EVT LIMITED — Interim / Quarterly Report 2011

Mar 23, 2011

Financial Results

Highlights

Locations

ENTERTAINMENT BIRCH CARROLL & COYLE AUSTRALIA Half-year ended 31 December www.eventcinemas.com.au NSW Rydges South Park, Adelaide www.eventcinemas.co.nz Coffs Harbour Rydges South Bank, Brisbane 2006 2007 2008 2009 2010 www.greaterunion.com.au Lismore Rydges Tradewinds, Cairns www.birch.com.au NT Rydges Esplanade Resort, Cairns ($ million unless indicated)Revenue from sales of goods $ MILLION600.2 $ MILLION111.0 EVENTNSW CasuarinaDarwin City Rydges Plaza, CairnsRydges Oasis Resort, CaloundraRydges Capital Hill, Canberra or rendering of services 300.7 313.9 366.1 409.5 399.2 8.2% INCREASE 45.5% INCREASE Bondi Junction, Sydney QLD Rydges Lakeside, Canberra Other revenue and income 30.3 25.2 23.3 30.2 27.1 TOTAL REVENUE PROFIT AFTER Campbelltown, SydneyCastle Hill, Sydney Australia Fair, Gold CoastBrisbane City Myer Centre, Brisbane Rydges Eagle Hawk Resort, CanberraRydges Hobart Revenue, gain and other income from discontinued operations 2.6 64.4 0.2 – 60.3 AND OTHER INCOME ($M) INCOME TAX EXPENSE ($M) Macquarie, SydneyParramatta, Sydney Browns Plains, BrisbaneCairns Central Rydges MelbourneRydges North Melbourne Sydney City, George Street 333.6 403.5 389.6 439.7 486.6 650 120 Top Ryde, Sydney Cairns CityCapalaba, Brisbane Rydges Bell City, Preston, Melbourne Share of revenue derived from SA Carindale, Brisbane Rydges on Swanston, Melbourne jointly controlled entities 85.4 91.3 101.6 115.2 113.6 580 100 Marion, AdelaideWA Coolangatta, Gold CoastEarlville, Cairns Rydges KalgoorlieRydges Perth Total revenue and other income 419.0 494.8 491.2 554.9 600.2 Innaloo, Perth Garden City, Brisbane Rydges Gladstone Profit from continuing operations before individually significant items and income tax expense 43.3 49.3 62.2 79.4 60.9 510 80 QLDChermside, BrisbaneIndooroopilly, BrisbaneRobina, Gold Coast Ipswich CityMackay CityMt Pleasant, MackayMaroochydore, Sunshine Coast Morayfield, Brisbane Rydges Sabaya Resort, Port DouglasRydges Southbank TownsvilleRydges Bankstown, SydneyRydges Campbelltown, Sydney Discontinued operations 11.2 67.3 0.2 4.7 62.3 440 60 NEW ZEALANDAlbany, Auckland Pacific Fair, Gold CoastNorth Rockhampton Rydges Camperdown, SydneyRydges Cronulla, Sydney Individually significant items 3.9 2.3 – 11.9 6.2 Highland Park, Auckland Strathpine, Brisbane Rydges North Sydney Manukau, Auckland Toowoomba Grand Central Rydges Parramatta, Sydney 15.1 69.6 0.2 16.6 68.5 370 40 Newmarket, Auckland Toowoomba Strand Rydges World Square, Sydney Profit before income tax expense 58.4 118.9 62.4 96.0 129.4 Queen Street, AucklandSt Lukes, Auckland Townsville CityOTHER Rydges Port MacquarieRydges Wollongong Westcity, Auckland QT Gold Coast, Surfers Paradise Income tax expense from 300 06 07 08 09 10 20 06 07 08 09 10 Westgate, Auckland Beverly Hills Cinemas (NSW) Capricorn International Resort, continuing operations (8.5) (14.4) (15.2) (19.8) (18.4) Center Place, Hamilton Cronulla Cinemas (NSW) Yeppoon Income tax (expense)/benefit from discontinued operationsProfit after income tax expenseBasic earnings per share (cents) (0.2) 49.7 39.0 (26.4) 78.1 60.9 50.8 37.2 3.6 76.2 54.4 – 111.0 69.7 – $ 1,027.5 Chartwell, HamiltonNew PlymouthEmbassy, WellingtonQueensgate, WellingtonWhangereiRialto, Auckland Noosa Cinemas (QLD)CINESTARGermanyUnited Arab Emirateswww.cinestarcinemas.comwww.cinestar.de Capital Square Hotel, SydneyArt Series (The Blackman), MelbourneArt Series (The Cullen), MelbourneArt Series (The Olsen), MelbourneNEW ZEALAND MILLION 14.0 Rialto, Christchurch Rydges Auckland Basic earnings per share from continuing operations (cents) 30.4 29.0 34.4 51.0 30.6 9.5% INCREASE CENTS Rialto, DunedinFIJI STATE THEATRESydney, NSW Rydges ChristchurchRydges Lakeland Resort, Interim dividend per ordinary share (cents) 10.0 11.0 11.0 14.0 14.0 TOTAL INTERIM LautokaSuva www.statetheatre.com.au Queenstown Rydges Rotorua TANGIBLE DIVIDEND (CENTS) ENTERTAINMENT UNITED ARAB EMIRATES Total tangible assets 819.9 752.8 838.1 938.7 1,027.5 ASSETS ($M) PER ORDINARY SHARE GREATER UNIONACT TECHNOLOGYEDGE DIGITAL Rydges Plaza DubaiUNITED KINGDOM Cash net of borrowings/(Borrowings net 1,100 15 Manuka, Canberra TECHNOLOGY Rydges Kensington Plaza, London Sydney, NSW of cash) (166.2) (20.4) (44.3) (30.5) 105.6 NSW Melbourne, VIC THREDBO ALPINE RESORT Burwood, Sydney Adelaide, SA Thredbo, NSW * To more fairly reflect the operations of the Group, revenue disclosed includes the Group’s 1,000 13 Glendale, Newcastle Brisbane, QLD www.thredbo.com.au share of the sales revenue earned by jointly controlled entities. Hornsby, Sydney Perth, WA Hurstville, Sydney Auckland, NZ FEATHERDALE WILDLIFE PARK 900 11 Liverpool, SydneyMiranda, Sydney www.edgedigitaltechnology.com.au Doonside, NSWwww.featherdale.com.au Newcastle Shellharbour FILMLAB AHL CORPORATE 800 9 Tuggerah, Central Coast Sydney, NSW 49 Market Street Wollongong www.filmlab.com.au Sydney, NSW 2000 Blacktown Drive-In, Sydney Phone (02) 9373 6600 HOSPITALITY & www.ahl.com.au 700 7 SAArndale, Adelaide LEISURE RYDGES HOTELS & RESORTS VIC www.rydges.com 600 06 07 08 09 10 5 06 07 08 09 10* Melbourne CityWA Rydges Central ReservationsToll Free 1300 857 922 Morley, Perth

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2010
Amalgamated Holdings Limited
half-year
report
AMALGAMATED HOLDINGS LIMITED
ABN 51 000 005 103
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Overview

AHL is one of Net profit after tax was $110,924,000, Australia’s premier an increase of 45.5% on the previous comparable half-year period. The entertainment, increase in net profit was primarily hospitality, attributable to a profit of $60,318,000 and tourism & booked on the sale of the Group’s 49% interest in the cinema business leisure companies. located in the United Arab Emirates. Its three main The normalised result was operating divisions $44,268,000, a decrease of 26.4% on are Entertainment, the previous comparable half-year Entertainment period. The decline in normalised profit was mostly attributable to the Technology, and Cinema Exhibition business which Hospitality & was affected by the relatively soft film Leisure. line-up over the traditionally strong Christmas holiday trading period. Hotels and Thredbo achieved solid growth over the previous comparable half-year period.

Dividend

Directors have declared a fully franked interim dividend of 14 cents per share.

Individually signifcant items included the following: Proft on sale of interest in MAF Greater Union LLC Valuation increment recognised on the property development site in Canberra Proft on the sale of land lots from the Bass Hill development land bank Total individually signifcant items before income tax expense	31 Dec 2010 $’000 60,318 2,251 3,998 66,567	31 Dec 2009 $’000 – 9,300 2,604 11,904

Review of Operations

Entertainment

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CINEMA EXHIBITION AUSTRALIA The normalised profit before interest and income tax expense was $20,227,000, a decrease of 14.1% on the prior comparable half-year period. Domestic Exhibition experienced a weaker halfyear period recording a 1.3% decrease in Box Office. This decline in Box Office was the result of a disappointing Christmas trading period, with total Box Office for December down on the prior comparable half-year period by 18.8%.

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The half-year result was underpinned by two titles, Harry Potter and the Deathly Hollows and Inception , which both achieved in excess of $35 million at the Australian Box Office. Other major contributors included The Twilight Saga: Eclipse and Toy Story 3 both achieving in excess of $30 million during the period. Despicable Me achieved in excess of $20 million.

During the half-year period the Group continued to expand its 3D digital footprint significantly and capitalised on the increasing number of titles released in 3D. Over the six-month period 49 additional 3D projectors were installed over the circuit taking the total amount of projectors to 164. This is the largest deployment of any exhibitor within Australia.

Merchandising revenue continued to grow with a 5.1% improvement in revenue per admission over the prior comparable half-year period. This growth was driven by the continued rollout of the successful self serve Scoop Alley candy bar concept and the ongoing success of the Gold Class cinema experience.

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During the six-month period the Group opened a new eight-screen cinema at the Top Ryde City shopping complex in north western Sydney. The development is an Event Cinema and includes one Vmax screen and seven traditional auditoriums. The Group also completed the purchase of the Moonlight Cinema business for $1,750,000. Moonlight Cinema operates an outdoor cinema business across five sites, located in Sydney, Melbourne, Adelaide, Brisbane and Perth.

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The contribution for the Group’s 50% interest in the Village managed circuit in Victoria decreased by 3.0% over the comparable half-year period. This downturn was due largely to the soft film line-up over the Christmas period.

CINEMA EXHIBITION NEW ZEALAND The normalised profit before interest and income tax expense was $1,037,000 for the half-year to 31 December 2010. The Cinema Exhibition New Zealand business was acquired in February 2010 and, as a result, there are no comparable reported profit results.

The New Zealand business, which also includes the Fiji Cinema Joint Venture (66.67% share in two cinemas), experienced a difficult half-year period with Box Office down 11.1%. The majority of the decline was experienced over the traditionally busy December month, which was down 37.5% over the prior comparable period.

The Box Office result for the period was predominately driven by strong performances from Inception which grossed in excess of NZ$6 million at the New Zealand Box Office, as well as Toy Story 3, Harry Potter and the Deathly Hollows and The Twilight Saga: Eclipse , all of which grossed in excess of NZ$5 million. Despicable Me achieved NZ$4.2 million.

During the six month period, merchandising revenue spend per admission increased by 4.7% despite the negative impact on net revenues resulting from the increased GST rate on 1 October 2010 from 12.5% to 15.0%. This growth was driven by a continued focussed approach on a number of Candy Bar Combo promotions.

During the period the Group expanded the 3D digital footprint to 29 screens, which helped to capitalise on the increased number of titles being released in 3D. In addition during the period the Group commenced capital projects to refurbish four key cinema locations across the New Zealand circuit.

CINEMA EXHIBITION GERMANY

The normalised profit before interest and income tax expense was $9,216,000, a decrease of 69.4% on the prior comparable half-year period. The German circuit suffered from a lack of consistent quality film product, extremely poor weather conditions during December and the negative impact of the Football World Cup on the July 2010 trading month. Box Office in Euros decreased by 16.9% over the very strong prior comparable half-year period. The box office contribution from German produced films also showed a significant decline with only 10% of the box office coming from German product as against 28% in the prior comparable half-year period. The top performing films at the German

Box Office were Harry Potter and the Deathly Hallows: Part 1, Twilight Saga: Eclipse, Inception, Despicable Me and Shrek Forever After.

The average admission price increased by 6.8% over the prior half-year period which was partly attributable to the surcharge for 3D films, with a greater number of sites in Germany now having 3D capacity. The German exhibition circuit currently has 96 screens at 50 sites with 3D capacity. Merchandising spent per head increased by 8% over the prior half-year period.

The strengthening of the Australian dollar against the Euro continued to have a negative impact on the results from Germany when translated to Australian dollars. The average month end $A/Euro exchange rate for the half-year to 31 December 2010 was 71.7 cents against 60.4 for the prior comparable half-year period.

CINEMA EXHIBITION – UNITED ARAB EMIRATES

The Groups’ 49% interest in the Middle East cinema business was sold during the period to joint venture partner the Majid Al Futtaim Group for AED283 million (A$78.7million). The earnings received for the period prior to the sale were $1,964,000 and the profit on sale was $60,318,000.

Hospitality & Leisure

HOTELS

The normalised profit before interest and income tax expense was $16,940,000, an increase of 10.6% on the prior comparable half-year period.

OWNED HOTELS

Occupancy in the Group’s owned hotels of 79.3%, with an average rate of some $134 represented a revpar increase of 6.2% over the prior comparable period.

Corporate Travel rebounded strongly from the Global Financial Crisis lows of the previous year. Volume from the corporate segment has been strong throughout the period, with rate growth emerging towards the end of the first half. The important conference segment is still yet to recover, with results in-line with the prior year.

Domestic leisure travellers continue to be very price sensitive, however this segment has proven to be resilient in most locations, albeit with some softening emerging toward the end

The Group continues to focus on maximising Revpar growth via an equal focus on driving average room rate when demand allows, whilst supplementing demand with strong promotional activity when required. The Group’s market share continues to improve. Food and Beverage revenue has grown 23% over the prior comparable period. This is primarily as a result of the new F&B Bar and Restaurant concepts recently opened in Canberra, Melbourne, Cronulla and Cairns.

Thredbo experienced solid trading despite inconsistent natural snow conditions during the first half of the season, however favorable weather conditions allowed Thredbo to produce a record amount of man-made snow giving very favorable skiing conditions during July and into early August, this was followed by near record snow falls for the remainder of the 2010 ski season. The September result was particularly strong when compared to prior seasons.

Higher workers compensation premiums LEISURE/ATTRACTIONS resulted in a slight decline in room’s margin, however F&B margin grew strongly off the income tax expense was $1,166,000, a back of the pleasing revenue growth and good cost control. Earnings were impacted half-year period. by one-off costs arising from preparations

for the launch of the new QT brand on the Entertainment Gold Coast. Technology

The normalised profit before interest and income tax expense was $1,166,000, a decrease of 6.4% on the prior comparable half-year period.

MANAGED HOTELS

The normalised profit before interest and income tax expense was $510,000, a decrease of 42.6% on the prior comparable half-year period. This was due to the establishment of a new digital production studio.

The management company produced a solid first half result. Income grew by some 16.7%, with a corresponding 19.6% increase in contributions. This was a result of solid trading across the bulk of the managed portfolio, particularly hotels located in the mainland Australian capital cities, which have benefited from the resurgent corporate travel market described above. Fee income was also positively impacted by an expansion of hotels under management during 2010. Unfortunately, the improved trading environment was not experienced in all locations, with Dubai and Queensland resort areas continuing to be characterised by over supply and soft demand.

Other

PROPERTY

The normalised profit before interest and income tax expense was $2,594,000, a significant increase on the prior comparable half-year period.

During the half-year period a further 27 contracts for land lots were settled on the subdivision of the former Bass Hill Drive-In site, providing a profit of $3,998,000 which has been booked as an individually significant item.

OPERATIONS

The Group continues to leverage the an individually significant item. increasingly powerful combination of A further fair value adjustment of $2,251,000 www.rydges.com and the Rydges was booked as an individually significant item PriorityGUEST program to deal directly with in relation to the Canberra Civic development guests and drive increasing revenues into following finalisation of all outstanding hotels. The program had some 371,000 claims on the development. members at 31 December 2010 (331,000 members at 30 June 2010). Revenue booked via rydges.com increased by 15.8% over the prior comparable half-year period.

THREDBO ALPINE RESORT

THREDBO ALPINE RESORT DC Seargeant The normalised profit before interest and AHL Managing Director income tax expense was $17,431,000, an increase of 6.8% on the prior comparable half-year period.