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Reef Casino Trust : Appendix 4E and full year financial report
Reef Casino Trust : Appendix 4E and full year financial
About this update from Reef Casino Trust
REEF CASINO TRUST ARSN 093 156 293 APPENDIX 4E only Preliminary final report given to the ASX under listing rule 4.3A This report is based on the attached accounts that have been audited and are not subject to any dispute or qualification. Reporting period Previous corresponding period Financial year ended 31 December 2021 Financial year ended 31 December 2020 use 1. RESULTS FOR ANNOUNCEMENT TO THE MARKET Revenue from ordinary activities Up 71.6% from to $26,874,000 $15.663 mil Profit/(Loss) from ordinary activities after income tax attributable Up 3622.0% from to $7,361,000 to members -$209K Net profit/ (Loss) for the period attributable to members Up 3622.0% from to $7,361,000 personal -$209K Distributable profit* Up 203.0% from to $14,722,000 $4.858 mil * Basis of preparation: Distributable profit is a non-IFRS measure that is determined in accordance with the Trust Constitution and used as the basis for determining distributions to unitholders. Distributable profit is determined as net profit for the half year, adding back distributions to unitholders which have been treated as finance costs in accordance with IFRS. The distributable profit has been audited by Grant Thornton Audit Pty Ltd. Refer to the auditor's report for the year ended 31 December 2021 on page 42 of the attached. 2. DISTRIBUTIONS For the 6 months ended 31 December 2021 17.29 cents per unit Record date for determining entitlements to distribution 31 December 2021 For 3. NET TANGIBLE ASSETS PER UNIT (NTA backing) Previous Current corresponding period period Net tangible asset backing per unit (NTA backing) 1 $1.38 $1.29 1 Excludes Right-of-use assets. 4. EXPLANATIONS Additional 4E disclosures and other significant information can be found in the attached financial report for the year ended 31 December 2021. ANNUAL GENERAL MEETING The annual general meeting will be held on 27 May 2022 at the Reef Hotel Casino, 35-41 Wharf Street, Cairns Qld 4870. use only For personal ARSN 093 156 293 Financial, Directors' and Auditor's Reports December 2021 REEF CASINO TRUST Chairman's review Dear Unitholders, only On behalf of the Board of Directors of Reef Corporate Services Limited, Responsible Entity of the Reef Casino Trust (the Trust), I present my review of the Reef Casino Trust for the financial year ended 31 December 2021. Key points The Trust can report a strong full year result despite 2021 being the second year impacted by use COVID-19. Unit distribution of 17.29 cents per unit declared for 2 nd half, for a total 2021 distribution of 29.58 cents per unit. Healthy balance sheet. Management and staff of Reef Hotel Casino handled the challenges posed by COVID-19 well. Profits personal Net profit/(loss) Add back "finance costs" Add back Impairment of property, plant and equipment Deduct reversal of impairment of property, plant and equipment Distributable profit*/(loss) Unit distribution For Period 1 July to 31 December Period 1 January to 30 June Total 2021 2020 2019 $mil $mil $mil 7.361 (.209) 3.335 Trust delivered a strong result in 2021 7.361 4.587 3.336 Distributions classified as "finance costs" - 19.374 - Reversed in 2 nd half 2020 - (18.894) - 14.722 4.858 6.671 Total profit available for distribution 2021 2020 2019 cents cents cents 17.29 9.76 10.60 12.29 0.00 3.04 29.58 9.76 13.64 January to June 2020 was the first time in the last 21 years that no distribution was declared for any 6-month period due to COVID-19. 1 The Trust's cash position continues to be positive and the Trust has 12.133 9.471 19.617 2019 $mil 2020 $mil 2021 $mil REEF CASINO TRUST Chairman's review (continued) Key points (continued) only Earnings before interest, tax, depreciation and amortisation (EBITDA) and impairment Period 1 January to 31 December 2021 Trust balance sheet use The Trust's balance sheet remains healthy. adequate working capital. Novel Coronavirus Pandemic (COVID-19) COVID-19 impacts in 2021 The Reef Hotel Casino, located in Cairns stayed open throughout this period except for 3 days between 8 August and personal 10 August inclusive due to Queensland Government mandated COVID-19 lockdown. It operated under varying restrictions as imposed by the Queensland Government. The Reef Hotel Casino traded strongly throughout the year. Local and domestic markets held up well. Since just before Easter, Cairns saw a return of interstate visitors in good umbers with some impact from the Melbourne, Sydney and Greater Brisbane lockdowns at various times during the year. In the last quarter, interstate visitors eased off due to imposition of and delayed lifting of Queensland border restrictions and then due to increased COVID-19 cases in Australia. International borders remained closed. The result partly reflects a degree of short-term trading variability in table gaming. COVID-19 impacts in 2020 23 March 2020 to 2 July 2020 - Shut down of Reef Hotel Casino The Reef Hotel Casino, specifically the casino and food and beverage outlets, were shut down as directed by the Queensland Government from 23 March 2020, with hotel rooms following soon after. This shut down period represented 55% of the first half year of 2020 during which time there was essentially no revenue at the Reef Hotel Casino complex. The Federal Government's JobKeeper program meant that while most staff were stood down, there were no redundancies. For 3 July 2020 - Reopening of the Reef Hotel Casino The Reef Hotel Casino reopened for trading on 3 July 2020 and remained open and operational for the rest of 2020. The Reef Hotel Casino traded strongly during this period. 2 Cents per unit (0.84) 9.76 Cents per unit 13.40 13.64 Cents per unit 29.56 29.58 3.335 (.209) 7.361 (18.894) - - - 19.374 - 4.587 3.336 7.361 4.858 6.671 7.353 4.799 12.152 14.722 6.382 4.423 10.805 19.060 7.174 5.215 12.389 15.553 .110 15.663 18.898 .162 2021 $mil 26.760 .114 26.874 2020 mil 2019 $mil REEF CASINO TRUST Chairman's review (continued) Financial summary only Period 1 January to 31 December 2021 REVENUE AND OTHER INCOME Rental revenue Other revenue and interest income Total revenue and other income use EXPENSES Operating Depreciation and amortisation Total expenses Distributable profit* before impairment of property, plant and equipment and finance 1 costs attributable to unitholders Finance costs 1 attributable to unitholders personal Impairment of property, plant and equipment Reversal of impairment of property, plant and equipment PROFIT/(LOSS) FOR THE PERIOD Earnings/(loss) per unit Distribution per unit 1 Under Australian Accounting Standards the first 50% of distributable profit is treated as "finance costs attributable to unitholders", with the remaining 50% treated as profit. * Basis of preparation: Distributable profit is a non-IFRS measure that is determined in accordance with the Trust Constitution and used as the basis for determining distributions to unitholders. Distributable profit is determined as net profit for each half year, adding back distributions to unitholders which have been treated as finance costs in accordance with IFRS. The distributable profit has been audited by Grant Thornton Audit Pty Ltd. Refer to the For auditor's report for the year ended 31 December 2021 on page 42 . 3 This is an excerpt of the original content. To continue reading it, access the original document here .