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 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. |
Profits personalNet 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
ForPeriod 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 2nd 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
REEF CASINO TRUST
Chairman's review (continued)
Key points (continued)
onlyEarnings before interest, tax, depreciation and amortisation (EBITDA) and impairment
Period 1 January to 31 December 2021
Trust balance sheet
useThe 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 personal10 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-19impacts 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.
For3 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
REEF CASINO TRUST
Chairman's review (continued)
Financial summary onlyPeriod 1 January to 31 December 2021
REVENUE AND OTHER INCOME
Rental revenue
Other revenue and interest income Total revenue and other income
useEXPENSES Operating
Depreciation and amortisation Total expenses
Distributable profit* before impairment of property, plant and equipment and finance1 costs attributable to unitholders
Finance costs1 attributable to unitholders personalImpairment 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
Forauditor's report for the year ended 31 December 2021 on page 42.
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Reef Casino Trust published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 21:54:52 UTC.
