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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
$24.6M
$23.0M
$24.3M
$15.7M
$6.5M
$1.0M
-$30.3M
$23.6M $221.1M
$244.1M$256.1M
$170.8M
$142.3M
$110.5M
$83.8M
$223.9M
-$10
-$5
$0
$5
$10
$15
$20
$25
$30
-$100
-$80
-$60
-$40
-$20
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
$240
$260
Operating Revenue
FY03 FY04 FY05 FY06 FY07 FY08 FY10 FY09
GFC
GFC = Global Financial Crisis
NPAT
PILOT SITUATION
Resignation rates remained low
Cadet Programme enabled surplus pilot numbers
0.2% cancellation rate, the lowest in Australia and consistent with past levels before the pilot crisis of 07/08
REX PILOT ATTRITION
17%
7%
50%
14%15%
0
10
20
30
40
50
60
70
80
90
100
110
120
FY06 FY07 FY08 FY09 FY10
Resignation
NETWORK CHANGES
Resumed Griffith – Melbourne in Q2
Q2 started Townsville - Mackay in competition with QantasLink
Exit of Townsville – Mackay in Jan 2010 due to QantasLink predatory pricing
Q3 commenced Northern 1 & 2 QLD Gov subsidised routes
Commenced Townsville – Mount Isa direct service in Feb 2010
FUEL
20% lower fuel prices compared to previous FY
Fuel Spend FY0506 - FY0910
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY05/06 FY06/07 FY07/08 FY08/09 FY09/10
Fu
el
Sp
en
d (
A$
M)
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)
$10m of investment brought forward to benefit from Government’s Investment Allowance scheme
FLEET
Rex took delivery of last 8 Saab 340B+ leased aircraft
AAPA took delivery of 8 new Piper Warrior and 2 new twin engine Piper Seminole aircraft
Pel-Air took delivery of 4 new BeechcraftKingair B200 C aircraft for AV project
No disposal of aircraft in the period
TENDER UPDATE
Fly in/Fly out contract with Illuka Resources
Cwlth Air Transport Deed of Standing Offer
QLD regulated and subsidised N1 & N2 routes
Air Ambulance Victoria
Whole of Australian Gov travel
Victorian Gov tender for the provision of Domestic/Regional Air services
Tenders Won
TENDER UPDATE
NT aero medical service
Air Defence Target System (JP66)
Tenders Pending
OUR SUBSIDIARIES
Pel-Air
Reduced jet medivac operations
Fly in/fly out business continued to grow in line with resource strength
Stationed 1 A model Saab in QLD to capture growth opportunities in the resources industry
OUR SUBSIDIARIES
Air Link
Continued developing charter service and growing 3rd party aircraft maintenance business
Commenced FIFO operation out of Townsville with B1900
OUR SUBSIDIARIES
AAPA
Received occupancy cert in Jan 2010
Attained RTO and CRICOS accreditation in Q3 –ready to accept overseas students
35 cadets from intakes 1 & 2 graduated whilst 29 were under training
Campus officially opened on 27 May 2010 by Minister Anthony Albanese
OUR SUBSIDIARIES
REX IN THE COMMUNITY
Moruya City Mayor Fergus Thomson, President of Moruya Jazz Festival Roger Bayley & Rex Ambassador Max Kingston leading the parade
REX IN THE COMMUNITY
Rex donated in excess of A$ 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
99.0%
For98.71%
For
0.65%
Open
0.57%
Open0.34%
Against
0.72%
Against
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
Resolution 1:
Adoption of remuneration report
Resolution 2:
Re-election of David Miller as director
Resolution
Perc
en
tag
e o
f V
alid
Vo
tes R
eceiv
ed
FOR OPEN AGAINST