SkyCity Entertainment Group (SKC) AGM 2024 summary

Opening remarks and agenda

• The meeting was convened with confirmation of a quorum, allowing both in-person and virtual participation, and included instructions for voting and Q&A procedures.

• The agenda featured addresses from the Chair, CEO, and Transformation Sub-Committee Chair, a performance review, subcommittee updates, resolutions, Q&A, and meeting closure.

Financial performance review

• FY2024 saw challenging trading conditions, with reported revenue at $928.5m, underlying revenue at $959.6m (0.3% YoY increase), group EBITDA down 8% to NZD 278 million, and net profit after tax at NZD 123 million.

• Reported NPAT was ($143.3)m, underlying NPAT $123.2m; reported EBITDA $138.2m, underlying $277.8m.

• Non-gaming revenue grew due to increased visitation and new hospitality offerings, while electronic gaming machine revenue declined.

• Adelaide's EBITDA rose 11% to AUD 36.5 million despite lower total revenues, aided by cost-out initiatives.

• Net debt stood at $663m with a leverage ratio of 2.3x, and refinancing extended maturities to 2027.

Board and executive committee updates

• The board underwent a full refresh, adding directors with risk expertise and establishing a dedicated Risk and Compliance Committee.

• New CEO and CFO were appointed, with new leadership in key roles including a Chief Risk Officer.

• The Board Transformation Subcommittee was established to oversee the multi-year transformation program.

• Board members include Julian Cook (Chair), Donna Cooper, David Attenborough, Chad Barton, Kate Hughes, and Glenn Davis.