Slide 1: Reef Casino Trust – Year ended 31 December 2005
REEF CASINO TRUST Year ended 31 December 2005
Slide 2: Headlines
Headlines > Another year of profit growth (up 10.1%) > Increase in cash distribution to unitholders declared (up 31.3%) > “Higher level” cash distribution to commence in 2006
Slide 3: Profit
Profit > Net profit $14.8 million (2004: $13.4 milion) >Up 13.4% (after adjusting for one-offs) >» Before AIFRS basis / like for like basis
Slide 4: Full Year Results
Full Year Results > Trust revenues 4.4% [5.7%] » Trust expenses 4.5% > EBITDA 5.7% [8.4%]
Slide 5: Full Year Results (before AIFRS)
Full Year Results (before AIFRS) 2005 2004 2003 $000 $000 $000 Revenue Rental Income 22,478 21,640 19,436 Other Income 492 369* 207 Total revenue 22,970 22,009 19,643 Total expenses 8,195 8,584 8,535 Underlying profit before 14,775 13,425 11,108 AIFRS Earnings per share 29.7 cents| 27.0 cents | 22.3
Slide 6: Distribution to Unitholders
Distribution to Unitholders > 10.5 cents per unit for six months to 31 December 2005 31.3% compared to same period 2004 >“Tax deferred” basis
Slide 7: Distributions for 2005, 2004 and 2003
Distributions for 2005, 2004 and 2003 2005 2004 2003 Cents per unit | Cents per unit | Cents per unit First half year 8.50 7.25 6.00 Second half 10.50 8.00 7.25 year Total 19.00 15.25 13.25 Special 18.00 - - Grand Total 37.00 15.25 13.25
Slide 8: "Higher Level" cash distribution strategy and policy
“Higher Level” cash distribution strategy and policy >» Determined at each half year by Board. » Distribute 100% of distributable profits. >Make additional distributions from undistributed income account.
Slide 9: "Higher Level" cash distribution strategy and policy
“Higher Level” cash distribution strategy and policy >» Payout percentage could be higher than 100% of profit > Expected to be “tax deferred” for 3-4 years > Effective from 1st half year 2006
Slide 10: Strong Balance Sheet
Strong Balance Sheet >Reef Hotel Casino asset value - $131 million > Total assets - $139 million > External borrowing $16.5 million >» Now “interest only” »Cash flow improve by $2.5 million p.a.
Slide 11: Total Trust Revenue
19.6 Total Trust Revenue (Operating revenue) — Ss Dec 2008 Dec 2004 Dec 2003 Year ended Dec 2002 Dec 2004 6 oH $ Dec 2000
Slide 12: Total Trust Distribution
19.00 Total Trust Distribution {excluding special distribution) 20 Ss 2 8 S 8 RE = ay & 2 noe Ee 2 o a § 8 > ; ® a & = 3 a ; 8 a 2 g 2 a 2 g a 2 8 2 2 @ e® 8 2 N 6 yun sed sqjuay
Slide 13: Trust Net Profit
Trust Net Profit pro-AIFRS 14.8 8.2 187 14 12 10 Dee 2002 Dec 2003 Dee 2004 Dae 2005 Year ended Dee 2004 Dee 2000
Slide 14: Reef Hotel Casino
Reef Hotel Casino >Visitors 1.3 million 4.1% Source > Overseas 25% (Japan, SE Asia, China) >» SEQ/NSW/Vic 25% »Far North Qld 50%
Slide 15: Reef Hotel Casino
Reef Hotel Casino Cairns’ Biggest & Premier Leisure & Entertainment Complex
Slide 16: Reef Hotel Casino
Reef Hotel Casino Seorrret Reer Casino CAIRNS “fi _ ye vO" CASINO SPORTZ. Accor premiere A RE N A vacaTionctealy teneing
Slide 17: CAIL Accor (ACI) Corporate Structure
CAIL ACCOR (ACI} CORPORATE STRUCTURE (12,500,000) (12, Soo, 000) 50% \ l 50% CAIH CAIL ACCOR (AC!) PUBLIC 100% = 50.2% 10.75% 5.53% 4.86% 28.66% 49,801,036 25,000,000 5,355,117 2,755,715 2,421,803 14,268,401 REEF CASINO TRUST REEF CORPORATE SERVICES LTD RESPONSIBLE ENTITY 50% 50% Centre Operatirlg C
Slide 18: Reef Hotel Casino
Reef Hotel Casino > Table games drop (revenue steady) » Gaming machines revenue >» Room revenue > Food revenue >» Beverage revenue >» Conference sales 12.3% 4.7% 3.0% 10.2% 6.1% 16.0%
Slide 19: Reef Hotel Casino Outlook
Reef Hotel Casino Outlook >First 2 months 2006 above 2005 >» Revenue growth in overseas & domestic markets »Full schedule of promotions & entertainment >» Strategy for new “Smoking” legislation in Queensland
Slide 20: Reef Casino Trust Outlook
Reef Casino Trust Outlook > Hopes to post further profit growth > New “higher level” cash distribution for unitholders
Slide 21: We are proud to be One Complex, One Team, One Success
We are proud to be One Complex, One Team, One Success
Slide 22: We are proud to be the best place to visit in Cairns
We are proud to be The best place to visit in Cairns for Smokers and Non Smokers | °- alike.
Slide 23: We are proud to be Cairns' biggest & premier entertainment complex
We are proud to be Cairns’ biggest & ° Premier Entertainment) * >: & Leisure Complex