RESULTS PRESENTATION YEAR ENDED 30 JUNE 2017

EVENT YEAR END RESULTS - WEBCAST AND DIAL IN DETAILS

FRIDAY 25 AUGUST 2017 8:00 AM (AEDT)

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GROUP RESULTS SUMMARY

FULLY FRANKED FINAL DIVIDEND 31 cents per share

PAYMENT ON 21 SEPTEMBER 2017. TOTAL DIVIDEND FOR THE YEAR 51 CENTS PER SHARE.

Year ended 30 June	2017 $’000	2016 $’000	Variance %	2015 $’000
ENTERTAINMENT
Australia	78,957	88,515	(10.8)%	78,576
New Zealand	10,787	10,508	2.7%	8,264
Germany	22,246	36,042	(38.3)%	25,126
HOSPITALITY AND LEISURE
Hotels and Resorts	52,734	51,597	2.2%	41,400
Thredbo Alpine Resort	18,187	15,007	21.2%	13,410
Propertyand Other Investments	9,343	5,584	67.3%	7,440
Unallocated revenues and expenses	(22,322)	(21,308)	(4.8)%	(15,242)
Normalised result (before interest and tax)	169,932	185,945	(8.6)%	158,974
Net finance costs	(8,995)	(8,031)		(6,607)
Income tax expense	(47,253)	(51,934)		(43,067)
Individually significant items – net of tax	(2,865)	4,268		(410)
Total reportedprofit	110,819	130,248	(14.9)%	108,890

*Normalised result is profit for the year before individually significant items. Group EBITDA is normalised earnings before interest, tax, depreciation and amortisation. The normalised result and Group EBITDA are unaudited non-International Financial Reporting Standards (“IFRS”) measures.

Stronger second half performance with normalised PBIT of $81m, up 6.4% on prior comparable half year period.
Net profit after income tax of $110.8 million, representing a shortfall from the prior year of $19.4 million or 14.9%.
Normalised profit before interest, individually significant items and income tax decreased by $16.0 million or 8.6% to $169.9 million.
Profit growth was achieved across the Hotels & Resorts, Entertainment NZ and Thredbo businesses.
Entertainment Australia impacted by film line up, one off earnings benefits in 2016 and re-opening of a competitor site in Melbourne. Entertainment Germany result was impacted by the 2016 European Championships.
New acquisition of Rydges Geelong and opening of QT Melbourne performing in line with expectations.
Successful acquisition of 458-472 George Street, Sydney for future value creation.

GROUP REVENUE $1,294m

GROUP EBITDA* $244m

NORMALISED* NPAT $114m

ENTERTAINMENT - AUSTRALIA

2017 PBIT growth on 2015 year, 2016 was a record year.
2017 Normalised PBIT down $9.6m, due to:
Film genre differences YoY
End of Virtual Print Fees (VPFs) in Australia

Year ended 30 June	2017	2016	Variance
Admissions (000)	33,476	33,557	(0.2)%
Revenue ($000)	471,188	477,947	(1.4)%
EBITDA ($000)	107,662	112,102	(4.0)%
Normalised PBIT ($000)	78,957	88,515	(10.8)%

Prior year one off loyalty adjustment
Reopening of a competitor site (Chadstone VIC).

2016 record year:

Marginal share loss in NSW and QLD despite increased competitive activity due to strength of locations and strong tactical initiatives.
Gold Class admissions up 9% YoY.
Food and beverage revenue up 4%.
Good growth from other revenue (+7%), Cinebuzz (+30%) and online booking fees (+14%).

Good underlying PBIT growth on 2015

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2013 2014 2015 2016 2017
PBIT (excluding VPFs and loyalty adj) Loyalty adj VPFs
Normalised PBIT $m
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ENTERTAINMENT - NEW ZEALAND

Entertainment NZ revenue growth of 5.3% against a NZ box office revenue growth of 1.5%.
Earnings growth assisted by the acquisition of three provincial sites in July 2016 adding 15 screens.

Year ended 30 June	2017	2016	Variance
Admissions (000)	5,491	5,174	+6.1%
Revenue ($000)	94,076	89,341	+5.3%
EBITDA ($000)	17,465	17,033	+2.5%
Normalised PBIT ($000)	10,787	10,508	+2.7%

Moana Box Office in NZ outperformed global and Australian markets on a per capita basis.

VPF arrangements conclude in New Zealand in July 2018

Food and beverage revenue up 10%.
Sale of the Group’s share in the Fiji Cinema Joint Venture (profit on disposal of $3.7m excluded from normalised PBIT).

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2013 2014 2015 2016 2017
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ENTERTAINMENT - GERMANY

FY17 result reflects disruption caused by the 2016 European Championships, comparatively weaker film line up and closure of Mainz Residenz cinema.
Local box office contribution of 16.77% in 2016 down to 12.38% in 2017.

Year ended 30 June	2017	2016	Variance
Admissions (000)	14,775	15,857	(6.8)%
Revenue ($000)	307,107	340,166	(9.7)%
EBITDA ($000)	32,562	46,796	(30.4)%
Normalised PBIT ($000)	22,246	36,042	(38.3)%

2016 record year: Marginal PBIT decline on 2015 (8%)

Growth in Food & Beverage profit per admission of 5.6%.
Freehold retail property acquired at Neumünster for €7.1 million, includes a cinema not currently operated by the Group which we expect to take over in Q2 FY18.

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2013 2014 2015 2016 2017
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CINEMA DEVELOPMENTS

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HOTELS AND RESORTS

HOTELS AND RESORTS - OVERVIEW

Good revenue growth of 10.1% supported by improved like for like performance, the opening of QT Melbourne (September 16) and the acquisition of Rydges Geelong (March 17).
Occupancy marginally down due to refurbishments.

Year ended 30 June	2017	2016	Variance
Revenue ($000)	306,383	278,159	10.1%
EBITDA ($000)	74,167	73,918	0.0%
Normalised PBIT ($000)	52,734	51,597	2.2%

Owned properties exceeded REVPAR market growth* in key markets.
Strong group F&B revenue growth +10.5%.
Relatively flat EBITDA driven by a few markets with softer trading, opening trading period for QT Melbourne and costs relating to refurbishments.

Owned Hotels	2017	2016	Variance
Occupancy	76.5%	77.0%	(0.5)%
Average room rate	$179	$168	$11
Revpar	$137	$129	$8

*STR – Smith Travel Research. Supply & demand tracker for global hotel industry.

HOTELS AND RESORTS - REVPAR BY BRAND

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RYDGES Owned Hotels	2017	2016
Occupancy	78.0%	78.8%
Average room rate	$159	$153
Revpar	$124	$121

Rydges delivered a strong second half result with total revenue +6.9%.
Occupancy primarily impacted by Queenstown refurbishment.

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QT Owned Hotels	2017	2016
Occupancy	76.3%	76.5%
Average room rate	$222	$207
Revpar	$170	$159

Strong revenue & EBITDA growth across all hotels.
Occupancy marginally down, impacted by ‘opening’ occupancy levels at QT Melbourne (expected) and by the Wellington refurbishment.
Good ARR growth of $15 and Revpar growth of $11.

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Atura Owned Hotels	2017	2016
Occupancy	70.1%	70.6%
Average room rate	$139	$135
Revpar	$98	$95

Strong revenue & EBITDA growth from the new Atura brand. Marginal decline in occupancy for Albury.

HOTEL DEVELOPMENTS

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QT QUEENSTOWN

ATURA ADELAIDE AIRPORT

THREDBO ALPINE RESORT

Year ended 30 June	2017	2016	Variance
Revenue ($000)	66,609	60,431	10.2%
EBITDA ($000)	22,007	18,802	17.0%
Normalised PBIT ($000)	18,187	15,007	21.2%

Record result + 21.2% PBIT growth, and 13.6% up on previous record PBIT FY08/09 ($16.012m)
Good performance across all divisions:
13% increase in lifts revenue
16% increase in ski school revenues
12% increase in food and beverage revenues
48% increase in mountain biking revenue.
Snow depth in Winter season 2016 was marginally below the 10-yr rolling average.
Winter revenue up 11.3% YoY and normalised PBIT up 13.3%.
Summer revenue up 6.2% YoY and normalised PBIT up 17.4%.

SEASON PERFORMANCE

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Winter season	2017	2016	Variance
Revenue ($000)	52,960	47,574	11.3%
EBITDA ($000)	25,004	22,485	11.2%
Normalised PBIT ($000)	21,396	18,890	13.3%

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Summer season	2017	2016	Variance
Revenue ($000)	13,649	12,857	6.2%
EBITDA ($000)	(2,997)	(3,683)	18.6%
Normalised PBIT ($000)	(3,209)	(3,883)	17.4%

PROPERTY

Year ended 30 June ($000)	2017	2016	Variance
Revenue	14,732	11,007	33.8%
EBITDA	11,996	8,103	48.0%
Normalised PBIT	9,343	5,584	67.3%

$millions	Fair value	Book value
Operating assets	1,516	1,045
Investment properties	68	68
	1,584	1,113

FY17 HIGHLIGHTS

Normalised PBIT growth of 67% to $9.3 million primarily due to rental income from 478 George Street and Double Bay, and initial earnings from the acquisition of 458-472 George Street (31 May).
Acquisition of 458-472 George Street, Sydney completed in May 2017.

FUTURE POTENTIAL DEVELOPMENTS

Owned properties for potential future developments include:

458-472 George Street, Sydney
525 George Street, Sydney
Tower Cinemas, Newcastle
BCC Darwin / Ducks Nuts
Event Cinemas, Cairns City
Greater Union Wollongong
418 Adelaide Street, Brisbane
BCC Mackay.

GEORGE STREET SYDNEY ACQUISITION

FURTHER CEMENTING THE STRENGTH OF OUR PROPERTY ASSETS

INNOVATE • UPGRADE • EXPAND

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FY18 FILM LINE-UP HIGHLIGHTS

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OCTOBER

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JANUARY