strong trading performance from completion of capital ......theme parks:gold coast 2nd half 2011...
TRANSCRIPT
![Page 1: Strong trading performance from Completion of capital ......THEME PARKS:GOLD COAST 2nd half 2011 $303.3 $303.8 THEME PARKS:US WATER PARKS (note 2) 1st half 2029 $16.6 $18.4 ATTRACTIONS:SYDNEY](https://reader035.vdocuments.net/reader035/viewer/2022071603/613ec560b946476b8b531027/html5/thumbnails/1.jpg)
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- Strong trading performance from Cinema Exhibition and Theme Parks
- Completion of capital management program
- Sale of Greece and Czech Republic businesses
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- EBITDA / FINANCIAL PERFORMANCE
- DEBT / CASH
- CAPITAL MANAGEMENT
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Operating Result Excl Material Items
Reported EBITDA Excl Material Items
HFY2010 $’m
HFY2009 $’m
HFY2010 $’m
HFY2009 $’m
THEME PARKS:GOLD COAST 20.1 15.0 42.5 40.0
THEME PARKS:US WATER PARKS 0.5 (0.5) 3.6 0.2
ATTRACTIONS 4.6 4.3 9.8 8.9
FILM DISTRIBUTION 25.5 28.1 32.7 37.7
CINEMA EXHIBITION:AUST/SING 19.3 13.9 26.8 21.2
CINEMA EXH’N:GOLD CLASS USA (4.3) (3.6) (4.3) (3.6)
RADIO:AUSTEREO 39.3 39.9 49.4 51.3
CORPORATE/OTHER (30.2) (27.7) (22.6) (21.0)
REPORTED RESULTS $74.8 $69.4 $137.9 $134.7
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DEBT AND INTEREST COVER BY DIVISION (December 2009)
Debt/EBITDA (times)
EBITDA/Interest (times)
THEME PARKS:GOLD COAST 3.4 4.7
ATTRACTIONS: SYDNEY ATTRACTIONS GROUP 3.1 4.3
FILM DISTRIBUTION 2.0 6.1
CINEMA EXHIBITION:AUSTRALIA 2.4 6.4
RADIO:AUSTEREO 2.6 6.7
TOTAL VRL GROUP 4.0 3.7
TOTAL VRL GROUP (excluding finance leases) 4.0 3.8
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ON BALANCE SHEET DEBT - CURRENT December 2009 $’m
THEME PARKS $25.5
FILM DISTRIBUTION $7.3
CINEMA EXHIBITION $19.2
RADIO:AUSTEREO $0.0
CORPORATE/OTHER $0.1
Total Current Debt on Balance sheet $52.1
ON BALANCE SHEET DEBT – NON CURRENT December 2009 $’m
THEME PARKS $294.4
ATTRACTIONS $58.0
FILM DISTRIBUTION $94.9
CINEMA EXHIBITION $78.8
RADIO:AUSTEREO $223.1
CORPORATE/OTHER $160.3
Total Non - Current Debt on Balance sheet $909.5
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Note 1. Prior period has been restated to reflect discontinued operations
Note 2. US Water parks debt is a long term lease which is designated as a finance lease under IFRS
Facility ExpiryTotal Debt Drawn ($m)
Dec 2009
Total Debt Drawn ($m) Jun 20091
On Balance SheetTHEME PARKS:GOLD COAST 2nd half 2011 $303.3 $303.8
THEME PARKS:US WATER PARKS (note 2) 1st half 2029 $16.6 $18.4
ATTRACTIONS:SYDNEY ATTRACTONS GROUP 2nd half 2012 $58.0 $60.3
FILM DISTRIBUTION 1st half 2011 $102.2 $109.7
CINEMA EXHIBITION:AUSTRALIA 2nd half 2012 $98.0 $45.0
RADIO:AUSTEREO 2nd half 2011 $223.1 $220.1
CORPORATE 2nd half 2012 $160.4 $200.4
TOTAL ON BALANCE SHEET DEBT $961.6 $957.7Less: Cash on Hand $(104.7) $(68.4)
Net Debt on balance sheet $856.9 $889.3
Off Balance Sheet Net DebtFilm Production and Music (reflects 41% ownership) $464.5 $464.6
Cinema Exhibition (Gold Class USA & Singapore) (ownership %) $10.9 $7.1
TOTAL NET DEBT $1,332.3 $1,361.0
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Note 1: Excludes discontinued operations and material items, based upon weighted average of ordinary and preference shares, prior periods have been restated.
Note 2: Excludes discontinued operations and material items, prior periods have been restated.
CAPITAL ANALYSIS 31 December 2009
30 June 2009
31 December 2008
ORDINARY SHARES (#’m) 114.2 126.9 126.9
PREFERENCE SHARES (#’m) 52.7 97.7 97.8
TOTAL EARNINGS PER SHARE (cents) (note 1) 19.68 (HY) 24.91 (FY) 14.83 (HY)
NET OPERATING PROFIT ($’m) (note 2) $41.6 (HY) $56.0 (FY) $33.4 (HY)
EQUITY (Excl Minority Interest) ($’m) $522.4 $589.0 $629.1
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EBITDA $’m
Movement in Working
Capital $’m
Interest/ Tax $’m
Operating Cashflow
$’m
Capital Expenditure
$’m
Free Cashflow
$’m
THEME PARKS $42.5 $6.9 $(9.0) $40.4 $(9.9) $30.5
THEME PARKS:US WATER PARKS $3.6 $(1.4) $(0.9) $1.3 $(5.6) $(4.3)
ATTRACTIONS $9.8 $(0.2) $(2.3) $7.3 $(5.1) $2.2
FILM DISTRIBUTION $32.7 $6.9 $(3.5) $36.1 $(0.3) $35.8
CINEMA EXHIBITION $22.5 $15.0 $(1.9) $35.6 $(4.9) $30.7
RADIO:AUSTEREO $49.4 $(8.6) $(15.2) $25.6 $(9.9) $15.7
CORPORATE/OTHER $(22.6) $(2.2) $(5.1) $(29.9) $(1.6) $(31.5)
TOTAL $137.9 $16.4 $(37.9) $116.4 $(37.3) $79.1
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
TOTAL ATTENDANCE 2.2 1.9
SALES REVENUE $142.2 $136.5
OTHER REVENUE $0.3 $0.6
TOTAL EXPENSES $100.0 $97.2
EBITDA $42.5 $39.9
DEPRECIATION AND AMORTISATION $13.3 $12.4
INTEREST (NET) $9.1 $12.4
NET PROFIT BEFORE TAX $20.1 $15.1
TOTAL CAPEX $9.9 $8.5
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Attendance numbers – season passes- Queensland VIP - Endless Summer Pass (interstate)
Targeted marketing campaigns- Hollywood Stunt Driver show - Wet’n’Wild
Focus on in-park spending
Reductions in labour hours
New ‘Aqua Loop’ at Wet’n’Wild in calendar 2010
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
TOTAL ATTENDANCE 0.4 0.2
SALES REVENUE $14.0 $7.8
OTHER REVENUE $0.3 $0.0
TOTAL EXPENSES $10.7 $7.6
EBITDA $3.6 $0.2
DEPRECIATION AND AMORTISATION $2.2 $0.7
INTEREST (NET) $0.9 $0.0
NET PROFIT BEFORE TAX $0.5 $(0.5)
TOTAL CAPEX $5.6 $15.5
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WET’N’WILD HAWAII- Decline in tour market - Introduction of season pass- Focus on core domestic market
WET’N’WILD PHOENIX- Opened to public 1 July 2009- Seasonal park currently closed will
re-open in March 2010
OTHER OPPORTUNITIES- Australia- Asia- USA
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
TOTAL ATTENDANCE 1.3 1.3
SALES REVENUE $29.4 $27.6
OTHER REVENUE $1.1 $0.7
TOTAL EXPENSES $20.7 $19.4
EBITDA $9.8 $8.9
DEPRECIATION AND AMORTISATION $2.9 $2.4
INTEREST (NET) $2.3 $2.2
NET PROFIT BEFORE TAX $4.6 $4.3
TOTAL CAPEX $5.1 $3.6
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Impacted by decline in international tourists
New attractions and promotions in 2009/10- Spongebob Squarepants- Deadly n Dangerous holiday program- Crocodile exhibit at Sydney Wildlife World
Kelly Tarlton’s performed in line with expectations
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
SALES REVENUE $222.0 $244.4
OTHER REVENUE $0.8 $0.5
TOTAL EXPENSES $190.1 $207.2
EBITDA $32.7 $37.7
DEPRECIATION AND AMORTISATION $3.7 $6.2
INTEREST (NET) $3.5 $3.4
NET PROFIT BEFORE TAX $25.5 $28.1
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Theatrical EBITDA up 12% on prior periodFY2010 strong titles
- Harry Potter And The Half Blood Prince- Sherlock Holmes- My Sister’s Keeper
Improved gross marginsIncrease in revenues 4%
Entertainment EBITDA down 15% on prior periodDecrease in revenues 10.6%Drop in back catalogue salesDrop in gross marginsLeading supplier to the DVD market
- 15.9% share of total market- 37% share of Children’s category
Roadshow Television continues to exceed expectations
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
TOTAL ADMISSIONS 18.5 17.2
SALES REVENUE $118.1 $101.8
OTHER REVENUE $7.6 $7.4
TOTAL EXPENSES $101.5 $89.8
EBITDA $24.2 $19.4
Share of associates profits (losses) – Singapore $2.6 $1.8
Share of associates profits (losses) – Gold Class USA $(4.3) $(3.6)
EBITDA $22.5 $17.6
DEPRECIATION AND AMORTISATION $5.6 $5.7
INTEREST (NET) $1.9 $1.6
NET PROFIT BEFORE TAX $15.0 $10.3
TOTAL CAPEX (excludes associates) $4.9 $2.1
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Strong performance from Australian circuit from good product- Harry Potter And The Half Blood Prince- Avatar- New Moon
Total admissions up 7.6% to 18.5 million for the period- Australian circuit up 8%- Singapore circuit up 4%
3D digital projector rollout- 18 3D films expected to be released over the next 12 months- Alice In Wonderland, Toy Story 3
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US Gold Class sites- South Barrington, Illinois - Redmond, Washington
US Gold Class opened in the period - Bolingbrook, Illinois- Pasadena, California
Pasadena trading profitably
US Gold Class intends to open 2 new sites
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RESULTS ANALYSISFor the half year ended 31 December
PTD 2010(m)
PTD 2009(m)
SALES REVENUE $128.5 $132.8
OTHER INCOME $3.6 $0.8
TOTAL EXPENSES $82.7 $82.3
EBITDA $49.4 $51.3
DEPRECIATION AND AMORTISATION $3.9 $3.5
INTEREST (NET) $6.2 $7.9
NET PROFIT BEFORE TAX $39.3 $39.9
TOTAL CAPEX $9.9 $12.5Note: Capex includes intangibles of $4.7m (Digital Spectrum)
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Ownership percentage - 52.52% unchanged
Small decline in total revenue to $128.5 m
Net Profit consistent with prior period
Control of 27.1% of national digital spectrum
Today Network maintained FM leadership - Key breakfast time zone four out of 5 capital cities- Drive zone in all capital cities
Triple M Network- Re-build in Melbourne and Sydney- Solid performance in Brisbane, Adelaide and
number one in Perth
The Austereo results announcement can be found at www.austereo.com.au
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Investment- Village Roadshow Pictures and
Concord Music- Ownership percentage – 40.9%- Equity accounted not consolidated
FY2010 Films produced in partnership with Warner Bros. - Sherlock Holmes- Where The Wild Things Are
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2010 Films currently being produced - Sex And The City 2- Guardian’s Of Ga’hoole- Cats And Dogs 2- Happy Feet 2
Film Finance Facility- US$900 million- Until 30 September 2010- New financing being negotiated