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Financial Year 2019 Results for Personal Use Only Use Personal For VILLAGE ROADSHOW LIMITED Financial year 2019 results For personal use only VRL FY19 results 29 August 2019 VRL FY19 briefing details 29 AUGUST 2019 2:00 PM AEST Access a webcast of the briefing by following this link: https://services.choruscall.com.au/webcast/vrl-190829.html Alternatively, to pre-register for the teleconference and avoid a queue when calling, please follow the link below. You will be given a unique pin number to enter when you call which will bypass the operator and give you immediate access to the event. http://villageroadshow.com.au/investors/corporate-diary/teleconferences#/ If unable to register, call 1800 455 963 (Australia Toll Free) at the time of the conference and advise that you wish to join the Village Roadshow FY19 Results Teleconference. For personal use only VRL FY19 results 2 “VRL is well positioned in the ‘experience economy’, where people are buying ‘experiences’ rather than ‘things’.” “We are very pleased with the improved operating performance delivered so far, our stronger balance sheet, and the return to paying dividends. VRL is well placed for For personal use only sustainable growth in earnings and cash flow.” VRL recovery continues, driven by the delivery of outstanding customer experiences • VRL group EBITDA1 $124.9m, up 37% on prior year (FY18: $90.9m) • Substantial improvement in operating cash flow up from $21.4m in FY18 to $82.4m in FY19 • Theme Parks’ FY19 EBITDA ($76.5m), up 100% on FY18 ($38.3m) following continued success of ticketing strategy, coupled with good weather • Cost reduction program implemented in FY19, will deliver annualised savings in excess of $10 million across the VRL group • Strong balance sheet with leverage2 reduced to 1.76x (FY18 3.73x) • Sale of Edge to Blackhawk Network (Australia) agreed • Commitment to enhancing shareholder returns - fully-franked final FY19 dividend of 5 cents per share declared For personal use only Notes: 1EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation, excluding Material Items and Discontinued Operations. 2Net Debt/EBITDA ratio VRL FY19 results 4 VRL Group Financials For personal use only VRL FY19 results 29 August 2019 VRL Group – Key earnings metrics Theme Cinema Film Marketing Corporate Parks Exhibition Distribution Solutions & Other Group Key Earnings Metrics ($m) FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 EBITDA 76.5 38.3 53.9 58.1 8.6 13.8 5.3 8.3 (19.5) (27.6) 124.9 90.9 EBIT 30.7 (8.3) 36.5 40.7 5.1 10.6 3.5 6.5 (21.4) (29.3) 54.4 20.1 PBT 12.9 (24.4) 32.7 36.2 1.1 6.8 0.4 4.1 (21.1) (31.7) 26.0 (9.2) NPAT 8.2 (18.9) 22.9 24.2 0.5 4.6 (0.4) 1.9 (10.7) (19.2) 20.6 (7.3) Notes: EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation, excluding Material Items and Discontinued Operations. EBIT is Earnings Before Interest and Tax, after Depreciation and Amortisation, excluding Material Items and Discontinued Operations. PBT is Profit Before Tax, excluding Material Items and Discontinued Operations, also referred to as "Operating Profit". NPAT is Net Profit After Tax and Non-Controlling Interest, excluding Material Items and Discontinued Operations. Refer page 9 for details in relation to Material Items. For personal use only VRL FY19 results 6 VRL Group – Cashflow Theme Cinema Film Marketing Corporate Parks Exhibition Distribution Solutions & Other Group Operating Cash Flow ($m) FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 EBITDA 76.5 38.3 53.9 58.1 8.6 13.8 5.3 8.3 (19.5) (27.6) 124.9 90.9 Movement in Working Capital (1) (2) (3) (15.3) (4.3) (3.6) (0.7) 4.2 (16.7) 6.7 (9.0) 1.2 (2.3) (6.9) (33.0) Cash Impact of Material Items (4) (1.4) (4.1) (0.3) (0.2) (0.1) (0.7) (0.6) (0.5) (4.4) (2.1) (6.9) (7.6) Belfast Rent Settlement (5) - - - (11.9) - - - - - - - (11.9) Interest & Tax (6) (14.9) (16.1) (4.0) (5.1) (3.9) (3.9) (3.2) (0.6) (2.7) 8.7 (28.7) (17.0) Operating Cash Flow 44.9 13.8 46.0 40.2 8.8 (7.5) 8.2 (1.8) (25.4) (23.3) 82.4 21.4 Capital Expenditure (7) (32.1) (54.7) (9.9) (23.2) (2.1) (1.1) (2.2) (2.3) (1.6) (3.6) (47.9) (84.9) Free Cash Flow 12.8 (40.9) 36.1 17.0 6.7 (8.6) 6.0 (4.1) (27.0) (26.9) 34.5 (63.5) Notes: (1) Theme Parks working capital movement due to a decrease in creditors / accruals / provisions and an increase in inventory. (2) Film Distribution improvement in working capital due to reduction in prepaid Film Distribution Royalties and reduction in debtors. (3) Marketing Solutions working capital improvement due to increase in creditors / accruals relating to timing of promotions and changes in business mix. (4) Corporate predominantly relate to costs of implementing restructure. (5) Belfast rent settlement paid in FY18. (6) Corporate prior year includes VRL Group FY18 income tax refund. For personal use only (7) Theme Parks capital expenditure excludes buyout of the DC Rivals Hypercoaster lease. VRL FY19 results 7 VRL Group – Debt On Balance Sheet Debt Facility Expiry Total Facility Total Debt Drawn • As indicated at the time of ($m unless otherwise stated) (Calendar year) 30 Jun 19 30 Jun 19 31 Dec 18 30 Jun 18 the capital raising in FY18, 2022 229.6 164.6 199.6 - VRL Group Finance Facility (New) VRL has completed: 2024 110.4 110.4 110.4 - VRL Group Finance Facility (Old) - - - 394.0 – Sale of Wet’n’Wild Sydney; Other (1) Various 10.9 6.3 5.8 7.9 Total 350.9 281.3 315.8 401.9 – Sale and leaseback of Coburg drive-in; and Cash on Hand n/a (61.7) (99.4) (63.4) Net Debt on Balance Sheet n/a 219.6 216.4 338.5 – Refinancing of debt facility of $340m Debt & Interest Cover Net Debt / EBITDA / 30 June 2019 EBITDA Net Interest • Plus implemented: VRL Group (2) 1.76x 4.39x – Prudent capex spend; and Notes: – Cost reduction program (1) Other includes remaining finance facilities including Las Vegas debt. to deliver annualised (2) Sale and long-term leaseback of Oxenford land required to be treated as a finance lease for accounting purposes. For covenant calculations, finance lease liability of $106.0m excluded, but finance lease interest included. savings in excess of For personal use only $10m across the VRL group VRL FY19 results 8 VRL Group – Material Items • Material items attributable loss after tax of Material Items $m $27.2m in FY2019 included: Restructuring costs (11.4) Net gain on disposals 8.3 – Restructuring and borrowing costs totalling $11.4m pre-tax across the VRL group from the Impairment and other non-cash adjustments (18.0) cost management program and refinancing; Other provision adjustments (15.7) – Gain on disposal from sale and leaseback of Pre-tax total (36.8) property of $10.2m less losses on disposal of Income tax benefit 6.9 businesses of $1.9m; Non-controlling interests 2.7 – Impairment of assets and other non-cash Attributable loss after tax (27.2) adjustments totalling $18.0m pre-tax, including impairment of assets at Wet’n’Wild Las Vegas of $5.4m and impairment of goodwill relating to Film Distribution of $10.0m; and – Other provision adjustments totalling $15.7m pre-tax, including recognition of financial guarantee liability relating to iPic loan of $8.0m and recognition of return liability relating to For personal use only inventory in the Film Distribution division of $7.7m VRL FY19 results 9 Theme Parks For personal use only VRL FY19 results 29 August 2019 Theme Parks – Key results Gold Coast Wet'n'Wild Wet'n'Wild Asia Theme Parks Topgolf Key Results Theme Parks Sydney Las Vegas Theme Parks (total) ($m unless stated otherwise) FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 Total Attendance ('000s) 4,505 4,582 416 25 - 463 222 307 - - 5,143 5,377 Total Income (1) 295.6 271.4 23.4 0.9 - 16.8 9.0 10.1 6.6 6.1 334.6 305.3 Total Expenses (222.6) (229.5) (19.8) (3.0) - (17.8) (8.1) (7.7) (7.5) (9.0) (258.1) (267.0) EBITDA (2) 73.0 41.9 3.6 (2.1) - (1.0) 0.9 2.4 (0.9) (2.9) 76.5 38.3 Depreciation & Amortisation (42.8) (40.1) (1.8) (0.1) - (5.1) (1.1) (1.3) (0.1) (0.1) (45.8) (46.6) Interest Expense (Net) (3) (15.5) (12.4) (1.4) (0.2) - (2.5) (1.0) (1.1) - - (17.8) (16.1) PBT 14.7 (10.6) 0.4 (2.4) - (8.5) (1.2) - (1.0) (3.0) 12.9 (24.4) Non-Controlling Interests - - - - - - 0.6 - - - 0.6 - PBT After Non-Controlling Interests 14.7 (10.6) 0.4 (2.4) - (8.5) (0.6) - (1.0) (3.0) 13.5 (24.4) Total Capital Expenditure (4) (30.8) (32.0) (0.5) (19.2) - (1.5) (0.8) (1.9) - (0.1) (32.1) (54.7) Notes: (1) FY19 revenue includes changes in revenue recognition from the new accounting standard which have negatively impacted the Theme Park division’s reported earnings by approximately $2.9m using a visitation rate of 5.5x.
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