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View Annual Report VILLAGE ROADSHOW LIMITED 1999 Annual Report Founder’s Report Contents Dear Shareholders Founder’s Report My purpose in creating Village Roadshow in the 1950s was to build a company with 2 Corporate Overview strong foundations for the long term. I have seen and been part of many difficult 4 Summary of Major Business Units periods of this industry in my career. It is pleasing that your management team has brought the Company through this tough period recently with stronger results in most 6 Financial Highlights areas other than Cinema Exhibition. This says much about the powerful foundations 8 Ten Year Financial Summary of today’s Village Roadshow– its strength in radio, distribution, film production and 10 Chairman’s Report theme parks. And its management depth of talent and dedication. These assets, with the immediate outlook of better film product, demonstrates to me that the foundations 12 Managing Director’s Report for growth are strong indeed. 14 Board of Directors As a shareholder, and as one who knows the Company well, I am confident that the 16 Senior Executive Team Company is well positioned to deliver increased shareholder value in the future; the 18 Exhibition foundations are in place to allow me to share my confidence with you. 22 Distribution Roc Kirby AM 23 Production 24 Radio 25 Theme Parks 26 Corporate Governance 29 Financial Statements 30 Directors’ Report 34 Profit and Loss Statement 35 Balance Sheet 36 Statement of Cash Flows 37 Notes to the Financial Statements 76 Directors’ Declaration 76 Independent Audit Report 77 Additional Information 78 Actual Group EBITDA by Division 79 Significant Differences between Australian GAAP and US GAAP 82 Share Register Information and Directory Front cover: The Matrix Village Roadshow Limited ACN 010 672 054 1 Corporate Overview Objectives Strategies Highlights Village Roadshow’s primary aim To achieve the Company’s Increased cinema circuit by 416 is the maximisation of long-term objectives, the following strategies screens and 85 sites since the last shareholder value. Objectives are being pursued: annual report, bringing the total supporting this include: Selective expansion of the Group’s number of screens globally to 1,453 Maintaining a portfolio of cinema circuit within Australia and at 227 sites. complementary entertainment chosen international markets. The Opened major destination cinemas assets providing a balance of strong focus is on quality sites, an ability in Buenos Aires, Argentina, including cash generation and exceptional to deliver rapid investment payback Recoleta; and an 18 screen complex growth prospects. and reaching critical mass in our in Magliana in Rome, Italy. Leading the market in developing chosen markets. Moved to full ownership of the Group’s entertainment standards and in so Utilising Austereo’s proven marketing German cinema circuit (50 screens in doing, become one of the world’s and market research expertise to six sites). most successful cinema exhibition selectively expand the Group’s Created a new joint venture in New companies. operations into complementary Zealand with the merger of the Village Consolidating the Group’s position businesses such as direct marketing. Force and Hoyts cinema assets. as Australia’s premier radio operator, Increase theme park attendance In partnership with Warner Bros., while developing profitable through innovative marketing produced and released the first opportunities in complementary strategies in both Australia and new three movies under our partnership Company Profile businesses. and growing markets overseas. agreement, including the blockbuster Continuing to be Australia’s premier Continue investigating The Matrix. Village Roadshow is one of the few Exhibition elsewhere in the world. Box office theme park operator. complementary entertainment Village Roadshow’s Austereo fully integrated, international Village Roadshow’s international sensation, The Matrix, was produced Expanding the Group’s film production opportunities, particularly analogous strengthened its position as Australia’s entertainment and leisure groups in the cinema network spans over 1,400 in partnership with Warner Bros. as activities in a prudent manner. online businesses. leading radio network capturing world, operating divisions in Cinema screens in 19 countries, along with part of an agreement to jointly produce Maximise project opportunities and around 50% of all listeners in the 18 to Exhibition, Film Distribution, Film strong strategic partnerships and up to 20 movies over the next four share investment risks through the 40 age demographic. Production, Theme Parks and Radio. alliances worldwide, including Warner years as the first production slate. formation and nurturing of strong Bros. in Australia, United Kingdom, Introduced Shareholder Discount Plan. History Radio stategic alliances and partnerships. Village Roadshow’s history began Italy and Taiwan. Village Roadshow’s wholly-owned Continued to sharpen our focus on Development of a long-term IT in the 1950s with drive-in cinemas, Village cinemas are truly ‘cinemas of Austereo is a market leader in entertainment: strategic plan to effectively position and expanded over the decades into the future’, incorporating the very latest Australian radio, with the country’s two the Group in the online economy. - Sold Laguna Quays Resort. city cinemas and film distribution; innovative design features and state of top radio networks, Today and Triple M. television and film production; the art technology. In Australia, Asia These networks lead the market, Actively manage the Group’s portfolio - Sold Yoram Gross animation studios. production and distribution of videos; Pacific, Europe and Latin America, enjoying the biggest share of the of assets through: - Sold television production business. and construction of multiplex cinemas. Village Roadshow is a powerful force lucrative under 40s age group. They - Divesting non-core activities. - Sold remaining holding and In the late 1980s, the Group’s strategy in cinema exhibition with spectacular form one of the largest radio networks - Enhancing the efficiency of existing management rights in Village required greater access to capital and megaplexes and innovative concepts. in the world and are expanding Entertainment Property Trust. accordingly it was decided the Many new landmark projects are also internationally with Hitz FM and other businesses through improved Company should become a public in development with exciting new sites stations in Malaysia and plans for management structures and increased company, hence the creation of Village currently under construction. further expansion throughout Asia. financial accountability. Roadshow Limited in 1988. Distribution Theme Parks - Further exploiting the synergies In the 1990s, the Group sought to In Australia, the Company has earned Warner Bros. Movie World, Sea World inherent in the portfolio. strengthen its operating position by the reputation of being a leading and Wet ‘n’ Wild Water Park, three of diversifying into complementary distributor of quality, blockbuster Australia’s most popular theme parks, entertainment assets. This has movies for cinema, television, pay TV, form another highly successful division included the development and home video and multi-media, and is of Village Roadshow, operating in purchase of the theme parks and proud to be the exclusive theatrical partnership with Warner Bros. Together, the Austereo radio network. distributor for Warner Bros. in Australia they attract millions of Australian and Simultaneously, the Group’s reliance and New Zealand. international visitors each year. on Australia was reduced through the Production Village Roadshow’s unique export of its cinema development and Village Roadshow Pictures produces portfolio of entertainment assets management expertise into selected movies for domestic and international has created a company with a international markets. release. With offices at its Australian sound earnings profile and Gold Coast studios, and in Los excellent opportunities for Angeles, Village Roadshow Pictures growth – Village Roadshow, one offers an alternative to the more of the world’s great entertainers. traditional movie-making studios 2 3 Summary of Major Business Units Recoleta, Argentina You’ve Got Mail Three Kings Triple M and Today Networks 3 Park Super Pass Cinema Exhibition Distribution Production Radio Theme Parks Country Brand Sites* Screens* Region Brand Country Brand City/Country Brand Country Brand Australia Village** 55 453 Australasia Roadshow Film USA Village Roadshow Sydney 2DayFM Australia Warner Bros. Palace 18 52 Distributors Pictures Triple M Movie World Austria Village 1 8 Roadshow Entertainment Australia Village Roadshow Melbourne FoxFM Sea World Pictures Argentina Village 6 65 Roadshow Television Triple M Wet ‘n’ Wild Water Park Warner Roadshow China Golden Cinemas 1 4 Greece Warner Village Film Adelaide SA FM Sea World Nara Resort Distributors Greece Movie World Studios Fiji Village 2 10 Triple M Singapore Golden Village France Village 1 1 Distribution Brisbane B105FM Germany Village 6 50 Asia Golden Harvest Triple M Greece Village 3 24 distributes across Perth PMFM Hong Kong Golden Village 3 19 several Asian territories 94.5 FM including Hong Kong, Golden Harvest 5 10 and Chinese Newcastle KOFM Hungary Hollywood Cinemas 3 26 communities in other NXFM India Priya Village Roadshow 1 4 parts of the world. Canberra FM104.7 Italy Warner Village 6 60 Mix 106.3 Korea CJ Golden Village 1 11 Malaysia Hitz
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