EVT LIMITED - Investor Presentation 2015

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AMALGAMATED HOLDINGS LIMITED

ANALYST PRESENTATION Date: 2 0[th] FEBRUA R Y 2015

Further information

ASX Company Security Code: AHD Telephone: elephone: +6 1

Telephone: elephone: +6 1 2 9373 660 0 Contact: Da v id Seargeant (AHL Managing Director) Da v id Stone (AHL Company S e cretary)

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H alf year Dece mber 2014 re sults summa ry	31 Dec 201 4	31 Dec 2 013
T otal revenue and other inc ome	$ 570.534 mill ion	$568.528 m illion
P rofit for theh alf year	$51.190 mill ion	$46.240 m illion
P rofit before in dividually sig nificant items	$51.190 mill ion	$42.039 m illion
E arnings per s hare (basic)	$0.3 24	$0 .293
N et tangible a sset backingp er ordinary s hare	$5 .23	$ 5.17
I nterim divide nd (fully frank ed)	$0 .16	$ 0.15

Key highlights

Net pro f it before individually signi f icant items w as 21.8% above the prior year result. Net profit after t ax was 10.7 % above t h e prior com p arable half y e ar result.
Interim dividend incr e ased by 6.7 % to 16 cents p er share (fully franked).

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	Result Cinem Cinem Cinem Hotels Thred Leisur Techn Availa Prope Unallo Total Net fin Incom Profit Individ Total s a Exhibition– a Exhibition– a Exhibition– and Resorts bo Alpine Res e and Attract ology ble‐for‐sale in rty cated revenu normalised re ance costs e tax expense before indivi ually significa reported prof Australia New Zealand Germany ort ions vestments es and expen sult(before dually signific nt items (net it ses interest and t ant items of tax) ax)		31 De $ 24 3 10 23 16 1 3 (7, 76 (3, (21, 51 51 c 14 ’000 ,810 ,030 ,574 ,214 ,917 ,196 122 400 ,478 645) ,096 716) 190) ,190 – ,190 31 Dec 13 $’000 27,379 1,962 10,326 18,687 9,126 285 923 368 3,333 (9,662) 62,727 (3,784) (16,904) 42,039 4,201 46,240 Movement $’000 (2,569) 1,068 248 4,527 7,791 911 (801) 32 145 2,017 13,369 9,151 4,950 Move ( 5 2 8 31 (8 2 2 2 1 ment 9.4)% 4.4% 2.4% 4.2% 5.4% 9.6% 6.8)% 8.7% 4.3% 0.9% 1.3% 1.8% 0.7%

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Business operations update

Cinema Exhibition – Australia

 67 sites (i n cluding joint operation sit e s)

 626 scree n s (including 5 07 traditional, 73 Gold Cla s s, 44 Vmax and 2 Drive In s creens)

T he normalised profit before interest and inco m e tax expense was $24,810,000 or 9.4% belo w the prior com p arable half yea r . The result wa s predominately impacted by a 2.5% fall in b o x office, reflec t ing a reductio n in admissions and 3D conte n t, and less sc r een advertisin g revenue.

A soft film line u p in the first q u arter of 2014/ 1 5 was followed by stronger pe r forming titles b e ing released in the second qu a rter. During th e half year there were four titl e s that grossed in excess of $ 2 0 million at t h e Australian B o x Office, thes e included The Hunger Games : Mockingjay Part 1 ($32.6 million), Gone Girl ($ 2 6.9 million), G u ardians of the G alaxy ($26.6 m illion) and Inte r stellar ($20 mil l ion). During th e half year there w ere 13 films t h at grossed mo r e than $10 million at the Aust r alian Box Offic e compared to 1 7 films in the prior comparabl e half year.

Merchandising revenue spend per admission e xperienced po s itive growth o v er the prior co m parable half y ear across bot h Gold Class an d Scoop Alley Ca n dy Bars. The increased mechandising reven u e, together wi t h an increase d cost focus an d implementati o n of tight cos t controls over t h e cost of goods sold, assisted i n marginally offsetting the box o ffice and scree n advertising im p act.

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Business operations update (continued) Cinema Exhibition – Australia

T he Group cont i nues to pursu e increased market share and v isitation loyalt y through the C inebuzz loyalty program. The t otal number o f a ctive members at 31 Decembe r 2014 totalled 9 09,000 up 15.6 % from the pre v ious comparable period.

T he Group has an extensive cin e ma development schedule wit h approximatel y 80 screens bei n g added progr e ssively to the A ustralian circui t o ver the next t w o years. Durin g the half year period the Grou p opened a new traditional five ‐ screen cinema complex at To w nsville in Nort h Q ueensland and closed its 12 screen cinema at Pacific Fair on t h e Gold Coast, w hich is being fully refurbished a s part of the redevelopment o f the shopping ce n tre and is anti c ipated to re‐op e n later in the 2 015 calendar y e ar. A new Event Cinema offeri n g will open in t he redevelope d W estfield Miran d a in April 2015 and will includ e two Gold Class, two Vmax and six traditional screens.

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Business operations update

Cinema Exhibition – New Zealand (including Fiji)

19 sites (i n cluding joint operation sit e s)
132 scree n s (including 4 Gold Class, 1 Vmax and 1 I MAX screens)

T he normalised profit before i n terest and income tax expens e was $3,030,00 0 , an increase o f 54.4% on the p rior comparab l e half year. Th e result was predominately achi e ved through a n increase in m e rchandising re v enue, significa n t cost saving i n itiatives partic u larly relating t o payroll and cos t of goods sold. T he result was m arginally impa c ted by a 1.5% f a ll in box office a nd reduced sc r een advertising revenue.

During the half year there were four titles th a t grossed in ex c ess of NZ$4 m i llion at the Ne w Zealand Box O ffice, these titles included Th e Hobbit: The Ba t tle of the Five Armies (NZ$6. 0 million), The H unger Games: Mockingjay Pa r t 1 (NZ$5.8 million), Guardia n s of the Galax y (NZ$4.5 million ) and How to Tr a in Your Drago n 2 (NZ$4.0 million). The four films achieved a c ombined total o f NZ$20.3 milli o n compared t o t he top four fil m s in the prior c o mparable half y ear which coll e ctively grossed $22.3 million.

Merchandising r evenue spend p er admission i n creased by 8.7 % over the prio r comparable h a lf year. This gr o wth was drive n by a continue d f ocussed sales a pproach along w ith a number o f successful Candy Bar Combo promotions. T h e continued strengthening of t h e New Zealan d dollar also had a positive impa c t on the half ye a r result.

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Business operations update (continued) Cinema Exhibition – New Zealand (including Fiji)

T he Group continues to pursue market share, p articularly thr o ugh the Cinebuzz loyalty progr a m. The total n u mber of activ e members as a t 3 1 December 2014 totalled 126,000 up 40.6% f r om the prior c o mparable half y ear.

T he Group has expanded its foo t print in New Z e aland by acqui r ing two cinemas in the Bay of P lenty region. T h e cinemas incl u ded a leasehol d e ight screen co m plex at Taura n ga and a freeh o ld four screen complex at M o unt Maunganu i . The acquisiti o n was complet e d in Decembe r 2 014.

T he result inclu d es the Fiji Cine m a Joint Ventur e , which includes a 66.7% share in three cinem a s located in Fiji.

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Business operations update Cinema Exhibition – Germany

53 sites (i n cluding two 5 0% joint ven t ure sites)
411 scree n s (including 2 IMAX screens)

T he normalised profit before interest and income tax expen s e was $10,574,000, an increa s e of 2.4% on the prior comp a rable half year . Improved merc h andising revenues and margins assisted in of f setting the 1.8 % fall in box offi c e. The Euro als o weakened sli g htly against th e A ustralian dollar which had an u nfavourable i m pact on the hal f year result.

T he half year s t arted slowly w h en cinema visitation in July 2 0 14 was severely impacted by Germany’s suc c ess at the Football World Cup , however an im p roved release s chedule from l a te July 2014 assisted in a box o ffice recovery. The films whic h achieved in ex c ess of 2 millio n admissions at the German Bo x Office during the half year i n cluded: The H o bbit: The Battle of Five Armi e s (4.6 million admissions); Th e Hunger Games : Mockingjay P a rt 1 (3.6 million admissions); Transformers: A ge of Extinction (2.4 million a dmissions) ; Ho w to Train You r Dragon 2 (2.6 m illion admissio n s); and the Fre n ch hit, Monsie u r Claude and hi s Daughters (3. 6 million admissions). These fiv e films achieve d a combined tot a l of 16.8 millio n admissions c o mpared to six f i lms in the prio r comparable h a lf year which c o llectively achie v ed 22.6 millio n admissions.

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Business operations update (continued)

Cinema Exhibition – Germany

D espite the slo w July 2014 st a rt, German pr o duced films m anaged to attain a reputable 16.1% share o f the total Ger m an Box Offic e c ompared to 20 . 4% in the prior comparable half year. In addition, the Germa n film Honig im Kopf , released l ate in Decemb e r 2014, opene d w ell and has co n tinued to perfo r m strongly int o January and February 2015.

S imilar to the A u stralian and N e w Zealand cine m a businesses, t he Group has recently commenced a loyalty program for the German cinem a o perations. The new CineStarC A RD loyalty program currently h a s in excess of 1 52,000 membe r s and will be h e avily promoted to further gro w the membership base.

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Business operations update

Hotels and Resorts (Rydges Hotels and Resorts, QT Hotels and Resorts and Atura Hotels)

22 owned hotels (3,253 rooms) | 30 manage d hotels (6,12 8 rooms)
Total = 52 hotels (9,381 rooms)

T he normalised profit before i n terest and inc o me tax expen s e was $23,214,000, an increase of 24.2% on t he prior comp a rable half year . Each of the Gro u p’s brands (Ry d ges, QT and At u ra) performed well and contri b uted to the inc r eased profit fo r the half year.

QT Sydney has c ontinued to m a intain its recent strong growth with profit inc r easing by $1,4 4 6,000. In additi o n, the contrib u tion from Atur a Blacktown (whi c h opened in O c tober 2013) i m proved by $1, 2 23,000 over th e prior compar a ble half year r e sult. Collectivel y , the improve d results from th e se two hotels account for 59 . 0% of the total uplift in the o verall Hotels’ r e sult. QT Gold Coast, Rydges Melbourne an d Rydges Queens t own all strongl y outperformed the prior comp a rable half year period.

Occupancy levels of the owne d hotels portfoli o increased by 2 .4 percentage points to 76.0 % with average r o om rate incre a sing by 2.3% t o $160. Revenue per available room (revpar) inc r eased by 5.5% to $122. Dema n d was generall y stronger across the owned ho t els. The impac t of continued c o mpetition and price pressure in the domesti c leisure market was offset by improved mar k et share in th e corporate an d g overnment se g ments. The c o nference segm e nt was patchy in demand th r oughout the h a lf year howev e r several hote l s did achieve a pleasing uplift. T he change in s e gment mix, to g ether with tigh t er cost controls, generated bet t er margins acr o ss most hotels.

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Business operations update (continued) Hotels (Rydges Hotels & Resorts, QT Hotels & Resorts, Atura Hotels)

D espite the pre s sure in the do m estic leisure segment, high le v els of promotional activity and increased inbo u nd arrivals provided growth i n regional centre s and tourist d e stinations suc h as Cairns an d Rotorua. The continuing stagnation of activity within the mining sector , p articularly rela t ing to new dev e lopments, imp a cted the result s from the Grou p ’s hotels locat e d in Townsville and Gladstone.

D uring the half y ear the Group u ndertook a ma j or relaunch of t he hotel loyalt y program, Prior i ty Guest Rewards . The benefit s of the progra m h ave been expa n ded and enha n ced and are d e signed to incr e ase direct boo k ings and gain m arket share over increasing c o mpetition fro m O nline Travel Agents (OTA’s).

A tura Blacktow n , which opene d in October 20 1 3, has gained c onsiderable traction and perf o rmed well within its market. T h e expansion o f the Atura brand has commence d with the acquisition, in Octo b er 2014, of a 1 2 8 room hotel i n Doveton (Vict o ria) which has b een rebrande d a s Atura Dande n ong and the refurbished Rydge s Albury being r e cently relaunc h ed as Atura Al b ury.

T he developme n t of QT Melbo u rne (188 room s ) has commenced with an exp e cted opening around mid‐201 6 . The develop m ent includes 2 4 residential apar t ments of which 20 apartments have been pre‐sold. The new Q T Residence (6 9 rooms) at Bondi Beach is exp e cted to open i n S eptember 2015.

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Business operations update (continued) Hotels (Rydges Hotels & Resorts, QT Hotels & Resorts, Atura Hotels)

T he Group add e d another 180 rooms to the m anaged hotel p ortfolio with two new Art Se r ies hotels ope n ing, including T he Watson (8 4 rooms) and Th e Larwill (96 rooms). Addition a l changes hav e also been a n nounced relati n g to the managed hotel portfolio, with th e m anagement ag r eement for Bell City in Melbo u rne (828 room s ) terminating in January 2015, R ydges Perth (2 4 5 rooms) is ex p ected to exit i n S eptember 2015 and Rydges St K ilda (80 rooms ) was added to t he portfolio in January 2015.

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Business operations update

Thredbo Alpine Resort

The normalised pr o fit before inter e st and income t ax expense wa s $16,917,000, an increase of 8 5 .4% over prior c omparable half year. The resul t refl e cts the outsta n ding 2014 ski s e ason.

Revenues increase d by 24.1% over the prior comp a rable half year. Skier numbers for the half ye a r improved by 1 5.1% to 406,0 0 0 and improve d yiel d s from lift tic k et sales, ski hire and retail re v enues, together with growth o f 22.0% in the ski school participation all co n tributed to th e improved result. R e ductions in electricity rates to g ether with im p rovements in s now making pr o cedures and electricity dema n d managemen t deli v ered a 32.9% r e duction in ene r gy costs comp a red to the prio r comparable half year.

The outstanding success of the 2014 ski season w as primarily due to two early m ajor snowfalls followed by a s eries of very c o ld nights whic h allo w ed excellent snow making pr o duction. This c ontrasts markedly to the 2013 ski season which was one of t he worst on record where an y ma t erial snowfall w as followed b y warm wind a n d rain. The 20 1 4 ski result hi g hlights the sig n ificance and i m portance of th e Group’s sno w ma k ing ability and c apacity.

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Current development pipeline

Cinemas

L M S P H G P S N K P W T ocation iranda NSW pringfield (Brisb acific Fair QLD( urstville NSW ( lenelg SA almerston Darw mithfield Cairns orth Lakes (Bris otara (near New lenty Valley VIC estfield Newm otal ane) QLD upgrade) upgrade) in NT QLD bane) QLD castle) NSW arket NZ Opening Ty 2015 50 2015 50 2015 2015 50 2015 50 2016 50 2016 2016 50 2016 2017 50 2017 pe of operation % joint operatio % joint operatio 100% % joint operatio % joint operatio % joint operatio 100% % joint operatio 100% % joint operatio 100% Lease te n 20 yea n 15 yea 20 yea n 15 yea n 10 yea n 15 yea 20 yea n 20 yea 20 yea n 20 yea 20 yea rm rs rs rs rs rs rs rs rs rs rs rs	Total 10 8 11 7 6 6 6 8 8 9 6 Scr Gold Class 2 2 3 ‐ ‐ ‐ ‐ 2 2 2 ‐ eens Vmax Tra 2 2 1 1 ‐ 2 1 2 1 1 2 ditional 6 4 7 6 6 4 5 4 5 6 4
	85 13 15 57

L
M
S
P
H
G
P
S
N
K
P
W
T
ocation
iranda NSW
pringfield (Brisb
acific Fair QLD(
urstville NSW (
lenelg SA
almerston Darw
mithfield Cairns
orth Lakes (Bris
otara (near New
lenty Valley VIC
estfield Newm
otal
ane) QLD
upgrade)
upgrade)
in NT
QLD
bane) QLD
castle) NSW
arket NZ
Opening
Ty
2015
50
2015
50
2015
2015
50
2015
50
2016
50
2016
2016
50
2016
2017
50
2017
pe of operation
% joint operatio
% joint operatio
100%
% joint operatio
% joint operatio
% joint operatio
100%
% joint operatio
100%
% joint operatio
100%
Lease te
n
20 yea
n
15 yea
20 yea
n
15 yea
n
10 yea
n
15 yea
20 yea
n
20 yea
20 yea
n
20 yea
20 yea
rm
rs
rs
rs
rs
rs
rs
rs
rs
rs
rs
rs

Total
10
8
11
7
6
6
6
8
8
9
6
Scr
Gold Class
2
2
3
‐
‐
‐
‐
2
2
2
‐
eens
Vmax
Tra
2
2
1
1
‐
2
1
2
1
1
2
ditional
6
4
7
6
6
4
5
4
5
6
4

85
13
15
57

Note : Lease terms m ay also include additional lease exte n sion options (not i ncluded in the above).

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Current development pipeline (continued)

Hotels

QT Melbourne (former cinema sit e on Russell S t reet) o 1 8 8 room QT h otel
S e lling 24 apar t ments on th e top two lev e ls ( c ontracts for 2 0 apartment s have been e x changed to d ate)
E x pected to o p en 2016

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Above: Russell Street Melbourne (Artist’ s impression of the develo p ment)

QT Queenstown (co n version to part of the existing Rydges Q ueenstown) o 6 3 room QT h o tel o E x pected to o p en early 201 6

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Above: Rydges Q u eenstown

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Current development pipeline (continued)

Other

 Double Bay (former cinema site)

$10 million ca p ex
5 levels (1 retail and 4 com m ercial levels)
E x pected to o p en mid‐2015

 478 George Street

$ 3 8 million ca p ex (plus fit‐o u t costs of $1 4 million)
1 6 levels (2 retail and 14 co m mercial leve l s)
o 9 5 0m[2] retail s p ace – expecting superior r e turns
9 of the comm e rcial levels w ill be occupied by AHL (corporate office )
o E x pected to be completed b y September 2 015

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Potential future developments

General

Mosma n NSW (form e r cinema site)
Preparation of a planning proposal for th e Mosman cinema site is currently under w ay
Perth W A (former ci n ema site on c orner of Barr a ck and Murr a y Streets) o P o tential QT h o tel
Brisban e QLD (418 A d elaide Street)
P o tential QT h o tel
Darwin NT (currently an operating cinema site o n Mitchell St r eet)

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Recently completed developments

Atura Blacktown: Opened in mid‐Octob e r 2013 on th e site of the G r oup’s Blackt o wn Drive In i n Western Sy d ney.

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Recently completed developments/acquisitions

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Atura Albury: conversion from Rydges Albury

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Atura Dandenong: acquisiti o n

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Bay City cinemas (New Zealand): acquisi t ion

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BCC Townsville Central: ne w developme n t

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Capital Expenditure

T he annual ro u tine capital e xpenditure f o r the AHL Gr o up is expect e d to total ap p roximately $ 3 5 million.

R outine capit a l expenditur e excludes an y capital expe n diture relati n g to significa n t developments or acquisi t ions.

Dividend History

A summary of the dividend history is pro v ided below:

C ents per share	2001	200 2	2003	2 004	2005	2006	2007	2008	20 09	2010	2011	2012	2013	2014	2015
In terim	5.0	5 .0	5.0	6.0	7.0	8.0	10.0	11.0	11 .0	14.0	14.0	14.0	15.0	15.0	16.0
F inal	5.0	6 .0	6.5	7.0	11.5	16.0	18.0	19.0	21 .0	23.0	23.0	25.0	27.0	27.0	–
S pecial	–	–	–	–	–	–	–	–	–	–	4.0	–	–	–	–
T otal dividend	10.0	11 .0	11.5	13.0	18.5	24.0	28.0	30.0	32 .0	37.0	41.0	39.0	42.0	42.0	–

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Upcoming film line‐up

U p to June 20 1 5:

After June 2015:

Fifty Shad e s of Grey (Fe b 2015)
T e rminator: Ge n isys (Jul 201 5 )
The Secon d Best Exotic M arigold Hot e l (Feb 2015)
Magic Mike XX L (Jul 2015)
Cinderella ( Mar 2015)
A n t‐Man (Jul 2 0 15)
Insurgent (Mar 2015)
Mission Impossible 5 (Aug 2 0 15)
Fast and F u rious 7 (Apr 2 015)
T h e Fantastic F o ur (Aug 201 5 )
The Aveng e rs: Age of Ul t ron (Apr 201 5 )
P a n (Sep 2015)
Pitch Perfect 2 (May 20 1 5)
Mad Max: F ury Road (M a y 2015)
Ted 2 (Jun 2 015)
T h e Hunger Ga m es: Mocking j ay Part 2 (N o v 2015)
S p ectre (Nov 2 0 15)  St a r Wars: the F orce Awakens (Dec 2015)
Jurassic W o rld (Jun 201 5 )
Aloha (Jun 2015)
Minions (J u n 2015)
Inside Out (Jun 2015)

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Non – IFRS Financial Information

T he AHL gro u p results are prepared un d er Australian Accounting S tandards, and also compl y with Interna t ional Financi a l R eporting St a ndards (“IF R S”). This pr e sentation in c ludes certain non-IFRS m easures, inc l uding the n o rmalised pro f it c oncept. The s e measure s are used i n ternally by m anagement to assess t h e performa n ce of the b u siness, ma k e d ecisions on the allocatio n of resourc e s and asse s s operation a l performan c e. Non-IFR S measures h ave not be e n s ubject to au d it or review, however al l items used to calculate these non-I F RS measur e s have bee n derived fro m i n formation u s ed in the pre p aration of th e reviewed fi n ancial state m ents.

Included in t h e Appendix 4D for the h alf year rep o rting period ended 31 D e cember 2014 is a reconciliation of t h e N ormalised R e sult to the S t atutory Result.

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AI assistant

EVT LIMITED — Investor Presentation 2015

64888_rns_2015-02-19_b6d415e4-183a-4434-bb5d-ccc837cb78eb.pdf

AMALGAMATED HOLDINGS LIMITED

Further information

Key highlights

Business operations update

Cinema Exhibition – Australia

 67 sites (i n cluding joint operation sit e s)

 626 scree n s (including 5 07 traditional, 73 Gold Cla s s, 44 Vmax and 2 Drive In s creens)

Business operations update (continued) Cinema Exhibition – Australia

Business operations update

Cinema Exhibition – New Zealand (including Fiji)

Business operations update (continued) Cinema Exhibition – New Zealand (including Fiji)

Business operations update Cinema Exhibition – Germany

Business operations update (continued)

Cinema Exhibition – Germany

Business operations update

Hotels and Resorts (Rydges Hotels and Resorts, QT Hotels and Resorts and Atura Hotels)

Business operations update (continued) Hotels (Rydges Hotels & Resorts, QT Hotels & Resorts, Atura Hotels)

Business operations update (continued) Hotels (Rydges Hotels & Resorts, QT Hotels & Resorts, Atura Hotels)

Business operations update

Thredbo Alpine Resort

Current development pipeline

Cinemas

Current development pipeline (continued)

Hotels

Current development pipeline (continued)

Other

 Double Bay (former cinema site)

 478 George Street

Potential future developments

General

Recently completed developments

Recently completed developments/acquisitions

Capital Expenditure

Dividend History

Upcoming film line‐up

U p to June 20 1 5:

After June 2015:

Non – IFRS Financial Information

More from EVT LIMITED

EVT LIMITED Investor Presentation 2015