EVT LIMITED — Interim / Quarterly Report 2009

Mar 24, 2009

AMALGAMATED HOLDINGS LIMITED ABN 51 000 005 103

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HALF-YEAR ENDED 31 DECEMBER

	2004	2005	2006	2007	2008
($ million unless indicated)
Revenue from sale of goods
or rendering of services	311.4	289.1	300.7	313.9	366.1
Other revenue and income	19.0	24.7	30.3	25.2	23.6
Revenue, gain and other income
from discontinued operations	11.3	4.9	2.6	64.4	–
	341.7	318.7	333.6	403.5	389.7
Share of revenues derived
from cinema partnerships
and associate entities	107.9	95.0	99.1	105.7	118.7
Total revenues*	449.6	413.7	432.7	509.2	508.4
Profit from continuing
operations before individually
significant items and income tax	51.8	47.4	43.3	49.3	62.4
Discontinued operations	(1.4)	(1.1)	11.2	67.3	_
Individuallysignificant items	2.8	2.5	3.9	2.3	_
	1.4	1.4	15.1	69.6	_
Profit before income tax	53.2	48.8	58.4	118.9	62.4
Income tax expense from
continuing operations	(10.0)	(9.1)	(8.5)	(14.4)	(15.3)
Income tax (expense)/benefit
from discontinued operations	0.4	0.3	(0.2)	(26.4)	3.7
Profit after income tax	43.6	40.0	49.7	78.1	50.8
Basic earnings per share (cents)	34.7	31.9	39.0	60.9	39.2
Basic earnings per share from
continuing operations (cents)	35.5	32.5	30.4	29.0	36.4
Interim dividend per ordinary
share (cents)	7.0	8.0	10.0	11.0	11.0
Total tangible assets	772.6	753.0	819.9	752.8	838.1
Interest bearing liabilities and
borrowings net of cash	177.0	145.1	166.2	20.4	44.3

• To more fairly reflect the operations of the Group, revenue disclosed includes the Group’s share of the sales revenue earned by cinema partnerships and associate entities.

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04 05 06 07 08
$62.4M
$51.8M
$49.3M
$47.4M
$43.3M
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04 05 06 07 08
$366.1M
$311.4M $313.9M
$300.7M
$289.1M
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NORMALISED RESULT

REVENUE

FROM SALE OF GOODS OR RENDERING OF SERVICES

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04 05 06 07 08
$838.1M
$819.9M
$772.6M
$753.0M $752.8M
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04 05 06 07 08
11 cents 11 cents
10 cents
8 cents
7 cents
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TOTAL TANGIBLE INTERIM DIVIDEND ASSETS PER ORDINARY SHARE

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ENTERTAINMENT Grand Central, ToowoombaMEGAPLEX Indooroopilly, Rydges on Bell, Preston,Melbourne www.greaterunion.com.au Brisbane Rydges on Swanston, www.birch.com.au Ipswich City Melbourne Mackay City Rydges Brighton Beach, Mt Pleasant, Mackay Melbourne GREATER UNION Maroochydore, Sunshine Rydges Kalgoorlie Coast Rydges Perth ACT Morayfield, Brisbane Rydges Gladstone Manuka, Canberra Pacific Fair, Gold Coast Rydges Sabaya Resort, NSW Robina, Gold Coast Port Douglas North Rockhampton Rydges Southbank Townsville Bondi Junction, Sydney Strathpine, Brisbane Rydges Bankstown, Sydney Burwood, Sydney The Strand, Toowoomba Rydges Campbelltown, Sydney Campbelltown, Sydney Townsville City Rydges Camperdown, Sydney MEGAPLEX Castle Hill, Rydges Cronulla, Sydney Sydney CINESTAR Rydges North Sydney Glendale, Newcastle Germany Rydges Parramatta, Sydney Hornsby, Sydney United Arab Emirates Rydges World Square, Sydney Hurstville, Sydney www.cinestarcinemas.com Rydges Port Macquarie Liverpool, Sydney www.cinestar.de Rydges Wollongong MEGAPLEX Macquarie, Thredbo Alpine Hotel & Sydney Apartments Miranda, Sydney STATE THEATRE Gold Coast International, Mosman, Sydney Sydney, NSW Surfers Paradise Parramatta, Sydney www.statetheatre.com.au Capricorn International Resort, Newcastle Yeppoon Shellharbour Capitol Square Hotel, Sydney George Street Cinemas, ENTERTAINMENT Castaways Resort on Mission Sydney Beach Tuggerah, Central Coast TECHNOLOGY Wollongong NEW ZEALAND Blacktown Drive-In, Sydney

Rydges Auckland QLD EDGE DIGITAL TECHNOLOGY Rydges Christchurch Rydges Lakeland Resort, Brisbane City Regent Centre, Sydney, NSW Queenstown Brisbane Melbourne, VIC Rydges Rotorua Brisbane City Myer Centre, Adelaide, SA Brisbane Brisbane, QLD FIJI SA Perth, WAAuckland, NZ Rydges Hideaway Resort Fiji

Rydges Hideaway Resort Fiji

MEGAPLEX Marion, Adelaide UNITED ARAB Arndale, Adelaide FILMLAB EMIRATES VIC Sydney, NSW www.filmlab.com.au Rydges Plaza Dubai Melbourne City

Rydges Plaza Dubai

UNITED KINGDOM

WA HOSPITALITY MEGAPLEX Innaloo, Perth & LEISURE Morley, Perth

Rydges Kensington Plaza, London

THREDBO ALPINE RESORT Thredbo, NSW www.thredbo.com.au

BIRCH CARROLL & COYLE RYDGES HOTELS www.thredbo.com.au & RESORTS www.rydges.com NSW Rydges Central Reservations FEATHERDALE Coffs Harbour Toll Free 1300 857 922 WILDLIFE PARK Lismore Doonside, NSW www.featherdale.com.au

AUSTRALIA

NT Casuarina Darwin City

Rydges South Park, Adelaide Rydges South Bank, BrisbaneRydges Tradewinds, Cairns AHL CORPORATE Rydges Esplanade Resort,Cairns 49 Market Street Rydges Plaza, Cairns Sydney NSW 2000 Rydges Oasis Resort, Phone (02) 9373 6600 www.ahl.com.au

QLD

Australia Fair, Gold Coast Browns Plains, Brisbane Cairns Central Cairns City Capalaba, Brisbane Carindale, Brisbane MEGAPLEX Chermside, Brisbane Coolangatta, Gold Coast Earlville, Cairns MEGAPLEX Garden City, Brisbane

Rydges Plaza, Cairns Rydges Oasis Resort, Caloundra Rydges Capital Hill, Canberra Rydges Lakeside, Canberra Rydges Eagle Hawk Resort, Canberra Rydges Hobart Rydges Melbourne Rydges North Melbourne

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THE NORMALISED RESULT OF $62,452,000 REPRESENTS AN INCREASE OF 26.7% ON THE PRIOR COMPARABLE HALF-YEAR PERIOD.

The increased result was due primarily to the increased contribution from the exhibition businesses, both Domestic and International.

There were no individually significant items in the current half-year period. Individually significant items from the previous corresponding period included a gain on the disposal of Roadshow Distributors Pty Limited of $64,381,000 and a provision write-back of $2,266,000 relating to a more favourable negotiated outcome for the closure of a cinema site in Germany.

The normalised result includes a fair value decrement totalling $925,000 relating to the revaluation of the Group’s properties that have been classified as investment properties. The prior comparable half-year period included a fair value increment of $800,000. In addition a stock obsolescence provision totalling $566,000 has been booked within the Entertainment Technology segment.

DIVIDEND

Directors have declared a fully franked interim dividend of 11 cents per share.

During the period the Group successfully launched its cinema loyalty program, Cinebuzz. Key benefits to members include rewards for frequency, invitations to special advance screenings and discounted ticket offers. Over 200,000 customers had joined the program by 31 December 2008.

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A strong focus on corporate sales as well as the continued broadening of retail sales channels for gift cards products resulted in an 11.6% increase in the sales of these products. In addition, the ability to book reserve seating has driven growth in online ticket sales which were up by 16%.

During the six-month period the Group closed the three-screen cinema at Hindley Street, Adelaide. The Group retains ownership and the site is currently leased to a commercial tenant.

The contribution for the Group’s 50% interest in the Village managed circuit in Victoria increased by 65.7% over the comparable half-year period. This significant improvement was due largely to the strong movie line-up, the successful opening of a new nine screen REVIEW OF OPERATIONS cinema at Doncaster in October and the closure of the loss-making site at Waverly Gardens in the later part of the ENTERTAINMENT previous financial year.

CINEMA EXHIBITION – DOMESTIC

Domestic Exhibition enjoyed a strong half-year achieving a 10.1% increase in Box Office over the prior comparable half-year period. This half-year result was driven by the strong performance of The Dark Knight which achieved in excess of $45 million at the Australian Box Office. Other major contributors were Australia , Mamma Mia! and Quantum of Solace all achieving in excess of $30 million and Madagascar: Escape 2 Africa and Hancock both achieving in excess of $20 million.

CINEMA EXHIBITION – INTERNATIONAL

The Group’s cinema exhibition operations in Germany showed an improved result over the prior halfyear period with Box Office revenue increasing by 7.6%. The top performing films for the half-year were Madagascar: Escape 2 Africa , Quantum of Solace , Mamma Mia! , Hancock and The Dark Night . These films were well supported by a number of German productions including Der Baader Meinhof Komplex , Krabat and 1[1] ⁄2 Ritter .

Merchandising revenue continued to grow . with an 8.4% improvement in revenue Merchandising revenue per admission per admission over the prior comparable increased by 2.3% over the prior half-year period. This growth was driven half-year period. by a number of successful Candy Bar Combo promotions and the ongoing The Middle East cinema business success of the Gold Class concept. The continued to grow and traded very increased Box Office and merchandising strongly during the half-year. Box Office revenue contributed to the 19.3% was ahead of the prior comparable growth in earnings. half-year period by 25.6% and merchandising revenue increased by 28.2%.

The weakening of the Australian dollar against both the Euro and Dirham also contributed to an increased contribution from the International Cinema operations.

HOSPITALITY & LEISURE

HOTELS

Earnings from the Hotels group declined by 5.9% over the previous comparable half-year period however this was due primarily to non-recurring provisions raised during the period.

Owned

Hotel occupancy totalled 72.9% and was a reduction of 2.4 percentage points from the prior comparable half-year period. The occupancy decline primarily occurred within New South Wales, North Queensland and New Zealand and was attributable to reduced inbound arrivals and the softening of corporate demand in the later part of the half-year. Conversely hotel occupancy increased within the Canberra market due to strong government and conference demand.

Rate growth increased 5.6% over the prior comparable half-year period and the growth occurred in all segment areas despite the general softening in occupancy demand.

The Group added to the portfolio of owned hotels with the acquisition of the Gold Coast International Hotel in October 2008. The hotel has traded in line with expectations and, despite the overall decline in inbound arrivals, occupancy has been assisted by the increased flight capacity into the Gold Coast and strong domestic leisure business.

Managed

Two additional management agreements were signed during the half-year period for Rydges Adelaide and Rydges Kalgoorlie. A further three management agreements are currently under negotiation for new hotels opening over the next two years.

Operations

The use of technological innovation continues to enhance the reach and distribution of Rydges Hotels to an increasing market. Product improvements include the roll-out of the RISE breakfast concept, Rydges

Image and Sound Technology) nor the Filmlab Engineering business. Edge Digital Technology improved revenues from installation projects however the result continued to be negatively impacted by reduced margins. Filmlab produced a satisfactory result but was impacted by a $566,000 provision for stock obsolescence.

Dream Beds, LCD Flat screen TV’s and dedicated media hubs.

Revenues generated by www.rydges.com grew by over 60%. The growth was assisted by the Rydges PriorityGUEST program with total membership exceeding 191,000 at 31 December 2008.

THREDBO ALPINE RESORT

OTHER

Thredbo experienced excellent natural snow and weather conditions for the PROPERTY peak winter season months of July and Rental income from the Group’s August 2008. Trading for these two property portfolio increased on the months was at record or near record prior comparable half-year period levels however trading for September through general rental increases. and the end of the 2008 season was slightly down on expectations. Thredbo The normalised result includes a fair achieved almost 370,000 skier days, value decrement totalling $925,000 the 4th highest on record, and this relating to the revaluation of those resulted in a strong flow-on effect properties classified as investment for ski lessons, equipment hire, retail properties. This compares to the prior and Thredboland. comparable half-year fair value increment of $800,000 and reflects the general Snowmaking again proved extremely market softening of commercial valuable, particularly towards the end property values.

Snowmaking again proved extremely market softening of commercial valuable, particularly towards the end property values. of the season. The area covered by snowmaking will be extended for the Construction continues on a seven level 2009 winter season. The extension commercial office development at the includes a further 34 guns covering former cinema site at Mort Street, the True Blue and Little Beauty trails Canberra Civic. A pre-commitment and the lower areas of both Sponar’s leasing agreement for the entire building and Anton’s T-Bar. has been entered into. A Development Application has been approved for the LEISURE/ATTRACTIONS residential sub-division of the Bass Hill Drive-in site.

Featherdale delivered an improved result on the prior comparable half-year period with growth in the domestic segment together with the favourable impact on business during the World Youth Day period offsetting a general decline in Asian inbound visitors.

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The State Theatre experienced improved trading conditions compared to the prior comparable half-year period.

DC Seargeant AHL Managing Director

ENTERTAINMENT TECHNOLOGY

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ATLAB HOLDINGS PTY LIMITED The Group sold its 50% interest in the Atlab group in September 2008. The consideration for the sale was $1,500,000 which was equivalent to the Group’s carrying value and, as a result, there was no profit or loss on the sale.

TECHNOLOGY – OTHER

The Atlab sale did not include the 100% owned businesses of Edge Digital Technology (previously known as Atlab

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