DOCSLIB.ORG

2020 Interim Results Investor Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020 Interim Results Investor Presentation SkyCity Entertainment Group Limited 1H20 Result Investor Presentation 13 February 2020 rs : skvCITY Important ▪ Average NZ$ vs. A$ cross-rate for 1H20 = 0.9449 and 11—119 = 0.9291 ▪ Weighted average number of shares (excluding treasury stock) for 1H20 665,162,480 and Information 1HI9 = 676,386,477 ▪ Normalised revenue (incl Gaming GST) , calculated as gaming win (incl GST) plus non-gaming revenue (excl GST) , is shown to facilitate Australasian comparisons ▪ Normalised revenue and earnings adjusted for IB at the theoretical win rate of 1.35% versus an actual win rate of 1.43% in 1H20 (1H19: 0.98%) ▪ EBITDA margin is calculated as a % of revenue (incl Gaming GST) to facilitate Australasian comparisons ▪ Certain totals, subtotals and percentages may not agree due to rounding ▪ Refer to the FY19 Annual Report for a glossary of terms referenced in this presentation sIivCITY 2 Contents 1H20 Key Features 4 1H20 Results 6 Outlook 22 Group Strategy Update 23 Appendices 32 SIIV CITY 3 1H20 Key Features NZICC fire a disruptive event - business responded Adelaide expansion on-track - opening scheduled well, Fletcher Construction developing for October 2020 reinstatement plan Reported results significantly impacted by NZICC Offshore online casino successfully launched with fire and Auckland car park concession sale encouraging customer sign-ups in first 6 months Operating performance positive in NZ and Continued stable dividend (lOcps interim, satisfactory in Adelaide - weak performance for IB fully-imputed) - attractive cash yield of 5.6% (reflecting challenging environment) SIIV CITY 4 Coronavirus Impact - Current Perspectives ▪ Have been closely monitoring the coronavirus outbreak - currently no confirmed cases in NZ and two confirmed cases in South Australia ▪ No significant impacts evident for domestic businesses over the past three weeks • Some Auckland hotel cancellations, but offset by new bookings • Slight reduction in gaming visitation in Auckland and Adelaide - no discernible impact on EGMs but some softness in table games that may be related ▪ Negative impact on IB over Chinese New Year period • Some planned visits from key customers postponed or cancelled • Entry restrictions currently in place in NZ and Australia for Chinese nationals ▪ Too early and uncertain to estimate any future financial impacts - based on past precedents expect impacts to be temporary ▪ SkyCity’s customer is predominantly local with around 90% of Group normalised EBITDA derived from domestic businesses ▪ Estimate that less than 5% of Group normalised EBITDA (excluding IB) generated by China-based customers XIIVCITY 5 1H20 Results vL”i $IIV C I T Y ▪ Complex set of financial results for 1H20 ▪ Reported results significantly impacted by NZICC fire and gain from Auckland car park concession sale ▪ Normalised results adjust for impacts of NZICC fire, Auckland car park concession sale and certain others items (see pages 11-12 for more details) • Adjustments from reported to normalised results consistent with SkyCity's “Non-GAAP Financial Information Policy” ▪ Given structural changes during FY19 and 1H20 and the impact of NZICC fire, further like-for-like earnings comparisons are provided from normalised results in this presentation • Intended to enable a better understanding of underlying performance of the Group and key properties vs. pep and previous guidance (see page 14 for more details) • Like-for-like FY19 Group normalised EBITDA ($303m) and NPAT ($151m) comparatives were provided in FY19 Investor Presentation (14 August 2019) XIIVCITY 7 1H20 Results Overview 1H20 1H19 Movement $m $m $m % Reported Revenue 721.7 411.4 310.4 75.4% Reported EBITDA 407.5 148.3 259.2 174.7% Reported NPAT 328.0 82.8 245.2 296.0% Reported EPS 49.3cps 12.3cps 37.0cps 303.3% 1H20 1H19 Movement $m $m $m % Normalised Revenue (incl Gaming GST) (1) (2) (3) 490.9 532.9 ( 41.9) (7.9%) Normalised EBITDA(1) (2) 0) 153.3 171.7 (18.4) (10.7%) Normalised NPAT(1) (2) 0) 75.0 89.7 (14.7) (16.4%) Normalised EPS 11.3ps 13.3cps (2.0cps) (15.0%) Interim Dividend DPS lO.Ocps lO.Ocps O.Ocps 0.0% SIIVCITY (1) Darwin has been excluded from normalised results to aid comparability vs. pep - no change to 1H19 reported NPAT (2) See pages 11-12 for more details 8 (3) 1H20 normalised results not presented on a like-for-like basis vs. pep- see page 14 for more details 1H20 Revenue by Business 1H20 1H19 Movement $m $m % Properties (excl IB)(1) Auckland 305.6 307.7 (0.7%) Hamilton 34.1 31.6 8.0% Queenstown 7.1 6.5 8.1% Adelaide (A$) 77.4 77.9 (0.8%) Total Property Revenue (excl IB)(1) 428.6 429.8 (0.3%) Normalised IB Revenue 61.9 103.3 ( 40.1%) Online/E-sports 0.4 (0.2) Normalised Revenue(1) {2) 490.9 532.9 (7.9%) IB revenue adjustment131 (32.0) ( 44.7) Non-GAAP adjustments® 262.8 (76.8) Reported Revenue 721.7 411.4 75.4% skvCITY (1) Including Gaming GST (2) Darwin has been excluded from normalised results to aid comparability vs. pep 9 (3) See pages 11-12 for more details (4) Auckland revenue not adjusted for impact of NZIGG fire in 1H20 1H20 EBITDA by Business 1H20 1H19 Movement $m $m % Properties (excl IB) Auckland 137.4 138.0 (0.4%) Hamilton 14.9 14.0 6.2% Queenstown 1.5 1.2 21.9% Adelaide (A$) 12.8 12.4 2.9% Total Property EBITDA (excl IB) 167.4 166.6 0.5% Normalised IB EBITDA 8.2 24.7 (66.7%) Corporate Costs (18.9) (16.7) (13.6%) Online/E-sports/other (1.1) (1.0) 6) NZICC/Horizon Hotel/Adelaide Pre-Opening Costs (2.3) (2.0 ) (16.8%) Normalised EBITDA(2) 153.3 171.7 (10.7%) Non-GAAP adjustments535 254.2 (23.4) Reported EBITDA 407.5 148.3 174.7% SIIVCITY (1) Includes $800k of Intercompany costs required to be retained post sale of Darwin (2) Darwin has been excluded from normalised results to aid comparability vs. pep 10 (3) See pages 11-12 for more details Reported and Normalised Results (1 of 2) ▪ The differences between 1H20 reported and normalised information are summarised overleaf - refer to the appendix for more information on why these adjustments have been made ▪ 1H20 adjustments (from reported to normalised) • Treat IB commissions as an expense rather than reduction in revenue which reduces both reported revenue and operating expenses within IB (by $32.Om) - effectively reverses impact of IFRS 15 (Revenue from Contracts with Customers) • Add gaming GST ($48.0m) to reported revenue • Apply theoretical win rate of 1.35% for IB vs. actual win rate of 1.43% • Eliminate gain ($66.5m) arising from Auckland car park concession sale (completed in August 2019) • Eliminate net gain ($186.3m after tax) arising from impacts of NZICC fire ▪ 1H19 adjustments (from reported to normalised) • Treat IB commissions as an expense rather than reduction in revenue which reduces both reported revenue and operating expenses within IB (by $44.7m) - effectively reverses impact of IFRS 15 (Revenue from Contracts with Customers) • Add gaming GST ($48.8m) to reported revenue • Apply theoretical win rate of 1.35% for IB vs. actual win rate of 0.98% • Eliminate significant tax event - $3.9m settlement with ATO • Eliminate Darwin operations from normalised results XIIVCITY 11 Reported and Normalised Results (2 of 2) 1H20 1H19 Revenue EBITDA EBIT NPAT Revenue EBITDA EBIT NPAT $m $m $m $m $m $m $m $m Reported 721.7 407.5 366.0 328.0 411.4 148.3 107.7 82.8 IB revenue adjustment 32.0 44.7 Gaming GST 48.0 48.8 IB at theoretical win rate (3.7) 0.1 0.1 0.1 28.0 23.4 23.4 16.8 Gain on sale - Auckland car park (66.5) (66.5) (66.5) (66.5) Significant tax events (ATO) 3.9 NZICC fire impacts(1) (240.6) (187.7) (187.7) (186.3) Sale of Darwin (0.2) (14.0) Normalised 490.9 153.3 111.8 75.0 532.9 171.7 131.1 89.7 SIIVCITY (1) See page IS for more details 12 NZICC Fire Accounting Impacts for 1H20 Estimated Amount NZICC Fire Impacts ^ Comments 2) $m ^ Insurance recovery related to damage to NZICC/Horizon Hotel - required to be recognised as income as Contracts works insurance recovery 225.8 SkyCity is principal in insurance relationship Liquidated damages for Nelson St Damages provided in NZICC Building Works Contract for tunnel closure from date of fire to 20 10.3 tunnel access December 2019 Other recoveries for business interruption, initial site clearance costs and other assets destroyed (e.g. Other insurance recoveries 4.5 ICT) NZICC fire related income 240.6 Amount included in Income Statement Write-off of capitalised work-in-progress (101.8) Write-off of WIP PP&E asset - insurance event treated as disposal of damaged asset Release of Deferred Licence Value 85.4 Part of Deferred Licence Value liability released to offset write-off of disposed asset liability Obligation to reinstate NZICC car parks (28.7) Cost to reinstate 600 NZICC car parks already sold under finance lease to Macquarie Principal Finance Amount payable to contractor (2.5) Contractor costs for site clearance work to date NZICC fire related costs (47.5) Amount included in Income Statement Net gain in Income Statement 193.1 NZICC fire related income less costs (per above) Less: Business interruption recoveries (5.4) Minimum expected recoveries from insurance and contractor for business interruption EBITDA adjustment for NZICC fire Adjustment consistent with Non-CAAP Financial Information Policy, but does not capture all 187.7 impacts impacts from NZICC fire (see page 14 for more details) sIivCITY (1) Estimates of the NZICC fire impacts are based on initial assessments and may change materially as further information becomes available 13 (2) Also refer to notes 2(a), 6 and 7 in the interim financial statements 1H20 “Like-for-Like” Earnings Comparison ▪ As previously flagged, comparability of 1H20 earnings vs.
Load more

Recommended publications
  • Annual Report Year Ended 30 June 2019
    Annual Report Year Ended 30 June 2019 GENERAL Year in Review 4 Creating Value 6 Performance 8 Diversity Snapshot 12 Chair’s Review 14 Chief Executive Officer’s Review 15 Delivering Our Group Strategy 16 About SkyCity 24 Auckland 27 Hamilton 31 Adelaide 32 Queenstown 34 International Business 35 Our Risk Profile and Management 36 Our Board 40 Our Senior Leadership Team 44 SUSTAINABILITY Our Sustainability 48 Our Sustainability Pillars Our Customers 52 Our People 58 Our Communities 72 Our Suppliers 78 Our Environment 84 Independent Limited Assurance Statement 91 CORPORATE GOVERNANCE STATEMENT AND OTHER DISCLOSURES Corporate Governance Statement 92 Director and Employee Remuneration 104 Shareholder and Bondholder Information 118 Directors’ Disclosures 121 Company Disclosures 123 This annual report is dated 14 August 2019 and is signed on behalf of the Board of directors of SkyCity Entertainment Group Limited (SkyCity or the company and, together with its subsidiaries, the Group) by: FINANCIAL STATEMENTS Independent Auditor’s Report 127 Income Statement 134 Statement of Comprehensive Income 135 Rob Campbell Bruce Carter Balance Sheet 136 Chair Deputy Chair Statement of Changes in Equity 137 An electronic copy of this annual report is available in the Investor Centre section of the company’s Statement of Cash Flows 138 website at www.skycityentertainmentgroup.com Notes to the Financial Statements 139 Reconciliation of Normalised Results to Reported Results 174 GRI CONTENT INDEX 178 ABOUT THIS ANNUAL REPORT GLOSSARY 182 Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. DIRECTORY 183 Where appropriate, information is also provided in relation to activities that have occurred after 30 June 2019, but prior to publication of this annual report.
    [Show full text]
  • 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.
    [Show full text]
  • Annual Report Year Ended 30 June 2019
    Annual Report Year Ended 30 June 2019 WorldReginfo - 374462a8-a327-4b42-85f8-a42c8fd90e70 This annual report is dated 14 August 2019 and is signed on behalf of the Board of directors of SkyCity Entertainment Group Limited (SkyCity or the company and, together with its subsidiaries, the Group) by: Rob Campbell Bruce Carter Chair Deputy Chair An electronic copy of this annual report is available in the Investor Centre section of the company’s website at www.skycityentertainmentgroup.com ABOUT THIS ANNUAL REPORT Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. Where appropriate, information is also provided in relation to activities that have occurred after 30 June 2019, but prior to publication of this annual report. The non-financial information in this annual report has been informed by the principles and disclosures of the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards. Ernst & Young has undertaken limited assurance (in accordance with the International Standard on Assurance Engagements (New Zealand)) over disclosures associated with selected performance data included in the Sustainability section included in this annual report. A GRI reference index based on the GRI Sustainability Reporting Standards is included on pages 178–181 of this annual report. Normalised numbers are a non-GAAP financial measure. A reconciliation of reported and normalised earnings and description of the differences are provided on pages 174–177. WorldReginfo - 374462a8-a327-4b42-85f8-a42c8fd90e70
    [Show full text]
  • SKYCITY Entertainment Group Limited Annual Report 2003
    36120 Skycity Report Cover 24/9/03 9:40 AM Page 1 SKYCITY EntertainmentGroupLimitedAnnualReport2003 SKYCITY Entertainment Group Limited Annual Report 2003 Current and historical financial information, including financial statements, news releases and presentations, is available online at www.skycitygroup.co.nz Financial Summary PLAY: Amuse, entertain, enjoy, have fun! A vision to 'create fun and entertainment' for customers is $107.2 million net surplus after tax up 26% at the heart of every experience SKYCITY offers 2003 2002 Change(%) Sales Revenues $556m $510m +9% EBITDA* $252m $221m +14% * EBITDA: Earnings before interest, tax, † depreciation and Net Surplus after tax $107.2m $85.1m +26% amortisation † † before non-recurring item Earnings per Share 51cps 41.5cps +23% ‡ ‡ including special dividend of Dividends per Share 67cps 38cps +76% 20cps paid November 2002 • Superior pre-tax returns to SKYCITY • New product innovations and a continuously Highlights shareholders of 72.2% for the 2002/03 refreshed entertainment experience for financial year compared with the NZX50 customers at all SKYCITY properties continues average of 10.5% for the corresponding period to be the primary focus, leading to continuing • A record interim plus final dividend of 47 cents increases in revenues across the Group per share (cps) – up from 38cps in 2001/02 – Other highlights of the 2002/03 year included: increased to 67cps for the year, as a result • Cost management across the Group’s of the special dividend of 20cps paid in properties, resulting in improved
    [Show full text]
  • Market Release
    MARKET RELEASE 1 May 2020 Update on Impacts of COVID-19 SkyCity Entertainment Group Limited (SKC.NZX/SKC.AX) (“SkyCity”) announces the following update on the impacts of the current COVID-19 crisis. Operating Update New Zealand In New Zealand, all SkyCity properties continue to remain closed following the New Zealand Government’s decision to move to Alert Level 3 of the COVID-19 Alert system at 11.59pm on 27 April 2020. However, at Alert Level 3, SkyCity has recommenced work on various key development projects. This work was not permissible during the Alert Level 4 lockdown as all non-essential construction activity in New Zealand was not permitted under the order made under section 70 of the Health Act 1956. Key development projects reactivated by SkyCity this week include: • refurbishment of premium gaming rooms on Levels 8 and 9 of the main site in Auckland; • development of new food and beverage venues (to be called ‘Food Republic’) adjacent to the main casino floor in Auckland; • refurbishment of the Aces Bar, and creation of a new entertainment zone, on the main casino floor in Auckland; • ongoing refurbishment and maintenance works on the AA Building in Auckland; and • refurbishment of part of the main casino floor, including a new Baccarat area, in Hamilton. Work on the development of the All Blacks Experience and Weta Workshop attractions at the existing SkyCity Auckland Convention Centre has also resumed this week. An update on the New Zealand International Convention Centre and Horizon by SkyCity hotel project in Auckland is provided below. Whilst SkyCity’s properties remain closed at Alert Level 3 in New Zealand, authorised personnel are permitted on-site to prepare the businesses for re-opening.
    [Show full text]
  • Annual Report Year Ended 30 June 2021 Contents
    2021 Annual Report Year ended 30 June 2021 Contents GENERAL CORPORATE GOVERNANCE STATEMENT Report from the Chair and AND OTHER DISCLOSURES Chief Executive Officer 4 Corporate Governance Statement 128 About this Annual Report 9 Remuneration Report 138 Year in Review 10 Shareholder and Bondholder Information 150 Managing the Impacts of COVID-19 12 Directors’ Disclosures 153 Creating Value 16 Company Disclosures 155 Performance 20 An Award-Winning Business 22 FINANCIAL STATEMENTS Diversity Snapshot 24 Independent Auditor’s Report 159 Group Strategy 26 Income Statement 166 About SkyCity 34 Statement of Comprehensive Income 167 Auckland 36 Balance Sheet 168 Adelaide 40 Statement of Changes in Equity 170 Hamilton 44 Statement of Cash Flows 171 Queenstown 45 Notes to the Financial Statements 172 International Business 46 Index to the Notes to the Online 47 Financial Statements 218 Our Values 48 Refreshing Our Brand 49 RECONCILIATION OF NORMALISED Risk Profile and Management 50 RESULTS TO REPORTED RESULTS 219 Our Board 60 Our Senior Leadership Team 64 GRI CONTENT INDEX 223 GLOSSARY 227 SUSTAINABILITY DIRECTORY 228 Sustainability 70 Our Customers 78 Our People 88 Our Communities 102 Our Suppliers 108 Our Environment 116 Independent Limited Assurance Statement 126 ANNUAL MEETING The 2021 SkyCity Annual Meeting will be held virtually via an online platform on 29 October 2021 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. Report from the GENERAL Chair and Chief Impact of COVID-19 • COVID-19 continued to significantly impact Executive Officer the business and operations at each of SkyCity’s properties over the period.
    [Show full text]
  • 1 October 2003
    27 October 2015 ASX Market Announcements Australian Stock Exchange Exchange Centre Level 6 20 Bridge Street Sydney NSW 2000 Australia Dear Sir/Madam RE: SKYCITY ENTERTAINMENT GROUP LIMITED (SKC) SKYCITY appoints contractor for New Zealand International Convention Centre and Hobson St Hotel Please find attached our announcement relating to the above. Yours faithfully Peter Treacy Company Secretary For personal use only SKYCITY Entertainment Group Limited Federal House 86 Federal Street PO Box 6443 Wellesley Street Auckland New Zealand Telephone +64 (0)9 363 6141 Facsimile +64 (0)9 363 6140 www.skycitygroup.co.nz 27 October 2015 SKYCITY appoints contractor for New Zealand International Convention Centre and Hobson St Hotel SKYCITY has today announced the next major milestone in the development of the New Zealand International Convention Centre (NZICC) with the appointment of Fletcher Construction as the main contractor for the NZICC and Hobson St hotel projects. Please find attached a Media Release & Investor Presentation which provides further information and detail on the announcement. Nigel Morrison, Chief Executive Officer, and Rob Hamilton, Chief Financial Officer, of SKYCITY, intend to hold an analyst and investor teleconference call at 2pm NZT (12pm noon AEDT) today to discuss the key points of the announcement. There will also be a brief opportunity for questions during the call. You can participate in the call by dialling one of the following numbers: Location Number Location Number Location Number Australia 1800 801 825 Ireland
    [Show full text]
  • Auckland Business Events Guide 5.37MB
    AUCKLAND BUSINESS EVENTS GUIDE aucklandnz.com/meet Choose to have it all in Auckland, where world-class facilities, spectacular landscapes and city sophistication combine. TOP 10 FRIENDLIEST CITIES IN THE WORLD Condé Nast Traveler magazine’s Reader Choice Awards 2016 3rd MOST LIVEABLE CITY IN THE WORLD Mercer Quality of Living Survey 2017 Welcome from AUCKLAND CONVENTION BUREAU Kia ora and welcome to Auckland. Here in Auckland, we pride ourselves on helping business event organisers put together an unforgettable event, whether it is a conference, exhibition, meeting or an incentive group. Auckland is a creative, diverse and vibrant city, and continually ranks near the top in the world for quality of life. Auckland is already well-known as a stunning visitor destination, but it’s the region’s reputation in business and investment circles which is also helping to propel Auckland on an exponential growth trajectory. The expert team at Auckland Convention Bureau are here to assist organisers to deliver an unparalleled experience that is sure to surprise and delight delegates every step of the way. Whether it’s bidding to bring an international conference to Auckland, sourcing world-class conference facilities, hotel accommodation, providing inspiration to create memorable experiences, including award-winning dining and entertainment options, the team at Auckland Convention Bureau is here to support you, no matter what the size of your event is. From large scale international conferences to more intimate boutique experiences, Auckland can cater to all shapes and sizes. And our time and advice is also free. You can choose to have it all in Auckland so contact the team to discover what makes Auckland the smart choice for your next business event.
    [Show full text]
  • Annual Report 2015
    SKYCITY ENTERTAINMENT GROUP LIMITED ANNUAL REPORT YEAR ENDED 30 JUNE 2015 WorldReginfo - 162e44d5-61a1-47a2-83ff-78cfc59b7c77 CONTENTS GENERAL ANNUAL MEETING Chairman and Chief Executive Officer’s Review 4 The 2015 annual meeting of SKYCITY Entertainment Group Limited will be held on Friday 13 November 2015 in the Brand Campaign 12 SKYCITY Theatre, Level 3, SKYCITY Auckland, Corner of Sponsorship Highlights 13 Wellesley and Hobson Streets, Auckland, commencing at 10.00am (New Zealand time). New Zealand International Convention Centre 14 This report is dated 25 September 2015 and is signed on behalf SKYCITY – An Award-Winning Business 16 of the board of directors of SKYCITY Entertainment Group Corporate Social Responsibility 17 Limited by: Our Board 22 FINANCIAL STATEMENTS Chris Moller Bruce Carter Independent Auditors’ Report 26 Chairman Deputy Chairman Income Statement 28 Statement of Comprehensive Income 29 Balance Sheet 30 Statement of Changes in Equity 31 Statement of Cash Flows 32 Notes to the Financial Statements 33 Reconciliation of Normalised Results to Reported Results 67 CORPORATE GOVERNANCE STATEMENT AND OTHER DISCLOSURES Corporate Governance Statement 70 Shareholder Information 82 Director and Employee Remuneration 84 Directors’ Disclosures 85 Company Disclosures 88 Other Information 89 Directory 91 Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. An electronic copy of this annual report is available in the Investor Centre section of the company’s website at www.skycityentertainmentgroup.com.
    [Show full text]
  • Thursday, December 31, 2020 Home-Delivered $1.90, Retail $2.20 Highest Honour for Dame Anne Salmond
    TE NUPEPA O TE TAIRAWHITI THURSDAY, DECEMBER 31, 2020 HOME-DELIVERED $1.90, RETAIL $2.20 HIGHEST HONOUR FOR DAME ANNE SALMOND Dame Anne Salmond (main picture) has been named in today’s New Year’s Honours List as a Member of the Order of New Zealand. Other local recipients are Inspector Sam Aberahama (top right), Wayne Ngata (above, centre) and Vicki-Anne Heikell, all becoming members of the New Zealand Order of Merit, and Bill Burdett (above left), who receives a Queen’s Service Order. STORIES ON PAGES 4 AND 5 Dame Anne picture by Jane Ussher PAGE 3 SPECIAL WHERE IS 60TH FOR FIVE ARISE, SIR DAVE FLETCHER? DOBBYN: by Murray Robertson fringes of the R&V festival rural area around Waiohika NEW site and planned to cover a Estate to check their THE search for R&V wide area. outbuildings and generally YEAR’S festival-goer Fletcher Wong “We have about 40 people have a good look around their from Wellington was ramped involved in the search, own properties. up this morning as concern including police staff, SAR “We don’t know how far HONOURS grows for the teenager, who volunteers, Fletcher’s family, Fletcher may have walked has not been heard from in friends and others,” he said. from the venue and it would PAGES more than 48 hours. “We will also be using two be appreciated if rural 6, 8, 21 Police have again repeated drones to help with it. property owners in that area their plea for information “Fire and Emergency New could assist.” about his whereabouts.
    [Show full text]
  • Annual Report Year Ended 30 June 2021
    2021 Annual Report Year ended 30 June 2021 Contents GENERAL CORPORATE GOVERNANCE STATEMENT Report from the Chair and AND OTHER DISCLOSURES Chief Executive Officer 4 Corporate Governance Statement 128 About this Annual Report 9 Remuneration Report 138 Year in Review 10 Shareholder and Bondholder Information 150 Managing the Impacts of COVID-19 12 Directors’ Disclosures 153 Creating Value 16 Company Disclosures 155 Performance 20 An Award-Winning Business 22 FINANCIAL STATEMENTS Diversity Snapshot 24 Independent Auditor’s Report 159 Group Strategy 26 Income Statement 166 About SkyCity 34 Statement of Comprehensive Income 167 Auckland 36 Balance Sheet 168 Adelaide 40 Statement of Changes in Equity 170 Hamilton 44 Statement of Cash Flows 171 Queenstown 45 Notes to the Financial Statements 172 International Business 46 Index to the Notes to the Online 47 Financial Statements 218 Our Values 48 Refreshing Our Brand 49 RECONCILIATION OF NORMALISED Risk Profile and Management 50 RESULTS TO REPORTED RESULTS 219 Our Board 60 Our Senior Leadership Team 64 GRI CONTENT INDEX 223 GLOSSARY 227 SUSTAINABILITY DIRECTORY 228 Sustainability 70 Our Customers 78 Our People 88 Our Communities 102 Our Suppliers 108 Our Environment 116 Independent Limited Assurance Statement 126 ANNUAL MEETING The 2021 SkyCity Annual Meeting will be held virtually via an online platform on 29 October 2021 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. Report from the Chair and Chief Executive Officer The 2021 financial year was a challenging one for SkyCity – responding to external events arising from the COVID-19 pandemic, opening the Adelaide expansion in an uncertain environment and running the business in a volatile operating and regulatory landscape.
    [Show full text]
  • FY09 Interim Report
    SKYCITY Entertainment INTERIM Group Limited RePORT 2009 CONTENTS Highlights 01 Chief Executive’s Review 02 Financial Statements 08 Directory 28 A full copy of the FY09 Interim Result presentation can be found in the Investor Centre on our company website (www.skycityentertainmentgroup.com). HIGHLIGHTS + Normalised net profit of $55.6 million, steady with last year’s $55.9 million + Reported net profit of $54.8 million, up on last year’s $1.3 million (after Cinemas write-off) + Auckland gaming strategies gaining traction. Gaming machine revenues for the 3 months ended February 2009 up 4% compared to the three months ended February 2008 + Adelaide revenues and EBITDA up + Darwin revenues up. Gaming floor extension and new facilities now open + Cinemas and Auckland hotel and convention revenues up + Tight control of capital expenditure + Strong balance sheet with sound debt profile + Dividend/distribution policy reviewed in light of prudent capital management KEY FINANCIAL UNDERLYING RESULTS 1H09 1H08 MOVEMENT $M $M $M % Group Revenues 422.1 410.0 12.1 3.0% Normalised EBITDA 149.7 152.0 (2.3) (1.5%) Reported NPAT 54.8 1.3 53.5 – Normalised NPAT 55.6 55.9 (0.3) (0.5%) Normalised revenues and earnings adjusted international business to theoretical return win rate SKYCITY ENtertaiNMENT GROUP LIMITED PAGE 1 / Interim Report 2009 CHIEF EXECUTIVE’S REVIEW Dear Shareholder SKYCITY has weathered the financial climate relatively well over the past six months. Adjusting for non-recurring items and international business to the theoretical win rate, underlying net profit for the half year to 31 December 2008 was steady at $55.6 million, compared to $55.9 million last year.
    [Show full text]