b'We are disappointed to present another significant loss at the statutory level as we seek to resolve the litigation issues with the vendor of Star Vegas, but we are encouraged that despite the disruption, both our venues continued to operate profitably and produced positive cash flows. Our financial position continues to remain solid with further debt reduction, and improved terms and covenants secured for our debt from Mega International Commercial Bank (Mega Bank), which has fallen to USD22.8 million, following the most recent repayment in June 2019. The group recorded an earnings before interest, tax, depreciation and amortisation (EBITDA) of AUD29.6 million for the 2019 financial year, down from AUD42.4 million previously, and generated an underlying net profit after tax (NPAT) of AUD9.2 million. Group revenues of AUD86.3 million were recorded, compared to AUD92.6 million previously, and the group recorded a positive operating cash flow of AUD26.5 million, albeit lower than the AUD34.6 million recorded last year. This performance is below last years levels, but it has been delivered during a period where there was significant management disruption, and we lacked senior management leadership and direction for the majority of the 2019 financial year.The Board continues to recognise that our aim is to create value for our shareholders, and that capital allocationWe have strengthenedis one of the most important areas of value creation for shareholders. We have not lost sight of implementing a rangethe composition of of capital management initiatives, such as buy-backs and dividends, as financial performance is restored. With the appointment of Paul Arbuckle as the Group Chief Executivethe Board, with the Officer, I am confident we now have the leadership and experience required to deliver significantly improvedappointment of directors operational and financial performance at both our properties.Despite the attention of the Board to the challengeswith experience inpresented during the 2019 financial year including litigation, and changes to the Board and senior management, wegaming, regulationcontinue to value our commitment to make a positive contribution to the communities in which we operatein Cambodia and Vietnam.and management.DONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT 3'