Indigenous Land Corporation gpo box 652 Adelaide sa 5001

Business performance

For the 2013–14 financial year, Voyages recorded total revenue of $119m and EBITDA¹ of $13.7m, Ayers Rock Resort recorded a hotel occupancy of 60.5% for the year, welcoming 294,707 visitors, up from 282,482 in the previous year, reflecting a recovery of the inbound and domestic leisure tourism market during the year.

While actual financial performance for the year was ahead of budget, it continues to be significantly behind projections prepared as part of the due diligence prior to the purchase of ARR in 2010.

An independent valuation of the resort at 30 June 2014 was completed by McGrath-Nicol and based on the results of this valuation, the Voyages Directors have determined that the fair value of ARR assets at 30 June 2014 is $225m resulting in a writedown of $18.9m in the resort’s value.

The tourist season at Home Valley operates from 1 May to 31 October each year. For the 2013 season, Home Valley recorded occupancy of 45% compared to 2012 occupancy of 33% with a range of sales and marketing activities initiated to increase occupancy along with some discounting of room rates. Home Valley recorded an operating loss of $674,000 for the 2013–14 financial year compared to a loss of $762,000 for the 2012–13 financial year.

Mossman Gorge Centre welcomed some 279,000 visitors during the year, up from 224,000 in the previous year, generating revenues of approximately $3.3, up from $2.5m in 2012–13. The operating loss of the centre was reduced from $1.3m in 2012–13 to $788,000 in 2013–14 and this loss is expected to reduce further in 2014–15 as the centre begins to reach a stabilised operating level following its start-up phase. The Centre’s Dreamtime Walks with a local Indigenous guide are proving especially popular with visitors and further initiatives are under way to promote this product.