Financial Statements
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ADDITIONAL INFORMATION SUBSIDIARY COMPANIES The changes to subsidiary company directorships during the 12 month period ended 30 June 2000 were as follows. On 8 March 2000, P.H. Elworthy, J.A. Hood, P.L. Reddy, E Toime, and W.G. Ward-Holmes ceased to be directors of Sky City Auckland Limited. On 30 May 2000 B.M. Wickham was appointed an alternate for A.B. Ryan in respect of his directorships of Sky City Auckland Limited and Sky City Casino Management Limited. On 31 May 2000 S.J. Dey was appointed an alternate for A.B. Ryan in respect of his directorships of Sky City Management (Auckland) Limited, Sky City Auckland Holdings Limited, Sky City Construction Limited, Abdiel Investments Limited and Sky City Australia Pty Limited. Both B.M. Wickham and S.J. Dey ceased to be alternates for A.B. Ryan on 4 July 2000. There have been no other changes in directors of the subsidiary companies during the year. The following people held office as directors of subsidiaries of the company at the end of the 1999/2000 financial year. Sky City Auckland Holdings Limited, Sky City Auckland Limited, Sky City Casino Management Limited Sky City Management (Auckland) Limited, Abdiel Investments Limited, Sky City Construction Limited, Sky Tower Limited, Sky City Wellington Limited, Sky City International Holdings Limited, Sky City International ApS Sky City Australia Pty Limited, Adelaide Casino Pty Limited Queenstown Casinos Limited Riverside Casino Limited Riverside Casino Construction Limited
REMUNERATION OF DIRECTORS Remuneration paid to directors during the year ended 30 June 2000 was:
The Managing Director, E.W. Davies, is not paid director’s fees. The amount shown next to his name represents the total of the remuneration and the value of other benefits received by him as an employee of the company. No remuneration was received by any of the directors of the subsidiary companies in their capacity as directors of those companies. No director of the group or parent company has, since the end of the financial year, received or become entitled to receive a benefit other than the reimbursement of expenses incurred in relation to company matters or as disclosed elsewhere in this Annual Report.
DIRECTORS AND OFFICERS INDEMNITY AND INSURANCE On 1 July 1999 the company effected directors and officers liability insurance coverage through HIH Casualty and General Insurance (NZ) Limited, for the period July 1999 to July 2000, with an aggregate limit of liability of $30 million. On 1 July 1999 the company effected statutory liability insurance through HIH Casualty and General Insurance (NZ) Limited, for the period July 1999 to July 2000 with an aggregate limit of liability of $3 million. The above-mentioned insurance policies have been renewed for the twelve month period ending July 2001. Indemnities have been given to directors and senior managers of the Sky City group to cover acts or omissions of directors or senior managers in their capacity as such.
INTERESTS REGISTER Disclosure of Directors’ Interests Section 140(1) of the Companies Act 1993 requires a director of a company to disclose certain interests. Under subsection (2) a director can make disclosure by giving a general notice in writing to the company of a position held by a director in another named company or entity. The following are particulars as entered in the company’s Interests Register as at 30 June 2000 with the notices given by directors during the period ended 30 June 2000 marked with an asterisk.
The following details included in the Interests Register as at 30 June 1999, or entered during the year ended 30 June 2000, have been removed during the year ended 30 June 2000. E.W. Davies is no longer a trustee of Tourism Auckland P.H. Elworthy is no longer chairman of the Primary Industry Consultants Board, or a director of Trans Tasman Properties Limited, Pacific Beef Limited or the New Zealand Rural Properties Trust. J.P. Hartley is no longer chairman of LWR Industries Limited or a consultant for and director of certain subsidiaries of Solid Energy New Zealand Limited. J.A. Hood resigned as a director during the period. During the period prior to his resignation he made the following disclosures:
As at the date of the last annual report, John Hood’s interests were disclosed as being America’s Cup Task Force (chairman), Auckland Uni Services Limited (director), Kings School (governor), New Zealand Sports Foundation (governor), Prime Minister’s Enterprise Council (member), Tonkin and Taylor Limited (chairman), the University of Auckland (Vice-Chancellor), and the University of Auckland (member of council). P.L. Reddy is no longer a director of Air New Zealand Limited or Oil Basins Limited, and is no longer a trustee for the New Zealand Symphony Orchestra Foundation or Victoria University of Wellington Foundation. E Toime is no longer a director of Norwich Union Holdings (NZ) Finance Limited or Norwich Union Financial Services (NZ) Limited. Disclosure of Directors’ Interests in Shares Directors disclosed, pursuant to section 148 of the Companies Act 1993, the following acquisitions and disposals of relevant interests in Sky City instalment receipts during the period to 30 June 2000.
There have been no disclosures to the board pursuant to section 148 of the Companies Act 1993 in relation to dealings by directors in the company’s ordinary shares, as distinct from dealings in instalment receipts, or in the company’s capital notes. As at 30 June 2000, E.W. Davies held 150,000 options issued pursuant to the Executive Share Option Plan approved by shareholders at the Annual Meeting of the company held on 5 December 1996. Options are exercisable two years after the date of issue, provided the terms and conditions of the Plan are met, and lapse if they are not exercised within five years of the date of issue. E.W. Davies held a further 275,000 options issued pursuant to the Executive Share Option Plan approved by shareholders at the Annual Meeting of the company held on 28 October 1999. Options are exercisable one year after the date of issue, at the exercise price determined pursuant to the Plan, and lapse if they are not exercised within five years of the date of issue.
EMPLOYEE REMUNERATION The number of employees or former employees of the company and its subsidiaries, not being directors of the company, who received remuneration and other benefits in their capacity as employees, the value of which was in excess of $100,000 during the financial year ended 30 June 1999, is listed below:
DONATIONS The company made donations of $100,357 during the period to 30 June 2000.
WAIVERS FROM THE NEW ZEALAND STOCK EXCHANGE (NZSE) LISTING RULES The following waivers from the NZSE Listing Rules were effective as at balance date.
The effect of all other waivers granted had ceased by balance date.
EVENTS SUBSEQUENT TO BALANCE DATE The directors are not aware of any matter or circumstance since the end of the financial year, not otherwise dealt with in this report, that has significantly or may significantly affect the operations of Sky City Limited or any of its subsidiary companies. The 2000 Annual Report of Sky City Limited is signed on behalf of the board by the following two directors:
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