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1 Mantra Group Limited and its controlled entities Appendix 4D Financial statements for the half year ended 31 December 2016 Company details Name of entity Mantra Group Limited ABN Reporting period For the half year ended 31 December 2016 Comparative reporting period For the half year ended 31 December 2015 Results for announcement to the market $'000 Up/Down Movement $ 000 Revenue from ordinary activities 356,164 Up 48,760 Profit from ordinary activities after tax attributable to members 30,532 Up 6,281 Net profit for the period attributable to members 30,532 Up 6,281 Dividend information Interim dividend per share for the half year ended 31 December 2016 Amount per share (cents) Franked amount per share (cents) % Tax rate for franking credits Interim dividend dates Ex-dividend date 23 February 2017 Record date 24 February 2017 Payment date 22 March 2017 Key Terms of the Dividend Reinvestment Plan (DRP) - The DRP will operate for the interim dividend - No discount is applicable to the interim dividend - Shares issued under the DRP will rank equally with the existing shares of the Company - No brokerage, commission or other transaction costs will be payable by participants on shares acquired under the DRP - The price at which shares are issued under the DRP is the volume weighted average market price of the Company s shares sold in the ordinary course of trading on the Australian Securities Exchange during the five trading days commencing on the first trading day after the dividend record date - The last date for receipt of election notices for participation in the DRP is 27 February 2017 Net Tangible Assets per security Net tangible assets /(liabilities) per ordinary security 31 Dec Dec 2015 $ $ (0.13) (0.47) This information should be read in conjunction with the 2016 Annual Financial Report of Mantra Group Limited and its controlled entities and any public announcements made in the period by Mantra Group Limited in accordance with the continuous disclosure requirements of the Corporations Act 2001 and Listing Rules. Additional Appendix 4D disclosure requirements can be found in the Directors Report and the consolidated financial statements for the half-year ended 31 December 2016.

2 This report is based on the consolidated financial statements for the half-year ended 31 December 2016 of Mantra Group Limited and its controlled entities, which have been reviewed by PricewaterhouseCoopers. The Independent Auditor s Review Report provided by PricewaterhouseCoopers is included in the consolidated financial statements for the half-year ended 31 December Date: 16 February 2017 Kerry Robert East Chief Executive Officer Gold Coast

3 Ala Moana by Mantra, Hawaii INTERIM REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2016 ABN: ASX CODE: MTR 1 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

4 Interim report - 31 DECEMBER 2016 MANTRA GROUP LIMITED ABN: CONTENTS Directors report 4 Auditor s independence declaration Interim financial report Consolidated statement of comprehensive income 9 Consolidated statement of financial position 10 Consolidated statement of changes in equity 11 Consolidated statement of cash flows 12 Notes to the consolidated financial statements 13 Directors declaration 28 Independent auditor s review report to the members 29 NOTE REGARDING NON-IFRS FINANCIAL INFORMATION Within this report, Mantra Group has included certain non-ifrs financial information. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Mantra Group uses these measures to assess the performance of the business and believes that the information is useful to investors. The following non-ifrs measures have not been reviewed but have been extracted from Mantra Group s reviewed financial statements: EBITDAI - Group profit before interest, taxation, depreciation, amortisation and impairment, or reversals of impairment; and EBIT - Group profit before interest and taxation. The Directors believe that these measures provide useful information about the financial performance of Mantra Group, in particular EBITDAI, as it removes the impact of key accounting adjustments, financing charges and taxation. These measures, however, should be considered as supplements to the income statement and cash flow measures that have been presented in accordance with the Australian Accounting Standards and not as a replacement for them. Because these non-ifrs financial measures are not based on Australian Accounting Standards, they do not have standard definitions, and the way Mantra Group calculated these measures may differ from similarly titled measures used by other companies. Readers should therefore not place undue reliance on these non-ifrs financial measures. A reconciliation of non-ifrs measures to the nearest measure prepared in accordance with IFRS is included on page MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

5 Directors report Your Directors present their report on the consolidated entity, referred to hereafter as Mantra Group or the Group, consisting of Mantra Group Limited (the Company) and the entities it controlled at the end of, or during, the half-year ended 31 December DIRECTORS The following persons were directors of Mantra Group during the whole of the half-year and up to the date of this report: Peter Bush Andrew Cummins Kerry Robert East (Bob East) David Gibson Melanie Willis Elizabeth ( Liz ) Savage was appointed a director on 18 November 2016 and continues in office at the date of this report. PRINCIPAL ACTIVITIES REVIEW OF OPERATIONS Mantra Group is the leading Australian-based hotel and resort operator. Mantra Group s portfolio consists of 127 properties and over 16,500 rooms across Australia, New Zealand, Indonesia and Hawaii. Through its portfolio, Mantra Group operates the second largest network of accommodation properties in Australia (by total room number). Approximately 2.3 million guests per year stay in Mantra Group branded accommodation. In addition to providing accommodation, Mantra Group s core services include management of guest relations and reception areas, restaurants and bars, conference and function centres, pool and entertainment facilities and offices. Properties in Mantra Group s portfolio range from luxury retreats and coastal resorts to serviced apartments and hotels in CBD and key leisure destinations. Mantra Group operates the properties in its portfolio under three key brands: Peppers, Mantra and BreakFree. These brands have an increasing level of consumer awareness in Australia and overseas and are aimed at targeting a cross section of consumers in both the domestic and international visitor segments of the accommodation industry. Mantra Group operates its properties under a range of operating structures. The operating structures used by Mantra Group provide it with long-term property management contracts across its portfolio and strong contractual rights to operate the properties. In particular, Lease Rights, Management Letting Rights and Hotel Management Rights also provide Mantra Group with flexible and targeted development and operating options. Other models include Management Agreements and Marketing Services Agreements. The split of keys in building by operating model and keys under management by geographic location as at 31 December 2016 was as follows: MANTRA GROUP INTERIM REPORT 31 DECEMBER

6 KEYS IN BUILDINGS BY OPERATING MODEL: HMR 3.2% MSA 2.3% LR 18.6% MLR MLR 64.4% MA 11.6% MSA HMR LR MA TOTAL KEYS IN BUILDINGS: 21,800+ KEYS UNDER MANAGEMENT BY GEOGRAPHIC LOCATION BRISBANE 6.5% SA 3.9% IND 1.9% TAS 2.5% ACT 1.8% HAWAII 6.2% GOLD COAST 23.5% GOLD COAST TROPICAL NORTH QUEENSLAND (TNQ) MELBOURNE SUNSHINE COAST SYDNEY OTHER VICTORIA (VIC) NEW ZEALAND (NZ) WA 3.8% NSW 6.4% NT 3.1% NZ 4.2% VIC 4.8% SYDNEY SUNSHINE 5.5% COAST 5.8% MELBOURNE 12.8% TNQ 7.3% NORTHERN TERRITORY (NT) OTHER NSW (NSW) WESTERN AUSTRALIA (WA) SOUTH AUSTRALIA (SA) BRISBANE TASMANIA (TAS) AUSTRALIAN CAPITAL TERRITORY (ACT) INDONESIA (IND) HAWAII TOTAL KEYS UNDER MANAGEMENT: 16,500+ Mantra Group has more than 5,500 team members to carry out its core functions, which include operations, sales, revenue and distribution, marketing and digital, portfolio and asset management, information technology and corporate activities. 1.2 BUSINESS SEGMENTS Mantra Group generates its revenue under the following three business segments: Resorts; CBD; and Central Revenue and Distribution (CR&D). Mantra Group s Resorts and CBD segments operate properties varied by location and targeted customer and utilise all of the Mantra Group s brands and operating structures. The Central Revenue and Distribution segment ( CR&D ) manages Mantra Group s in-house customer management, online booking service, distribution and digital marketing platforms. For financial reporting purposes, the Central Revenue and Distribution segment also includes fees earned by Mantra Group under Management Agreements. 4 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

7 1.3 GROUP FINANCIAL PERFORMANCE Operating revenue for the six months ended 31 December 2016 ( the period ) was $356.2m, an increase of $48.8m or 15.9% to the same period last year. This increase was primarily driven by new properties acquired during the period, principally Ala Moana, Hawaii, which contributed $27.2m since joining the Group on 26 July Revenue for the period also benefited from continued growth in domestic and international travel, particularly to all Queensland regions, and strong demand in the capital cities of Melbourne, Sydney, Canberra and Adelaide. The Group attained occupancy of 82.2% at an average rate of $ compared to last year s occupancy and rate of 79.9% and $ respectively for the same period. This resulted in RevPAR of $ for the current period compared to $ for the prior corresponding period, an increase of $8.09 or 5.9%. During the six months ended 31 December 2016, Mantra Group acquired four properties - Ala Moana (Hawaii), Southport Central (Gold Coast), The Observatory Hotel (Port Macquarie) and Kings Square (Perth). The first three properties joined the Resorts segment and Kings Square, Perth, a Management Agreement property, joined the CR&D segment. New properties increased available rooms by 7.4% in the six month period. Underlying*earnings before interest, taxation, depreciation, amortisation and impairment ( underlying EBITDAI ) for the period was $58.7m, an increase of $5.5m or 10.3% on the prior corresponding period. The underlying EBITDAI margin of 16.5% decreased by 0.8% compared to that achieved in the previous comparable period (17.3%) due to average daily rate decreases in the CBD segment. New properties contributed $4.7m to EBITDAI in the period. Transaction costs of $1.7m were incurred during the period in respect of properties added to the portfolio since 1 July As some of these properties were established businesses prior to joining Mantra Group, certain acquisitions have been treated as business combinations under AASB 3 Business Combinations. As a result, all transaction costs associated with these transactions have been expensed in the consolidated statement of comprehensive income. $0.8m of these transaction costs are realised foreign exchange losses incurred in respect of monies held in US dollars to fund the Ala Moana business acquisition which completed in July The balance of transaction costs is principally stamp duty. The transaction costs have been included in the Corporate segment. In H1FY2017 an impairment reversal of $3.2m compares to a net impairment reversal of nil in H1FY2016. As required by the accounting standards, each reporting period an exercise is undertaken to consider whether there are any indicators of impairment or reversal of impairment of intangible and tangible fixed assets. Given the diverse nature of the property base, each period there are certain individual factors impacting specific properties which can result in impairment or reversal of impairment of predominately the intangible assets attached to properties. Underlying* net profit after tax for the period of $31.8m was $4.2m (15.1%) higher than the underlying net profit after tax in the prior corresponding period. After taking account of the transaction costs incurred in business combinations, net profit after tax of $30.5m was $6.3m (25.9%) higher than the same period in the prior year. While finance costs have remained similar to the previous corresponding period, tax expense for the period of $13.7m was $3.0m or 28.6% ahead of the same period in the prior year. The effective corporate tax rate has increased from 30.5% to 31.0% principally as a result of the impact of the higher rate of tax imposed on the Hawaiian operations. Mantra Group s revenue and underlying EBITDAI by business segment for the 6 months ended 31 December 2016 is summarised below with a comparison of revenue and underlying EBITDAI in the previous corresponding period. REVENUE BY BUSINESS SEGMENT DEC 2016 DEC 2015 $ 000 $ 000 Resorts 163, ,331 CBD 162, ,447 Central Revenue and Distribution 28,250 23,054 Corporate 2,082 1,516 TOTAL REVENUE 356, ,348 *Underlying numbers are the statutory equivalent numbers excluding transaction costs of $1.7m (H1FY2016: $4.8m) incurred in respect of property acquisitions completed during the period. MANTRA GROUP INTERIM REPORT 31 DECEMBER

8 UNDERLYING* EBITDAI BY BUSINESS SEGMENT DEC 2016 DEC 2015 $ 000 $ 000 Resorts 28,075 21,686 CBD 26,299 27,726 Central Revenue and Distribution 18,834 16,801 Corporate (14,502) (12,992) TOTAL UNDERLYING* EBITDAI 58,706 53,221 The key factors affecting Mantra Group s performance in the current period compared to the prior corresponding period by segment are as follows: RESORTS Resorts revenue increased by $37.7m, from $125.3m to $163.0m, an increase of 30.1%. RevPAR increased from $ to $142.09, an increase of $16.56 or 13.2%. There were three new properties added to the Resorts segment during the period which increased available rooms by 12.5% on the same period last year and contributed $27.9m to revenue. Organic revenue grew by $9.8m. Underlying this organic growth in particular was increased occupancy in the Queensland region from 77.9% to 80.9%, an increase of 3.0 percentage points or 3.9%. Average room rates across the Queensland region also increased by 2.5%. The Resorts segment continues to benefit from strong short term domestic travel demand, particularly to Queensland, as well as an increase in international travellers taking advantage of low cost carriers. Resorts underlying EBITDAI increased from $21.7m to $28.1m, an increase of $6.4m or 29.5%. $4.7m of this increase was from new properties. EBITDAI margin remained stable at 17.2%. CBD Overall, H1FY2017 has seen a continuation of the results of recent times with non-resource related regions performing well but with regions linked to resources and key infrastructure projects under-performing. CBD revenue increased by $5.4m or 3.4% to $162.8m for the period compared with $157.4m in the previous corresponding period. By contrast RevPAR decreased from $ to $148.95, a decrease of $2.36 or 1.6%. The revenue in this segment has been positively impacted by the following: Properties added in mid and late H1FY2016 (Peppers Waymouth and Mantra on Mary) have contributed for a full six months; and There has been an overall increase in occupancy across the segment (+0.5%). Increases in occupancy were seen across all CBD regions with the exception of Darwin. By contrast, revenue in this segment has been negatively impacted by the following: The average room rate across the segment reduced by $3.72 to $172.50, a reduction of 2.1%. Lower average room rates were experienced in particular in Brisbane, Perth and Darwin. Sydney s results were impacted by a scheduled refurbishment at 2 Bond Street which rendered rooms out of service over a four month period. The refurbishment has already had a positive impact on rate and occupancy since it was completed in October There was a lease expiry at the Bankstown property and no further term was sought as the owner was preparing to sell the property. CBD underlying* EBITDAI decreased from $27.7m to $26.3m for the period, a decrease of $1.4m or 5.1%. The EBITDAI decrease was led by the Perth and Darwin regions where the majority of the revenue shortfall also resulted in a similar EBITDAI shortfall. All H1FY2016 property acquisitions contributed positively to EBITDAI in H1FY2017, following an initial ramp up phase which impacted H1FY2016. CENTRAL REVENUE AND DISTRIBUTION Operating revenue in the CR&D segment has increased from $23.1m to $28.3m, an increase of $5.2m or 22.5%. Underlying EBITDAI in the CR&D segment increased by $2.0m, from $16.8m to $18.8m, or 12.1%. The results of this segment were principally driven by commission growth from the increase in volume through central facilitated channels as Mantra s available rooms increased following recent acquisitions. Revenue and EBITDAI from Management Agreements also increased. CORPORATE The Corporate segment includes the costs for the centralised shared services providing the management team, sales and marketing, digital, finance, legal, acquisitions and asset management support. Net costs of $14.5m have increased by $1.5m compared to the prior corresponding period. Cost increases include the costs associated with the recruitment of a new CFO and board member and costs associated with the integration of Ala Moana. 6 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

9 CASH AND CASH FLOW The Group s cash balance returned to a normal level as at balance sheet date ($56.7m compared to $117.1m as at 30 June 2016). The June 2016 cash balance was inflated by cash held to complete the Ala Moana acquisition on 26 July The Group continues to generate strong operating cash inflows from operations, with net cash inflow from operating activities increasing by $1.1m or 4.5% from $24.1m to $25.2m in the current period. During the period, the Group drew down a further $15.0m of its borrowing facility in order to ensure sufficient funds for acquisitions. As at 31 December 2016, the Group had drawn $141.0m on the facilities, with $53.2m available funds. DIVIDENDS Mantra Group s directors declared a fully franked interim dividend of 5 cents per share to be paid on 22 March 2017 (record date for shareholders: 24 February 2017). This is in line with the dividend declared in the prior corresponding period. AUDITOR S INDEPENDENCE DECLARATION A copy of the auditor s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 9. ROUNDING OF AMOUNTS The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the rounding off of amounts in the directors report and financial report. Amounts in the directors report and financial report have been rounded off to the nearest thousand dollars in accordance with that Class Order. This report is made in accordance with a resolution of Directors. Peter Bush Director Kerry Robert East Director Gold Coast 16 February 2017 MANTRA GROUP INTERIM REPORT 31 DECEMBER

10 Auditor s Independence Declaration As lead auditor for the audit of Mantra Group Limited for the half-year ended 31 December 2016, I declare that, to the best of my knowledge and belief, there have been: 1. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 2. no contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Mantra Group Limited and the entities it controlled during the period. Kristin Stubbins Partner PricewaterhouseCoopers PricewaterhouseCoopers, ABN Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 T: , F: , Liability limited by a scheme approved under Professional Standards Legislation. 8 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

11 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2016 HALF YEAR NOTES $ 000 $ 000 REVENUE FROM CONTINUING OPERATIONS 356, ,348 Other gains net 9 56 Employee benefits expense (117,266) (97,108) Operating expenses (110,171) (94,611) Occupancy and utilities expenses (60,169) (55,655) Depreciation and amortisation expense C1, C2 (13,523) (11,072) Transaction costs associated with business combinations A2 (1,692) (4,816) Administration expenses (9,861) (6,809) Impairment reversal C3 3,217 - Finance costs (net) (2,485) (2,439) PROFIT BEFORE INCOME TAX 44,223 34,894 Income tax expense D2 (13,691) (10,643) PROFIT FOR THE PERIOD 30,532 24,251 OTHER COMPREHENSIVE INCOME Item that may be reclassified to profit or loss Exchange differences on translation of foreign operations 2, OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 2, TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 33,323 24,827 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF MANTRA GROUP LIMITED 33,323 24,827 NOTES CENTS CENTS EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF THE COMPANY: Earnings per share D Diluted earnings per share D The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. MANTRA GROUP INTERIM REPORT 31 DECEMBER

12 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 NOTES 31 DECEMBER JUNE 2016 $ 000 $ 000 ASSETS CURRENT ASSETS Cash and cash equivalents B1 56, ,091 Trade and other receivables 77,462 45,678 Inventories 3,309 2,826 Other current assets 5,493 11,503 TOTAL CURRENT ASSETS 142, ,098 NON-CURRENT ASSETS Receivables Other non-current assets 4,100 - Derivative financial instruments 66 - Property, plant and equipment C1 161, ,869 Intangible assets C2 519, ,397 TOTAL NON-CURRENT ASSETS 685, ,926 TOTAL ASSETS 828, ,024 LIABILITIES CURRENT LIABILITIES Trade and other payables 59,161 45,061 Current tax liabilities 3,695 2,260 Employee benefit obligations 16,590 16,968 Advance deposits 32,811 25,053 TOTAL CURRENT LIABILITIES 112,257 89,342 NON-CURRENT LIABILITIES Borrowings B1 140, ,097 Deferred tax liabilities 91,169 87,844 Provisions 3,414 3,674 TOTAL NON-CURRENT LIABILITIES 234, ,615 TOTAL LIABILITIES 347, ,957 NET ASSETS 481, ,067 EQUITY Share capital B2 413, ,321 Other reserves 233, ,085 Accumulated losses (165,128) (179,339) TOTAL EQUITY 481, ,067 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 10 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2016 NOTES SHARE CAPITAL ATTRIBUTABLE TO OWNERS OF MANTRA GROUP LIMITED OTHER RESERVES ACCUMULATED LOSSES TOTAL EQUITY $ 000 $ 000 $ 000 $ 000 BALANCE AT 1 JULY , ,894 (189,736) 337,388 Profit for the half-year ,251 24,251 Other comprehensive income TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ,251 24,827 TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS: Issue of shares on Dividend Reinvestment Plan Issue of shares on share purchase plan Dividends paid B3 - - (13,368) (13,368) Employee share schemes value of employee services , (13,368) 1,369 BALANCE AT 31 DECEMBER , ,664 (178,853) 350,216 BALANCE AT 1 JULY , ,085 (179,339) 463,067 Profit for the half-year ,532 30,532 Other comprehensive income - 2,791-2,791 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - 2,791 30,532 33,323 TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS: Issue of shares on Dividend Reinvestment Plan B2 1, ,132 Issue of shares on share purchase plan B Dividends paid B3 - - (16,321) (16,321) Employee share schemes value of employee services Transaction costs arising on issue of shares (net of tax) (63) - - (63) 1, (16,321) (14,716) BALANCE AT 31 DECEMBER , ,158 (165,128) 481,674 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. MANTRA GROUP INTERIM REPORT 31 DECEMBER

14 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2016 HALF YEAR NOTES $ 000 $ 000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers (inclusive of goods and services tax) 371, ,722 Payments to suppliers and employees (inclusive of goods and services tax) (331,262) (290,433) 40,522 39,289 Transaction costs relating to business combinations A2 (922) - Interest received Interest paid (2,555) (2,873) Income taxes paid (12,255) (13,156) NET CASH INFLOW FROM OPERATING ACTIVITIES 25,142 24,055 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment C1 (7,833) (8,112) Payments of deposits for other acquisitions A3 (5,683) - Payments for intangible assets C2 (3,804) (3,535) Proceeds from sale of property, plant and equipment C Proceeds from sale of intangible assets C Payments for business acquisitions, net of cash acquired A2 (67,624) (98,406) NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES (84,716) (109,951) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issues of shares and other equity securities Proceeds from borrowings 15,000 55,000 Borrowing costs (63) - Dividends paid to Company s shareholders B3 (15,190) (12,567) NET CASH (OUTFLOW)/INFLOW FROM FINANCING ACTIVITIES (62) 42,807 NET INCREASE IN CASH AND CASH EQUIVALENTS (59,636) (43,089) Cash and cash equivalents at the beginning of the financial year 117,091 85,059 Effects of exchange rate changes on cash and cash equivalents (770) - CASH AND CASH EQUIVALENTS AT END OF PERIOD 56,685 41,970 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 12 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

15 Notes to the consolidated financial statements About this report Mantra Group Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is at Level 15, 50 Cavill Avenue, Surfers Paradise, QLD Its shares are listed on the Australian Securities Exchange ( ASX ). STREAMLINED FINANCIAL STATEMENTS In preparing these interim financial statements, we continue to adopt the same approach as the June 2016 annual financial statements. Our objective is to make Mantra Group's financial statements less complex, more relevant to security holders and provide readers with a clear understanding of what drives the financial performance and position of Mantra Group. We have grouped notes under four key headings: Results for the period; Funding the business; Operating assets; and Other information. SIGNIFICANT JUDGEMENTS AND ESTIMATES In the process of applying the Group s accounting policies, management has made a number of judgements and applied estimates of future events. Judgements and estimates which are material to the financial statements include: - Assessment of accounting treatment of property acquisitions (Note A2) - Assessment of the useful economic life of an asset or that an asset has indefinite life (Note C2) - Carrying value assessment of Property, Plant and Equipment and Intangible Assets (Note C3) KEEPING IT SIMPLE The keeping it simple explanations provide a high level overview of the accounting treatment of the more complex sections of the financial statements. The notes provide explanations and additional disclosure to assist readers understanding and interpretation of the financial statements and include information required by accounting standards or ASX Listing Rules. CORPORATE INFORMATION The financial statements of Mantra Group Limited ( the Company ) for the six months ended 31 December 2016 are for the consolidated entity consisting of the Company and its subsidiaries (together referred to as the Group or Mantra Group ). MANTRA GROUP INTERIM REPORT 31 DECEMBER

16 BASIS OF PREPARATION This interim financial report for the six months reporting period ended 31 December 2016 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this financial report is to be read in conjunction with the annual report of the Company for the year ended 30 June 2016 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act The financial report for the year ended 30 June 2016 is accessible at The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. The following standards will be applicable in future reporting periods and the Group will adopt the standards upon the operative date. AASB9 Financial Instruments (effective 1 January 2018) AASB15 Revenue from contracts with customers (effective 1 January 2018) AASB16 Leases (effective 1 January 2019) The Group is assessing the impact of these standards. The only one of these standards which is expected to have a significant impact on the results of the Group is AASB16 Leases as all operating leases are brought onto the balance sheet under the new standard. An update on the impact of the new standards will be provided in a future reporting period. 14 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

17 Notes to the consolidated financial statements A: Results for the period This section provides additional information about those individual line items in the financial statements that the directors consider most relevant in the context of the operations of the entity. A1 Segment information A2 Business combinations A3 Pre-acquisition deposits A1 SEGMENT INFORMATION KEEPING IT SIMPLE Segment reporting requires presentation of financial information based on the information that is internally provided to the Chief Executive Officer (CEO). The chief measure used by the CEO to monitor performance is EBITDAI. The four reportable segments of the business are as follows: Resorts - operates retreats and resorts in key leisure destinations, principally under Management Letting Right (MLR) agreements; CBD - operates properties in major cities throughout Australia, principally under Lease Rights (LR) agreements; Central Revenue and Distribution - operates the Group s in-house customer management and booking services, through which it earns fees from bookings made through its central reservation system. Management fees earned on properties under Management Agreements are also included in this segment; and Corporate - Revenue includes revenue received under Marketing Services Agreements. Costs include sales and marketing and head office costs. None of the segments included are aggregated segments and the operating segments are consistent with the financial report MANTRA GROUP INTERIM REPORT 31 DECEMBER

18 The segment information provided to the Chief Executive Officer for the reportable segments is as follows: HALF-YEAR DECEMBER 2016 RESORTS CBD CENTRAL REVENUE AND DISTRIBUTION CORPORATE TOTAL $ 000 $ 000 $ 000 $ 000 $ 000 Total segment revenue 163, ,808 28,250 11, ,299 Inter-segment revenue (34) (12) - (9,089) (9,135) REVENUE FROM EXTERNAL CUSTOMERS 163, ,796 28,250 2, ,164 UNDERLYING EBITDAI* 28,075 26,299 18,834 (14,502) 58,706 Transaction costs (1,692) (1,692) EBITDAI 28,075 26,299 18,834 (16,194) 57,014 HALF-YEAR DECEMBER 2015 Total segment revenue 125, ,459 23,054 10, ,859 Inter-segment revenue (16) (12) - (9,483) (9,511) REVENUE FROM EXTERNAL CUSTOMERS 125, ,447 23,054 1, ,348 UNDERLYING EBITDAI* 21,686 27,726 16,801 (12,992) 53,221 Transaction costs (4,816) (4,816) EBITDAI 21,686 27,726 16,801 (17,808) 48,405 *Underlying EBITDAI is EBITDAI excluding transaction costs of $1.7m (H1FY2016: $4.8m) incurred on business combinations (refer note A2). The transaction costs have been included in the corporate segment. REVENUE FROM EXTERNAL CUSTOMERS 7.9% 0.6% 7.5% 0.5% CBD CBD 45.8% 45.7% Resorts CR&D Corporate 51.2% 40.8% Resorts CR&D Corporate UNDERLYING EBITDAI EXCLUDING CORPORATE SEGMENT 25.7% 35.9% CBD Resorts 25.4% 41.9% CBD Resorts CR&D CR&D 38.3% 32.8% MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

19 OTHER SEGMENT INFORMATION SEGMENT REVENUE Sales between segments are carried out at arm s length and are eliminated on consolidation. The revenue from external parties reported to the Chief Executive Officer is measured in a manner consistent with that in the consolidated statement of comprehensive income. EARNINGS BEFORE INTEREST, TAX, DEPRECIATION, AMORTISATION AND IMPAIRMENT (EBITDAI) The Chief Executive Officer assesses the performance of the operating segments using EBITDAI. A reconciliation of underlying EBITDAI to statutory operating profit before income tax is provided as follows: HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 UNDERLYING EBITDAI* 58,706 53,221 Transaction costs (1,692) (4,816) Finance costs (net) (2,485) (2,439) Depreciation (6,843) (5,263) Amortisation (6,680) (5,809) Reversal of impairment 3,217 - PROFIT BEFORE INCOME TAX 44,223 34,894 *Underlying EBITDAI is EBITDAI excluding transaction costs of $1.7m (H1FY2016: 4.8m) incurred in the acquisition of properties during the period. Refer to note A2 for more detail. A2 BUSINESS COMBINATIONS SIGNIFICANT JUDGEMENTS AND ESTIMATES Assessment of the acquisition of properties as asset acquisitions or business combinations requires management judgement regarding the terms of the individual contract. The main impacts of the different accounting treatments are that if the transaction is accounted for as a business combination, the assets and liabilities acquired, as well as the consideration paid, have to be fair valued. Also the transaction costs incurred in respect of the business combination are expensed to the statement of comprehensive income. SUMMARY OF ACQUISITIONS CURRENT PERIOD During the interim reporting period, the Group completed three acquisitions which have been accounted for as business combinations. Details of these acquisitions are included below. ALA MOANA On 26 July 2016 Mantra Group acquired ALM Management Services LLC ( ALMMS ), (a limited liability company in Hawaii), which operates the Ala Moana Hotel, Honolulu ( Ala Moana ) and associated manager s lot real estate at Ala Moana which is held by ALM LLC (a related company of ALMMS). Details of the purchase consideration and the net assets acquired are as follows: $ 000 PURCHASE CONSIDERATION Cash paid 63,180 The contracted purchase consideration was US$52.5m, adjusted for any customary completion adjustments. The consideration paid was reduced as a result of liabilities of US$5.5m (A$7.4m) assumed by Mantra Group. The provisionally determined fair values of the assets and liabilities recognised as a result of the acquisition are as follows: MANTRA GROUP INTERIM REPORT 31 DECEMBER

20 FAIR VALUE $ 000 Inventories 265 Property, plant and equipment 37,020 Intangible assets 33,270 Trade and other payables (3,974) Provision for employee benefits (3,401) NET IDENTIFIABLE ASSETS ACQUIRED 63,180 Acquisition related costs of $1.1m in respect of this business combination are included in the consolidated statement of comprehensive income. These acquisition related costs include a realised foreign exchange loss of $0.8m arising on the translation of monies held in US dollars to settle the Ala Moana acquisition in July REVENUE AND PROFIT CONTRIBUTION The acquired business contributed revenue of $27.2m, EBITDAI of $4.3m and net profit after tax of $2.3m to the Group for the period from the date of acquisition to 31 December OTHER ACQUISITIONS During the interim reporting period the following other business combinations were completed. - On 31 August 2016 Mantra Group acquired the Management Letting Rights of Southport Central, a large-scale permanent rental business on Queensland s Gold Coast. - On 20 December 2016 the Group acquired the management letting rights business of The Observatory Hotel, Port Macquarie. The property has been rebranded Mantra Observatory. Details of the aggregated purchase consideration, the net assets acquired and goodwill are as follows: $ 000 PURCHASE CONSIDERATION Cash paid 12,786 The provisionally determined fair values of the assets and liabilities recognised as a result of the acquisitions are as follows: FAIR VALUE $ 000 Inventories 12 Intangible assets 10,930 Property, plant and equipment 150 Provision for employee benefits (58) Deferred tax liabilities (3,324) NET IDENTIFIABLE ASSETS ACQUIRED 7,710 Add: goodwill 5,076 NET ASSETS ACQUIRED 12,786 The goodwill has principally resulted from the recognition of a net deferred tax liability arising from the acquisition of intangible and tangible assets. The balance of goodwill is in respect of the potential for increasing rooms under management and synergies expected to arise by bringing these properties into Mantra Group s operating model. None of the goodwill is expected to be deductible for tax purposes. Acquisition related costs of $0.6m in respect of these transactions are included in the consolidated statement of comprehensive income. REVENUE AND PROFIT CONTRIBUTION The acquired businesses contributed revenues of $0.7m and net profit after tax of $0.3m to the Group for the period from the date of acquisition to 31 December If all of the acquisitions had occurred on 1 July 2016, consolidated revenue and consolidated net profit after tax for the half year ended 31 December 2016 would have been $362.9m and $31.3m respectively. These amounts have been calculated using the Group 18 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

21 accounting policies and by adjusting the results of the operations to reflect the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to land and buildings and intangible assets had applied from 1 July 2016, together with the consequential tax effects. PRIOR PERIOD During the prior interim reporting period, the Group acquired 9 properties. Details of these business combinations were disclosed in note A4 of the Group s annual financial statements for the year ended 30 June PURCHASE CONSIDERATION - CASH OUTFLOW HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 OUTFLOW OF CASH TO ACQUIRE BUSINESSES, NET OF CASH ACQUIRED Cash consideration in the period ended 31 December 67,624 98,700 Cash consideration in prior period ended 30 June ,342 - Cash consideration in the period ended 30 June ,717 75, ,417 LESS: BALANCES ACQUIRED Cash - (294) OUTFLOW OF CASH - INVESTING ACTIVITIES 75, ,123 A3 PRE-ACQUISITION DEPOSITS During the period Mantra Group signed three agreements to acquire management letting rights and management agreements, all subject to customary conditions, which required deposits to be paid. Deposits of $5.7m were paid during the period in respect of these acquisitions. MANTRA GROUP INTERIM REPORT 31 DECEMBER

22 Notes to the consolidated financial statements B: Funding the business Mantra Group focuses on maintaining a strong balance sheet through managing cash and debt levels. The funding strategy also considers the Group s expenditure, growth, and acquisition requirements, and the desire to return dividends to shareholders. This section provides more information on how the business is funded. B1 Net debt B2 Equity B3 Dividends B1 NET DEBT KEEPING IT SIMPLE The Group s objective is to manage cash and maintain an appropriate level of debt to fund operations and growth. 31 DECEMBER JUNE 2016 $ 000 $ 000 Cash and cash equivalents 56, ,091 Secured non-current borrowings (140,316) (125,097) NET DEBT (83,631) (8,006) On 14 October 2016, the Group entered into an interest rate swap contract with National Australian Bank Limited for $70m, fixing the interest rate on a portion of the Group s borrowing, in line with the Group s treasury policy. B2 EQUITY KEEPING IT SIMPLE Issued capital represents the amount of consideration received for securities issued by Mantra Group. When the Company issues its shares, the consideration for these shares, including any directly attributable incremental costs (net of income taxes) is recognised directly in equity. 20 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

23 SHARE CAPITAL 31 DECEMBER JUNE DECEMBER JUNE 2016 SHARES SHARES $ 000 $ 000 Ordinary shares - fully paid 297,206, ,751, , ,321 MOVEMENTS IN ORDINARY SHARE CAPITAL DETAILS NUMBER OF SHARES $ 000 Opening balance 1 July ,751, ,321 Issues of shares on Dividend Reinvestment Plan 376,093 1,132 Issue of shares on share purchase plan 78, Transaction costs arising on issue of shares (net of tax) - (63) BALANCE 31 DECEMBER ,206, ,644 ORDINARY SHARES Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Ordinary shares have no par value and the Company does not have a limited amount of authorised capital. B3 DIVIDENDS ORDINARY DIVIDENDS HALF YEAR $ 000 $ 000 Dividends paid during the half-year 16,321 13,368 DIVIDENDS NOT RECOGNISED AT THE END OF THE HALF YEAR HALF YEAR $ 000 $ 000 In addition to the above dividends, since the end of the half year, the Directors have recommended the payment of an interim dividend of 5.0 cents per fully paid ordinary share (2015: 5.0 cents), fully franked based on tax paid at 30%. The aggregate of the proposed dividend expected to be paid on 22 March 2017 out of retained earnings at 31 December 2016, but not recognised as a liability at the end of the half year is: 14,860 13,385 MANTRA GROUP INTERIM REPORT 31 DECEMBER

24 Notes to the consolidated financial statements C: Operating assets This section highlights the primary operating assets used to support the Group s operating activities. C1 Property, plant and equipment C2 Intangible assets C3 Carrying value assessment of intangible assets C1 PROPERTY, PLANT AND EQUIPMENT LAND AND BUILDINGS PLANT AND EQUIPMENT LEASEHOLD IMPROVEMENTS TOTAL $ 000 $ 000 $ 000 $ 000 AT 30 JUNE 2016 Cost 118,101 81,900 12, ,622 Accumulated depreciation (38,100) (47,874) (4,779) (90,753) Net book amount 80,001 34,026 7, ,869 HALF-YEAR ENDED 31 DECEMBER 2016 Opening net book amount 80,001 34,026 7, ,869 Exchange differences 1, ,606 Additions 178 6,494 1,161 7,833 Disposals - (233) - (233) Depreciation charge (1,461) (4,715) (667) (6,843) Acquisition of businesses 34,769 2,361-37,130 Closing net book amount 114,899 38,126 8, ,362 AT 31 DECEMBER 2016 Cost 154,480 90,360 13, ,624 Accumulated depreciation (39,581) (52,234) (5,447) (97,262) Net book amount 114,899 38,126 8, , MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

25 C2 INTANGIBLE ASSETS SIGNIFICANT JUDGEMENTS AND ESTIMATES Assessment of the useful economic life of an asset or that an asset has an indefinite life requires management judgement and are reassessed at each reporting date. If an asset s useful life was assessed to be shorter or longer than that disclosed, the amortisation expense for the period would be higher or lower, respectively. GOODWILL INTELLECT- UAL PROPERTY AND OTHER INTANGIBLES BRAND NAMES AND TRADEMARKS MANAGEMENT LETTING RIGHTS LEASE RIGHTS HOTEL MANAGEMENT RIGHTS TOTAL $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 AT 30 JUNE 2016 Cost 237,248 20,140 11, , ,592 25, ,900 Accumulated amortisation and impairment (119,670) (17,546) (1,001) (111,575) (41,030) (4,681) (295,503) Net book amount 117,578 2,594 10, , ,562 20, ,397 HALF-YEAR 31 DECEMBER 2016 Opening net book amount 117,578 2,594 10, , ,562 20, ,397 Additions - 1, ,500 3,803 Disposals - (76) (76) Exchange differences , ,206 Amortisation charge - (930) (1) (3,463) (1,882) (404) (6,680) Impairment reversal , ,217 Acquisition of businesses 5, , ,895 Closing net book amount 122,654 2,891 10, , ,680 22, ,762 AT 31 DECEMBER 2016 Cost 242,324 21,368 11, , ,102 28, ,352 Accumulated amortisation (119,670) (18,477) (1,003) (111,871) (39,422) (5,147) (295,590) Net book amount 122,654 2,891 10, , ,680 22, ,762 C3 CARRYING VALUE ASSESSMENT OF INTANGIBLE ASSETS KEEPING IT SIMPLE The Group tests property, plant and equipment and intangible assets for impairment to ensure they are not carried at above either the amount for which they could be sold (fair value less costs of disposal FVLCD ), or the amount they would generate by being used in the business (value in use). These tests are carried out: - At least annually for goodwill and brand names; and - Where there is an indication that the assets may be impaired (which is assessed at least each reporting date). SIGNIFICANT JUDGEMENTS AND ESTIMATES These calculations require the use of estimates and judgements regarding a number of items including forecast results, growth rates, discount rates and multiples applicable to each Cash Generating Unit ( CGU ). Such estimates are subject to change as a result of changing economic and operational conditions. Actual cash flows may therefore differ from forecasts and could result in changes in the recognition of impairment charges or credits in future periods. MANTRA GROUP INTERIM REPORT 31 DECEMBER

26 REVERSAL OF IMPAIRMENT Impairment losses recognised in prior periods for other assets are assessed at each reporting date for indications that the impairment loss has decreased or may no longer exist. The impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount of the asset and is reversed only to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of amortisation or depreciation, had not impairment losses been recognised. IMPAIRMENT TEST FOR MANAGEMENT LETTING RIGHTS, LEASE RIGHTS AND HOTEL MANAGEMENT RIGHTS As at the reporting date, to the extent that there are indicators of impairment or reversal of impairment, Management Letting Rights, Lease Rights and relevant Hotel Management Rights are tested for impairment or reversal of impairment at the individual property level which is the smallest identifiable group of assets which generates cash flows which are largely independent of each other. There was no impairment or reversal of impairment in H1FY2016. Where the recoverable amount is determined based on the FVLCD, the following key assumptions were used: Cash flow forecasts are based on the 2017 financial year budget approved by the Board. Cash flow forecasts are adjusted for an industry standard adjustment and multiplied by a multiple based on recent market transactions and industry views. This industry standard adjustment adjusts the forecast EBITDAI to reflect the property EBITDAI on a standalone basis. A multiple of between 3 and 6 was used. The reversal of impairment arose in respect of one property at half-year following a sustained increase in the EBITDAI used to determine the recoverable amount. The impairment reversal, basis of measurement of recoverable amount and recoverable amount of the CGU was as follows: DEC 2016 SEGMENT REVERSAL OF IMPAIRMENT FOR THE PERIOD BASIS OF MEASUREMENT OF RECOVERABLE AMOUNT RECOVERABLE AMOUNT $ 000 $ 000 MLR 341 Resorts 3,217 FVLCD 18,546 The FVLCD method of valuation would be categorised as a level 3 valuation in accordance with AASB 13 Fair Value Measurement. 24 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

27 Notes to the consolidated financial statements D: Other information This section of the notes includes other information that must be disclosed to comply with the accounting standards and other pronouncements or because it provides further information which may be useful for the users of the interim report. D1 Earnings per share D2 Income tax expense D3 Share based payments D4 Events occurring after reporting period D1 EARNINGS PER SHARE KEEPING IT SIMPLE Earnings per Share (EPS) is the amount of post-tax profit attributable to each share. UNDERLYING* EARNINGS PER SHARE HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 Total underlying* earnings per share attributable to the ordinary equity holders of the Group RECONCILIATION OF EARNINGS USED IN CALCULATING UNDERLYING* EARNINGS PER SHARE HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 Profit from continuing operations attributable to the ordinary equity holders of the Group used in calculating basic earnings per share 30,532 24,251 Transaction costs associated with business combinations net of tax 1,225 3,347 Profit from continuing operations attributable to the ordinary equity holders of the Group used in calculating underlying* earnings per share 31,757 27,598 MANTRA GROUP INTERIM REPORT 31 DECEMBER

28 Reconciliation of underlying* net profit after tax to statutory net profit after tax is provided as follows: HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 Underlying* net profit after tax 31,757 27,598 Transaction costs associated with business combinations (1,692) (4,816) Tax impact of transaction costs 467 1,469 Net profit after tax 30,532 24,251 *Underlying numbers are the statutory equivalent numbers excluding transaction costs of $1.7m (H1FY2016: $4.8m) incurred in respect of property acquisitions completed during the period. D2 INCOME TAX EXPENSE Income tax expense is recognised based on management s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the six-month period to 31 December 2016 is 31.0%, compared to 30.5% for the six months ended 31 December The increase in the effective tax rate results from the impact of the higher corporate tax rate in Hawaii. D3 SHARE BASED PAYMENTS This note provides an update on the Long Term Incentive Plan that was introduced in H1FY2016. KEEPING IT SIMPLE The share-based payments scheme described in this section was established by the Board to provide long-term incentives to the Group s senior executives based on shareholder returns taking into account the Group s financial and operational performance. Eligible executives may be granted performance rights on terms and conditions determined by the Board from time to time. The fair value of rights granted under the scheme is recognised as an employee benefit expense with a corresponding increase in equity. The Company provides benefits to employees under a Long Term Incentive Plan (LTIP) which are accounted for as share-based payments, whereby employees render services in exchange for rights over shares. The LTIP was implemented in November 2015 and continues in the current period. A description of the LTIP is included in the June 2016 annual report. YEAR GRANT DATE EXPIRY DATE EXERCISE PRICE BALANCE AT START OF THE YEAR GRANTED DURING THE YEAR EXERCISED DURING THE YEAR OTHER CHANGES DURING THE YEAR BALANCE AT END OF THE YEAR NUMBER NUMBER NUMBER NUMBER NUMBER Long Term Incentive Plan (2015) 26/11/15 25/11/19-301, ,328 Long Term Incentive Plan (2016) 17/11/15 16/11/ , , , , ,784 Fair value of options granted The assessed fair value at grant date of performance rights granted during the half year ended 31 December 2016 linked to the Company s TSR performance was $1.12 per performance right (2015: $1.785). The assessed fair value of performance rights linked to the Company s EPS performance was $3.22 (2015: $4.33). The fair value is independently determined using a Binomial Call Option Pricing Model which takes into account the exercise price, the term of the option, the impact of dilution (where material), the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk free interest rate for the term of the performance right and the correlations and volatilities of the peer group companies. The model inputs for performance rights granted during the half year ended 31 December 2016 included: performance rights are granted for no consideration and vest based on Mantra Group Limited s TSR ranking with a peer group of members of the S&P/ASX 200 Industrials Index during the performance period, Mantra Group Limited s EPS performance over three years and the continued employment of participants at specific dates. 26 MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

29 Exercise price: Grant date: 18 November 2016 Expiry date: 17 November 2020 Share price at grant date: $3.22 Expected price volatility of the company s shares: 30% to 40% Expected dividend yield: 3.6% Risk-free rate: 1.86% The expected price volatility is based on an analysis of the historical volatility of comparable companies and Industry Constituents adjusted for any expected changes to future volatility due to publicly available information. EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS Total expenses arising from share-based payment transactions recognised during the period as part of the employee benefit expense were as follows: Nil HALF YEAR 31 DECEMBER DECEMBER 2015 $ 000 $ 000 Long term incentive plan D4 EVENTS OCCURRING AFTER THE REPORTING PERIOD Refer to note B3 for details of the interim dividend recommended by Directors. No other matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods. MANTRA GROUP INTERIM REPORT 31 DECEMBER

30 Directors declaration In the Directors opinion: (a) (b) the interim report and notes set out on pages 10 to 27 are in accordance with the Corporations Act 2001, including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) giving a true and fair view of the consolidated entity s financial position as at 31 December 2016 and of its performance for the half-year ended on that date, and there are reasonable grounds to believe that Mantra Group Limited will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of Directors. Peter Bush Director Kerry Robert East Director Gold Coast 16 February MANTRA GROUP INTERIM REPORT 31 DECEMBER 2016

31 Independent auditor s review report to the members of Mantra Group Limited MANTRA GROUP INTERIM REPORT 31 DECEMBER

32 MANTRA GROUP INTERIM REPORT 31 DECEMBER

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