Reef Casino Trust · ASX:RCT
Reef Casino Trust — H1 2008 Earnings Presentation
15 slides from Reef Casino Trust's earnings presentation, Aug 20, 2008
Slide 1: Reef Casino Trust Half-year ended 30th June 2008
REEF CASINO TRUST For personal use only Half-year ended 30th June 2008
Slide 2: Key Points
Key Points For personal use only • Distributable profit up 27.8% (‘Like for like’ basis up 38%) • Strong operating performance at Reef Hotel Casino • Distribution of 10.5 cents per unit (tax deferred)
Slide 3: Half-Year Profit
Half - Year Profit For personal use only 2008 2007 $’000 $’000 Revenue Rental Income 11,027 9,333 Other Income 165 195 Total revenue 11,192 9,528 Total expenses 6,186 5,610 Profit 5,006 3,918 Earnings per unit 10.1 cents 7.9 cents
Slide 4: Half-Year Profit
Half - Year Profit For personal use only • Rental revenue – up 18.2% • Operating costs – well controlled (increase due to higher interest rates) • Depreciation / Amortisation – higher due to increased property value
Slide 5: Distribution to Unitholders
Distribution to Unitholders For personal use only 1st Half Cents per unit “Normal” distribution of 100% of 10.05 distributable profits From undistributed profits 0.45 account Total 10.50 Balance in ‘undistributed income’ $2.65 million
Slide 6: Balance Sheet
Balance Sheet For personal use only • Remains robust • Bank loan unchanged at $16.5 million. • Low gearing / bank debt level • $2 million overdraft facility, unused to date
Slide 7: Economic Factors – Cairns & North Queensland
Economic Factors – Cairns & For personal use only North Queensland • Strong AUD$ – Negative impact on in-bound international tourism – Japanese arrivals down • High fuel prices, interest rates, inflationary concerns – Interstate & intrastate tourism flat.
Slide 8: Reef Hotel Casino Highlights
Reef Hotel Casino For personal use only Highlights • Casino visitations – over 590,000 (down 5.2% same period ’07) – But higher revenue per visitation
Slide 9: Casino Key Points
Casino Key Points For personal use only • Table Games – Revenue up 37.1% – “Drop” steady • Electronic Gaming Machines – Revenue up 2% – “Handle” up 6.7%
Slide 10: Casino Key Points
Casino Key Points For personal use only • Special air charters from Asia • Introduction of newest and latest Electronic Gaming Machines • Best Player Club Program
Slide 11: Hotel Key Points
Hotel Key Points For personal use only • Room revenue down 8.3% • Fewer Japanese tourists • Higher food and beverage input costs • Alternate markets; price increase
Slide 12: Capital Projects / Investment
Capital Projects / For personal use only Investment • Exterior building completely repainted – Ongoing program in place - next 5 years • Swimming Pool – rebuilt • Enhancements / Refurbishments include – Flinders Bar & Grill complete makeover – Casino complex entrances – major renovation
Slide 13: 2nd Half 2008
2nd Half 2008 For personal use only • Japan flights reduction – Not expected to negatively affect Japanese tourism much further. • Other than Japan, some growth from other markets including China • Cairns is amongst top Australian population growth cities.
Slide 14: Trust Outlook
Trust Outlook For personal use only • 2nd half similar to last year. • Overall, 2008 better than 2007
Slide 15: Reef Hotel Casino
For personal use only Reef Hotel Casino