Annual_General Meeting Presentations
Sydney, Nov 25, 2014 AEST (ABN Newswire) - Shareholders, Ladies and Gentlemen: Good afternoon and welcome to the second Annual General Meeting of Donaco International Limited. I am your Chairman, Stuart McGregor.
Thank you for being with us today.
I would like to begin by introducing our board of directors:
- Our Managing Director and CEO, Mr Joey Lim
- Executive Director and Company Secretary, Mr Ben Reichel
And non-executive directors
- Mr Benjamin Lim
- and Mr Rob Hines.
Also in attendance are CFO, Richard Na, and Deputy CFO, Kenny Goh. And also Mr Leo Tutt and Mr Paul Collins from the Company's auditors, William Buck.
As I noted in the FY14 Annual Report, our Company achieved a series of major milestones during the 2014 financial year. The most important development was the opening of the Aristo International Hotel in May 2014. Through this brand new resort complex in northern Vietnam, we now have a greatly expanded leisure and entertainment offering.
The target market for this business is primarily visitors from China, but we have also taken steps recently to develop a local mass market offering to expatriates living in Hanoi. The ongoing improvements in transport infrastructure, on both the Chinese and Vietnamese sides of the border, will help to bring our customers to the property in increasing numbers.
We also successfully increased our stake from 75% to 95% in our joint venture with the Vietnamese government. This took effect on 1 January 2014.
The financial results of the business for the year were pleasing, with an 80% increase in operating revenue; a 29% increase in earnings before interest, tax, depreciation and amortisation; and a 52% increase in net profit after tax (excluding non-recurring items)
The growth and success of the Company's business was reflected by the increase in the Company's share price and market capitalisation during the year. The growth of our business was further recognised in September 2014, when your Company was admitted to the ASX300 index.
While the Board and management team focussed on our existing flagship business in Vietnam, we also placed a high priority on adding value to shareholders through corporate activity. We announced the spin-off of our mobile technology business, iSentric, into a separate ASX listed company. This transaction was successfully completed in September 2014, with shares in the newly listed entity distributed in specie, as a return to our loyal shareholders.
As our Managing Director Joey Lim will report shortly, we have also taken other steps to restructure the business and prepare for the addition of our major new acquisition in Cambodia. This was announced in broad terms to the market on 3 November.
Shareholders should rest assured that the proposed acquisition will have substantial benefits for the Company. While there is limited information that we can reveal at this point, we are confident that once the market is made fully aware of the benefits of the deal, it will be well received.
I would now like to hand over to our Managing Director, Joey Lim, who will provide more detail on the Company's recent performance and the current state of our business.
Thank you.
To view the presentation, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-DNA-831041.pdf
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.
Donaco's flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
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