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Annual Report Year Ended 30 June 2020

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Annual Report Year Ended 30 June 2020 Annual Report Year Ended 30 June 2020 Contents GENERAL CORPORATE GOVERNANCE STATEMENT 4 Chair’s Review AND OTHER DISCLOSURES 6 Chief Executive Officer’s Review 123 Corporate Governance Statement 9 About this Annual Report 134 Remuneration Report 10 Year in Review 145 Shareholder and Bondholder Information 12 Creating Value 148 Directors’ Disclosures 16 Performance 149 Company Disclosures 18 Diversity Snapshot 21 Group Strategy FINANCIAL STATEMENTS 29 About SkyCity 156 Independent Auditor’s Report 31 Auckland 164 Income Statement 34 Hamilton 165 Statement of Comprehensive Income 37 Adelaide 166 Balance Sheet 39 Queenstown 168 Statement of Changes in Equity 41 International Business 169 Statement of Cash Flows 43 Online 170 Notes to the Financial Statements 45 Risk Profile and Management 53 Our Board 224 RECONCILIATION OF NORMALISED RESULTS 56 Our Senior Leadership Team TO REPORTED RESULTS SUSTAINABILITY 228 GRI CONTENT INDEX 63 Sustainability 69 Our Customers 232 GLOSSARY 79 Our People 233 DIRECTORY 93 Our Communities 101 Our Suppliers 111 Our Environment 120 Independent Limited Assurance Statement ANNUAL MEETING Due to the ongoing impacts of COVID-19, the 2020 SkyCity Annual Meeting will be held virtually via an online platform on 16 October 2020 commencing at 1.00pm (New Zealand time). Instructions and further details on how shareholders can participate in the virtual Annual Meeting will be included in the Notice of Meeting. 3 Chair’s Review The 2020 financial year was a tough one for SkyCity and its stakeholders. The external events which impacted the year are well known and the financial performance of the company reflects those events. It also reflects a great deal of skill, energy and support from our stakeholders across the board to react to those events. We have maintained a strong asset, people, and capital base and barring further negative external events SkyCity will recover and grow. The accounting and financial report on a year with these shock events is inevitably complex. In this report, and in our wider commentary on the business, we endeavour to provide clear information and guidance to enable investors and other stakeholders to genuinely understand the past, current and future of SkyCity. • in the course of this, we have prudently The key events of the year, though well known to all restructured our funding, including raising new readers of this annual report, may be summarised equity to manage ongoing commitments and for the record as: operating risk; • the ongoing delay to completion of the • the important SkyCity Adelaide expansion New Zealand International Convention project has moved towards substantive Centre and Horizon Hotel project was deeply completion effectively within the planned time exacerbated by the fire. The immediate impact and budget. While this is an impressive facility, its of the fire was effectively managed by our economic performance will not meet the original people, as was the return to operations across expectations when it was launched in 2018. the Auckland site. The reestablishment of work Accordingly, we have been required to impair the and a path to completion have also been difficult investment to reflect a realistic current value; and tasks with effective progress made; • we have successfully launched an online casino • COVID-19 halted our business at every location. business which is already a good contributor Our people have effectively managed operations to the Group financially and provides a good during restrictive periods and with greater base for participation in this growing part of the operating freedom when pandemic regulations casino business globally. allowed. But our operations and results across Obviously from such a momentous year there are the Group will continue to reflect a more difficult learnings. For the SkyCity Board, the important environment for some time; immediate learnings are: • we have had no option, despite much • to recognise the resilience of the core gaming appreciated Government support for our people business in each area where we hold a licence during the COVID-19 crisis, but to substantively and to ensure that we maintain our presence, restructure our business to meet this more quality of service, financial control and host difficult environment; responsibility/harm management processes at the highest level; 4 SkyCity Entertainment Group Annual Report Year Ended 30 June 2020 GENERAL • the importance of maintaining a strong balance responding supportively. Finally, to those vital sheet and operating the business to provide people who make it all work – our customers in sustainable returns to investors; the casinos in person or online, in our hotels and meeting rooms, in our restaurants, bars, Sky Tower • to keep a strong focus on disciplined capital and other facilities – our warm appreciation and allocation and not to make allocations which do ongoing welcome. not fully reflect an appropriate return adjusted for the risks involved; and • to conduct the business holistically within the terms of the sustainability framework for SkyCity Rob Campbell which is detailed elsewhere in this annual report. Chair, SkyCity Entertainment Group A few comments on the outlook for the current financial year, comments which must reflect a high degree of uncertainty given the global environment: • SkyCity can operate under current trading conditions, but at present we do not have an operating model which can optimise the business to previous levels without a recovery in the economy and international tourism, including our International Business and convention travel. So, while on our current outlook we can expect continuity and some growth, there is something of a holding position across several aspects of our business; and • this means that, in this period, the SkyCity Board and management are fully directed towards efficient completion of committed projects, improving the quality and efficiency of operating our existing facilities, and being well prepared equally to react to further adverse external events and to take any genuine opportunities which arise in the markets where we are present. I wish to thank my fellow directors for their assiduous attention to their duties over this difficult time, our management team for their skill and commitment in meeting some most unusual challenges with aplomb, our people working in the business (including those who have had to leave in the restructuring) for what they have contributed to keeping us all going and able to continue with confidence, and to our external stakeholders for Chair's Review 5 Chief Executive Officer’s Review The year under review has been extremely complex and challenging for SkyCity. It commenced with good momentum with our operations trading at record levels (at a revenue level) until October 2019, when a significant fire broke out on the roof of the New Zealand International Convention Centre site. Fire and emergency crews battled over several days to bring the fire under control with the fire causing significant disruption to the Auckland CBD, including an unprecedented three-day closure of the entire SkyCity Auckland precinct. The SkyCity Board and management team were still focused on dealing with the impacts of the fire when the COVID-19 pandemic emerged in early 2020, culminating in the mandated closure of SkyCity’s properties in New Zealand and Adelaide on 23 March 2020 following announcements by the New Zealand and Australian Governments. been aided by Government responses in the form of wage subsidies and other assistance measures. We were able to reopen our New Zealand properties Our core domestic gaming business is resilient and on 14 May 2020 (with the exception of Wharf Casino has returned to being cash positive and profitable. in Queenstown which currently remains closed), The other aspects of our business that are more albeit initially with reduced operating hours and reliant on international visitors (including VIP subject to restrictions on mass gatherings and gaming, hotels and restaurants) will clearly only fully physical distancing requirements. Our Adelaide recover when country borders reopen. Our domestic property was able to reopen on 29 June 2020 businesses have recovered more quickly than as part of the South Australian Government’s anticipated when open and, if we can sustain this, three-stage approach to easing the COVID-19 the business is not under threat and can wait it out restrictions. Then, from 12–30 August 2020, until the world recovers. our Auckland casino and entertainment facilities were closed again and physical distancing and Fortunately, development work on the hygiene requirements were reinstated at our SkyCity Adelaide expansion and hotel projects Hamilton and Queenstown properties when the and associated master planning projects was COVID-19 Alert Level increased to Alert Level 3 able to continue over the period – these projects in Auckland and to Alert Level 2 for the rest of continue to progress very well and remain New Zealand following a new outbreak in the on-budget and on-time, with the SkyCity Adelaide Auckland community. expansion and Eos by SkyCity, the new 120-room luxury hotel, due to open before the end of 2020. An unprecedented number of significant strategic Work recommenced in late May 2020 on the decisions and actions have had to be taken to New Zealand International Convention Centre and mitigate the impacts of these events: Horizon Hotel projects following the move to Alert • significant operational effort has gone into Level 3 of the COVID-19 Alert system in New Zealand closing and reopening our properties with and we now expect Horizon Hotel to be delivered rigorous health and safety measures in place; during 2021 and the New Zealand International Convention Centre to be completed during 2023. • we rapidly restructured our New Zealand workforce, downsizing it by around 25% to The capital raising announced in June 2020 ensures ensure SkyCity is positioned to be sustainable as that our major construction projects remain fully a smaller domestically focused business; and funded and that we are also able to continue with smaller projects that will enhance operations.
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