REX AGM 2010
“AGAINST ALL ODDS”
PERFORMANCE Record Net Profit After Tax of $24.6m Total Revenue reduced by 8.5% to $229.7m Passenger numbers declined by 5.0% to 1.24m
REX GROUP FINANCIALS Rex Group Revenue and PAT Evolution $30 $256.1M $260 $244.1M $240 $24.6M $223.9M $24.3M $25 $23.6M $221.1M $220 $23.0M $200 $170.8M $180 $20 $142.3M $160 Operating Revenue $15.7M $140 $15 $110.5M $120 GFC $100 $83.8M NPAT $10 $80 $6.5M $60 $5 $40 $20 $1.0M $0 $0 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 -$20 -$40 -$5 -$60 GFC = Global Financial Crisis -$80 -$30.3M -$10 -$100
PILOT SITUATION Resignation rates remained low Cadet Programme enabled surplus pilot numbers 0.2% cancellation rate, the lowest in Australia and consistent with past levels before the pilot crisis of 07/08
REX PILOT ATTRITION 120 110 50% 100 90 80 70 60 50 40 17% 30 15% 14% 20 7% 10 0 FY06 FY07 FY08 FY09 FY10 Resignation
NETWORK CHANGES Resumed Griffith – Melbourne in Q2 Q2 started Townsville - Mackay in competition with QantasLink Exit of Townsville – Mackay in Jan 2010 due to QantasLink predatory pricing Q3 commenced Northern 1 & 2 QLD Gov subsidised routes Commenced Townsville – Mount Isa direct service in Feb 2010
FUEL 20% lower fuel prices compared to previous FY Fuel Spend FY0506 - FY0910 35.0 30.0 F u e l S p e n d ( A $ M ) 25.0 20.0 15.0 10.0 5.0 - FY05/06 FY06/07 FY07/08 FY08/09 FY09/10
INDUSTRY RECOGNITION
CAPITAL EXPENDITURE Completed $21m pilot academy (AAPA) based in Wagga Wagga Acquired 4 Kingairs for $29m (bank financed) Acquired a $1.4m warehouse next to the Rex HQ Purchased a $1.2m house next to Rex HQ Share Buy Back of 494k shares ($377k) $10m of investment brought forward to benefit from Government’s Investment Allowance scheme
FLEET Rex took delivery of last 8 Saab 340B+ leased aircraft AAPA took delivery of 8 new Piper Warrior and 2 new twin engine Piper Seminole aircraft Pel-Air took delivery of 4 new Beechcraft Kingair B200 C aircraft for AV project No disposal of aircraft in the period
TENDER UPDATE Tenders Won Fly in/Fly out contract with Illuka Resources Cwlth Air Transport Deed of Standing Offer QLD regulated and subsidised N1 & N2 routes Air Ambulance Victoria Whole of Australian Gov travel Victorian Gov tender for the provision of Domestic/Regional Air services
TENDER UPDATE Tenders Pending NT aero medical service Air Defence Target System (JP66)
OUR SUBSIDIARIES Pel-Air Reduced jet medivac operations Fly in/fly out business continued to grow in line with resource strength Stationed 1 A model Saab in QLD to capture growth opportunities in the resources industry
OUR SUBSIDIARIES Air Link Continued developing charter service and growing 3rd party aircraft maintenance business Commenced FIFO operation out of Townsville with B1900
OUR SUBSIDIARIES AAPA Received occupancy cert in Jan 2010 Attained RTO and CRICOS accreditation in Q3 – ready to accept overseas students 35 cadets from intakes 1 & 2 graduated whilst 29 were under training Campus officially opened on 27 May 2010 by Minister Anthony Albanese
OUR SUBSIDIARIES
REX IN THE COMMUNITY Moruya City Mayor Fergus Thomson, President of Moruya Jazz Festival Roger Bayley & Rex Ambassador Max Kingston leading the parade
REX IN THE COMMUNITY Rex donated in excess of A$ 100,000 to various charitable causes in FY0910: Country Hope in the Riverina Dragon Abreast Orange Muscular Dystrophy Association Royal Institute for Death and Blind Children Multiple Sclerosis Society
DIVIDEND Final dividend FY09-10 : 6.6 cents per share, fully franked, payable in Nov 2010
THANK YOU
PROXY SUMMARY AGM 2010 Proxy Results 100.00% 99.0% 98.71% For 90.00% For 80.00% Percentage of Valid Votes Received 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.72% 0.65% 0.57% 0.34% Against Open Open Against 0.00% Resolution 1: Resolution 2: Adoption of remuneration report Re-election of David Miller as director Resolution FOR OPEN AGAINST
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