SKYLINE ENTERPRISES ANNUAL REPORT 2018

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SKYLINE ENTERPRISESANNUAL REPORT2018

SKYLINE ENTERPRISES · BLUE PEAKS LODGE · BLUE PEAKS APARTMENTS· MERCURE DUNEDIN LEISURE LODGE · CHRISTCHURCH CASINO ·SKYLINE QUEENSTOWN · SKYLINE ROTORUA · O’CONNELLS PAVILLION· THE HELICOPTER LINE · GLACIER HELICOPTERS · MITRE PEAK CRUISES· WANAKA FLIGHTSEEING · MILFORD SOUND SCENIC FLIGHTS · SKYLINELUGE CALGARY · SKYLINE LUGE MONT TREMBLANT · SKYLINE LUGEQUEENSTOWN · SKYLINE LUGE ROTORUA · SKYLINE LUGE SENTOSA ·SKYLINE LUGE TONGYEONG · CHALLENGE RAFTING · QUEENSTOWNCOMBOS · HARRIS MOUNTAIN HELI-SKI · SKYLINE ENTERPRISES · BLUEPEAKS LODGE · BLUE PEAKS APARTMENTS · MERCURE DUNEDINLEISURE LODGE · CHRISTCHURCH CASINO · SKYLINE QUEENSTOWN ·SKYLINE ROTORUA · O’CONNELLS PAVILLION · THE HELICOPTER LINE ·GLACIER HELICOPTERS · MITRE PEAK CRUISES · WANAKA FLIGHTSEEING· MILFORD SOUND SCENIC FLIGHTS · SKYLINE LUGE CALGARY ·SKYLINE LUGE MONT TREMBLANT · SKYLINE LUGE QUEENSTOWN ·SKYLINE LUGE ROTORUA · SKYLINE LUGE SENTOSA · SKYLINE LUGETONGYEONG · CHALLENGE RAFTING · QUEENSTOWN COMBOS ·HARRIS MOUNTAIN HELI-SKI · SKYLINE ENTERPRISES · BLUE PEAKSLODGE · BLUE PEAKS APARTMENTS · MERCURE DUNEDIN LEISURELODGE · CHRISTCHURCH CASINO · SKYLINE QUEENSTOWN · SKYLINEROTORUA · O’CONNELLS PAVILLION · THE HELICOPTER LINE · GLACIERHELICOPTERS · MITRE PEAK CRUISES · WANAKA FLIGHTSEEING · MILFORDSOUND SCENIC FLIGHTS · SKYLINE LUGE CALGARY · SKYLINE LUGEMONT TREMBLANT · SKYLINE LUGE QUEENSTOWN · SKYLINE LUGEROTORUA · SKYLINE LUGE SENTOSA · SKYLINE LUGE TONGYEONG ·CHALLENGE RAFTING · QUEENSTOWN COMBOS · HARRIS MOUNTAINHELI-SKI · SKYLINE ENTERPRISES · BLUE PEAKS LODGE · BLUE PEAKSAPARTMENTS · MERCURE DUNEDIN LEISURE LODGE · CHRISTCHURCHCASINO · SKYLINE QUEENSTOWN · SKYLINE ROTORUA · O’CONNELLSPAVILLION · THE HELICOPTER LINE · GLACIER HELICOPTERS · MITREPEAK CRUISES · WANAKA FLIGHTSEEING · MILFORD SOUND SCENICFLIGHTS · SKYLINE LUGE CALGARY · SKYLINE LUGE MONT TREMBLANT· SKYLINE LUGE QUEENSTOWN · SKYLINE LUGE ROTORUA · SKYLINELUGE SENTOSA · SKYLINE LUGE TONGYEONG · CHALLENGERAFTING · QUEENSTOWN COMBOS · HARRIS MOUNTAIN HELI-SKI

S K Y L I N E E N T E R PR I S E S L I M I T E D A N D I T S SU B S I D I A RY CO M PA N I E SA N N UA L R E P O R T 2018DIRECTORYBOARD OF DIRECTORS:NOTICE OF MEETING:Mark Quickfall (Chairman)Jan N Hunt (Deputy Chair)Grant H HensmanRichard B ThomasDonald N JacksonSarah C OttreyThe Directors of Skyline Enterprises Limitedrequest the pleasure of your attendance atthe 51st Annual General Meeting of theCompany to be held in the functions area ofSkyline Queenstown, on 22 September 2018,at 5.30pm and afterwards as their guest fordrinks and hors d’oeuvres.CHIEF EXECUTIVE OFFICER:ORDINARY BUSINESS:Geoff McDonaldSkyline Enterprises Subsidiary Boards of Directors,Senior Management and Company contact detailsare available on www.skylineenterprises.co.nzCHARTERED ACCOUNTANTS:McCulloch & Partners,Level 2, 11-17 Church Street, QueenstownAUDITORS:Crowe Horwath New Zealand Audit PartnershipSHARE REGISTRAR:Computershare Investor Services LimitedPrivate Bag 92119, Auckland 1142Enquiries: 0064 9 488 Bank of New ZealandSOLICITORS:Chapman Tripp, ChristchurchMacTodd, QueenstownTodd & Walker Law, Queenstown1. The election of Directors. In accordance with theCompany Constitution Mr Mark Quickfall andMr Richard Thomas retire from the Board and byrotation and being eligible, offer themselves forre-election2. Directors’ Fees. To approve Directors’ Fees of fivehundred and forty five thousand dollars ( 545,000)per annum from 1 April 2018.3. To record the reappointment of the Auditors MessrsCrowe Horwath New Zealand Audit Partnershipand to authorise the Board to fix their remunerationfor the ensuing year.4. To transact any other business that may properly betransacted at the meeting.BY ORDER OF THE BOARD:M J Harris for Secretaries, Queenstown, 24 July 2018.PROXIES:All shareholders of the Company are entitled to attendand vote at the meeting and are entitled to appointa proxy to attend and vote for them instead. A proxyneed not be a member of the Company. A proxyform is enclosed and, if used, must be lodged at theRegistered Office of the Company not less than48 hours before the time for holding the meeting.REGISTERED OFFICE:McCulloch & Partners,Level 2, 11-17 Church Street, QueenstownSHARE TRADING & PRICEINFORMATION:Efficient Market Services LimitedPO Box 3156, Wellington 6140www.unlisted.co.nz3

S K Y L I N E E N T E R PR I S E S L I M I T E D A N D I T S SU B S I D I A RY CO M PA N I E SDIRECTORS’ REPORTYour Directors have pleasure in submitting theirreport together with the financial accounts of theCompany for the year ended 31 March 2018.RESULTS AND DISTRIBUTIONSOperating surplus attributable to the Group for the financial year 40,835,268From this will be deductedDirectors’ recommended dividend of 60 cents per share 20,482,427Increase in Group retained earnings to be carried forward to reserves of 20,352,841DIVIDENDSubsequent to balance date, the Directors have declared a final dividend of 60 cents per share payable 28 September 2018to Shareholders on the register at 5.00pm on Monday 17 September 2018. Dividends are fully imputed to New Zealandresident shareholders.When determining the dividend payment to Shareholders, the Directors reviewed the Underlying Profit of the Group.The Underlying Profit excludes all revaluations, goodwill written off, amortisation of intangibles and adjustment to theactual income tax expense, to reflect the underlying trading performance of the Group. The underlying profit has beencalculated as:2018 2017 2016 Directors’ Profit Before Tax75,231,18568,886,76160,963,284Less Adjusted Income Tax rs’ Profit Attributable to Equity Holders ofThe N TOFINANCIAL STATEMENTSProfit before tax as per Financial Statements59,590,41785,671,55967,369,174Plus Amortisation of Licences and Concessions4,217,1684,217,1684,217,168Plus Casino Goodwill Written Off12,805,200Less Investment Property Revaluation(161,347)(20,254,664)(10,114,319)Less Depreciation Investment Property(1,220,253)(747,302)(508,739)Directors’ Profit Before Tax75,231,18568,886,76160,963,284Less Adjusted Income � Profit Attributable to Equity Holders ofThe Company56,959,49450,834,04244,141,863M QuickfallDirector24 July 20184D N JacksonDirector24 July 2018

S K Y L I N E E N T E R PR I S E S L I M I T E D A N D I T S SU B S I D I A RY CO M PA N I E SA N N UA L R E P O R T 2018CONTENTSDIRECTORY3DIRECTORS’ REPORT4CHAIRMAN’S REPORT6CEO’S REPORT8SKYLINE LUGE: FROM ROTORUA TO THE WORLD10EUROPE BOUND12THRILLING AMWAY13ON THE FAST TRACK: A RECORD BREAKING YEAR14SKYLINE LUGE: NIGHT LUGE15INVESTING IN THE HOME OF SKYLINE16ARTS AND CULTURE ON MARINE PARADE18GROUP INCOME STATEMENT19GROUP STATEMENT OF COMPREHENSIVE INCOME20GROUP STATEMENT OF CHANGES IN EQUITY20GROUP BALANCE SHEET21GROUP STATEMENT OF CASH FLOWS22NOTES TO THE ACCOUNTS1.0 BASIS OF PREPARATION242.0 PERFORMANCE283.0 OPERATING ASSETS AND LIABILITIES344.0 INVESTMENTS425.0 FINANCING AND CAPITAL STRUCTURE466.0 OTHER NOTES50DISCLOSURES NOT PART OF AUDIT OPINION53AUDIT OPINION565

CHAIRMAN’S REPORTCHAIRMAN’SREPORTMark QuickfallThis year, we continued to plan and buildfor the future to ensure all businessesacross the Skyline Enterprises groupare well-positioned for growth. In thisreport, I have recapped and expandedon comments made in the preliminaryyear-end report; the overall final tradingprofit for all entities was above or close toforecast and last year’s results, apart fromChristchurch Casino and Mercure DunedinLeisure Lodge.6Whilst this year’s underlying profit is pleasing, thestatutory profit shows a decrease over last year.Skyline achieved a strong trading profit recordingan after-tax increase of 12% over last year. Thereduced commercial properties revaluation andChristchurch Casino goodwill impairment howeverhas had an impact on the overall profit, notingboth are non-cash items. The property revaluationin 2017 reflected the strong growth in propertyvalues in Queenstown, which has flattened in2018 and was therefore not forecast to deliver thesame increase. The post-earthquake inner city andChristchurch Casino rebound has taken longer thanexpected. This, coupled with a lower average spendexacerbated through less participation by high-endvisitors, has impacted on profitability. The Casinois undertaking a range of measures to manage

CHAIRMAN’S REPORTcosts while continuing to maintain a high-qualityexperience. The reduction in profitability againstoriginal forecasts has resulted in the goodwillimpairment. Directors remain confident in thelong-term future of the Casino, recognising somepatience is required. The upgrade work at MercureDunedin Leisure Lodge also impacted trading results,however the completed and planned upgrades willimprove the product and longer-term profitability.Growth, Expansion and OversightSkyline Enterprises is rapidly evolving into aninternational business with a market capitalisationthat recently tipped over (NZD) 1 billion for thefirst time. The requirements to operate a diverserange of businesses and provide group-widesupport requires governance and executiveoversight by capable directors and managers,both onshore and offshore. Our focus is onsuccession and capability for each board, plus thedevelopment of management and staff to leadand support our businesses.Projects and growth detailed later in CEO GeoffMcDonald’s report has placed company resourcesunder pressure. Governance of projects and projectmanagement is also being addressed to ensure wedeliver well-planned quality outcomes.Recent changes in Directorships and seniormanagement can be found atwww.skylineenterprises.co.nzDevelopments and InvestmentsThe Skyline Queenstown project is the largestundertaking in the company’s history. The projectplans have increased in scale to meet the forecastvisitor growth with a new 4-seat Luge lift, 10-seatGondola system, bottom terminal, car parkingbuilding and complete rebuild and expansion ofthe top complex.It would be a false economy to delay or stage thebuilds required to provide the capacity and servicesthat a continually increasing and demandingmarket requires. The customer experiencewould certainly suffer with today’s increasinglyempowered consumer making this known. Theproject has taken another step forward with theresource consent application to construct therequired multi-story carpark at bottom terminalrecently before the Environment Court. Shouldall project consents be granted as expected, thisfour to five-year development will result in a newand expanded Skyline Queenstown we can allbe proud of.Reinvestment in our current businesses such asSkyline Queenstown, and pursuing new growthdevelopments and opportunities require capital.Whilst the increase in borrowings may be higher,our five and ten-year financial forecast plans forrevenues, capex, cash flows, profits, dividendsand debt repayment show our debt to equityratio remains conservative. In addition to SkylineQueenstown, significant projects are Skyline LugeBusan, Sentosa Alpine Coaster, Skyline SwanseaGondola, O’Connells Pavilion redevelopment,Franz Josef Gondola and Groupwide EnterpriseSystems. Whilst projects and reinvestments wehave announced may appear ambitious, these willonly proceed following full due diligence to ensurestrong return on investment.The Directors have determined a dividend of60c per share – the same as last year. Thisdetermination is a balance of rewardingshareholders now, business reinvestment andinvestment in Skyline’s major projects. YourDirectors view this balanced approach being inthe best interests of our shareholders, customers,partners, staff and stakeholders.7

CEO’S REPORTSkyline EnterprisesThe Skyline Enterprises corporate team has evolvedfurther this year as we aim to provide a robustsupport service to our businesses, lift productivityfrom better processes and economies of scale,and generate information and insights so thebusiness continues to invest and grow in the rightmarket segments.Specifically, we have made significant progress inupgrading our IT infrastructure across the globalsites, we have established a group function toensure we utilise modern, cutting edge technologyand data to enrich the customer experience andwe have expanded the financial platform networkto give us better, more immediate information onperformance.CEO’S REPORTGeoff McDonaldA very satisfying annual result thisyear with standout performances fromthe Asian operations in Tongyeong,South Korea, and Sentosa, Singaporea highlight. Our local business unitsalso delivered off the back of ongoingdemand from international visitorsand domestic support. Notably, theseresults have been achieved whilst weinvest in additional resources to deliveran ambitious local upgrade programmeto expand our corporate capability andexplore new offshore developments.8Our aim is to create a corporate service thatsupports and provides information to our GeneralManagers so they can capitalise on opportunitiesand accelerate their business performance.Skyline QueenstownAn iconic business that has continued to performand set new records, reinforcing our plans toredevelop the operation to provide for futuregrowth. Work commenced earlier this year onthe first phase of the development plan with theinstallation of a new, larger capacity Luge lift andwe are optimistic that our planning application willcomplete in Q3 this year and enable us to initiatethe next stage of the build. A requirement to add amulti-story car park has meant the completion datewill extend into 2022.Skyline RotoruaSkyline Rotorua has also had a good year whichmust be viewed in context of a significant numberof days of extreme weather forcing closures andextensive maintenance works. That aside, thefriendly local team have been able to attract largenumbers of people to ride the Luge and the Ziplines,and enjoy the award-winning Stratosfare restaurant.Skyline International LugeThe evolution of our international Luge operationshas continued at pace in 2017-18. The Tongyeongoperation in South Korea, which has been open18 months, has exceeded all expectations and thevolume of locals of all ages travelling the country toLuge either by day or night topped1.9 million rides.

CEO’S REPORTThe planned additional site further north inBusan is much closer to reality with engineeringdrawings and plans submitted and a target datefor the commencement of construction identifiedin early 2019.Mecure Dunedin Leisure Lodge started to reboundfrom tough trading conditions in Dunedin ingeneral, and extensive upgrades to the hotelexterior, gardens and outdoor areas has liftedpresentation considerably.Our established Luge operation in Sentosa,Singapore opened new track extensions anda second chairlift in September last year andwe are now seeing this site break new recordsand significantly lift trading. Plans for furtherdevelopment and the addition of an Alpine Coasterat Sentosa have also advanced with the award of alease for land adjacent to the Luge operation andinitiation of detailed construction plans.Totally TourismThe Canadian sites at Mont Tremblant, Quebec andCalgary, Alberta also had better performances thisyear and a new ticketing package and photographytechnology are being trialled in the new financialyear to augment our offering.International Luge continues to evolve at pace andin addition to the successful operations underwayor close to initiation, we are actively evaluatingnew sites in Seoul, South Korea and in the UnitedKingdom. A Heads of Terms Agreement has beensigned in recent weeks with the Swansea Councilfor the development of a full Gondola, Luge andrestaurant operation on Kilvey Hill overlookingSwansea Bay. Whilst there is much to do before webreak ground, this is a very exciting advance forSkyline in a significant and very large new market.As the popularity of the Luge accelerates inevitablywe are noticing the emergence of a number of‘generic copies’ of our operation, notably in Asia.Consequently, we have increased our businessdevelopment activity in order to be ‘in first’ toidentify and qualify the best sites and the bestpartners to grow our business.Skyline AccommodationBlue Peaks Lodge and Apartments continue tobe as popular as ever with local and internationaltourists and occupancy rates have been at recordlevels throughout the year. Maintaining qualityand presentation are important drivers for successand so an extensive renovation and refurbishmentprogramme commenced earlier this year to refitthe first sequence of rooms.In a year that saw Tim Barke join us as GeneralManager of Totally Tourism, the helicopteroperations, Milford Sound flights and Mitre Peakcruises delivered positive results ahead of lastyear. Intensive competition and the vagaries ofthe weather are ever present challenges but oursuccess in winning group incentive business suchas the Amway programme was a real highlight.Christchurch CasinoIn a challenging local environment it was pleasingto see a small increase in visitation for the Casinobringing in 708,818 visits for the year. Generalgaming and F&B performed well, but this was offsetby volatility in VIP gaming. The Casino’s licenserenewal process continues and it is expected therenewal hearing will take place in the 2018-19financial year.Skyline PropertiesThe Skyline property group delivered an admirableresult in 2017-18. The addition of the landmarkEichardt’s precinct to the portfolio and proactivelease and tenant management resulted in a solidreturn. Plans for the redevelopment of O’ConnellsPavilion advanced further with an estimatedconstruction date targeted for late 2019.Looking to the futureEarly trading for 2018-19 has started well and weplan for another positive result. The breadth anddepth of the overall portfolio requires us to bediligent with planning, resourcing and prioritisation.We are actively investing in people and capabilityto ensure we have the right skills and right talentto be successful. Skyline has a number of largeand ambitious projects underway across variousgeographies and this is one such area where wewill bring in proven experience and knowledge toensure our success. The evolution and ambition ofthe Skyline group must be supported and thereforeattracting, developing and retaining the very bestpeople is a key focus.9

CO N T I N U E D I N T E R N AT I O N A L E X PA N S I O NSKYLINE LUGE:FROM ROTORUA TO THE WORLDHow the Luge became a world-wide venture, and our continued international expansionNew Zealanders are curious by nature and have always looked beyond theboundaries of our shores. Just as many individuals seek an adventurous overseasexperience, Skyline continues to take a bit of Kiwi ingenuity and fun to the world,and create exciting experiences overseas.The original Luge concept followed a visit toCanada, where Skyline’s Barry Thomas experienceda similar ride which ran on rails. Skyline cofounder Hylton Hensman liked the concept, butthought the ride was spoilt by not being able toovertake slower riders. Together with a few cleverengineers, and a few iterations, the Skyline teamcreated the first version of the Luge which wasunleashed in Rotorua in 1985. In 1998, it was addedto Queenstown’s menu of thrilling activities, butthe Skyline team had always envisioned taking theLuge to international destinations.The opportunity to ‘test the waters’ arose in theearly 2000s with a licensed operation in Japan.However, Skyline had always had ambitions torun its own operation and in 2003, opened the10

CO N T I N U E D I N T E R N AT I O N A L E X PA N S I O Nfirst international Skyline Luge in beautiful MontTremblant, Canada. Skyline has been transportingKiwi ingenuity and adventure to the world eversince and there’s now four international operations,with more in the pipeline.The Skyline Luge’s balance of fun and adventure inoutstanding locations, without being too extremehas been key to its success. From young familiesto 101-year-olds, the Luge appeals to a wide anddiverse market. This has particularly been the casein Asia, where many individuals don’t share the Kiwiobsession for adrenaline-pumping activities.Luge gets the thrill-to-fun ratio just right and thisshows in guests’ responses; our motto, ‘once isnever enough’ proves to be true time and timeagain. The responses show they’re hooked on thefun of the Luge and this has translated into recordbreaking figures for Skyline. Since introducing theLuge to the Asia market, the pace of the businesshas accelerated with a growing number ofopportunities for expansion and a growing numberof fans. Tongyeong, South Korea, our latest site togo live in 2017 sees record guest numbers on analmost daily basis, and hosted almost two millionrides in its first full financial year.Skyline is also progressing with further site optionsin South Korea and, given the obvious popularityof Luge in the Asia market, we have been assessingsites in neighbouring countries. Initial discussionswith local authorities in South Korea’s bustling capital,Seoul, have been positive and similar plans are afootin the metropolis of Taiwan. Watch this space.Aerial View of Skyline Luge TongyeongGeneral Manager of International Luge, Danny Lukesays continuing growth internationally is a “naturalprogression.”“The Skyline team is immensely proud of how theLuge has performed overseas. After laying downthe foundations in New Zealand, we’re set forcontinued expansion overseas.”had over 50% year-on-year growth“ We’veacross Skyline Luge and this increases ourconfidence in the popularity and long-termpotential of our Luge products.“The record breaking success of Skyline LugeTongyeong’s first year has reinforced Skyline’ssecond Luge development in South Korea. Sitework will begin early next year in Busan, one ofthe country’s largest cities with a population of3.4 million and a robust tourism industry. Thiswill be the first attraction developed in the OsiriaTheme Park in Busan, alongside shopping andhotel developments.11

CO N T I N U E D I N T E R N AT I O N A L E X PA N S I O NEurope BoundSkyline is making promising developments in the European marketHistorically, our New Zealand attractions havealways been popular with European visitors –and Europe has long been a popular destinationfor travelling Kiwis. We’ve been on the lookoutfor a great Luge site in Europe for some time andthis year we found a promising candidate inSwansea, Wales.Wales shares a few characteristics with New Zealand;green hills, plentiful sheep and a great sense ofadventure. We thought it’d be a very good site forour first European destination and thankfully, thelocal authorities agree.The project took a major step forward in June thisyear when senior figures at Swansea Council metwith Skyline CEO Geoff McDonald and GeneralManager Danny Luke to sign a Heads of TermsAgreement. The development plans propose an8-10 seat Gondola, a Chairlift, Luge tracks, Ziplinesand a restaurant with panoramic views atop KilveyHill. The area is currently under-utilised and Skyline’sproposal fits with other council development plansfor Wales’ ‘City of Culture’.Though it’s still at the planning stage, Geoff saysthe response from community and council leadersso far has been “very positive.”the board, our international“ AcrossLuge ventures have exceeded ourexpectations and we’re keen to build onthat and to continue sharing this iconicKiwi innovation with the world.““After extensive research, Swansea stood out as apromising site for Skyline Luge. Initial discussions havebeen great and now we’re working on an extensiveplanning process in order to make it a reality.”Swansea city from Kilvey Hill12

D E L I V E R I N G E XC E P T I O N A L E X PE R I E N C E SThrilling AmwayAt Skyline, we’re all about treating our guestsas friends and greeting them with a big Kiwiwelcome. When it’s a large conference group,our sense of Kiwi hospitality doesn’t change,and as one of the businesses best equipped tocater for large groups in Queenstown, we’reoften called upon to host special events on alarge scale.Recently, a special opportunity arose to host AmwayChina. The annual Amway China Leadership Seminarsare held in top destinations around the world andQueenstown was selected for the 2018 event, heldfrom 2 April to 16 May following an extensive multi-yearselection process. It was the single largest incentivebusiness Tourism New Zealand has ever been involvedwith. The Skyline and Totally Tourism teams presenteda range of options to Amway China, showcasing ourunique mix of activities and facilities for larger events – aswell as our good ol’ Kiwi hospitality. They must have beenimpressed – we were selected to work alongside otherstellar regional businesses to host the group.6,000 visitors attended from Amway China in groups of600, each group attending the conference and enjoyinglocal activities and hospitality over five days. TheHelicopter Line, Milford Sound Scenic Flights and SkylineQueenstown connected with other businesses in theregion to host this influential group. So successful was theevent, Amway China attendees rated the seminar as oneof the best, with a satisfaction rating of 96%.The Helicopter Line flew 973 VIP seminar attendees,while 3,456 guests flew with Milford Sound ScenicFlights; and all 6,000 guests experienced a unique lunchin the Stratosfare restaurant at Skyline Queenstown.“Skyline Enterprises was a key part of the seminaractivities and we received excellent feedback fromAmway China guests. I’m extremely proud of our teamin Queenstown across The Helicopter Line, MilfordSound Scenic Flights and Skyline Queenstown; they dida fantastic job hosting the guests. The high satisfactionrating is very positive and sends a good signal to otherlarge incentive groups that Queenstown and theSkyline family of businesses can handle conference andincentive groups of this scale,” says Geoff.Many anticipate that the success of the Amway Chinavisit will draw more large incentive and conferencegroups to Queenstown. The location and activities onoffer have always been Queenstown’s drawcard, butthe town’s capacity has always been an issue. However,we’ve proved it’s possible and planned improvements toSkyline Queenstown will make our offering even morewelcoming to larger groups in the future.Skyline Enterprises CEO Geoff McDonald says winningthe business was “an endorsement that’s testament tothe strength of our offering, particularly in thisincreasingly important and influential conference andincentives audience.““The visit has significantly raised the profile of Queenstown asa destination for large incentive groups in not just the Chinamarket, but in the wider conference and incentives industry.“13

O N G O I N G D E V E LO PM E N T SON THE FAST TRACK:A RECORDBREAKING YEARSkyline Luge has seen a record breaking year across the board; morethan 7.2 million rides were enjoyed with significant upgrades andinvestment driving growth both in New Zealand and internationally.Growth was fuelled by our Asian operations, and ongoing demand from international and domesticvisitors across all our other sites. All sites had a stellar year and this is no accident. A mix of our greatteams and the ongoing delivery of key site developments to keep on improving the customerexperience being large contributors.CALGARYTONGYEONGNearly 2 million Lugerides in the first year ofoperation, second trackdevelopment started,‘Night Luging’Celebrated its 5th yearof operation in 2018SENTOSASWANSEAIN PLANNINGOpening of an additional4-seat Chairlift andtwo new Luge tracks inSeptember 2018BUSANIN PLANNINGQUEENSTOWNNew 4-seat Chairlift toopen with QueenstownLuge’s 20th anniversary14ROTORUANew conveyor system,new ‘Night Luging’

O N G O I N G D E V E LO PM E N T SSKYLINE LUGE:3.75M201320142014- 20152015 2016NIGHT LUGE7.2M3.15M201220134.7M2.75M4.25MLUGE RIDESWORLDWIDEIN NUMBERSOnce is never enough, so when a few staff membersenjoyed a late-evening Luge ride, they happened upona bright idea; to add lights for a striking night-time Lugeride. Sentosa Island was the first to offer night-time Lugerides, but Skyline Luge Tongyeong has taken it a stepfurther, with the addition of multi-coloured LED lights.Named ‘Night Luging’, it’s been a big hit so far. Lightshave also been added to the Rotorua Luge and the teamis researching the viability of adding lights to other sites.2016- 20172017 2018MONTTREMBLANTCelebrated its 15th yearof operation in 2018,new conveyor systemSkyline Luge Rotorua lit up for ‘Night Luging’Skyline Luge Tongyeong lit up for ‘Night Luging’15

CO N T I N U I N G TO I N V E S T I N Q U E E N S TO W NCHANGING THE QUEENSTOWN LANDSCAPEInvesting in thehome of SkylineLast year, Skyline Enterprises celebrated ‘Fifty Years of Fun’ for ouriconic Queenstown business. From small beginnings, the companyhas grown into a major tourism operator with attractions across theglobe; but it hasn’t forgotten the alpine town where it all began.Skyline Queenstown continues to be an importantpart of the business and as the town has growninto New Zealand’s premier tourism destination,we’ve continued to invest in our operations toensure they continue to meet demand and exceedexpectations.forefront of the Queenstown community and theregion’s tourism. We are focused on future-proofingthe business for the next fifty years, and alongsidethe planned redevelopment of the SkylineQueenstown business, we’re planning a completerefurbishment of O’Connells Pavilion.From the Chalet on Bob’s Peak, to upgrades, newbuilds and new property purchases over the pastfifty years, the business has continued to be at theArtist’s impression of the refurbished O’Connells Pavilion, the largest retail and hospitalitydestination in Queenstown’s CBD16

CO N T I N U I N G TO I N V E S T I N Q U E E N S TO W NO’Connells occupies a prime spo

thrilling amway 13 on the fast track: a record breaking year 14 skyline luge: night luge 15 investing in the home of skyline 16 arts and culture on marine parade 18 group income statement 19 group statement of comprehensive income 20 group statement of changes in equity 2

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