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Macquarie Leisure Trust Group Annual Report 2007

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Macquarie Leisure Trust Group Annual Report 2007 MACQUARIE LEISURE TRUST GROUP ANNUAL REPORT 2007 Invest where you play Macquarie Leisure Trust Group today 66 leisure assets across Australia and offshore Financial performance % % $713 million 26 18 market capitalisation profit growth* distribution growth 10% 41% earnings per stapled total return for 12 months to security growth 30 June 2007 * Excludes unrealised gains/losses on financial instruments, property revaluations, straight-lining of fixed rent increases, performance fee, pre-opening costs, IFRS depreciation and one off due diligence costs on acquisitions not completed. Macquarie Leisure Trust Group is one of Australia’s most successful owners and operators of premium leisure assets including Dreamworld, d’Albora Marinas, AMF and Kingpin bowling, as well as a growing portfolio of family entertainment assets offshore. The Group is focused on leveraging these assets and businesses to deliver earnings and capital growth to its investors. Our specialised management expertise in this sector has continued to deliver strong returns and a solid platform for future growth. Performance highlights 2 – Bowling group 12 Independent audit report 110 Message from the chairman and – Main Event 14 Securityholder analysis 112 the chief executive officer 4 Board of directors 16 Distribution history 113 Operational businesses Management 18 Investor relations 114 – Dreamworld 6 Corporate governance 22 Macquarie’s suite of property trusts 116 – WhiteWater World 8 Director's report to securityholders 30 Corporate directory IBC – d’Albora Marinas 10 Financial report 47 Performance highlights Exceptional performance has delivered strong returns for investors N Total securityholder return of 41% for the 12 months to 30 June 2007 N Net profit grew 26% to $40.6 million* N Earnings per security increased by 10% to 19.45 cents* (up from 17.67 cents) N Distribution per security climbed 18% to 17.1 cents (up from 14.5 cents) N US based Main Event family entertainment centres in Texas successfully integrated with earnings up 24% on acquisition estimates N WhiteWater World developed on budget with trading ahead of expectations since opening N d’Albora Marinas expanded through the opening of the first stage of the Victoria Harbour marina in Melbourne’s Docklands and the expansion of Nelson Bay marina in New South Wales N In July 2007 announced the proposed acquisition of the Goodlife Health Club portfolio of 18 centres for $60 million, expected to be completed in September 2007 The Macquarie Real Estate advantage N Macquarie Leisure Trust Group is one of six listed property trusts and 19 unlisted property funds managed by Macquarie Real Estate and its associates. N Approximately $23 billion of real estate assets are managed by Macquarie Real Estate and its associates, across a portfolio of listed and unlisted property trusts, unlisted development funds and property investment syndicates, globally. N Macquarie Real Estate’s global platform encompasses over 530 real estate professionals operating in 10 countries. N Macquarie Real Estate’s expertise has been recognised internationally, winning six Liquid Real Estate Awards, in the 2007 Euromoney Real Estate Awards, a survey of the best real estate products and services, globally. The business has been voted No. 1 in Investment Management in Asia, Australia, China, Hong Kong, Singapore and the US. Macquarie in the community Macquarie Bank Limited has been involved in community giving since 1969 with the Macquarie Bank Foundation formally established in 1984. Over this time, Macquarie has supported many hundreds of organisations working to support and improve the communities in which we live and work. In the year to 31 March 2007, the Macquarie Bank Foundation and Macquarie staff contributed over $16 million in funding to more than 500 community organisations. In addition, Macquarie staff provided many hours of volunteer, pro bono and executive support to a wide range of not-for-profit organisations. For further information please go to http://www.macquarie.com.au/foundation. 2 * Excludes unrealised gains on financial instruments, property revaluations, straight-lining of fixed rent increases, performance fee, pre-opening costs, IFRS depreciation and one off due diligence costs on acquisitions not completed. Earnings per stapled security Distributions per stapled security cents cents 19.45 20 20 17.67 18 18 17.10 14.93 16 16 14.50 14 14 11.80 11.44 12 12 9.20 10 10 8 8 6 6 4 4 20042005 2006 20072004 2005 2006 2007 Accumulated returns 600 500 400 300 200 100 0 Jul 02 Jan 03 Jul 03 Jan 04 Jul 04 Jan 05 Jul 05 Jan 06Jul 06 Jan 07 Jul 07 Macquarie Leisure Peer index: 50% S&P/ASX 300 XPK Property Accumulation Index and 50% S&P/ASX 300 XSO Small Ordinaries Accumulation Index Key Macquarie Leisure statistics 2007 2006 Group performance Revenue from operating activities $247.5m $181.6m Rental income from investment properties $63.1m $54.8m Net profit before finance costs attributable to stapled securityholders $47.9m $38.0m Net Distributable earnings* $40.6m $32.2m Earnings per security* 19.45c 17.67c Securityholder returns Total distribution $36.8m $26.4m Distributions per security 17.1c 14.5c Tax deferred component 20.37% 34.60% Securityholder value Total assets $704.1m $458.3m Securityholders’ equity $490.4m $322.5m Net tangible assets per security** $1.97 $1.70 Gearing ratio*** 23% 19% Number of securities on issue 216,146,846 182,867,614 Number of securityholders 8,062 7,653 * Excludes unrealised gains on financial instruments, property revaluations, straight-lining of fixed rent increases, performance fee, pre-opening costs, IFRS depreciation and one off due diligence costs on acquisitions not completed. ** Net tangible assets per stapled security is $1.88 (2006: $1.63) after deducting the distribution in respect of the six months ended 30 June 2007 which was paid on 30 August 2007. *** Gearing ratio is 26% (2006: 22%) if the distribution paid on 30 August 2007 is included in the calculation. All figures as at 30 June of the relevant year and in Australian dollars unless otherwise specified. Macquarie Leisure Trust Group | Annual Report 2007 3 Message from the chairman and the chief executive officer Strong performance from each of the Group's businesses has delivered a year of record profit < Neil Balnaves Chairman > Greg Shaw Chief Executive Officer It is pleasing to report that Macquarie Leisure is also well The opening of WhiteWater World Macquarie Leisure has again positioned to deliver further organic on time and on budget was a delivered a record profit of growth from existing operations and substantial achievement for the $40.6 million, up 26% on last year’s to increase earnings through new management team given the result. developments within each of its specialised nature of the product operating divisions. and the stretched construction The Group's securityholders have market in South East Queensland. achieved a 41% total return for the The Group's major asset, The performance of the park since year as a result of distributions rising Dreamworld theme park, continues opening illustrates that the market 18% to 17.1 cents per security and to be a major contributor to Group responds well to innovative product continued growth in the Group's earnings and leads the way in the offerings and the Group will continue security price. introduction of new entertainment to reinvest in WhiteWater World to and thrill ride products to the Macquarie Leisure has matured as a maximise opportunities available Australian market. For the third year truly integrated leisure owner and through the park's unique co- running, the park was recognised as operator following the successful location advantage. Queensland’s best tourist attraction. acquisition of Main Event US Dreamworld boasts a unique blend d’Albora Marinas remains well Holdings Inc., in August 2006 and of entertainment, attractions and positioned to benefit from increased more recently its announcement in brand partnerships which will be participation by the Australian public July 2007 to acquire the Goodlife enhanced by the September launch in boating activities. As the country's Health Club portfolio. In addition to of the Mick Doohan motocoaster largest marina owner and operator, these strategic acquisitions, the ride. This ‘motocoaster’ is the first in the Group has secured prime Group’s largest development project, the world to feature life-size 500cc locations in Australia’s most popular WhiteWater World, opened on time racing bike replicas providing an recreational waterways this has and on budget in December 2006. exhilarating rollercoaster experience. underwritten steady growth in d’Albora earnings since acquisition of the business back in 2001. 4 Rushcutters Bay, NSW. The repositioning of tenpin bowling advanced and scheduled to open in Once again, we would like to thank in the Australian market through an October 2007. A further site in management and staff for their enhanced customer service offering Frisco, Dallas has been secured for a outstanding contribution to the and redevelopment of existing scheduled July 2008 opening. Group’s result. Macquarie Leisure facilities has helped drive revenues has substantially outperformed all Outlook and earnings growth. The peers and the Group is now refurbishment of Kingpin's flagship We believe the US market provides extremely well positioned to grow site at Crown Casino and the significant growth opportunities for both in Australia and offshore. We opening of new high profile sites at Macquarie Leisure and it is our also thank investors for their support Kingpin Harbourside and AMF intention to pursue the recruitment over the past year and again Strathfield in September 2007 are of senior management resources to encourage you to experience the anticipated to provide an additional provide greater 'on-the-ground' Group's assets through the investor revenue boost through these high capability in the world’s largest benefits program. volume locations.
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