Skyline Enterprises Limited Registered Office Address Lakeland House 34 Camp Street Queenstown Directors THOMAS, Barry Charles WALKER, Morris William HENSMAN, Grant Hylton MATTHEWS, Kenneth John HENSMAN, Phillip John COBURN, Michael Owen Background Incorporated: 19-APR-1966 A tourist attraction and casino operator with around 500 shareholders. Major Shareholders Grant, Hylton, & Mavis Hensman - 29.1% Lois Gill - 18.1% Sharon Thomas - 14.6% John Grant & NZ Guardian Trust - 13.8% Hensman-MacDonald Ltd - 13.5% David & Elizabeth Luke, Grant Hensman - 10.6% Note: The above shareholders hold 99.7% of SLE stock. Shares on Issue 9,688,866 Ownership Restrictions None Known Share Registry P.O. Box 64 Queenstown Website www.skyline.co.nz News ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 23rd May 2003 - NBR Personal Investor SKYLINE LIFTS TOURISM ACT By Chris Hutching Queenstown-based public unlisted Skyline Enterprises has produced another bumper result, shaming rivals such as listed Tourism Holdings, which recently announced a profit downgrade. Skyline's pre-tax profit was well up at $14.7 million ($12.3 million last year), and after providing for tax of $3.3 million ($2.7 million), the net operating surplus for the group was $11.4 million ($9.6 million) for the year ended March. Total revenue from all sources was $36 million ($31 million) up 16%. The share price is trading at $4-4.50, equating to market capitalisation of about $120 million. By contrast, Tourism Holdings has three times the capital base but its market capitalisation is $90 million on the current share price of 90c. It expects to post an after-tax profit of $6-8 million on revenue of about $150 million. THL has blamed the Iraq war and Sars for the downturn. But in Queenstown and Rotorua where Skyline operates, the tourist numbers remained buoyant during summer and the resort towns were going through the traditionally quiet pre-winter phase so the effect of international events was difficult to predict, Skyline chairman Barry Thomas said. The Queenstown Skyline, complex had a record number of passengers (527,000, up 4%) and luge numbers almost the same as last year. Skyline's Queenstown accommodation properties Blue Peaks Lodge and Mountain View Lodge lifted occupancy and profitability. Leisure Lodge Dunedin contributed solidly. Earlier in the year Skyline told shareholders about the sale of Mountain View Lodge and it is expected after adjustments for valuation and depreciation this will result in a capital profit to the group of about $9.5 million. Skyline Skyrides Rotorua set another record profit, with gondola numbers up 11% and luge rides at just under 800,000, up 12% ahead of last year. Dividends from the company's substantial inves tments in Christchurch Casinos, Crowne Plaza Hotel Christchurch and Dunedin Casino increased to $4.8 million ($3.7 million.) Directors intend recommending a dividend of 18c a share (14c last year) requiring $6 million ($4.7 million), a similar percentage payout to last year. Mr Thomas said Skyline's Canadian luge venture at Mt Tremblant was well under construction, with an opening date expected in early June. Skyline and Ngai Tahu are partners in a controversial $80 million gondola proposal between Queenstown and Milford Sound and they will decide this year if they intend to proceed. European manufacturers are interested in the project, which would be the longest gondola in the world at 12.6km. Skyline has appointed two associate directors, one of them Mr Thomas' son, Richard, who is the general manager of Mountain Scene newspaper (a private venture of Mr Thomas') and Jamie Luke, an accounting executive with Ernst & Young. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 30 May 2002 - NZUM Skyline Enterprises today announced a before tax profit of $12.3 million for the year to March 31. After tax profit was $2.7 million which is an increase on last year's $2.1 million. A dividend of 14c per share is expected to be recommended by directors. Skylines' AGM will be on 24th August. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Friday 15th June 2001 - NBR Personal Investor, by Chris Hutching Queenstown-based Skyline Enterprises has produced another strong profit result for the year ending March but warned yesterday that prospects are hard to gauge in the light of recent disruption to airline services. Skyline chairman and Queenstown millionaire Barry Thomas said the $7.1 million profit ($6.5 million last year) after allowing for tax of $2.1 million and abnormals was particularly pleasing while allowing for about $1 million to be spent on refurbishing various properties during the year. Total revenue from all sources was up 16% at $28.3 million for the public unlisted company, which has about 500 shareholders. This was achieved because of the larger number of tourists who helped boost performance of Skyline's accommodation properties in Queenstown and Dunedin and to a lesser extent Rotorua. Blue Peaks Lodge, Mountain View Lodge and Leisure Lodge are undergoing a $3.5 million refurbishment, which is dampening profitability from those operations. Another slight dampener in profit terms was the opening of the new $14 million Sky Alpine Casino in Beach St, Queenstown, late last year in competition with the already established Wharf Casino, a joint venture with Sky City. Many commentators in the town believe there is only enough business for one casino. "Like any new business the casino will take time to establish and the pre-opening and establishment costs take time to absorb," Mr Thomas said. A key tenant in the new casino is New Zealand's first Hard Rock Cafe which officially opens in a couple of weeks but has already been serving locals. Skyline is developing 34 apartments on the Blue Peaks site in Queenstown and about a third of them have been sold at prices from $300,000 to $360,000. Mr Thomas said Skyline might retain about 10 of the apartments. Skyline's other investments in Christchurch Casinos, Parkroyal Hotel Christchurch and Dunedin Casino performed to budget and contributed to dividends received by the company of $3.2 million (($2.7 million last year). The company's gondola complex at Queenstown enjoyed an increase in patronage of 16% with a total of 487,000 passengers taking the ride. Mr Thomas said the company was in a good position for strong performance this year but there were some questions arising from the instability of airline services. Skyline is also involved in a controversial gondola development with Ngai Tahu. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Friday, October 27, 2000 - NBR Briefs Joint venture partners Sky City and Skyline Enterprise said their new Queenstown casino development will be known as the Sky Alpine Queenstown casino. It is due to open on Dec 8. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~