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1St Half 2018 and Trading Update

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1St Half 2018 and Trading Update For personal use only Silver Heritage Limited (ASX:SVH) 1H2018 Results & Trading Update CONTENTS 1. 1H 2018 RESULTS PRESENTATION 2. AUGUST 2018 TRADING UPDATE 3. TIGER PALACE - DEEP DIVE 4. TIGER PALACE - LOCAL INFRASTRUCTRE UPDATE 5. TIGER PALACE – THE OPPORTUNITY HIGHLIGHTS Strong Revenue Growth as Tiger Palace commenced operations in 1H 2018 Group moved from Adjusted EBITDA loss in 1H2018 to Positive in July/August Tiger Palace gaining significant traction and property level EBITDA positive in August Tiger Palace impacted by delay in highway completion & monsoon season Post June 30th all properties seeing strong revenue and earnings growth For personal use only •2 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 2 FIRST HALF 2018 RESULTS For personal use only •3 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 3 1. 1H 2018 RESULTS First Half 2018 was a transition period as Tiger Palace commenced operations at the start of the period Revenue increased in 1H2018 of prior period from commencement of operations at Tiger Palace Resort Property level EBITDA & Group Adjusted EBITDA was impacted by costs associated with start-up cost associated Tiger Palace Company has taken a number of one off restructure and impairments in 1H2018 totaling US$2,403,000 US$ 1H2018 1H2017 Change Revenue $11.28m $8.04m 40% Other Revenue $0.10m $0.04 181% Property Level EBITDA ($0.25m) $3.37m -88% Adjusted* EBITDA ($1.88m) $1.19m -259% Deprecation & Amortization ($3.14m) ($1.38m) 128% Finance Costs ($2.63m) ($1.90m) 39% One off Items, Impairment & ($2.40m) ($1.43m) 68% Restructure Statutory NPAT ($10.05m) ($3.51m) 186% Underlying NPAT ($7.66m) ($2.09) 267% NTA 3.94c 5.59c -30% Share Price @ 31st August 2.37c (3.3c AU$) For personal use only •4 * Adjusted EBITDA excludes one off items, impairments & restructures costs 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 4 BALANCE SHEET AT 30 JUNE 2018 Balance Sheet Equity Value US$29.65m (AU$41.2m) Market Cap @ US$0.0237 (AU$0.033) US$13.9m (AU$19.3m) US$ 1H2018 Current Assets $11,79m Includes $6.567m cash Noncurrent Assets $57.07m Current Liabilities $20.62m Includes $12m debt to OCP* & Nepal Bank Debt Noncurrent Liabilities $18.59m Remainder of OCP* & Nepal Bank Debt Equity $29.64m * Existing debt terms, the Company is currently renegotiating terms with the debt provider OCP For personal use only •5 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 5 1H18 CASHFLOW ANALYSIS - Upside from Tiger Palace Ramp-up Opportunity to reduce finance costs if refinanced Includes significant OCP Bonds one off investment in Tiger Palace Currently improving as Tiger 12,000 Palace continues ramp up 1,081 10,000 8,000 2,656 1,508 6,000 563 US$ 000 US$ 4,000 2,000 11,231 6,567 - 31-Dec-17Cash Costs Finance Tiger includes - Capex Operating Cashflow Other 30-Jun-18 Cash Palace investment Balance Balance Ø Decrease in cash on hand of US$4.66m during the half is expected to improve in subsequent periods as Tiger Palace continues its ramp-up Ø The Group only requires approximately US$3m in working capital to fund operations For personal use only Ø 3Q trading update demonstrating that assets are now profitable at the property level SILVER HERITAGE GROUP 3-Sep-2018 Page 6 SEGEMENT OVERVIEW AND RESULTS Tiger Palace Resort Bhairahawa TMCCK Phoenix International Club Photo - Tiger Palace Resort Bhairahawa Photo - TMCCK Rendering - Phoenix International Resort Location: Rupandehi, Nepal Location: Kathmandu, Nepal Location: Bac Ninh City, Vietnam Owner & Operator & License Holder Operator and License Holder Casino Manager Premises: Tiger Palace Resort Leased Premises (Shangri-La Hotel) Premises: Phoenix International Hotel US$52.4m invested US$2.6m invested US$11.5m invested 1H2018 Revenue US$2,799,000 1H2018 Revenue US$2,376,000 1H2018 Revenue US$5,928,000 1H2018 EBTIDA -US$2,795,000 1H2018 EBTIDA US$42,000 1H2018 EBTIDA US$2,443,000 For personal use only HK Head Office, AU Listing & Corporate Overheads 1H2018 US$1.8m Plus $152k of revenue from none core LAOS operations •7 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 7 2. AUGUST 2018 TRADING UPDATE SIGNIFICANT REVENUE INCREASES COSTS FLAT TO DECLINING GROUP RETURNED TO POSITIVE ADJUSTED EBTIDA GROWTH ACCELERATING OVER Q1/Q2 TIGER PALACE REACHES POSITIVE PROPERTY LEVEL EBITDA For personal use only •8 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 8 JULY & AUGUST GROUP EBITDA POSITIVE 1Q18 A. EBITDA: (US$1.9m) 2Q18 A. EBITDA: US$61,000 July & August: US$541,926 Group Adjusted EBITDA - MovIng to PosItIve sInce June $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 364,795 278,028 177,131 9,506 $0 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 -226,882 -303,521 -$500,000 -744,462 -$1,000,000 -895,382 For personal use only Adjusted EBITDA Total Revenue Total Costs • AUGUST numbers are management estimates • Adjusted EBITDA excludes one off items, impairments & restructures costs 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 9 JULY & AUGUST GROSS GAMING REVENUE July & August gaining traction over Q2 2018 which itself was strong when compared to Q1 Tiger Palace – the first 2 months of Q3 has done 97% of previous (Q2) revenue July & August as a GGR $USD 1Q2018 2Q 2018 July & August % of 2Q 2018 Tiger Palace $0.91m $1.34m $1.30m 97% TMCCK $0.85m $1.52m $1.02m 67% Phoenix $6.43m $8.52m $5.66m 66% Gross Gaming Revenue $8.19m $11.38m $7.98m 70% For personal use only •10 Gross Gaming Revenue is before partner share 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 10 PROPERTY LEVEL REVENUE & EBITDA 1H2018 REVENUE US$ July August Monthly Average Tiger Palace $ 467,000 $ 571,000 $ 975,000 TMCCK $ 396,000 $ 625,000 $ 401,000 Phoenix $ 988,000 $ 1,094,000 $1,189,000 Other Income $ 30,000 $ 13,000 $ 9,000 Group Revenue $ 1,881,000 $ 2,303,000 $2,574,000 EBITDA US$ Tiger Palace $ (466,000) $ (206,000) $ 175,000 TMCCK $ 7,000 $ 172,000 $ 30,000 Phoenix $ 407,000 $ 490,000 $ 570,000 Property EBITDA $ (52,000) $ 456,000 $ 775,000 Property EBITDA is EBITDA at operational entity level For personal use only •11 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 11 3. TIGER PALACE – DEEP DIVE Not a typical border casino. This is a world class, 1st world quality resort casino on the border with India Unique opportunity to invest in an ASX listed business leveraged to Indian growth / rising Indian middle class Tiger Palace now operational, proven and growing fast Significant traction in first 8 months – more recently during monsoon season All progress is before the local road and airport infrastructure is completed For personal use only •12 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 12 TIGER PALACE DEEP DIVE TIGER PALACE REACHES POSITIVE PROPERTY LEVEL EBITDA IN AUGUST 2018 ALL STATISTICS SHOW SIGNIFICANT TRACTION DURING SEASONALLY SLOW MONSOON PERIOD For personal use only •13 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 13 TIGER PALACE – MONTHLY PERFORMANCE Rate of new registered members is increasing Steady 60-70% of monthly visitors are returning vs new visitors July & August has been strong Monsoon and poor road conditions Casino Registered Members Casino Visitors 24,895 16,000 22,000 21,194 14,000 17,366 12,000 17,000 10,000 12,181 12,000 8,000 9,231 6,000 6,915 7,000 4,000 3,944 2,441 For personal use only 2,000 2,000 Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 14 TIGER PALACE – DROP & REVENUE 11% Compound MontHly GrowtH rate in Drop (Drop is money excHanged for cHips) 15.5% Compound MontHly GrowtH Gross Gaming Revenue (Money won by tHe house) Casino Drop Gross Gaming Revenue $2,750,000 $900,000 $800,000 $2,250,000 $700,000 $600,000 $1,750,000 $500,000 $1,250,000 $400,000 $300,000 $750,000 $200,000 $250,000 $100,000 For personal use only Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug *August numbers early estimates Gross Gaming Revenue is before partner share on EGMs •15 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 15 TIGER PALACE – NON GAMING REVENUE Occupancy effected by July & August Monsoonal rains Record forward hotel bookings of >1,000 nights in next 90 days Gaining traction in major event bookings post Monsoon Trip advisor 5 star rating (165 Excellent & Very Good reviews out of 172) Tiger Palace - Rooms Occupancy % Non-Gaming Revenue 90% $250,000 80% 70% $200,000 60% $150,000 50% 40% $100,000 30% 20% $50,000 10% 0% $0 For personal use only Jan•16 Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug 2Q18 Results and Trading Update │ SILVER HERITAGE GROUP 3-Sep-2018 Page 16 TIGER PALACE TOTAL REVENUE & COST 17% compound monthly Revenue growth rate Growth achieved while reducing property costs Fixed cost base already showing significant operational leverage Monthly Total Costs Monthly Total Revenue 1,200,000 1,000,000 975,268 1,100,000 900,000 778,453 800,000 1,000,000 700,000 900,000 17% CMGR597,361 SINCE OPENING 600,000 570,711 800,000 500,000 467,303 397,256 700,000 400,000 281,440 600,000 300,000 278,008 200,000 500,000 100,000 400,000 For personal use only Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 •17 *August numbers are early estimates.
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