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 online participation, and included instructions for voting and Q&A procedures.

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

Financial performance review

• FY24 reported revenue was $928.5m, underlying revenue $959.6m, with a 0.3% YoY increase.

• Underlying group EBITDA was $277.8m, down 8% from the prior year; reported EBITDA was $138.2m.

• Reported NPAT was ($143.3)m, underlying NPAT $123.2m; net profit after tax was $123m.

• Net debt stood at $663m, with a leverage ratio of 2.3x EBITDA and significant funding headroom.

• No dividends declared for FY2024 and FY2025 due to economic and regulatory impacts and prudent capital management.

Board and executive committee updates

• New CEO and CFO appointed, with new leadership in Adelaide and a new Chief Risk Officer.

• Board refreshed with directors possessing specialist risk expertise; Board comprises Julian Cook (Chair), Donna Cooper, David Attenborough, Chad Barton, Kate Hughes, and Glenn Davis.

• Board Risk and Compliance Committee and Board Transformation Subcommittee established to oversee transformation and compliance.