REEF CASINO TRUST r personal use only
2021
ANNUAL REPORT &
FINANCIAL STATEMENTS
ARSN 093 156 293
TABLE OF
CONTENTS
Chairman's Review
Directors' Report
Statement of Profit or Loss and Other Comprehensive Income
onlyStatement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Direct rs' Declaration Independent Auditor's Report Auditor's Independence Declaration
useCorporate Governance Statement S curities Exchange Information Tru t Directory
Mu t See Must Visit
personalCasino Porte Cochère
REEF CASINO TRUST
1 Annual General Meeting AGM 27 May 2022 at 2 pm
11 The Reef Hotel Casino
35-41 Wharf Street Cairns
-
Cairns Qld Australia
Unit Distribution - Half year ended 31 December 2021 17.29 cents per unit
- Payment date - 9 March 2022
Total for 2021 - 29.58 cents per unit
21
Announcement Dates
22
Half year ending 30 June 2022
40 Estimated distribution mid June 2022 Results late August 2022
41
Half year ending 31 December 2022
44 Estimated distribution mid December 2022 Results late February 2023
45
53
55
57
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CHAIRMAN'S
REVIEW
Dear Unitholders,
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 COVID-19.
• Unit distribution of 17.29 cents per unit declared for 2nd 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.
Pr fits | ||||
only | 2021 | 2020 | 2019 | |
$mil | $mil | $mil | ||
Net profit/(loss) | 7.361 | (.209) | 3.335 | Trust delivered a strong result in 2021 |
Add back "finance costs" | 7.361 | 4.587 | 3.336 | Distributions classified as "finance costs" |
Add back impairment of property, plant and | - | 19.374 | - | Reversed in 2nd half 2020 |
equipment | ||||
Deduct reversal of impairment of property, | - | (18.894) | - | |
plant and equipment | ||||
Distributable profit*/(loss) | 14.722 | 4.858 | 6.671 | Total profit available for distribution |
Unit distribution | ||||
use | 2021 | 2020 | 2019 | |
cents | cents | cents | ||
Period 1 July to 31 December | 17.29 | 9.76 | 10.60 | |
Period 1 January to 30 June | 12.29 | 0.00 | 3.04 | |
Tot l | 29.58 | 9.76 | 13.64 | |
J nu ry 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. | ||||
Ear ings before interest, tax, depreciation and amortisation (EBITDA) and impairment | ||||
personal |
Peri d 1 January to 31 December 2021
Tru t balance sheet
The T ust's balance sheet remains healthy. The Trust's cash position continues to be positive and the Trust has adequate wo king capital.
1 r
CHAIRMAN'S REVIEW | CONTINUED
Key points (continued)
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 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.
onlyLocal and domestic markets held up well. Since just before Easter, Cairns saw a return of interstate visitors in good numbers 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 G vernment 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.
use3 July 2020 - Reopening of the Reef Hotel Casino
The R ef 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.
personalCasino Table Gaming
2 REEF CASINO TRUST
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CHAIRMAN'S REVIEW | CONTINUED
Financial summary
Period 1 January to 31 December 2021
REVENUE AND OTHER INCOME
Rental revenue
Other revenue and interest income onlyTotal revenue and other income
EXPENSES
Operating
Depreciation and amortisation
Total expenses
Distributable profit* before impairment of property, plant and equipment and finance costs1 attributable to unitholders
Finance costs1 attributable to unitholders Impairment of property, plant and equipment
useR v rsal of impairment of property, plant and equipment
PROFIT/(LOSS) FOR THE PERIOD
Earnings/(loss) per unit
Distribution per unit
2021 | 2020 | 2019 |
$mil | $mil | $mil |
26.760 | 15.553 | 18.898 |
.114 | .110 | .162 |
26.874 | 15.663 | 19.060 |
7.353 | 6.382 | 7.174 |
4.799 | 4.423 | 5.215 |
12.152 | 10.805 | 12.389 |
14.722 | 4.858 | 6.671 |
7.361 | 4.587 | 3.336 |
- | 19.374 | - |
- | (18.894) | - |
7.361 | (.209) | 3.335 |
Cents | Cents | Cents |
per unit | per unit | per unit |
29.56 | (0.84) | 13.40 |
29.58 | 9.76 | 13.64 |
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.
* B sis of preparation: Distributable profit is a non-IFRS measure that is determined in accordance with the Trust Constitution
nd used as the basis for determining distributions to unitholders. Distributable profit is determined as net profit for each | |
h lf 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 41. | |
personal | |
ANNUAL REPORT 2021 | 3 |
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Reef Casino Trust published this content on 20 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2022 23:17:00 UTC.
