SKC - 2022 ANNUAL MEETING OF SHAREHOLDERS AND TRADING UPDATE

Friday 28th October 2022

Pursuant to NZX Listing Rule 3.19.2, please find attached copies of the following prepared addresses to be delivered at the company’s 2022 Annual Meeting of shareholders today:

(a) Chair of the SkyCity Entertainment Group Board’s Address;

(b) Chief Executive Officer’s Address;

(d) Chair of the Audit Committee’s Address;

(e) Chair of the People and Culture Committee’s Address;

(f) Chair of the Risk and Compliance Committee’s Address.

These documents will be available on the company’s website at https://www.skycityentertainmentgroup.com/investor-centre/financial-information/reports-presentations/2022 together with a recording of the Annual Meeting later today.

Trading Update

A trading update is included on pages 4 and 5 of the Chief Executive Officer’s Address as outlined below:

“We have had a strong start to the year, with revenue and EBITDA exceeding our internal expectations. We achieved Group normalised EBITDA in Q1 FY23 approximately 10% above pre COVID-19 levels on a like-for-like basis, which excludes discontinued businesses.

The domestic consumer environment remains robust and, despite an uncertain economic environment emerging, the properties are benefiting from operating without restrictions, and ongoing growth in domestic visitation. New Zealand performance is being driven by a stronger than anticipated recovery of hospitality revenues, and positive local gaming performance, particularly from gaming machines in Auckland and Hamilton.

We have seen a positive start to the year in Adelaide achieving its highest revenue result yet in the first quarter.

Whilst we have had a strong start to the financial year, and the outlook from an international tourism perspective looks positive, we are cautious on extrapolating Q1 performance at this time to the full financial year outlook given the global economic uncertainty, and how this will impact the domestic economies in which our businesses operate.

Due to the uncertainty around the potential adjustments required as part of SkyCity’s accounting processes, SkyCity is unable to provide an update for Q1 FY23 for reported (statutory) results at this time.”

Comments from our readers

No comments yet