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EXPERIENCE CO LIMITED — Earnings Release 2018
Aug 28, 2018
64892_rns_2018-08-28_d1c9072c-1d4b-42f2-affa-9bcf0aeccdb6.pdf
Earnings Release
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29[TH] AUGUST 2018
EXPERIENCE CO LIMITED (ACN 167 320 470)
(ASX: EXP)
ASX ANNOUNCEMENT
FY18 RESULTS & FY19 GUIDANCE
Experience Co Limited (ASX:EXP, ‘the Company’, ‘ExCo’) announces the Company’s full year results for the year ended 30 June 2018.
Highlights
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Revenue 51.0% greater than FY17
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Normalised EBITDAI 34.8% greater than FY17
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Final Dividend of 1cps, 100% fully franked, in line with the Company’s dividend policy
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Acquisition of GBR Helicopters completed in November 2017
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Acquisition of Big Cat Green Island Reef Cruises and Tropical Journeys completed in December 2017
Summary of Results for FY18 relative to FY17:
| AUD | FY18 | FY17 | Increase |
|---|---|---|---|
| Total Revenue ($m) | 135.3 | 89.6 | 51.1% |
| Normalised EBITDAI * ($m) | 30.2 | 22.4 | 34.8% |
| Normalised Cash flows from operating activities |
25.8 | 20.6 | 25.2% |
| Basic Earnings Per Share (cents) | 1.34 | 2.24 | - |
| Dividend per Share (cents) | 1.0 | 1.0 | - |
*Earnings before Interest, Taxation, Depreciation, Amortisation and Impairment (EBITDAI) is a financial measure, which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors consider EBITDAI to reflect the core earnings of the consolidated entity.
Normalised EBITDAI excludes one-off expenses that are not considered to form the ordinary part of the business and exclude business acquisition costs (due diligence etc) and other one-off items, and in FY18 excludes the impairment of property, plant and equipment (from revaluation of aircraft).
Revenue and EBITDAI has increased due to full year contribution from Raging Thunder Adventures (acquired October 2016) and Reef Magic Cruises (acquired May 2017), and also due to the acquisitions of Great Barrier Reef Helicopters, Big Cat Green Island Reef Cruises, and Tropical Journeys at the end of 1H18.
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www.experienceco.com [email protected] T: 1300 601 899
Experience Co Limited ABN 56 167 320 470 ASX:EXP PO Box 5361 Wollongong NSW 2500
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The acquisitions of Great Barrier Reef Helicopters (November 2017), Big Cat Green Island Reef Cruises (December 2017) and Tropical Journeys (December 2017) added to the adventure tourism experiences the company offers in Far North Queensland, Australia. This added scenic helicopter flights over the Great Barrier Reef and Daintree Rainforest, boat cruises to the Great Barrier Reef, sunset cruise tours and snorkelling and diving tours departing from Port Douglas, and personal guided tours through the Daintree Rainforest.
Summary of Results for FY18 relative to FY18 profit guidance:
| AUD | FY18 Actual | FY18 Revised Guidance ** |
|---|---|---|
| Total Revenue ($m) | 135.3 | 127 – 130m |
| Normalised EBITDAI * ($m) | 30.2 | 30 - 31m |
**Revised Guidance was issued to the ASX on 30[th] April 2018
Dividend
The Directors have declared a final and fully franked dividend of $0.01 per share, payable on 28 September 2018, out of retained profits at 30 June 2018. For the purposes of determining any entitlement to the dividend, the record date has been set as 17 September 2018.
FY19 Outlook and Guidance
Experience Co forecast for FY19 includes a full 12-month contribution from GBR Helicopters (8 months contribution in FY18), Big Cat Green Island (6.5 months contribution in FY18), and Tropical Journeys (6.5 months contribution in FY18), and improved organic growth, operating efficiencies and cost synergies.
The forecast factors in a slowing of the domestic market for tandem skydiving in Australia, following the fatal incident at Mission Beach in October 2017, and the investment by the company in human capital and systems improvement to enhance the long-term profitability of the business.
| AUD | FY19 range |
|---|---|
| Total Revenue ($m) | 165 - 175 |
| Normalised EBITDAI * ($m) | 37 – 41 |
| Capex | 16 |
*EBITDAI is a financial measure, which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors consider EBITDAI to reflect the core earnings of the consolidated entity.
Normalised EBITDAI excludes one-off expenses that are not considered to form the ordinary part of the business and exclude business acquisition costs (due diligence etc) and other one-off items, and in FY18 excludes the impairment of property, plant and equipment (from revaluation of aircraft).
Experience Co’s CEO, Mr Anthony Ritter commented:
“The results for the financial year reflect strong growth in the company, with normalised EBITDAI growing by 35%. The company had a year of acquisitions where we have added some world class profitable experiences to the Experience Co suite of products. The year did come with some challenges however, challenges that were substantially outside our control.
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www.experienceco.com [email protected] T: 1300 601 899
Experience Co Limited ABN 56 167 320 470 ASX:EXP PO Box 5361 Wollongong NSW 2500
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Our vision is to become the largest and most respected adventure tourism company in the world, and we look forward to progressing that vision in FY19 and beyond.”
Experience Co’s MD, Mr Anthony Boucaut commented:
“We are confident that our continued expansion into other adventure tourism markets is the right strategy for Experience Co and is a sustainable business model. In addition to organic growth, we will continue to explore opportunities with a view of expanding further into the adventure tourism market throughout Australia and overseas.”
Conference Call
Investors and analysts are invited to participate in a conference call at 9.00am AEST today, Wednesday 29[th] August 2018 to be hosted by EXP’s Chief Executive Officer Anthony Ritter and Managing Director Anthony Boucaut.
The details are as follows:
| Location | Local Number |
|---|---|
| Australia | +61 2 8038 5221 |
| Australia(toll free) | 1800 123 296 |
| New Zealand | 0800 452 782 |
Please quote the conference ID: 8431819
CONTACT INFORMATION
Media Investors Justin Kelly Anthony Ritter Executive Director Chief Executive Officer Media & Capital Partners Experience Co Limited p: +61 408 215 858 p: 1300 663 634 e: [email protected] e: [email protected]
About Experience Co Limited (ASX:EXP)
Experience Co Limited (EXP) is an adventure tourism and leisure company (previously known as Skydive the Beach Group Limited, ASX:SKB). From its origins in Wollongong NSW in 1999, it now provides tandem skydiving experiences in 18 locations in Australia and 3 locations in New Zealand. EXP also provides activities of white water rafting, hot air ballooning, canyoning, boat tours and helicopter tours to the Great Barrier Reef, and personalised tours to the Daintree Rainforest in North Queensland, Australia. Since successfully completing an initial public offer (IPO) in March 2015, EXP has acquired Australia Skydive (March 2015), NZone Skydive, NZ (October 2015), Skydive Wanaka, NZ (July 2016), Raging Thunder Adventures (October 2016), Reef Magic Cruises (April 2016), Byron Bay Balloons (August 2017), Great Barrier Reef Helicopters (November 2017), Big Cat Green Island Reef Cruises (December 2017), and Tropical Journeys (December 2017).
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www.experienceco.com [email protected] T: 1300 601 899
Experience Co Limited ABN 56 167 320 470 ASX:EXP PO Box 5361 Wollongong NSW 2500