Village Roadshow Limited

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Village Roadshow Limited village roaDshow limiteD Village Roadshow first commenced business in 1954 in Melbourne, Australia and profile has been listed on the Australian Securities Exchange since 1988. Still based in Melbourne, Village Roadshow Limited (‘VRL’) is a leading international entertainment and media company with core businesses in Theme Parks and Attractions, Film Production and Music, Cinema Exhibition, Film Distribution and Radio. All of these businesses are well recognised retail brands and strong cash flow generators - together they create a diversified portfolio of entertainment and media assets. Village Roadshow has been • Australian Outback VRL has plans to build Australia’s theme involved in theme parks since Spectacular; and newest water theme park, Wet ‘n’ parks AND 1989 and is Australia’s largest • Paradise Country and Village Wild Sydney, expected to open in theme park owner and operator. Roadshow Studios. the summer of 2013/14. ATTRACTIONS On Queensland’s Gold Coast VRL In Sydney VRL’s attractions VRL’s overseas theme parks and has: include: attractions include: • Warner Bros. Movie World, the • the iconic Sydney Aquarium; • Kelly Tarlton’s Antarctic popular movie themed park; • Sydney Wildlife World; Encounter and Underwater World in Auckland, New • Sea World, Australia’s premier • Sydney Tower, Sky Walk and Oz Zealand; marine theme park; Trek; • Wet ’n’ Wild Hawaii, USA; and • Wet ‘n’ Wild Water World, one of • Shark Dive Extreme at Manly the world’s largest and most Oceanworld; and • Wet ’n’ Wild Phoenix, Arizona successful water parks; USA. • the tourist fauna park Hamilton • Sea World Resort and Water Island Wildlife Park in Park; Queensland. Village Roadshow has been having won 8 Academy Awards the Ocean’s trilogy, Charlie and film involved in the movie business and 3 Golden Globe Awards for the Chocolate Factory, Happy production since the 1960’s. Jointly owned films includingTraining Day, Feet, I Am Legend, Get Smart, with other leading investors in Mystic River and Happy Feet. and Sherlock Holmes. and music the entertainment industry, Since its inception in 1998, • Concord Music Group, one of Village Roadshow Entertainment Village Roadshow Pictures has the world’s largest independent Group comprises: produced 66 films with global music companies, with over • One of the leading independent box office takings of over US$10 13,000 master recordings. Hollywood movie producers, billion including blockbuster Village Roadshow Pictures, hits such as The Matrix trilogy, Showing movies has a long owns and operates 506 screens trends including stadium seating, cinema tradition with Village Roadshow, across 50 sites in Australia, with digital projection, 3D blockbuster exhibition having started in 1954 with the a further 73 screens at 9 sites in movies and the growth category first of its drive–in cinemas. Singapore. VRL continues to lead of premium cinemas including Today Village Cinemas jointly the world with emerging industry Gold Class. Originally started by Village nationally as well as DVDs to with key film suppliers, such as film Roadshow in the late 1960’s, major retailers. Roadshow is a Warner Bros (since 1971), ABC, distribution Roadshow Films has grown into major force in film distribution in BBC, The Weinstein Company Australasia’s largest all mediums in Australia and and Village Roadshow Pictures. independent film distributor enjoys long standing distribution distributing films to cinemas agreements and relationships Village Roadshow started in each key mainland capital city unique browsers online, podcasts radio Australia’s first FM radio station, and a strong line–up of stars and video streams# and now 2Day FM, in 1979. Now, through a driving continued rating success, attracts over 5 million listeners majority shareholding of 52.5% in Austereo has the number one FM on air and on line each week. the Australian listed Austereo stations in Sydney, Melbourne, Group Limited, VRL owns and Brisbane, Perth and second place operates Australia’s leading FM in Adelaide*. Austereo has also radio networks, Today FM and experienced a significant *Source: Nielsen Media Research – survey 4 2010 Triple M. With two radio stations increase in the number of website #Source: Nielsen Netratings, Avacast and Brightcove CONTENTS 01 Corporate Review 06 Cinema Exhibition Village Roadshow Limited 02 Theme Parks 07 Film Distribution ABN 43 010 672 054 and Attractions 08 Radio 04 Film Production 09 Financial Report and Music 85 Additional Information corporate review To Our Shareholders Robert G Kirby John R Kirby Graham W Burke Chairman Deputy Chairman Managing Director We are pleased to report that Village Roadshow Limited (‘VRL’) shares. An explanatory memorandum setting out the details has again produced a solid operating result from its core of the proposal was sent to all shareholders and a meeting of businesses for the year ended 30 June 2010. the Company’s shareholders was held on 24 September 2010. We are pleased that the proposal has received the support of Attributable operating profit after tax before material items shareholders and that all remaining preference shares will have and discontinued operations for the year was $65.9 million, the same rights as, and effectively convert into, ordinary shares 17.7% up on $56.0 million for the prior period. in November 2010. EBITDA from operations of $254.5 million was up 8.2% on The simplification of the Company’s capital structure is a the prior period of $235.2 million, reflecting strength in core significant milestone in VRL’s history and will facilitate a operating divisions. Attributable net profit after tax amounted more flexible dividend policy in the future. to $94.8 million compared to $12.6 million in the prior period, after including material items and discontinued operations. The Company has continued to enjoy the support of its Full details of the Company’s financial performance for the year financiers for the proposal and the Directors have agreed in the ended 30 June 2010 can be found in the VRL Group’s financial short term that no dividends will be paid until these particular report which starts on page 9 of this annual report, and through borrowings have been repaid. the Company’s website at www.villageroadshow.com.au. In addition, since year end, the Company has announced that it has entered into an arrangement to restructure its USA The Company’s divisions have performed strongly in Gold Class cinema business, and has signed a conditional challenging times, maintained solid cash flows and agreement to build and operate a water park in Sydney. reduced costs. The Company continues to operate its businesses within Whilst economic circumstances are yet to fully improve, the a responsible environmental and social framework whilst Directors consider that VRL is appropriately positioned to continuing to maximise long term shareholder value. VRL is capitalise on opportunities as they arise. now tracking and reporting appropriately on the environmental, The highlights for the year were: social and governance issues most material to the Company and our stakeholders. Our broader sustainability reporting • Australian Cinema Exhibition delivered outstanding results off information is available on the Company’s website at a record box office year; www.villageroadshow.com.au. • record theme park attendances were achieved at the We thank our dedicated and talented staff and management Australian Theme Parks from the continued success of the for their ongoing contribution to the success of VRL and to season pass sales program; the customers of our different businesses. Most particularly • the challenging retail sector for DVDs impacted on profitability we especially thank you, our shareholders, for your continued from the Film Distribution division; support throughout the year. • Austereo maintained its ratings success in the third and fourth radio surveys of 2010; • the completion of the sale of the Greece and Czech Republic businesses resulted in a profit after tax of $25.6 million in the first half; Robert G Kirby Chairman • disappointing results from the Gold Class USA business due to the impact of economic conditions in USA; and • the successful completion of the buyback of 12.7 million John R Kirby ordinary shares and 45 million preference shares at a cost of Deputy Chairman $109.9 million in the first half. Since the end of the financial year the Company announced an on-market buy-back and variation of rights proposal to Graham W Burke Managing Director simplify the Group’s capital structure and create one class of 01 Village Roadshow Limited theme parks and attractions VRL is Australia’s largest theme park and attractions owner year, with preparations well advanced for the second annual and operator with an unrivalled portfolio of unique assets. Fright Nights Halloween event at Warner Bros. Movie World. The Gold Coast Theme Parks assets include Warner Bros. In addition, the weather forecast is calling for snow this Movie World, Wet’n’Wild Water World, Sea World, Sea World Christmas on the Gold Coast, as Warner Bros. Movie World Resort and Water Park, Sea World Helicopters, Paradise introduces a new night time Christmas event launching in Country, Australian Outback Spectacular and Village December 2010. Roadshow Studios. These businesses together produced an Wet’n’Wild Water World reinforced its pre-eminent water improved financial performance compared to last year with park position again with significant attendance growth and EBITDA up over 10% and net profit before tax up over 24%. high repeat visitation. The result was underpinned by record attendances of 4.5 The offering at this water park will be further enhanced million guests for the Gold Coast theme parks, up 10% on this year by the addition of significant attractions to attract the prior year. Wet’n’Wild’s growing number of guests. In September the The strong attendance and revenue result was in part due country’s first multi-slide looping water slide attractionAqua to the year-long success of the annual pass and multi-park Loop opened.
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