Posted - 26/08/2003 : 10:54:24 AM...

Posted - 26/08/2003 : 10:54:24 AM
-----------------------------------------

Preliminary lodgement with the AX ($NZ)

SKYCITY Entertainment Group Limited
Managing Director’s Review
Year Ended 30 June 2003
GROUP RESULT : KEY ELEMENTS
· Net Surplus After Tax of $107.2m up 26% on last year ($85.1m before nonrecurring items)

FINAL DIVIDEND FY03
· 26.0 cents per share (22.5cps 2002). Entitlement date 19 September. Payment date
3 October

KEY ELEMENTS OF THE FY03 PERFORMANCE
· Revenues up $46m
· Gross Margin up from 54% to 55%
· EBITDA up from 43% to 45%
· Net Surplus before tax up $29m
· Net Surplus after tax up from 17% to 19%

SKYCITY ENTERTAINMENT GROUP LIMITED KEY FEATURES OF FY03
· Revenues increased at Auckland, Adelaide, Queenstown, Canbet
· New revenue stream, Hamilton
· Cinema revenues up 5% at SKYCITY Leisure
· Margin gains in Auckland, Adelaide, Queenstown
· Strong first “year” (9.3 months) at SKYCITY Hamilton
· 26% increase in net surplus after tax

SKYCITY AUCKLAND
FY02 Result
· Strong result, growth continues, costs managed, margins maintained
· Revenues up 8% (+$27.2m)
- Gaming up 8% (+$23.0m)
- F&B up 10% (+$2.7m)
- Hotel & Conference up 7% (+$1.3m)
- Sky Tower up 7% (+$0.5m)
- Carparking up 1% (+$0.1m)
· Gross Margin up 0.5% points at 64% (+$19.8m)
· EBITDA up 0.6% points at 53% (+$16.6m)
· EBIT up 1.3% points at 46% (+$17.4m)

+++++++++++++++++++++++++++++++++++
Comment: My guided forecast was $108 mill. (see previous posts) and actual profit was $107.2 mill.

Gerry