisesliabilitiesforexpectedtaxissuesbasedonestimatesofwhetheradditionaltaxeswillbedue.Wherethefinaltaxoutcomeofthesemattersisdifferentfromtheamountsthatwereinitiallyrecognised,suchdifferenceswillimpacttheincometaxanddeferredtaxprovisioninthefinancialyearinwhichsuchdeterminationismade.ThecarryingamountsoftheGroup’scurrentincometaxrecoverable,currentincometaxpayableanddeferredtaxliabilitiesasat30June2013wereAUD13,000(2012:Nil),Nil(2012:AUD99,000)andAUD23,775,000(2012:AUD25,119,000)respectively.



4. Revenue Continuing Discontinued operations operations Total 2013 2012 2013 2012 2013 2012 Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 (Restated) (Restated)

Gaming 24,164 22,984 - - 24,164 22,984 Accommodation 5,395 4,295 13,891 15,637 19,286 19,932 Foodandbeverages 10,224 9,839 4,482 4,769 14,706 14,608 Healthretreatandspas 9,350 9,679 - - 9,350 9,679 Conventioncentre 2,142 1,747 1,976 2,063 4,118 3,810 Golfcourse - - 1,182 1,439 1,182 1,439 Others 1,971 1,992 1,066 1,139 3,037 3,131

53,246 50,536 22,597 25,047 75,843 75,583

5. Employeebenefitsexpense

Continuing Discontinued operations operations Total 2013 2012 2013 2012 2013 2012 Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 (Restated) (Restated)

Wages,salariesand bonuses 19,621 18,840 7,209 7,241 26,830 26,081 Superannuation 1,445 1,417 711 709 2,156 2,126 Payrolltax 1,015 926 429 425 1,444 1,351 Provisionmadefor employeeentitlements 1,243 1,153 345 638 1,588 1,791 Staffamenities 381 417 88 154 469 571 Contributionstodefined contributionplans 25 24 - - 25 24 Othersocialexpensesand employeebenefits 265 331 1,139 315 1,404 646

23,995 23,108 9,921 9,482 33,916 32,590

TheseexpensesincludetheamountsshownaskeymanagementpersonnelremunerationinNote33tothefinancialstatements.

6. Depreciationexpenses


Depreciationexpenses 6,813 6,117 1,036 2,142 7,849 8,259



7. Finance costs Continuing Discontinued operations operations Total 2013 2012 2013 2012 2013 2012 Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 (Restated) (Restated)

Interestexpenseson -commercialbills 4,909 3,899 2,514 3,142 7,423 7,041 -termloans 53 66 - - 53 66 -financeleases 157 136 101 38 258 174 -bankoverdraft 106 96 - - 106 96

5,225 4,197 2,615 3,180 7,840 7,377 Bankcharges 29 14 15 136 44 150

5,254 4,211 2,630 3,316 7,884 7,527

8. Lossbeforeincometax

Theaboveisarrivedataftercharging/(crediting):


Auditfees -auditorsoftheCompany 95 83 - - 95 83 -otherauditors 171 162 69 85 240 247 Allowanceforimpairmentin valueoftradereceivables - - - 47 - 47 Commissionandcharges 386 295 709 709 1,095 1,004 Foreignexchange(gain)/loss (38) 88 (1) 1 (39) 89 Gainondisposalof businesses - - (2,894) - (2,894) - Governmentsubsidies (256) (350) - - (256) (350) Interestincomefrombanks (12) (5) (36) (2) (48) (7) Impairmentinvalue ofproperty,plant andequipment 1,113 275 5,309 - 6,422 275 Impairmentinvalueof intangibleassets - - 44 - 44 - Incidentalcoststodisposal - - 593 - 593 - Lossondisposalofproperty, plantandequipment - 79 - - - 79 Non-auditfeestoauditorsof thesubsidiaries(Taxfees) 21 78 66 8 87 86 Operatingleaseexpenses, excludevillaleaserental 622 515 - - 622 515 RatesandTaxes 261 183 333 387 594 570 Requisitesandsupplies 750 657 308 309 1,058 966 Utilities 2,797 2,272 675 713 3,472 2,985

Therearenonon-auditfeespaid/payabletotheauditorsoftheCompany.



9. Incometax

Group 2013 2012 AUD’000 AUD’000

Continuingoperations Currentincometax -currentfinancialyear 1,074 1,338 -underprovisioninpriorfinancialyears 97 349 1,171 1,687 Deferredtax(Note26) -currentfinancialyear (790) (624) -overprovisioninpriorfinancialyears (182) (329) (972) (953)

Totalincometaxinprofitorlossfromcontinuingoperations 199 734

Discontinuedoperations Deferredtax(Note26) -currentfinancialyear 15 -

Totalincometaxinprofitorlossfromdiscontinuedoperations 15 -

Totalincometaxinprofitorloss 214 734

Reconciliationofeffectivetaxrate

Group 2013 2012 AUD’000 AUD’000 (Restated)

Lossbeforeincometaxfromcontinuingoperations (6,619) (4,056) Lossbeforeincometaxfromdiscontinuedoperations(Note10) (4,548) (2,280)

(11,167) (6,336)

IncometaxcalculatedatAustralia’sstatutorytaxrateof30% (3,350) (1,901) Effectofdifferenttaxratesinothercountries 120 69 Taxeffectofincomenotsubjecttotax (220) (10) Taxeffectofexpensesnotdeductibleforincometaxpurposes 388 258 Taxeffectofincometaxexemption (90) (21) Utilisationofdeferredtaxassetsnotrecognisedpreviously (1) (13) Underprovisionofcurrentincometaxinpriorfinancialyears 97 349 Overprovisionofdeferredtaxinpriorfinancialyears (182) (329) Deferredtaxassetsnotrecognisedinprofitorloss 3,452 2,332

214 734



10. Discontinuedoperations

On9September2008,thesharesofLassetersCorporationLimited(“LCL”)werevoluntarilysuspendedfromquotationattherequestofLCL.LCLceasedtakingnewbetsonitsonlinecasinoandsportsbettingbusinesseswitheffectfrom3October2008and20October2008respectively.LCLiscontinuingthesebusinessoperationstotheextentnecessarytomeetongoingobligationstocustomers,andtopreservetheassetsofthebusinesses.

On20September2012,LCLenteredintoaShareSaleandPurchaseAgreementwithIsentric(Australia)PtyLtdforthesaleofitsentireequityinterestinitstwowhollyownedsubsidiaries,LassetersCasinoPtyLtd(“LCPL”)andLassetersSportsbookPtyLtd(“LSPL”),foracashconsiderationofAUD75,000andAUD100,000respectively.ThesaleofLCPLandLSPLwascompletedon2August2013.

On11March 2013, theGroup through a 99.9%owned subsidiary, Cypress Lakes Property Pty Ltd, entered into a conditional saleagreementforthedisposaloftheproperty,assetsandbusinessofHolidayInnMelbourneonFlindersforacashconsiderationofAUD46.7million.Thedisposalwascompletedon10May2013andonthatdate,controlwaspassedtotheacquirer.

On19July2013,theGroupthroughitssubsidiaries,CypressLakesGroupLimited(“CLG”),CypressLakesVillaManagementPtyLtd,CypressResortManagementPty Ltd,Cypress LakesGolf andCountryClubPty LimitedandTheGoldenDoorResort Spa–CypressLakesPtyLtd(collectivelyknownas“CLGGroup”)hasenteredintoaconditionalsaleandpurchaseagreementwithHunterValley(CL)ManagementPtyLtdforthedisposaloftheproperty,assetsandbusinessofCLGGroup,comprising, interalia,freeholdinterest inlands,villaleases,golfcoursebusinessanddevelopmentlands(the“DisposalAssets”).ThesepropertiesandassetsarelocatedatCnrMcDonaldsandThompsonsRd,PokolbinHunterValleyNSW2320(“CypressLakesResort”).TheaggregatepurchaseconsiderationfortheproposeddisposaloftheCLGGroupwillbethecashsumofAUD10million,beforeanyagreedadjustmentwhichwillbeadjustedatthecompletiondate.

PursuanttoFRS 105 - Non-current Assets Held for Sale and Discontinued Operations,theabovebusinesseshavebeenclassifiedasassets/liabilitiesheldforsaleandtheresultsofthediscontinuedoperationshavebeenpresentedseparatelyinthestatementsoffinancialpositionandtheconsolidatedstatementofcomprehensiveincome.Comparativefigureshavebeenrestatedtoaccordinglyreflectdiscontinuedoperationsintheconsolidatedstatementofcomprehensiveincome.Nostatementsoffinancialpositionasat 1July2011havebeenpresentedastherestatementof theconsolidatedstatementofcomprehensive incomedoesnothaveanyimpactonthestatementsoffinancialpositionasat1July2011.

Theresultsofthediscontinuedoperationsareasfollows:


Revenue 4 22,597 25,047 Consumables (2,014) (2,207) Employeebenefitsexpense 5 (9,921) (9,482) Depreciationexpenses 6 (1,036) (2,142) Villaleaserental (1,759) (2,470) Advertisingandpromotionalexpenses (735) (876) Otheroperatingexpenses (5,998) (6,834) Gainondisposalofbusinesses 2,894 - Impairmentinvalueofproperty,plantandequipment (5,309) - Impairmentinvalueofintangibleassets (44) - Incidentalcoststodisposal (593) - Financecosts 7 (2,630) (3,316)

Lossbeforeincometaxfromdiscontinuedoperations (4,548) (2,280) Incometax 9 (15) -

Lossforthefinancialyearfromdiscontinuedoperations (4,563) (2,280)

Lossforthefinancialyearattributableto: Ownersoftheparent (4,558) (2,280) Non-controllinginterests (5) -

(4,563) (2,280)



10. Discontinuedoperations(Continued)

Theresultsandcashflowsofthediscontinuedoperationsincludedintheconsolidatedstatementofcomprehensiveincomeandtheconsolidatedstatementofcashflowsaresetoutbelow:

Group 2013 2012 AUD’000 AUD’000 (Restated)

Basicanddilutedlosspershare(AUDcents) (1.83) (0.93)

Cashflowsusedindiscontinuedoperations Operatingactivities (1,135) (1,781) Investingactivities 46,339 (201) Financingactivities (29,255) (527)

Netchangeincashandcashequivalents 15,949 (2,509)

11. Losspershare

Thecalculationsforlosspersharearebasedon:


Lossforthefinancialyearattributabletoownersoftheparent (11,379) (7,069)

Continuingoperations (6,821) (4,789) Discontinuedoperations 10 (4,558) (2,280)

(11,379) (7,069)

Actual(2012:Weightedaverage)numberoffully-paid ordinarysharesinissueduringthefinancialyearapplicabletolosspershare 249,469,521 245,622,946

Basicanddilutedlosspershare(AUDcents) (4.56) (2.88)

Continuingoperations: Basicanddilutedlosspershare(AUDcents) (2.73) (1.95)

Basic losspershareiscalculatedbydividingthenetlossforthefinancialyearattributabletoownersoftheparentbytheactual(2012:weightedaverage)numberofordinarysharesinissueduringthefinancialyear.AstheGrouphasnodilutivepotentialordinaryshares,thedilutedlosspershareisequivalenttobasiclosspershare.



12. Property,plantandequipment

Freehold Leased buildings/ assetsand Freehold licensed Plantand leasehold Construction- land casino equipment improvements in-progress Total Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Costorvaluation Balanceasat1.7.2012 27,131 164,439 28,614 2,459 18,000 240,643 Reclassification - 17,461 3,182 (450) (20,193) - Additions 95 647 739 966 7,856 10,303 Disposals (6,920) (35,047) (4,717) - - (46,684) Transfertoassets heldforsale (10,306) (7,066) (4,219) (48) - (21,639) Written-off - (245) (679) - - (924) Foreigncurrency translationadjustment - - 180 34 - 214

Balanceasat30.6.2013 10,000 140,189 23,100 2,961 5,663 181,913

Representing: Cost - - 23,100 2,961 5,663 31,724 Valuation 10,000 140,189 - - - 150,189

10,000 140,189 23,100 2,961 5,663 181,913

Accumulateddepreciation Balanceasat1.7.2012 - 10,716 17,985 1,429 - 30,130 Depreciationfor thefinancialyear - 4,876 2,509 464 - 7,849 Reclassification - - 450 (450) - - Disposals - (1,978) (1,849) - - (3,827) Transfertoassets heldforsale - (973) (4,188) (48) - (5,209) Written-off - (245) (679) - - (924) Foreigncurrency translationadjustment - - 148 33 - 181

Balanceasat30.6.2013 - 12,396 14,376 1,428 - 28,200

Allowancefor impairment in value Balanceasat1.7.2012 - - 275 - - 275 Allowancefor thefinancialyear - 8,177 31 - - 8,208 Transfertoassets heldforsale - (5,471) (31) - - (5,502)

Balanceasat30.6.2013 - 2,706 275 - - 2,981

Carryingamount Balanceasat30.6.2013 10,000 125,087 8,449 1,533 5,663 150,732



12. Property,plantandequipment(Continued)

Freehold Leased buildings/ assetsand Freehold licensed Plantand leasehold Construction- land casino equipment improvements in-progress Total Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Costorvaluation Balanceasat1.7.2011 27,070 165,660 23,983 2,986 - 219,699 Reclassification - (5,709) (35) - 5,744 - Additions 61 231 579 314 20,423 21,608 Disposals - - (164) - - (164) Transfers - 4,257 4,753 (843) (8,167) - Written-off - - (535) - - (535) Foreigncurrency translationadjustment - - 33 2 - 35

Balanceasat30.6.2012 27,131 164,439 28,614 2,459 18,000 240,643

Representing: Cost - - 28,614 2,459 18,000 49,073 Valuation 27,131 164,439 - - - 191,570

27,131 164,439 28,614 2,459 18,000 240,643

Accumulateddepreciation Balanceasat1.7.2011 - 5,620 15,351 1,481 - 22,452 Depreciationfor thefinancialyear - 5,096 2,580 583 - 8,259 Disposals - - (69) - - (69) Reclassification - - 636 (636) - - Written-off - - (535) - - (535) Foreigncurrency translationadjustment - - 22 1 - 23

Balanceasat30.6.2012 - 10,716 17,985 1,429 - 30,130

Allowancefor impairment in value Balanceasat1.7.2011 - - - - - - Allowancefor thefinancialyear - - 275 - - 275

Balanceasat30.6.2012 - - 275 - - 275

Carryingamount Balanceasat30.6.2012 27,131 153,723 10,354 1,030 18,000 210,238




Plant and equipment Company AUD’000

Cost Balanceasat1.7.2012and30.6.2013 27

Accumulateddepreciation Balanceasat1.7.2012 23 Depreciationforthefinancialyear 2

Balanceasat30.6.2013 25

Carryingamount Balanceasat30.6.2013 2

Cost Balanceasat1.7.2011 25 Additions 2


Accumulateddepreciation Balanceasat1.7.2011 21 Depreciationforthefinancialyear 2


Carryingamount Balanceasat30.6.2012 4

PlantandequipmentownedbytheGroupcomprisemainlygamingmachines,furnitureandfittings,motorvehicles,officeequipmentandcomputers.

Thefreeholdlandandfreeholdbuildings/licensedcasinooftheGroupwerevaluedbasedonavalue-in-usecalculationusingcashflowprojectionsonfinancialbudgetscoveringa5-year(2012:5year)periodbasedonpastperformanceandtheirexpectationsofthemarketdevelopment.Thepre-taxdiscountrateappliedtothecashflowprojectionsis12%(2012:12%)andreflectspecificrisksrelatingtothesegment.Thegrowthrateusedtoextrapolatethecashflowsbeyondthe1-yearperiodisbasedonrevenuegrowthbetween5%to31%(2012:5%to20%).




IftheGroup’sfreeholdlandandfreeholdbuildings/licensedcasinoweremeasuredusingthecostmodel,thecarryingamountswouldbeasfollows:

Freeholdbuildings/ Freehold land licensed casino 2013 2012 2013 2012 Group AUD’000 AUD’000 AUD’000 AUD’000

Cost 3,000 20,131 77,789 100,383 Accumulateddepreciation - - (6,878) (6,542) Allowanceforimpairmentinvalue - - (2,706) -

Carryingamount 3,000 20,131 68,205 93,841

Asattheendofthefinancialyear,thecarryingamountsofproperty,plantandequipmentwhichhavebeenmortgagedassecurityforthebankfacilitiesassetoutinNote24tothefinancialstatementsareasfollows:

Group 2013 2012 AUD’000 AUD’000

Freeholdland 10,000 27,131 Freeholdbuildings/licensedcasino 125,087 153,723 Plantandequipment 8,435 10,258

143,522 191,112

Asattheendofthefinancialyear,thecarryingamountofplantandequipmentwhichwereacquiredunderfinanceleaseagreementsassetoutinNote25tothefinancialstatementsareasfollows:

Group 2013 2012 AUD’000 AUD’000

Leasedassetsandleaseholdimprovements 1,533 1,030

Financeleasedassetsarepledgedassecurityfortherelatedfinanceleaseliabilities.

Forthepurposeofconsolidatedstatementofcashflows,theGroup’sadditionstoproperty,plantandequipmentduringthefinancialyearcomprised:

Group 2013 2012 AUD’000 AUD’000

Additionsofproperty,plantandequipment 10,303 21,608 Acquiredunderbankborrowings (7,574) (14,227) Acquiredunderfinanceleaseagreements (1,090) (313)

Cashpaymentstoacquireproperty,plantandequipment 1,639 7,068




Asat30June2013,theGroup’sfreeholdpropertiesareasfollows: Gross Gross Location Description Existinguse landarea floorarea (sqm) (sqm)

93BarrettDrive LassetersHotelCasino Hotelandcasino 79,600 22,608 AliceSprings NorthernTerritory0871 Australia Lot34,ThompsonsRoad TheGoldenDoor Healthretreat 182,100 6,000 Pokolbin HealthRetreatElysia NewSouthWales2320 Australia

Lot21–24&37 TheGoldenDoor Healthretreat 23,367 1,300 400RufflesRoad HealthRetreatWillowvale WillowValeQLD4209 Australia

Asat30June2013,theGroup’sfreeholdpropertiestransferredtoassetsclassifiedasheldforsale(Note21)areasfollows:

Gross Gross Location Description Existinguse landarea floorarea (sqm) (sqm)

Lot3,8&21, CypressLakes Resortfacilities 141,590 2,500 CornerMacDonalds ResortCentre andThompsonsRoad Pokolbin NewSouthWales2320 Australia

Lot22,CornerMacDonalds CypressLakes GolfCourse 821,610 700 andThompsonsRoad Golfcourse Pokolbin NewSouthWales2320 Australia

Lot32&33,CornerMacdonalds CypressLakes Conventioncentre 26,040 1,850 andThompsonsRoad ConventionCentre Pokolbin NewSouthWales2320 Australia




Asat30June2013,theGroup’sleaseholdinterestsareasfollows:

Tenureof Gross Location Description Existinguse land floorarea (sqm) (sqm)

93BarrettDrive ConventionCentre Conventioncentre 19years 4,852 AliceSprings from2001 NorthernTerritory0871 Australia

73SeaworldDrive TheGoldenDoor Spaandhealthclub 19years 5,534 MainBeachQLD4217 SpaandClubatMirage from2003 Australia

13. Intangibleassets

Goodwillon Patents Product business Business and development combinations licences trademarks costs Total Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Cost Balanceasat1.7.2012 1,597 1,885 1,591 51 5,124 Foreigncurrencytranslationadjustment 79 - - - 79

Balanceasat30.6.2013 1,676 1,885 1,591 51 5,203

Accumulatedamortisation Balanceasat1.7.2012and30.6.2013 - 238 - - 238

Allowanceforimpairmentinvalue Balanceasat1.7.2012 618 1,647 - - 2,265 Impairmentforthefinancialyear - - - 44 44

Balanceasat30.6.2013 618 1,647 - 44 2,309

Carryingamount Balanceasat30.6.2013 1,058 - 1,591 7 2,656



13. Intangibleassets(Continued)

Goodwillon Patents Product business Business and development combinations licences trademarks costs Total Group AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Cost Balanceasat1.7.2011 1,582 1,885 1,591 51 5,109 Foreigncurrencytranslationadjustment 15 - - - 15

Balanceasat30.6.2012 1,597 1,885 1,591 51 5,124

Accumulatedamortisation Balanceasat1.7.2011and 30.6.2012 - 238 - - 238

Allowancefor impairment in value Balanceasat1.7.2011and 30.6.2012 618 1,647 - - 2,265

Carryingamount Balanceasat30.6.2012 979 - 1,591 51 2,621

Asattheendofthefinancialyear,thecarryingamountsofintangibleassetswhichhavebeenpledgedassecurityforthebankfacilitiesassetoutinNote24tothefinancialstatementsareasfollows:

Group 2013 2012 AUD’000 AUD’000

Patentsandtrademarks 1,591 1,591 Productdevelopmentcosts 7 51

1,598 1,642

Impairmenttestsforgoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullife

Goodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullifehavebeenallocatedtotheGroup’scash-generatingunits,whicharereportablesegments,forimpairmenttestingiscasinosandhealthretreatandspassegments.



13. Intangibleassets(Continued)

Impairmenttestsforgoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullife(Continued)

Carryingamountofgoodwill,patentsandtrademarksandproductdevelopmentcostswithindefiniteusefullifeallocatedtoeachoftheGroup’scash-generatingunitsareasfollows:

Health Retreat Casino &Spas Total 2013 2012 2013 2012 2013 2012 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Goodwill 1,058 979 - - 1,058 979 Patentsandtrademarks 6 6 1,585 1,585 1,591 1,591 Productdevelopmentcosts withindefiniteusefullife - - 7 51 7 51

1,064 985 1,592 1,636 2,656 2,621

Therecoverableamountisvaluedbasedonavalue-in-usecalculationusingcashflowprojectionsonfinancialbudgetscoveringa5-year(2012:5year)periodbasedonpastperformanceandtheirexpectationsofthemarketdevelopment.Thepre-taxdiscountrateappliedtothecashflowprojectionsis12%(2012:12%)andreflectspecificrisksrelatingtothesegment.Thegrowthrateusedtoextrapolatethecashflowsbeyondthe1-yearperiodisbasedonrevenuegrowthbetween5%to31%(2012:5%to20%).

14. Landheldforpropertydevelopment Group 2013 2012 AUD’000 AUD’000

Leaseholdland,atcost - -

Balanceasatthebeginningofthefinancialyear - 3,752 Borrowingcostscapitalisedduringthefinancialyear - 232 Foreigncurrencytranslationadjustment - 19 Transfertocurrentassets(Note19) - (4,003)

Balanceasattheendofthefinancialyear - -

Inthepreviousfinancialyear,therateusedtodeterminetheamountofborrowingcostseligibleforcapitalisationis8.13%,whichistheeffectiveinterestrateofthespecificborrowing.

Landheld forpropertydevelopmentof theGrouphasbeenpledgedassecurity for thebank facilitiesassetout inNote24to thefinancialstatements.



14. Landheldforpropertydevelopment(Continued)

Thedetailsoftheleaseholdlandheldfordevelopmentareasfollows:

Location Description Existinguse Grosslandarea (sqm)

LotNos.PT9772,PT9773, Landheldfor Vacantland 28,336 PT9774,PT9775,PT9776,PT9777 property &PT9778,JalanP4/8,Seksyen4, development BandarTeknologiKajang,43500 Semenyih,Selangor

TheGroup’seffectiveinterestinthepropertyis80%.

Leaseholdlandcosthasbeentransferredtocurrentassetsasthepropertydevelopmentactivitieshavecommencedduringthepreviousfinancialyear.

15. Investments in subsidiaries Company 2013 2012

AUD’000 AUD’000

Quotedequitysharesinacorporation,atcost 243 243Less:Allowanceforimpairmentinvalue (243) (243) - - Unquotedequitysharesincorporations,atcost 26,201 26,201Less:Allowanceforimpairmentinvalue (6,245) (6,245) 19,956 19,956

19,956 19,956

Movementinallowanceforimpairmentinvalueduringthefinancialyearwasasfollows:

Company 2013 2012

AUD’000 AUD’000

Balanceasatthebeginningandendofthefinancialyear 6,488 6,488

Asat30June2013and30June2012,thereisnomarketvaluefortheabovequotedequitysharesheldbytheCompanyasthesharesofthesubsidiaryarecurrentlyundervoluntarysuspensionfromquotationassetoutinNote10.

Asattheendofthefinancialyear,theCompanycarriedoutareviewontherecoverableamountofitsinvestmentsinsubsidiaries.Basedonthereview,theallowanceforimpairmentinvalueofinvestmentsinsubsidiariesisadequate.



15. Investmentsinsubsidiaries(Continued)

Particularsofthesubsidiariesareasfollows:

Countryof incorporation Effectiveequity Nameofcompany andoperations Principalactivities interest 2013 2012 % %

Held by the Company * LassetersInvestmentsPte.Ltd. Singapore Investmentholdingcompany 100 100

* LassetersInternationalPte.Ltd. Singapore Investmentholdingcompany 100 100 * LassetersInteractiveGamingPte.Ltd. Singapore Investmentholdingcompany 100 100 # LassetersHoldingsPtyLtd Australia Investmentholdingcompany 100 100 ^ LassetersManagement(M)SdnBhd Malaysia Provisionofmanagementservices 100 100 ^ MerryPalmsSdnBhd Malaysia Propertydevelopment 80 80 #, LassetersCorporationLimited Australia Investmentholdingcompanyand 2 2**, provisionofmanagement^^^ services * LassetersResortsPte.Ltd. Singapore Investmentholdingcompany 100 100

@ LassetersInvestments(NSW)Pte.Ltd. Singapore Investmentholdingcompany 100 100 @ LassetersInvestments(QLD)Pte.Ltd. Singapore Investmentholdingcompany 100 100 * LassetersInvestments(NZ)Pte.Limited Singapore Investmentholdingcompany 100 100 # LassetersANZPtyLtd Australia Investmentholdingcompany 100 100 HeldbyLassetersInternationalPte.Ltd.# LassetersSeafordHotelPtyLtd Australia Investmentholdingcompany 100 100 HeldbyLassetersInteractiveGamingPte.Ltd. #, LassetersCorporationLimited Australia Investmentholdingcompanyand 71 71**, provisionofmanagement^^^ services HeldbyLassetersHoldingsPtyLtd # FordDynastyPtyLtd Australia Casinooperations,provisionof 100 100 hotelaccommodation, conventioncentre,foodand beveragesbusiness HeldbyLassetersResortsPte.Ltd. # LassetersCLGPtyLtd Australia Investmentholdingcompany 100 100





HeldbyLassetersInvestments(NZ)Pte.Limited ## Lasseters(NZ)Limited NewZealand Investmentholdingcompany 100 100

HeldbyLassetersSeafordHotelPtyLtd # LassetersValleyPtyLtd Australia Investmentholdingcompany 100 100

HeldbyLassetersCorporationLimited #, LassetersCasinoPtyLimited Australia OnlineCasinoGaming 73 73**,^^^ #, LassetersSportsbookPtyLtd Australia Sportsbetting 73 73**,^^^

HeldbyLassetersCLGPtyLtd #, CypressLakesGroupLimited Australia Propertiesholding,developerand 100 100*** operatorofCypressLakesResort, GolfCourseandClubandthe GoldenDoorRetreatandSpas

HeldbyCypressLakesGroupLimited #, CypressResortManagementPtyLtd Australia Provisionofresortmanagement 100 100*** #, CypressLakesGolfand Australia Provisionofgolfcourse 100 100**, CountryClubPtyLimited andclubmanagement***

#, CypressLakesResort Australia Provisionofrealestate 100 100**, RealEstatePtyLimited management *** #, CypressLakesPropertyPtyLimited Australia Propertiesholding,provisionof 100 100*** hotelaccommodation, foodandbeveragesbusiness

#, TheGoldenDoorPtyLimited Australia Provisionofhealthretreat 100 100*** andspasmanagement #, TheGoldenDoorHoldingsPtyLtd Australia Provisionofhealthretreat 100 100*** andspasmanagement #, CypressLakesCateringPtyLtd Australia Provisionofcateringservices 100 100***

#, CypressLakesVillaManagementPtyLtd Australia Villamanagement 100 100***





HeldbyTheGoldenDoorPtyLimited #, TheGoldenDoorHealthRetreat– Australia Provisionofhealthretreatand 100 100*** ElysiaPtyLimited spasmanagement #, TheGoldenDoorSpaatSaltPtyLtd Australia Provisionofdayspaservices 100 100*** #, TheGoldenDoorResortSpa– Australia Provisionofdayspaservices 100 100*** CypressLakesPtyLimited HeldbyLasseters(NZ)Limited ## OtagoCasinosLtd NewZealand Casinooperations,food 100 100 andbeveragesbusiness

* AuditedbyBDOLLP,Singapore# AuditedbyBDOAuditPtyLtd,CharteredAccountants,Brisbane,Australia,amemberfirmofBDOInternationalLimited## AuditedbyBDONewZealandLtd,CharteredAccountants,Christchurch,NewZealand,amemberfirmofBDOInternationalLimited^ AuditedbyBDO,CharteredAccountants,Malaysia,amemberfirmofBDOInternationalLimited@ Notrequiredtobeauditedunderthelawinthecountryofincorporation** Asat30June2013and30June2012,certainassets/liabilitiesareclassifiedasheldforsale,asstatedinNote21*** Asat30June2013and30June2012,effectiveequityinterestheldbytheGroupwasat99.90%,roundedupto100%^^^ Asat30June2013and30June2012,effectiveequityinterestheldbytheGroupwasat73.36%



16. Membershipright

Group and Company 2013 2012

AUD’000 AUD’000

Membershipright,atcost 38 38

Asattheendofthefinancialyear,themembershiprightisheldintrustbyakeymanagementpersonneloftheCompany.

17. Inventories

Group 2013 2012

AUD’000 AUD’000

Consumables 900 1,098

InventoriesofAUD900,000(2012:AUD1,098,000)oftheGrouphavebeenpledgedassecurityforthebankfacilitiesassetoutinNote24tothefinancialstatements.

ThecostofinventoriesrecognisedasanexpenseintheprofitorlossamountedtoAUD6,629,000(2012:AUD6,507,000).

18. Tradeandotherreceivables

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Tradereceivables 1,395 3,805 - -Less:Allowanceforimpairmentinvalue (134) (134) - -

1,261 3,671 - -Otherreceivables 102 446 3 4Prepayments 650 925 9 6Duefromsubsidiaries-trade - - 3,124 1,962-non-trade - - 13,096 13,034-loans - - 15,856 16,581Less:Allowanceforimpairmentinvalue - - (7,024) (7,024) - - 25,052 24,553

2,013 5,042 25,064 24,563

Movementinallowanceforimpairmentinvalueduringthefinancialyearwasasfollows:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Balanceasatthebeginningofthefinancialyear 134 87 7,024 7,024

Impairmentforthefinancialyear - 47 - -

Balanceasattheendofthefinancialyear 134 134 7,024 7,024



18. Tradeandotherreceivables(Continued)

Tradereceivablesarenon-interestbearingandgenerallyon15to90days’(2012:15to90days)terms.

Otherreceivablescomprisemainlyreceivablesforoperatingsubsidyfortheconventioncentre,goodsandservicestaxes,refundabledepositspaidandoperatingfloats.

TradeandotherreceivablesofAUD1,083,000(2012:AUD4,093,000)oftheGrouphavebeenpledgedassecuritiesforthebankfacilitiesassetoutinNote24tothefinancialstatements.

Impairmentoftradereceivablesarosemainlyfromcustomerswhohavedifficultyinsettlingtheamountdue.

Theamountsduefromsubsidiarieswhicharetradeinnaturerepresentmanagementandtechnicalservicesfeereceivablewhichareunsecuredandhaveacredittermof7days(2012:7days).Amountoutstandingformorethan7days(2012:7days)bearinterestat3%(2012:3%)perannum.

The amounts due from subsidiarieswhich are non-trade in nature and the loans to subsidiaries are unsecured, bear interest at 3%(2012:3%)perannumandarerepayableondemand.

Impairmentofamountsduefromsubsidiariesarosemainlyfromworkingcapitalloantosubsidiarieswhichhavesufferedsignificantlossesfromtheiroperations.

Tradeandotherreceivablesaredenominatedinthefollowingcurrencies:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Australiandollar 1,767 5,012 24,830 23,833Singaporedollar 21 18 234 360Malaysianringgit 220 4 - 370NewZealanddollar 5 8 - -

2,013 5,042 25,064 24,563

19. Property development costs Group 2013 2012

AUD’000 AUD’000

Balanceasatthebeginningofthefinancialyear 4,218 43Borrowingcostscapitalisedduringthefinancialyear 276 -Costsincurredduringthefinancialyear 509 172Transferfromlandheldforpropertydevelopment(Note14) - 4,003Foreigncurrencytranslationadjustment 374 -

Balanceasattheendofthefinancialyear 5,377 4,218

Propertydevelopmentcostsconsistsof:Landcosts 4,608 4,003Developmentcosts 769 215

5,377 4,218

Duringthefinancialyear,therateusedtodeterminetheamountofborrowingcostseligibleforcapitalisationis8.60%,whichistheeffectiveinterestrateofthespecificborrowing.



20. Cashandcashequivalents

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Fixeddeposits 6,015 - - -Cashandbankbalances 3,144 1,311 120 89

Cashandcashequivalentsasperstatementof financialposition 9,159 1,311 120 89

Bankoverdrafts(Note24) (992) (1,092)

8,167 219

Assetsclassifiedasheldforsale(Note21):-Cashandbankbalances 22 18

Cashandcashequivalentsas perconsolidatedstatementofcashflows 8,189 237

Fixeddepositsbearinterestratefrom2.76%to3.12%(2012:Nil)perannumandareplacedfor14daysto30daysfromtheendofthefinancialyear.

CashandbankbalancesofapproximatelyAUD2,799,000(2012:AUD1,039,000)bearsinterestfrom0.01%to3.50%(2012:0.01%to4.75%)perannum.

CashandcashequivalentsofAUD7,902,000(2012:AUD1,092,000)oftheGrouphavebeenpledgedassecurityforthebankfacilitiesassetoutinNote24tothefinancialstatements.

Cashandcashequivalentsaredenominatedinthefollowingcurrencies:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Australiandollar 8,853 1,093 36 50Singaporedollar 88 26 83 22NewZealanddollar 176 91 - -Malaysianringgit 42 101 1 17

9,159 1,311 120 89

21. Assets/Liabilitiesclassifiedasheldforsale

On9September2008,thesharesofLassetersCorporationLimited(“LCL”)werevoluntarilysuspendedfromquotationattherequestofLCL.LCLceasedtakingnewbetsonitsonlinecasinoandsportsbettingbusinesseswitheffectfrom3October2008and20October2008respectively.LCLiscontinuingthesebusinessoperationstotheextentnecessarytomeetongoingobligationstocustomers,andtopreservetheassetsofthebusinesses.

On20September2012,LCLenteredintoaShareSaleandPurchaseAgreementwithIsentric(Australia)PtyLtdforthesaleofitsentireequityinterestinitstwowhollyownedsubsidiaries,LassetersCasinoPtyLtd(“LCPL”)andLassetersSportsbookPtyLtd(“LSPL”),foracashconsiderationofAUD75,000andAUD100,000respectively.ThesaleofLCPLandLSPLwascompletedon2August2013.



21. Assets/Liabilitiesclassifiedasheldforsale(Continued)

On19July2013,theGroupthroughitssubsidiaries,CypressLakesGroupLimited(“CLG”),CypressLakesVillaManagementPtyLtd,CypressResortManagementPty Ltd,Cypress LakesGolf andCountryClubPty LimitedandTheGoldenDoorResort Spa–CypressLakesPtyLtd(collectivelyknownas“CLGGroup”)hasenteredintoaconditionalsaleandpurchaseagreementwithHunterValley(CL)ManagementPtyLtdforthedisposaloftheproperty,assetsandbusinessofCLGGroup,comprising, interalia,freeholdinterest inlands,villaleases,golfcoursebusinessanddevelopmentlands(the“DisposalAssets”).ThesepropertiesandassetsarelocatedatCnrMcDonaldsandThompsonsRd,PokolbinHunterValleyNSW2320(“CypressLakesResort”).TheaggregatepurchaseconsiderationfortheproposeddisposaloftheCLGGroupwillbethecashsumofAUD10million,beforeanyagreedadjustmentwhichwillbeadjustedatthecompletiondate.

Pursuant toFRS 105 - Non-current Assets Held for Sale and Discontinued Operations, theabovebusinesseshavebeenclassifiedasassets/liabilities held for sale and the results of thediscontinuedoperationshavebeenpresented separately in the statements offinancialpositionandtheconsolidatedstatementofcomprehensiveincome.

Detailsofassets/liabilitiesclassifiedasheldforsaleareasfollows:

Group 2013 2012 Note AUD’000 AUD’000

Assets Property,plantandequipment 10,928 -Tradeandotherreceivables 3 16Cashandbankbalances 20 22 18

10,953 34

Liabilities Tradeandotherpayables 73 188

Asattheendofthefinancialyear,theassetsandliabilitiesclassifiedasheldforsaleasdisclosedabovearedenominatedinAustraliandollar.

22. Tradeandotherpayables Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Currentliabilities Tradepayables 9,241 12,395 - -Duetosubsidiaries-trade - - 701 --non-trade - - 167 -Otherpayablesandaccruals 12,815 10,052 396 336Gamingtaxpayables 217 204 - -Duetorelatedparties(non-trade) 2,629 2,277 2,239 2,248

24,902 24,928 3,503 2,584Non-currentliabilities Otherpayables 205 193 - -

25,107 25,121 3,503 2,584

Tradepayablesarenon-interestbearingandarenormallysettledbetween7to45(2012:7to45)days.

Thetradeamountduetoasubsidiaryrepresentmanagementfeepayablewhichareunsecuredandhaveacredittermof7days(2012:7days).Amountoutstandingformorethan7days(2012:7days)bearinterestat7.5%(2012:7.5%)perannum.



22. Tradeandotherpayables(Continued)

Thenon-tradeamountduetoasubsidiaryandamountsduetorelatedparties(non-trade)areunsecured,interest-freeandrepayableondemand.

Otherpayablesandaccrualscomprisemainlypayablesforpayrolltaxes,superannuationcontributionsandotheroperatingexpenses.

Tradeandotherpayablesaredenominatedinthefollowingcurrencies:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Australiandollar 20,746 23,944 2,939 2,250Singaporedollar 438 391 385 334NewZealanddollar 517 313 - -Malaysianringgit 3,406 473 179 -

25,107 25,121 3,503 2,584

23. Provisionsforemployeeentitlements

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Currentliabilities 1,447 1,505 66 59Non-currentliabilities 568 477 - -

2,015 1,982 66 59

Movementsinprovisionsforemployeeentitlementsduringthefinancialyearwereasfollows:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Balanceasatthebeginningofthefinancialyear 1,982 1,905 59 59Provisionmadeduringthefinancialyear 1,588 1,791 7 -Provisionutilised (1,555) (1,730) - -Foreigncurrencytranslationadjustment - 16 - -

Balanceasattheendofthefinancialyear 2,015 1,982 66 59

24. Bankborrowings-secured Group 2013 2012

AUD’000 AUD’000

Currentliabilities Bankoverdrafts(Note20) 992 1,092Termloans 1,079 568Commercialbills 3,600 10,175

5,671 11,835

Non-currentliabilities Termloans 1,959 2,721Commercialbills 73,554 95,755

75,513 98,476



24. Bankborrowings–secured(Continued)

Non-currentbankborrowingsarerepayableasfollows:

Group 2013 2012

AUD’000 AUD’000

Inthesecondyear 75,113 96,415Inthethirdyear 400 2,061

75,513 98,476

Bankoverdraftsbearinterestfrom8.05%to10.13%(2012:6.47%to10.52%)perannumandarerepayableondemand.

Termloansbearinterestfrom5.46%to8.67%(2012:5.68%to8.13%)perannumandarerepayableby30June2014and30November2015(2012:30June2014and30November2014)onamonthlyandquarterlybasis.

Commercialbillsbearinterestfrom6.00%to7.56%(2012:6.67%to7.97%)perannumandarerepayableby31August2014(2012:31August2013)onaquarterlybasis.

Asattheendofthefinancialyear,thebankborrowingsaresecuredby:

(a) fixedandfloatingchargesoverthewholeassetsofFordDynastyPtyLtd,LassetersHoldingsPtyLtd,CypressLakesGroupLimited,CypressLakesCateringPtyLtd,CypressLakesVillaManagementPtyLtd,CypressLakesGolfandCountryClubPtyLtd,CypressResortManagementPtyLtd,CypressLakesResortRealEstatePtyLimited,CypressLakesPropertyPtyLimited,TheGoldenDoorPtyLimited,TheGoldenDoorHoldingsPtyLtd,TheGoldenDoorSpaatSaltPtyLtd,TheGoldenDoorResortSpa–CypressLakesPtyLimited,TheGoldenDoorHealthRetreat–ElysiaPtyLimitedandLassetersCLGPtyLtd;

(b) fixedandfloatingchargesoverthepresentandfutureassetsofMerryPalmsSdnBhd; (c) securityinterests(GeneralSecurityAgreements),presentandfutureassetsofOtagoCasinosLtdandLasseters(NZ)Limited;

(d) registeredmortgageoverthefreeholdlandandbuildingsofFordDynastyPtyLtd,CypressLakesGroupLimited,TheGoldenDoorHealthRetreat–ElysiaPtyLimited,TheGoldenDoorResortSpa–CypressLakesPtyLimitedandTheGoldenDoorPtyLimited;

(e) registeredmortgageovertheleaseholdlandofMerryPalmsSdnBhd;

(f) letterofsubordinationofintra-grouploansfromtheCompany,LassetersInvestmentsPte.Ltd.,LassetersSeafordHotelPtyLtdandFordDynastyPtyLtd;

(g) InterlockingguaranteeandindemnityofAUD138,084,500(2012:AUD108,862,000)andAUD1,269,300equivalentorNZD1,500,000(2012:AUD1,175,300equivalentorNZD1,500,000)betweenFordDynastyPtyLtd,LassetersHoldingsPtyLtd,CypressLakesGroupLimited,CypressLakesCateringPtyLtd,CypressLakesVillaManagementPtyLtd,CypressLakesGolfandCountryClubPtyLimited,CypressResortsManagementPtyLimited,CypressLakesResortRealEstatePtyLimited,CypressLakesPropertyPtyLimited,TheGoldenDoorPtyLimited,TheGoldenDoorHoldingsPtyLtd,TheGoldenDoorSpaatSaltPtyLtd,TheGoldenDoorResortSpa–CypressLakesPtyLimited,TheGoldenDoorHealthRetreat–ElysiaPtyLimitedandLassetersCLGPtyLtd;

(h) aguaranteefromafinancierfortheamountofAUD1,269,300equivalentorNZD1,500,000(2012:AUD1,175,300equivalentorNZD1,500,000)plusinterestandcostsinOtagoCasinosLtdandLasseters(NZ)Limited;and

(i) corporateguaranteeforAUD3,450,600equivalentorRM10,200,000(2012:AUD3,168,500equivalentorRM10,200,000)executedbytheCompany.

CommercialbillsofAUD45,650,000 (2012:AUD39,150,000)arearrangedatfixed interest ratesandexpose theGroup to fair valueinterestraterisk.Otherborrowingsarearrangedatfloatingrates,thusexposingtheGrouptocashflowinterestraterisk.Theinterestratesofthesefloatingrateloansrepriceatintervalsof1to5months(2012:1to5months).



24. Bankborrowings–secured(Continued)

Thecarryingamountsofcurrentbankborrowingsapproximatetheirfairvalues.Thefairvaluesofnon-currentbankborrowingsareasfollows:

Group 2013 2012

AUD’000 AUD’000

Termloans 1,825 2,245Commercialbills 66,531 83,766

68,356 86,011

Themanagementestimatesthefairvalueofthebankborrowingsfromadiscountedcashflowsanalysis,usingadiscountraterangingbetween5.00%and8.67%(2012:5.68%and8.13%)basedonaprevailingavailablemarketborrowingratesattheendofthefinancialyear.

Bankborrowingsaredenominatedinthefollowingcurrencies:

Group 2013 2012

AUD’000 AUD’000

Australiandollar 77,361 106,322NewZealanddollar 614 818Malaysianringgit 3,209 3,171

81,184 110,311

TheGrouphasbankingfacilitiesasfollows:

Group 2013 2012

AUD’000 AUD’000

Bankingfacilitiesgranted 102,257 136,075Bankingfacilitiesutilised 81,184 110,311

25. Finance lease payables

Present valueof Minimum Future lease lease finance minimum payments charges payments

Group AUD’000 AUD’000 AUD’000

2013 Notlaterthanoneyear 964 (138) 826Laterthanoneyearbutnotlaterthanfiveyears 1,321 (103) 1,218

2,285 (241) 2,044

2012 Notlaterthanoneyear 752 (110) 642Laterthanoneyearbutnotlaterthanfiveyears 1,015 (72) 943

1,767 (182) 1,585



25. Financeleasepayables(Continued)

Group 2013 2012

% %

Effectiveinterestrates 6.63–11.50 3.56–11.50

Theleasetermsrangefrom2to7years(2012:2to7years).

Interestratesarefixedatthecontractdate,andexposetheGrouptofairvalueinterestraterisk.Allfinanceleasesareonfixedrepaymentbasisandnoarrangementshavebeenenteredintoforcontingentrentalpayments.

ThefairvalueoftheGroup’sleaseobligationsapproximatestheircarryingamount.

Financeleasepayablesaredenominatedinthefollowingcurrencies:

Group 2013 2012

AUD’000 AUD’000

Australiandollar 2,044 1,561Malaysianringgit - 24

2,044 1,585

26. Deferredtaxliabilities

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Deferredtaxliabilities Balanceasatthebeginningofthefinancialyear 25,119 26,072 2 2Chargedtoprofitorloss(Note9) (957) (953) - -Chargedtoequity (435) - - -Disposalofbusinesses(Note32) 48 - - -

Balanceasattheendofthefinancialyear 23,775 25,119 2 2

Deferredtaxassets/(liabilities)areattributabletothefollowing:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Provisionsforemployeeentitlements 388 326 - -Accruals 91 151 - -Revaluationsurplus (25,588) (25,959) - -Property,plantandequipment 1,323 422 - -Othertemporarydifferences 11 (59) (2) (2)

(23,775) (25,119) (2) (2)



26. Deferredtaxliabilities(Continued)

Group 2013 2012

AUD’000 AUD’000

Unrecogniseddeferredtaxassets Balanceasatthebeginningofthefinancialyear 36,142 33,810Amountnotrecognised:- currentfinancialyear 3,452 2,332- overprovision (199) -


Unrecogniseddeferredtaxassetsariseasaresultof:Unutilisedtaxlosses 31,844 28,591Property,plantandequipment 5,901 5,901Intangibleassets 679 679Provisionforemployeeentitlements 402 402Othertemporarydifferences 569 569

39,395 36,142

Deferredtaxassetsarerecognisedfortaxlossescarriedforwardtotheextentthatrealisationoftherelatedtaxbenefitsthroughfuturetaxableprofitsisprobable.Asattheendofthefinancialyear,theGrouphasunutilisedtaxlossesofapproximatelyAUD106,147,000(2012:AUD95,303,000)availableforoffsetagainstfuturetaxableprofitssubjecttotheagreementbythetaxauthoritiesandprovisionsofthetaxlegislationsoftherespectivecountriesinwhichtheGroupoperates.NodeferredtaxassetshavebeenrecognisedinrespectofthetotalamountofapproximatelyAUD106,147,000(2012:AUD95,303,000)ofsuchlossesastheavailabilityofsufficientfuturetaxableprofitstorealisethesefuturebenefitsisuncertain.Accordingly,thesedeferredtaxassetshavenotbeenrecognisedintheconsolidatedfinancialstatementsoftheGroupinaccordancewiththeaccountingpolicyinNote2.7tothefinancialstatements.Thesetaxlosseshavenoexpirydate.

27. Share capital

Group and Company 2013 2012

SGD’000 AUD’000 SGD’000 AUD’000

Issuedandfully-paid 253,017,521(2012:241,017,521)ordinary sharesatthebeginningofthefinancialyear 52,415 44,287 50,015 42,472Issuanceof12,000,000sharesatSGD0.20 - - 2,400 1,815

253,017,521(2012:253,017,521)ordinary sharesattheendofthefinancialyear 52,415 44,287 52,415 44,287

TheholdersofordinarysharesareentitledtoreceivedividendsasandwhendeclaredbytheCompany.Allordinaryshareshavenoparvalueandcarryonevotepersharewithoutrestriction.

On27October 2011, theCompanyhas completed an allotment and issueof 12,000,000newordinary shares at an issuepriceofSGD0.20pershare.



28. Treasuryshares

Group and Company 2013 2012 2013 2012 Numberofordinaryshares’000 AUD’000 AUD’000

Issuedandfully-paid Balanceasatthebeginningandendofthefinancialyear 3,548 3,548 426 426

TheCompanyacquired3,548,000ofitsownsharesthroughpurchasesontheSingaporeExchangeSecuritiesTradingLimited.ThetotalamountpaidtoacquiretheshareswasAUD426,000andhasbeendeductedfromequityattributabletoownersoftheparent.

29. Foreigncurrencytranslationreserve

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financialstatementsoftheforeignoperationsfromnon-AustraliandollartoAustraliandollar(presentationcurrency)andisnon-distributable.Movementsinforeigncurrencytranslationreservewereshowninstatementsofchangesinequity.

30. Revaluationreserve Group 2013 2012

AUD’000 AUD’000

Non-distributable Balanceasatthebeginningandendofthefinancialyear 49,739 49,739Reversalofrevaluationsurplus (1,159) -


Revaluationreservepertainstotherevaluationoffreeholdlandandbuildings.

31. Accumulated losses

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Sufferedby: TheCompany (535) (139) (535) (139)Subsidiaries (40,395) (29,412) - -

(40,930) (29,551) (535) (139)

AccumulatedlossesoftheGroupandtheCompanyaredistributableexceptfortheaccumulatedbargainpurchaseofapproximatelyAUD25,237,000 (2012:AUD27,285,000).Movements in accumulated losses during thefinancial yearwere shown in statements ofchangesinequity.

32. Disposalofbusinesses

On11March 2013, theGroup through a 99.9%owned subsidiary, Cypress Lakes Property Pty Ltd, entered into a conditional saleagreementforthedisposaloftheproperty,assetsandbusinessofHolidayInnMelbourneonFlindersforacashconsiderationofAUD46.7million.Thedisposalwascompletedon10May2013andonthatdate,controlwaspassedtotheacquirer.



32. Disposalofbusinesses(Continued)

Detailsofthedisposalareasfollows:

Group 2013 AUD’000

Assets Property,plantandequipment 42,857Deferredtaxassets 48

42,905

Liabilities Provisionsforemployeeentitlements 80

80

Netidentifiableassetsandliabilitiesdisposed 42,825Netproceedsfromdisposal 46,700

3,875Costsdirectlyattributabletodisposal (981)

Gainondisposalofbusinesses 2,894

Netcashinflowarisingondisposal: Cashconsiderationreceived 46,700 Costsdirectlyattributabletodisposal (981)

45,719

33. Significantrelatedpartytransactions

Arelatedpartyisdefinedasfollows:

(a) Apersonoraclosememberofthatperson’sfamilyisrelatedtotheGroupandCompanyifthatperson:

(i) HascontrolorjointcontrolovertheCompany;

(ii) HassignificantinfluenceovertheCompany;or

(iii) IsamemberofthekeymanagementpersonneloftheGrouporCompanyorofaparentoftheCompany.

(b) AnentityisrelatedtotheGroupandtheCompanyifanyofthefollowingconditionsapply:

(i) The entity and the Company aremembers of the same group (whichmeans that each parent, subsidiary and fellowsubsidiaryisrelatedtotheothers);

(ii) Oneentityisanassociateorjointventureoftheotherentity(oranassociateorjointventureofamemberofagroupofwhichtheotherentityisamember);

(iii) Bothentitiesarejointventuresofthesamethirdparty;

(iv) Oneentityisajointventuresofathirdentityandtheotherentityisanassociateofthethirdentity;



33. Significantrelatedpartytransactions (Continued)

(b) AnentityisrelatedtotheGroupandtheCompanyifanyofthefollowingconditionsapply:(Continued)

(v) Theentityisapost-employmentbenefitplanforthebenefitofemployeesofeithertheCompanyoranentityrelatedtotheCompany.IftheCompanyisitselfsuchaplan,thesponsoringemployersarealsorelatedtotheCompany;

(vi) Theentityiscontrolledorjointlycontrolledbyapersonidentifiedin(a);or

(vii) Apersonidentifiedin(a)(i)hassignificantinfluenceovertheentityorisamemberofthekeymanagementpersonneloftheentity(orofaparentoftheentity).

Inadditiontotherelatedpartyinformationdisclosedelsewhereinthefinancialstatements,thefollowingaresignificantrelatedpartytransactionsduringthefinancialyearbetweentheGroupentitiesandrelatedpartiesatratesandtermsagreedbetweentheparties:

Group 2013 2012

AUD’000 AUD’000

With a related party Rentalexpenses 167 165

WithDirectorsoftheCompanyDirectors’fees 292 344

Compensationofkeymanagementpersonnel

TheremunerationofDirectorsandothermembersofkeymanagementpersonneloftheGroupandoftheCompanyduringthefinancialyearwereasfollows: Continuing Discontinued operations operations Total

2013 2012 2013 2012 2013 2012 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Group Directors’fees 292 344 - - 292 344Short-termemployee benefits 2,206 1,811 - - 2,206 1,811

Post-employmentbenefits 57 90 - - 57 90

2,555 2,245 - - 2,555 2,245

Company Short-termemployee

benefits 760 629 - - 760 629



33. Significantrelatedpartytransactions(Continued)

Compensationofkeymanagementpersonnel(Continued)

TheaboveincludesthefollowingremunerationtotheDirectorsoftheCompanyandofthesubsidiaries:

Continuing Discontinued operations operations Total

2013 2012 2013 2012 2013 2012 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Group Directors of the Company Directors’fee 292 344 - - 292 344 Short-term employeebenefits 640 524 - - 640 524

932 868 - - 932 868

Directors of the subsidiaries Short-termemployee benefits 98 62 - - 98 62

1,030 930 - - 1,030 930

Company Directors of the Company Directors’fee 124 140 - - 124 140 Short-termemployee benefits 332 289 - - 332 289

456 429 - - 456 429

34. Commitmentsandcontingentliabilities

Operatingleasecommitments

Asattheendofthefinancialyear,therewerenon-cancellableoperatingleasecommitmentsforrentalpayableinsubsequentaccountingperiodsasfollows:

Group 2013 2012

AUD’000 AUD’000

Notlaterthanoneyear 2,372 2,600 Laterthanoneyearbutnotlaterthanfiveyears 6,832 6,952 Laterthanfiveyears 2,396 2,467

11,600 12,019

Theaboveoperatingleasecommitmentsarebasedonexistingrentalrates.Theoperatingleaseagreementsprovideforperiodicrevisionofsuchratesinthefuture.

Certainoperatingleaseshaveanoptiontorenewatprevailingmarketratesatthetimeofrenewal.



34. Commitmentsandcontingentliabilities(Continued)

Capital commitments

Asattheendofthefinancialyear,theGrouphadthefollowingcapitalcommitments:

Group 2013 2012 AUD’000 AUD’000

Purchaseofproperty,plantandequipmentcontractedbutnotprovidedfor 15,708 23,282Purchaseofplantandequipmentauthorisedbutnotcontractedfor - 3,651

15,708 26,933

Contingentliabilities

Company

TheCompanyhasundertakentoprovidecontinuingfinancialsupporttotwelve(2012:twelve)subsidiariestoenablethemtocontinuetooperateasgoingconcernsandtomeettheirobligationsasandwhentheyfalldue.Asattheendofthefinancialyear,thesetwelvesubsidiaries(LassetersManagement(M)SdnBhd,LassetersInvestmentsPte.Ltd.,LassetersInternationalPte.Ltd.,LassetersResortsPte.Ltd., Lasseters Investments (NZ)Pte.Limited,OtagoCasinosLtd,Lasseters InteractiveGamingPte.Ltd., Lasseters (NZ)Limited,LassetersCorporationLimited,LassetersANZPtyLtd,LassetersValleyPtyLtdandLassetersCLGPtyLtd)haveatotalnegativeworkingcapitalofapproximatelyAUD4,606,000(2012:AUD3,352,000).

TheCompanyhasissuedcorporateguaranteestobanksforbankingfacilitiesgrantedtoaMalaysiansubsidiary.TheseguaranteesarefinancialguaranteecontractastheyrequiretheCompanytoreimbursethebanksifthesubsidiaryfailstomakeprincipalorinterestpaymentswhendueinaccordancewiththetermsofthefacilitiesdrawn.Asat30June2013,thetotalbankingfacilitiesgrantedtothesubsidiaryamountedtoapproximatelyAUD5,650,000(2012:AUD5,188,000)andtheamountutilisedbythesubsidiaryamountedtoapproximatelyAUD3,209,000(2012:AUD3,171,000).ThesefinancialguaranteeshavenotbeenrecognisedinthefinancialstatementsoftheCompanyastheDirectorshaveassessedthattheimpactisimmaterialandtherequirementstoreimburseareremote.

35. Segmentreporting

Managementhasdeterminedtheoperatingsegmentsbasedonthereportsreviewedbythechiefoperatingdecisionmakers(Note2.22).

Managementconsidersthebusinessfrombothageographicandbusinesssegmentperspective.Geographically,managementmanagesandmonitorsthebusinessintheseprimarygeographicareas:Australia,NewZealandandMalaysia.Alltheselocationsareengagedinthecasino,hotel,resort,healthretreatandspasandpropertydevelopment.

TheGrouphasthreereportablesegmentsbeing“Casino”,“Hotel,Resort,HealthRetreatandSpas”and“PropertyDevelopment”.

TheCasinosegmentoffersgamingfacilities,accommodation,aconventioncentre,foodandbeveragesoutletsandbars.

TheHotel,Resort,HealthRetreatandSpassegmentoffersaccommodation,golfcourse,foodandbeveragesandconventionfacilities,healthretreatandspasprograms.

ThePropertyDevelopmentinvolvesininvestment,managementanddevelopment.

TheGroup’sreportablesegmentsarestrategicbusinessunitsthatareorganisedbasedontheirfunctionandtargetedcustomergroups.Theyaremanagedseparatelybecauseeachbusinessunitrequiresdifferentskillsetsandmarketingstrategies.

Managementmonitorstheoperatingresultsofthesegmentsseparatelyforthepurposeofmakingdecisionsaboutresourcestobeallocatedandofassessingperformance.Segmentperformanceisevaluatedbasedonoperationprofitorlosswhichissimilartotheaccountingprofitorloss.



35. Segmentreporting(Continued)

IncometaxesaremanagedonaGroupbasis.

Theaccountingpoliciesoftheoperatingsegmentsarethesameofthosedescribedinthesummaryofsignificantaccountingpolicies.Thereisnoasymmetricalallocationtoreportablesegments.Managementevaluatesperformanceonthebasisofprofitorlossfromoperationbeforetaxexpensenotincludingnon-recurringgainsandlossesandforeignexchangegainsorlosses.

Thereisnochangefrompriorperiodsinthemeasurementmethodsusedtodeterminereportedsegmentprofitorloss.

TheGroupaccountsforintersegmentsalesandtransferasifthesalesortransfersweretothirdparties,whichapproximatemarketprices.Theseintersegmenttransactionsareeliminatedonconsolidation.

Australia NewZealand Malaysia

Hotel, Resort, Health Retreat Property Casino &Spa Casino Development Unallocated Eliminations Total2013 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Revenue Revenuefrom externalcustomers 39,734 10,055 3,446 1 10 - 53,246Inter-segmentrevenues 544 - - - 1,827 (2,371) -

Totalrevenuefrom continuingoperations 40,278 10,055 3,446 1 1,837 (2,371) 53,246

Totalrevenuefrom discontinued operations 22,597

Totalrevenue 75,843

Results Segmentresultsfrom continuingoperations 4,442 (4,430) 382 21 (629) (1,151) (1,365)Financecosts (3,765) (1,555) (70) (1) (548) 685 (5,254)

Profit/(Loss)before incometaxfrom continuingoperations 677 (5,985) 312 20 (1,177) (466) (6,619)

Incometax (199)

Lossforthefinancialyear fromcontinuing operations (6,818)Lossforthefinancialyear fromdiscontinued operations (4,563)Non-controllinginterests 2

Lossattributableto ownersoftheparent (11,379)





Hotel, Resort, Health Retreat Property Casino &Spa Casino Development Unallocated Eliminations Total2013 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Significantnon-cashitems Depreciationexpenses-continuingoperations 5,986 613 157 - 57 - 6,813-discontinuedoperations - 1,036 - - - - 1,036Impairmentinvalue ofproperty,plant andequipment-continuingoperations - 1,113 - - - - 1,113-discontinuedoperations - 5,309 - - - - 5,309

Otheritemsof incomeandexpense Interestincome-continuingoperations 1 4 - - 7 - 12-discontinuedoperations - 35 - - 1 - 36Gainondisposal ofbusinesses-discontinuedoperations - 2,894 - - - - 2,894

Capitalexpenditures Property,plant andequipment-continuingoperations 8,972 1,167 158 - 6 - 10,303

Segmentassets 165,568 21,899 1,845 5,860 30,610 (54,907) 170,875Currentincome taxrecoverable 13Assetsclassified asheldforsale 10,953

Totalassets 181,841

Segmentliabilities 65,270 57,132 8,253 5,533 33,770 (59,608) 110,350Deferredtaxliabilities 23,775Liabilitiesclassified asheldforsale 73

Totalliabilities 134,198





Hotel, Resort, Health Retreat Property Casino &Spa Casino Development Unallocated Eliminations Total2012 (Restated) AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Revenue Revenuefrom externalcustomers 37,281 10,681 2,572 - 2 - 50,536Inter-segmentrevenues 529 - - - 1,380 (1,909) -

Totalrevenuefrom continuingoperations 37,810 10,681 2,572 - 1,382 (1,909) 50,536

Totalrevenuefrom discontinued operations 25,047

Totalrevenue 75,583

Results Segmentresultsfrom continuingoperations 4,518 (2,737) (243) (5) (450) (928) 155Financecosts (2,595) (1,620) (83) - (536) 623 (4,211)

Profit/(Loss)before incometaxfrom continuingoperations 1,923 (4,357) (326) (5) (986) (305) (4,056)

Incometax (734)

Lossforthefinancialyear fromcontinuing operations (4,790)Lossforthefinancialyear fromdiscontinued operations (2,280)Non-controllinginterests 1

Lossattributableto ownersoftheparent (7,069)





Hotel, Resort, Health Retreat Property Casino &Spa Casino Development Unallocated Eliminations Total2012(Restated) AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Significantnon-cashitems Depreciationexpenses-continuingoperations 5,195 621 201 - 100 - 6,117-discontinuedoperations - 2,142 - - - - 2,142Impairmentinvalue ofproperty,plant andequipment-continuingoperations - 275 - - - - 275

Otheritemsofincome andexpense Interestincome-continuingoperations 3 - - - 2 - 5-discontinuedoperations - - - - 2 - 2

Capitalexpenditures Property,plant andequipment-continuingoperations 21,147 322 135 - 4 - 21,608

Segmentassets 160,063 80,929 1,649 4,348 23,266 (45,689) 224,566Assetsclassified asheldforsale 34

Totalassets 224,600

Segmentliabilities 59,248 92,879 7,888 4,067 32,435 (57,518) 138,999Currentincome taxpayable 99Deferredtaxliabilities 25,119Liabilitiesclassified asheldforsale 188

Totalliabilities 164,405




Servicesinformation

Health Accommo- Foodand retreatand Convention Gaming dation beverages Spas centre Others Consolidated AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

2013 Revenuefrom externalcustomers 24,164 19,287 14,705 9,350 4,118 4,219 75,843

2012 Revenuefrom externalcustomers 22,984 19,932 14,608 9,679 3,810 4,570 75,583

Geographicalinformation

Revenuesfromexternalcustomers

Other Australia NewZealand Malaysia countries Consolidated AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

2013 Revenuefrom externalcustomers 72,393 3,446 1 3 75,843

2012 Revenuefrom externalcustomers 73,011 2,572 - - 75,583

Therevenueinformationaboveisbasedonthelocationofthecustomer.

Locationofnon-currentassets

Other Australia NewZealand Malaysia countries Consolidated AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

2013 Non-currentassets 151,733 1,629 64 - 153,426

2012 Non-currentassets 211,270 1,515 112 - 212,897

Non-currentassetsconsistofproperty,plantandequipment,intangibleassetsandmembershipright.



36. Financialinstruments,financialriskandcapitalmanagement

TheGroup’sactivitiesexposeittofinancialrisks(includingcreditrisk,foreigncurrencyrisks,interestraterisksandliquidityrisk)arisinginthenormalcourseofbusiness.TheGroup’soverallriskmanagementstrategyseekstominimiseadverseeffectsfromthevolatilityoffinancialmarketsontheGroup’sfinancialperformance.

ThemanagementisresponsibleforsettingtheobjectivesandunderlyingprinciplesoffinancialriskmanagementfortheGroup.ThemanagementcontinuallymonitorstheGroup’sfinancialriskmanagementprocesstoensurethatanappropriatebalancebetweenriskandcontrolisachieved.

TherehasbeennochangetotheGroup’sexposuretothesefinancialrisksorthemannerinwhichitmanagesandmeasurestherisk.TheGroupandtheCompanydonotholdorissuederivativefinancialinstrumentsfortradingpurposes.

(a) Financialinstruments

Thefollowingsetsoutthefinancialinstrumentsattheendoffinancialyear:

Group Company 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000

Financial assets Tradeandotherreceivables(excludingprepayments) 1,363 4,117 25,055 24,557 Cashandcashequivalents 9,159 1,311 120 89

Loanandreceivables 10,522 5,428 25,175 24,646

Financialliabilities Tradeandotherpayables 25,107 25,121 3,503 2,584 Bankborrowings-secured 81,184 110,311 - - Financeleasepayables 2,044 1,585 - -

Financialliabilitiescarriedatamortisedcost 108,335 137,017 3,503 2,584

(b) Creditrisk

TheGroupandtheCompanyhasacreditpolicyinplaceandtheexposuretocreditriskismonitoredonanongoingbasis.TheGroupandtheCompanydonotrequirecollateralinrespectoffinancialassets.Cashisplacedwithbanksandfinancialinstitutionswhichareregulated.

TheGroupandtheCompanyhavenosignificantconcentrationofcreditriskexceptforamountsduefromsubsidiaries intheCompany’sstatementoffinancialposition.Themaximumexposurestocreditriskarerepresentedbythecarryingamountofthefinancialassetsonthestatementsoffinancialposition.

TradereceivablesthatareneitherpastduenorimpairedaresubstantiallycompanieswithgoodcollectiontrackrecordwiththeGroup.

TheageanalysisoftheGroup’stradereceivableswhicharepastduebutnotimpairedisasfollows:

Group 2013 2012

AUD’000 AUD’000

Pastdue1dayto3months 516 541Pastdue3to6months 63 566Pastdue6to12months 24 1,079Pastdueover12months 22 1,159

625 3,345



36. Financialinstruments,financialriskandcapitalmanagement(Continued)

(c) Foreigncurrencyrisks

TheGroupandtheCompanyincurforeigncurrencyriskontransactionsandbalancesthataredenominatedincurrenciesotherthantheentity’sfunctionalcurrency.ThecurrencygivingrisetothisriskistheSingaporedollar.ExposuretoforeigncurrencyriskismonitoredonanongoingbasistoensurethatthenetexposureisatanacceptablelevelandtheGroupdoesnotholdorissuederivativefinancialinstrumentsforspeculativepurposes.

Attheendofthefinancialyear,thecarryingamountsofmonetaryassetsandmonetaryliabilitiesdenominatedincurrenciesotherthantherespectivegroupentities’functionalcurrenciesareasfollows:

Group Company Assets Liabilities Assets Liabilities 2013 2012 2013 2012 2013 2012 2013 2012

AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000 AUD’000

Singaporedollar 95 32 389 337 317 381 384 333

Foreign currency sensitivity analysis

Thefollowingtabledetailsthesensitivitytoa10%increaseanddecreaseintherelevantforeigncurrenciesagainstthefunctionalcurrencyof theentities. 10% is the sensitivity rateusedwhen reporting foreign currency risk internally to keymanagementpersonnelandrepresentsmanagement’sassessmentofthepossiblechangeinforeignexchangerates.Thesensitivityanalysisincludesonlyoutstandingforeigncurrencydenominatedmonetaryitemsandadjuststheirtranslationatthefinancialyearendfora10%changeinforeigncurrencyrates.ThesensitivityanalysisincludesexternalloansaswellasloanstoforeignoperationswithintheGroupwheretheygaverisetoanimpactontheGroup’sloss.

Iftherelevantforeigncurrencyweakensby10%(2012:10%)againstthefunctionalcurrency,theprofitorlossoftheGroupwillincreasebyasbelow.ThereisnoimpacttotheequityoftheGroup.

Profitorloss 2013 2012Group AUD’000 AUD’000

Singaporedollar 29 31

Iftherelevantforeigncurrencystrengthensby10%(2012:10%)againstthefunctionalcurrency,theprofitorlossoftheGroupwilldecreasebyasbelow.ThereisnoimpacttotheequityoftheGroup.

Profitorloss 2013 2012Group AUD’000 AUD’000

Singaporedollar (29) (31)




(c) Foreigncurrencyrisks(Continued)

Iftherelevantforeigncurrencyweakensby10%(2012:10%)againstthefunctionalcurrency,profitorlossoftheCompanywillincrease/(decrease)byasbelow.ThereisnoimpacttotheequityoftheCompany.

Profitorloss 2013 2012Company AUD’000 AUD’000

Singaporedollar 7 (5)

Iftherelevantforeigncurrencystrengthensby10%(2012:10%)againstthefunctionalcurrency,theprofitorlossoftheCompanywill(decrease)/increasebyasbelow.ThereisnoimpacttotheequityoftheCompany.

Profitorloss 2013 2012Company AUD’000 AUD’000

Singaporedollar (7) 5

(d) Interestraterisks

TheGroup’sandtheCompany’sexposuretomarketriskforchanges in interestratesrelatesprimarilytofixeddeposits,bankborrowingsandfinanceleaseobligationswithfinancialinstitutions.TheGroupmaintainsanefficientandoptimalinterestcoststructureusingacombinationoffixedandvariableratedebts,andlongandshorttermborrowings.

Interest rate sensitivity analysis

Thesensitivityanalysisbelowhasbeendeterminedbasedontheexposuretointerestraterisksforfinancialliabilitiesattheendofthefinancialyear.Forfloatingrateliabilities,theanalysisispreparedassumingtheamountofliabilityoutstandingattheendofthefinancialyearwasoutstandingforthewholeyear.Thesensitivityanalysisassumesaninstantaneous3%(2012:3%)changeintheinterestratesfromtheendofthefinancialyear,withallvariablesheldconstant.

Iftheinterestrateincreases/decreasesby3%(2012:3%),theprofitorlossoftheGroup,respectively,willdecrease/increaseby:

Group 2013 2012 AUD’000 AUD’000

Bankoverdrafts 30 33Bankborrowings 1,036 2,089

1,066 2,122

TheprofitorlossoftheCompanyisnotaffectedbychangesininterestratesbecausetheCompanyhasnointerestbearingliabilities.




(e) Liquidityrisks

TheGroupandtheCompanyactivelymanagetheiroperatingcashflowsandtheavailabilityoffundingsoastoensurethatallrepayment and fundingneeds aremet.Aspart of their overall prudent liquiditymanagement, theGroupand theCompanymaintainsufficientlevelsofcashandcashequivalentstomeettheirworkingcapitalrequirements.Short-termfundingisobtainedfromoverdraftfacilitiesfrombanksandfinanceleasesfromfinancialinstitutions.

ThefollowingtabledetailstheGroup’sremainingcontractualmaturityforitsnon-derivativefinancialinstruments.ThetablehasbeendrawnupbasedonundiscountedcashflowsoffinancialinstrumentsbasedontheearlierofthecontractualdateorwhentheGroupisexpectedtoreceiveorpay.Thetableincludesbothinterestandprincipalcashflows.Asat30June2013,theGrouphasnoderivativefinancialliabilities.

Effective Lessthan 1to2 2to4 interestrates 1year years years Total AUD ‘000 AUD ‘000 AUD’000 AUD’000

Group Financialliabilities 2013 Tradeandotherpayables - 24,902 205 - 25,107Bankborrowings 5.46%-8.67% 10,724 76,804 - 87,528Bankoverdrafts 8.05%-10.13% 1,083 - - 1,083Financeleasepayables 6.63%-11.50% 964 1,321 - 2,285

37,673 78,330 - 116,003

2012Tradeandotherpayables - 24,928 193 - 25,121Bankborrowings 5.68%-8.13% 16,314 96,865 2,188 115,367Bankoverdrafts 6.47%-10.52% 1,185 - - 1,185Financeleasepayables 3.56%-11.50% 752 1,015 - 1,767

43,179 98,073 2,188 143,440

CompanyFinancialliabilities2013 Tradeandotherpayables - 3,503 - - 3,503

2012 Tradeandotherpayables - 2,584 - - 2,584

Theeffectiveinterestratesandrepaymenttermsofthebankloans,overdraftsandfinanceleasesaredisclosedinNotes24and25tothefinancialstatements.




(f) Capitalmanagementpoliciesandobjectives

TheGroupandtheCompanymanagetheircapitaltoensurethattheGroupandtheCompanyareabletocontinueasagoingconcernandmaintainsanoptimalcapitalstructuresoastomaximiseshareholders’values.

Themanagementmonitorscapitalbasedongearingratio.Thegearingratioiscalculatedasnetdebtdividedbytotalcapital.Netdebtiscalculatedasinterestbearingliabilitieslesscashandcashequivalents.Totalcapitaliscalculatedasequityplusnetdebt.

Management constantly reviews the capital structure to ensure the Group and the Company are able to service any debtobligations(includeprincipalrepaymentandinterests)basedonitsoperatingcashflows.TheGroup’soverallstrategyremainsunchangedfromthepreviousfinancialyear.

Group 2013 2012

AUD’000 AUD’000

Netdebt 74,069 110,585Totalequity 47,589 60,139

Totalcapital 121,658 170,724

Gearingratio 61% 65%

TheGroupandtheCompanyareincompliancewithallexternallyimposedcapitalrequirementsforthefinancialyearsended30June2013and2012,andexceptasconfirmedinthevariationdeedfromabankon28June2013(2012:29June2012),nocompliancetestingwillbetesteduntil30September2013.

37. Fairvalueoffinancialassetsandfinancialliabilities

Thecarryingamountsofthefinancialassetsandliabilitiesinthefinancialstatementsapproximatetheirfairvaluesduetotherelativeshort-termmaturityofthesefinancialinstruments.Thefairvaluesofnon-currentliabilitiesinrelationtobankborrowingsandfinanceleasepayablesaredisclosedinNotes24and25tothefinancialstatements.

38. Eventssubsequenttothereportingdate

(i) On19July2013,theGroupthroughitssubsidiaries,CypressLakesGroupLimited(“CLG”),CypressLakesVillaManagementPtyLimited,CypressResortManagementPtyLtd,CypressLakesGolfandCountryClubPtyLimitedandTheGoldenDoorResortSpa–CypressLakesPtyLtd(collectivelyknownas“CLGGroup”)hasenteredintoaconditionalsaleandpurchaseagreementwithHunterValley(CL)ManagementPtyLtdforthedisposaloftheproperty,assetsandbusinessofCLGGroup,comprising, interalia,freeholdinterestinlands,villaleases,golfcoursebusinessanddevelopmentlands(the“DisposalAssets”).ThesepropertiesandassetsarelocatedatCnrMcDonaldsandThompsonsRd,PokolbinHunterValleyNSW2320(“CypressLakesResort”).TheaggregatepurchaseconsiderationfortheproposeddisposaloftheCLGGroupwillbethecashsumofAUD10million,beforeanyagreedadjustmentwhichwillbeadjustedatthecompletiondate.

(ii) On23July2013,theGroupcompletedthedisposalofoneofitswholly-ownedsubsidiary,OtagoCasinoLimited(“OCL”),foragrosscashconsiderationofNZD5million(AUD4.1million)toSKYCITYEntertainmentGroupLimited.Followingthecompletionofthedisposal,assetspledgedwiththebankandcorporateguarantee issuedtothebankasdisclosed inNote24havebeendischarged.


Issuedandfullypaid-upcapital : SGD52,414,550.78Numberofordinarysharesinissue : 253,017,521Classofshares : OrdinaryshareVotingrights : OnevotepershareNumberofTreasurySharesheld : 3,548,000NumberofordinarysharesexcludingTreasuryShares : 249,469,521PercentageofTreasuryShares : 1.42%(1)

Note : (1) Calculated based on 249,469,521 voting shares as at 11 September 2013.

VOTINGRIGHTS

Shareholder’svotingrightsaresetoutinArticle76oftheCompany’sArticlesofAssociation.

Ona showofhands, eachMemberentitled to votemayvote inpersonorbyproxyorbyattorneyor in the caseof a corporationbyarepresentativewhoshallhaveonevoteanduponapoll,everyMemberpresentinpersonorbyproxyshallhaveonevoteforeverysharewhichheholdsorrepresents.

SHAREHOLDINGSHELDINHANDSOFPUBLIC

Rule723ofSectionB:RulesofCatalistoftheListingManualoftheSingaporeExchangeSecuritiesTradingLimited(“SGX-ST”)requiresthatatleast10%oftheequitysecurities(excludingpreferencesharesandconvertibleequitysecurities)ofalistedcompanyinaclassthatislistedareatalltimesheldbythepublic.

Basedon the informationprovidedand to thebest knowledgeof theDirectors, approximately35%of the issuedordinary sharesof theCompanyareheldinthehandsofthepublicasat11September2013andthereforeRule723iscompliedwith.

DISTRIBUTIONOFSHAREHOLDINGS

NO. OF NO. OFSIZEOFSHAREHOLDINGS SHAREHOLDERS % SHARES %

1–999 1 0.23 50 0.001,000–10,000 229 53.01 1,301,000 0.5210,001–1,000,000 177 40.97 15,888,950 6.371,000,001andabove 25 5.79 232,279,521 93.11

TOTAL 432 100.00 249,469,521 100.00

STATISTICS OFSHAREHOLDINGS AS AT 11 SEPTEMBER 2013


TWENTYLARGESTSHAREHOLDERS

NO. NAME NO.OFSHARES %

1. TanYetMeng 36,230,670 14.522. CIMBSecurities(Singapore)PteLtd 30,043,000 12.043. MaybankNominees(S)PteLtd 27,900,000 11.184. KamalYPTan 16,058,006 6.445. JayaJBTan 15,884,270 6.376. ChanKaixuan 12,000,000 4.817. AmfraserSecuritiesPte.Ltd. 10,000,000 4.018. AssociatedLeisureInternationalPteLtd 10,000,000 4.019. SBSNomineesPteLtd 10,000,000 4.0110. TanSanChuan 9,057,668 3.6311. TanSanLin 9,057,668 3.6312. Lim&TanSecuritiesPteLtd 6,704,000 2.6913. HLBankNominees(S)PteLtd 6,253,000 2.5114. TehChengChuan 5,404,000 2.1715. TanSanMing 4,585,000 1.8416. KuanPengChing@KuanPengSoon 4,521,239 1.8117. HongLeongFinanceNomineesPteLtd 4,200,000 1.6818. LeeWanTang 3,000,000 1.2019. LohKahWai 2,100,000 0.8420. KohPangKin 2,025,000 0.81

225,023,521 90.20

SUBSTANTIALSHAREHOLDERS(asrecordedintheRegisterofSubstantialShareholders)

DIRECTINTEREST DEEMEDINTERESTNAMEOFSUBSTANTIAL NO.OF NO.OFSHAREHOLDERS SHARES % SHARES %

Dato’KamalYPTan 49,558,006 19.87 - -Dato’JayaJBTan 47,184,270 18.91 - -TanYetMeng 36,230,670 14.52 - -

Statistics of Shareholdings As at 11 September 2013


NOTICE OFANNUAL GENERAL MEETING

NOTICEISHEREBYGIVENTHATtheTenthAnnualGeneralMeetingofLassetersInternationalHoldingsLimitedwillbeheldatCrystalSuite,

Level2,Holiday InnSingaporeOrchardCityCentre,11CavenaghRoad,Singapore229616onTuesday,29October2013at10.00a.m. to

transactthefollowingbusiness:-

As Ordinary Business 1. ToreceiveandadopttheDirectors’ReportandAuditedFinancialStatementsfortheyearended30June2013andtheAuditors’Report

thereon. (Resolution1)

2. Tore-electthefollowingDirectorswhoareretiringpursuanttotheCompany’sArticlesofAssociationandhaveofferedthemselvesforre-election:-

(i) Dato’KamalYPTan(retiringpursuanttoArticle106) (Resolution2)(ii) TeoCheeSeng(retiringpursuanttoArticle106) (Resolution3)

Notes: MrTeoCheeSengwill,uponre-electionasaDirectoroftheCompany,remainasaChairmanoftheAuditCommitteeandtheRemuneration

CommitteeandmemberoftheNominatingCommittee.HewillbeconsideredindependentforthepurposesofRule704(7)ofSectionB:RulesofCatalistoftheListingManualoftheSingaporeExchangeSecuritiesTradingLimited(SGX-ST).

3. ToapprovethepaymentofDirectors’feesofSGD160,000forthefinancialyearended30June2013(FY2012:SGD160,000). (Resolution4)

4. Tore-appointMessrsBDOLLPastheAuditorsoftheCompanyandtoauthorisetheDirectorstofixtheirremuneration. (Resolution5)

5. TotransactanyotherordinarybusinesswhichmayproperlybetransactedatanAnnualGeneralMeeting.

As Special Business Toconsiderand,ifthoughtfit,topassthefollowingasOrdinaryResolutions,withorwithoutmodifications:- 6. GeneralMandateToAuthorizeDirectorsToAllotAndIssueSharesAndConvertibleSecurities (Resolution6)

“THATpursuanttoSection161oftheCompaniesAct,Cap.50andRule806ofSectionB:RulesofCatalistoftheListingManual(“CatalistRules”)oftheSingaporeExchangeSecuritiesTradingLimited(“SGX-ST”),authoritybeandisherebygiventotheDirectorsoftheCompanyto:-

(a) issuesharesinthecapitaloftheCompanywhetherbywayofrights,bonusorotherwise(includingsharesasmaybeissuedpursuant

toanyInstrument(asdefinedbelow)madeorgrantedbytheDirectorswhiletheordinaryresolutionisinforcenotwithstandingthattheauthorityconferredbytheordinaryresolutionmayhaveceasedtobeinforceatthetimeofissueofsuchshares);and/or

(b) makeorgrantoffersagreementsoroptions(collectively,“Instruments”)thatmightorwouldrequiresharestobeissued,includingbutnot limitedtothecreationand issue(aswellasadjustmentsto)warrants,debenturesorother instrumentsconvertible intoshares,

atanytimeanduponsuchtermsandconditionsforsuchpurposesastheDirectorsmayintheirabsolutediscretiondeemfitprovidedthattheaggregatenumberofsharesandconvertiblesecuritiestobeissuedpursuanttosuchauthority:-

(i) doesnotexceed100%ofthetotalnumberofissuedsharesinthecapitaloftheCompany,excludingtreasuryshares,(ascalculatedinaccordancewithsubparagraph(ii)below)ofwhichtheaggregatenumberofsharesandconvertiblesecuritiestobeissuedotherthanonaproratabasistoshareholdersoftheCompanydoesnotexceed50%ofthetotalnumberofissuedsharesinthecapitaloftheCompany,excludingtreasuryshares,(ascalculatedinaccordancewithsubparagraph(ii)below);


Notice of Annual General Meeting

(ii) (subjecttosuchmannerofcalculationasmaybeprescribedbySGX-ST)forthepurposeofdeterminingtheaggregatenumberofsharesthatmaybeissuedundersub-paragraph(i)above,thepercentageofissuedsharecapitalshallbebasedontheissuedsharecapitaloftheCompanyatthetimeofpassingoftheordinaryresolution,afteradjustingfor:-

(a) newsharesarisingfromtheconversionorexerciseofanyconvertiblesecuritiesorshareoptionsorvestingofsharesawardswhichareoutstandingorsubsistingatthetimeofpassingthisResolution;and

(b) anysubsequentbonusissue,consolidationorsubdivisionofshares;

(iii) inexercisingtheauthorityconferredbythisResolution,theCompanyshallcomplywiththeprovisionsoftheCatalistRulesforthetimebeinginforce(unlesssuchcompliancehasbeenwaivedbytheSGX-ST);and

(iv) (unlessrevokedorvariedbytheCompanyinGeneralMeeting),theauthorityconferredbythisResolutionshallcontinueinforceuntiltheconclusionofthenextAnnualGeneralMeetingoftheCompanyorthedatebywhichthenextAnnualGeneralMeetingoftheCompanyisrequiredbylawtobeheld,whicheveristheearlier.”[SeeExplanatoryNote(a)]

7. AuthorityToIssueSharesUnderLassetersEmployeeShareOptionScheme (Resolution7) “THATpursuanttoSection161oftheCompaniesAct,Cap50,theDirectorsoftheCompanybeandareherebyauthorizedandempowered

toofferandgrantoptionsinaccordancewiththeLassetersEmployeeShareOptionScheme(“theScheme”)andtoallotandissuesharesinthecapitalof theCompany toall theholdersofoptionsgrantedbytheCompanywhethergrantedduringthesubsistenceofthisauthorityorotherwise,undertheSchemeupontheexerciseofsuchoptionsandinaccordancewiththetermsandconditionsoftheScheme,providedalwaysthattheaggregatenumberofadditionalordinarysharestobeallottedandissuedpursuanttotheSchemeshallnotexceed15%ofthetotalnumberofissuedsharesexcludingtreasurysharesfromtimetotime.”[SeeExplanatoryNote(b)]

8. RenewalOfShareBuy-backMandate (Resolution8)

“THAT:

(a) forthepurposesoftheCompaniesAct(Cap.50),theexercisebytheDirectorsoftheCompanyofallthepowersoftheCompanytopurchaseorotherwiseacquiretheordinarysharesinthecapitaloftheCompanynotexceedinginaggregatethePrescribedLimit(ashereafterdefined),atsuchprice(s)asmaybedeterminedbytheDirectorsoftheCompanyfromtimetotimeuptotheMaximumPrice(ashereafterdefined),whetherbywayofmarketpurchases(eacha“MarketPurchase”)onSGX-SToroff-marketpurchases(“Off-MarketPurchase”)(ifeffectedotherwisethanontheSGX-ST)inaccordancewithanequalaccessscheme(s)(the“ShareBuy-backMandate”)beandisherebyapproved;

(b) unlessvariedorrevokedbytheCompanyingeneralmeeting,theauthorityconferredontheDirectorsoftheCompanypursuanttotheShareBuy-backMandatemaybeexercisedbytheDirectorsatanytimeandfromtimetotimeduringtheperiodcommencingfromthepassingofthisResolutionandexpiringontheearlierof:

(i) thedateonwhichthenextAnnualGeneralMeetingoftheCompanyisheldorrequiredbylawtobeheld;

(ii) thedateonwhichthesharepurchasesarecarriedouttothefullextentmandated;or

(iii) thedateonwhichtheauthoritycontainedintheShareBuy-backMandateisvariedorrevoked;

(c) inthisResolution:

“PrescribedLimit”means10%oftheissuedordinarysharecapitaloftheCompanyasatthedateofpassingofthisResolutionunlesstheCompanyhaseffecteda reductionof the share capitalof theCompany inaccordancewith theapplicableprovisionsof theCompaniesAct,atanytimeduringtheRelevantPeriod,inwhicheventtheissuedordinarysharecapitaloftheCompanyshallbetakentobetheamountoftheissuedordinarysharecapitaloftheCompanyasaltered(excludinganytreasurysharesthatmaybeheldbytheCompanyfromtimetotime);

104 LassetersAnnualReport2013

“RelevantPeriod”meanstheperiodcommencingfromthedateonwhichthelastAnnualGeneralMeetingoftheCompanywasheldandexpiringonthedatethenextAnnualGeneralMeetingoftheCompanyisheldorisrequiredbylawtobeheld,whicheveristheearlier,afterthedateofthisResolution;and

“MaximumPrice” inrelationtoafully-paidordinaryshareinthecapitaloftheCompany(a“Share”)tobepurchased,meansanamount(excludingbrokerage,stampduties,applicablegoodsandservicestaxandotherrelatedexpenses)notexceeding105%oftheAverageClosingPriceinthecaseofaMarketPurchaseandnotexceeding120%oftheAverageClosingPriceinthecaseofanOff-MarketPurchase.

where:

“AverageClosingPrice”meanstheaverageoftheclosingmarketpricesofaShareoverthelastfivemarketdays,onwhichtheSharesaretransactedontheSGX-ST,immediatelyprecedingthedateoftheMarketPurchasebytheCompany,anddeemedtobeadjustedinaccordancewiththerulesoftheSGX-ST,foranycorporateactionthatoccursaftertherelevantfive-dayperiod;

“DayoftheMakingoftheOffer”meansthedayonwhichtheCompanyannouncesitsintentiontomakeanofferforthepurchaseofSharesfromShareholders,statingthepurchaseprice(whichshallnotbemorethantheMaximumPricecalculatedontheforegoingbasis)foreachShare;and

(d) anyoftheDirectorsoftheCompanybeandareherebyauthorisedtocompleteanddoallsuchactsandthings(includingexecutingsuchdocumentsasmayberequired)ashemayconsiderexpedientornecessarytogiveeffecttothetransactionscontemplatedbythisResolution.”[SeeExplanatoryNote(c)]

BYORDEROFTHEBOARD

SSURENTHIRARAJKOKMORKEATCompanySecretaries

Singapore10October2013

ExplanatoryNotesonSpecialBusinesstobetransacted

(a) OrdinaryResolution6, ifpassed,willempowertheDirectorsof theCompanyto issueshares in thecapitalof theCompanyuptoanamountnotexceeding inaggregate100%ofthetotalnumberofissuedsharesinthecapitaloftheCompany,excludingtreasuryshares,atthetimeofpassingtheresolution,ofwhichtheaggregatenumberofsharestobeissuedotheronapro-ratabasistoshareholdersoftheCompanydoesnotexceed50%ofthetotalnumberofissuedsharesinthecapitaloftheCompany,excludingtreasuryshares.

(b) OrdinaryResolution7,ifpassed,willempowertheDirectorsoftheCompany,fromthedateoftheaboveMeetinguntilthenextAnnualGeneralMeeting,toofferandgrantoptionsundertheLassetersEmployeeShareOptionScheme(‘theScheme”)andtoallotandissuesharesintheCompanyofuptoanumbernotexceedingintotal15%ofthetotalnumberofissuedshares,excludingtreasuryshares,oftheCompanyfromtimetotimepursuanttotheexerciseoftheoptionsundertheScheme.

(c) OrdinaryResolution8,ifpassed,willempowertheDirectorsfromthedateoftheaboveMeetinguntilthenextAnnualGeneralMeetingtorepurchaseordinaryissuedsharesoftheCompanybywayofmarketpurchasesoroff-marketpurchasesofupto10%ofthetotalnumberofissuedshares(excludingtreasuryshares)inthecapitaloftheCompanyattheMaximumPrice.InformationrelatingtothisproposedResolutionaresetoutintheCircularattached.

NOTES:-

1. AmemberoftheCompanyentitledtoattendandvoteattheAnnualGeneralMeetingisentitledtoappointnotmorethantwoproxiestoattendandvoteinhisstead.AproxyneednotbeamemberoftheCompanyandwheretherearetwoproxies,thenumberofsharestoberepresentedbyeachproxymustbestated.

2. Iftheappointorisacorporation,theinstrumentappointingaproxymustbeexecutedundersealorthehandofitsdulyauthorizedofficerorattorney.

3. TheinstrumentappointingaproxymustbedepositedattheShareRegistrar’sOfficeat50RafflesPlace,SingaporeLandTower#32-01,Singapore048623notlessthanforty-eight(48)hoursbeforethetimeforholdingtheAnnualGeneralMeeting.

Notice of Annual General Meeting

I/We,

of

beingamember/membersofLASSETERSINTERNATIONALHOLDINGSLIMITED(the“Company”),herebyappoint

Name Address NRIC/PassportNumberProportionof

Shareholdings(%)

and/or(deleteasappropriate)

Name Address NRIC/PassportNumberProportionof

Shareholdings(%)

asmy/ourproxy/proxiestoattendandtovoteforme/usonmy/ourbehalfand,ifnecessarytodemandapoll,attheAnnualGeneralMeeting(“AGM”)oftheCompanytobeheldonTuesday,29October2013at10.00a.m.andatanyadjournmentthereof.I/Wedirectmy/ourproxy/proxiestovotefororagainsttheResolutionstobeproposedattheAGMasindicatedhereunder.Ifnospecificdirectionastovotingisgivenorintheeventofanyitemarisingnotsummarisedbelow,theproxy/proxieswillvoteorabstainfromvotingathis/theirdiscretion.Ifnopersonisnamedintheaboveboxes,theChairmanoftheAGMshallbemy/ourproxytovote,fororagainsttheResolutionstobeproposedattheAGMasindicatedhereunderforme/usandonmy/ourbehalfattheAGMandatanyadjournmentthereof.

No. ResolutionsRelatingTo:

Tobeusedonashowofhands TobeusedintheEventofaPoll

For* Against*No.ofVotes

For**No.ofVotesAgainst**

1 AdoptionofDirectors’ReportsandFinancialStatementsfortheyearended30June2013.

2 Re-electionofDato’KamalYPTanasDirector.

3 Re-electionofMrTeoCheeSengasDirector.

4 ApprovalofpaymentofDirectors’fees.

5 Re-appointmentofMessrsBDOLLPasauditorsandtoauthorisetheDirectorstofixtheirremuneration.

6 Authoritytoallotandissuenewshares.

7 AuthoritytoallotandissuesharesunderLassetersEmployeeShareOptionScheme.

8 RenewalofShareBuy-backMandate

* Please indicate your vote “For” or “Against” with a “X” within the box provided.** If you wish to exercise all your votes “For” or “Against”, please indicate with a “X” within the box provided. Alternatively, please indicate the

number of votes as appropriate.

Datedthis dayof 2013.

Signature(s)ofMember(s)or,CommonSealofCorporateShareholder

PROxY FORMANNUAL GENERAL MEETING

LASSETERSINTERNATIONALHOLDINGSLIMITEDCompanyRegistrationNo.200402223M(IncorporatedintheRepublicofSingapore)

IMPORTANT1. For investorswhohaveused their CPFmonies to buy sharesof Lasseters

International Holdings Limited, the Annual Report 2013 is forwarded tothemattherequestoftheirCPFApprovedNomineesandissentsolelyFORINFORMATIONONLY.

2. ThisProxyFormisnotvalidforusebyCPFInvestorsandshallbeineffectiveforallintentsandpurposesifusedorpurportedtobeusedbythem.

3. CPFInvestorswhowishtovoteshouldcontacttheirCPFApprovedNominee.

TotalNumberofSharesheld

CDPRegister

RegisterofMembers

Numberofsharesheld

IMPORTANT:PLEASEREADNOTESOVERLEAF

Notes :

1. PleaseinsertthetotalnumberofSharesheldbyyou.IfyouhaveSharesenteredagainstyournameintheDepositoryRegister(asdefinedinSection130AoftheCompaniesAct,Cap.50ofSingapore),youshouldinsertthatnumberofshares.IfyouhaveSharesregisteredinyournameintheRegisterofMembers,youshouldinsertthatnumberofShares.IfyouhaveSharesenteredagainstyournameintheDepositoryRegisterandSharesregisteredinyournameintheRegisterofMembers,youshouldinserttheaggregatenumberofSharesenteredagainstyournameintheDepositoryRegisterandregisteredinyournameintheRegisterofMembers.Ifnonumberisinserted,theinstrumentappointingaproxyorproxiesshallbedeemedtorelatetoalltheSharesheldbyyou.

2. AmemberoftheCompanyentitledtoattendandvoteatameetingoftheCompanyisentitledtoappointoneortwoproxiestoattendandvoteonhisbehalf.SuchproxyneednotbeamemberoftheCompany.

3. Whereamemberappointstwoproxies,theappointmentsshallbeinvalidunlesshespecifiestheproportionofhisshareholding(expressedasapercentageofthewhole)toberepresentedbyeachproxy.

4. TheinstrumentappointingaproxyorproxiesmustbedepositedattheShareRegistrar’sofficeat50RafflesPlace,SingaporeLandTower#32-01,Singapore048623notlessthanforty-eight(48)hoursbeforethetimeappointedfortheAnnualGeneralMeeting.

5. Theinstrumentappointingaproxyorproxiesmustbeunderthehandoftheappointororhisattorneydulyauthorisedinwriting.Wheretheinstrumentappointingaproxyorproxiesisexecutedbyacorporation,itmustbeexecutedeitherunderitsSealorunderthehandofanofficerorattorneydulyauthorised.

6. Whereaninstrumentappointingaproxyissignedonbehalfoftheappointorbyanattorney,theletterorpowerofattorney(orotherauthority)oradulycertifiedcopythereofmust(failingpreviousregistrationwiththeCompany)belodgedwiththeinstrumentofproxy,failingwhichtheinstrumentmaybetreatedasinvalid.

7. Acorporationwhich isamembermaybyresolutionof itsdirectorsorothergoverningbodyauthorisesuchpersonas it thinksfit toactas its representativeat theAGM, inaccordancewithSection179oftheCompaniesAct,Cap.50.

General:

TheCompanyshallbeentitledtorejectthisinstrumentappointingaproxyorproxiesifitisincomplete,improperlycompletedorillegibleorwherethetrueintentionsoftheappointorarenotascertainablefromtheinstructionsoftheappointorspecifiedintheinstrumentappointingaproxyorproxies.Inaddition,inthecaseofamemberwhoseSharesareenteredintheDepositoryRegister,theCompanymayrejectanyinstrumentappointingaproxyorproxieslodgedifthemember,beingtheappointor,isnotshowntohaveSharesenteredagainsthisnameintheDepositoryRegisterasatforty-eight(48)hoursbeforethetimeappointedforholdingtheAnnualGeneralMeeting,ascertifiedbyTheCentralDepository(Pte)LimitedtotheCompany.

LassetersInternationalHoldingsLimited(200402223M)

SGXCentre2,#17-01,4ShentonWaySingapore068807Tel:(65)63619883Fax:(65)65380877

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