Coast Entertainment Holdings Ltd · ASX:CEH
Coast Entertainment — H1 2022 Earnings Presentation
29 slides from Coast Entertainment's earnings presentation, Feb 25, 2022
Slide 1: Ardent Leisure Group Limited 1H22 Results Presentation
Ardent Leisure Group Limited 1H22 Results Presentation 25 February 2022
Slide 2: 1H22 Group Overview
1H22 Group Overview ARDENT ia
Slide 3: 1H22 – Key messages
1H22 – Key messages 1H22 statutory results improved significantly despite the ongoing pandemic. Net loss after tax was $36.8 million compared to $82.3 million in the prior period1 Group revenue and EBITDA2 excluding Specific Items2 were up $137.9 million and $61.6 million on the prior period res
Slide 4: Current vs prior corresponding period
Current vs prior corresponding period Positive trading momentum continues despite ongoing impact of COVID-19 Reported Restated2 A$m 1H22 1H21 Variance Key factors driving half year results: Revenue increased $137.9 million (100.2%), driven by Revenue 275.5 137.6 100.2% US$98.4 million (109.1%) in
Slide 5: Specific Items impacting results
Specific Items impacting results Consolidated Specific Items1 impacting results: Reported Restated2 A$m 1H22 1H21 Specific Items impacting the current and prior period Segment EBITDA has been impacted by the following Specific Items: results which are useful in understanding the Group’s Lease paym
Slide 6: Main Event Entertainment
Main Event Entertainment — ARDENT S
Slide 7: Main Event
Main Event Strong performances with revenue and EBITDA excluding Specific Items continuing to exceed pre-COVID levels Reported Reported Main Event performance: US$m 1H22 1H21 Variance Revenue increased US$98.4 million (109.1%) driven by: Revenue 188.6 90.2 109.1% the lapping of an unfavourable C
Slide 8: Main Event revenue performance
Main Event revenue performance Consumer demand consistently strong since March 2021, despite holiday headwinds from Corporate/Group business and Christmas/New Year unfavourable mismatch Constant centre revenue2 trend for reopened centres Constant centre performance: Constant centre revenue perform
Slide 9: Main Event is well positioned to continue outperformance
Main Event is well positioned to continue outperformance Increasingly positive sentiment post-COVID towards leisure spend generally and out-of-home entertainment specifically Main Event has been outperforming the category while other players including large FECs, smaller FECs, local and adjacent
Slide 10: New centre development
New centre development Four new centres to be opened in FY22; pipeline is robust for significant growth in FY23 & beyond 24 active states in the pipeline National Footprint With FY22 Openings Focusing on 6-8 new centres for FY23 Existing liquidity and business performance provides sufficient c
Slide 11: Theme Parks & Attractions
Theme Parks & Attractions GARDENT SS LEISURE
Slide 12: Theme Parks & Attractions
Theme Parks & Attractions Performance impacted by Delta and Omicron lockdowns and restrictions Theme Parks & Attractions performance: Reported Restated2 A$m 1H22 1H21 Variance Revenue increased $5.4 million, with total attendances up 17.0% largely due to higher pass sales as well as the Revenue 18
Slide 13: 1H22 Overview
1H22 Overview Exceptional execution in the face of Delta and Omicron Highlights Ongoing safe operation Solid execution in the face of multiple COVID-19 waves New ticketing architecture implemented Successful launch of event programs at Dreamworld and SkyPoint - building on existing and deliv
Slide 14: Revenue
Revenue 1H22 building blocks and a positive start to 2H22 First half mostly devoid of interstate visitation due to border closures As borders opened in late December, recovery was hampered due to the Omicron wave Extremely poor weather in peak also challenging, sales results as such are very e
Slide 15: Strategic initiatives
Strategic initiatives Good progress despite an interrupted external environment Making structural business changes that are value accretive as business improves Safety will always override cost pressures, capital program on safety improvements are unaffected Seasonal waterpark operation has n
Slide 16: Reasons to buy, reasons to visit, reasons to stay
Reasons to buy, reasons to visit, reasons to stay Events and attractions outlook Attractions Major attraction count has been right sized for current demand, with the successful dismantling of the Buzzsaw in November 2021 Steel Taipan, Dreamworld’s largest ever single attraction investment, opene
Slide 17: Events and activations
Events and activations A stable of unique marquee attractors tailored to the Dreamworld and SkyPoint guest SkyPoint program of events at full capacity on all occasions Record performance at our existing Winterfest and Happy Halloween events Exceptional execution of Spring County Fair resulting
Slide 18: Summary
Summary Solid foundation in place for recovery Summary Despite the ongoing challenges related to the recovery and subsequently to the COVID-19 pandemic, the Dreamworld team are as committed and energetic as ever to restoring value to stakeholders Strategic initiatives are being executed well wit
Slide 19: Capital Management & Corporate Costs
Capital Management & Corporate Costs
Slide 20: Net debt and cash flow
Net debt and cash flow Reported A$m 1H22 As at 29 June 2021 A$m Net debt at 29 June 2021 (81.6) US Debt1 (182.8) Operating cash flows 52.3 AU Debt1 (13.8) Capital expenditure (cash outflow) (49.9) Cash available to US2 96.9 Proceeds from the sale of minority investment 0.5 Cash available to AU2 18.1
Slide 21: Capital structure and funding
Capital structure and funding The Group has the following debt facilities: Available Limit Drawn Margin on Undrawn Amortisation of (US$m) (US$m) Maturity drawn amount commitment fees term loan Funded term debt 122.9 122.9 4 April 2025 6.50% 3.25% 1% per annum Delayed draw term debt 14.7 14.7 4 Apr
Slide 22: Corporate costs
Corporate costs A $0.9 million uplift in corporate costs to $4.1 million in 1H22 was mainly due to an increase in insurance costs Management continues to focus on carefully managing controllable costs at Group level Corporate Costs 20.0 19.2 2.7 15.5 15.1 15.0 3.5 5.1 10.0 16.5 $'m 5.6 5.9 12.0
Slide 23: Appendices
Appendices ARDENT f
Slide 24: Appendix 1: Specific Items by business unit – 1H22
Appendix 1: Specific Items by business unit – 1H22 Consolidated Main Theme Parks & A$m Event Attractions Corporate Total Segment EBITDA has been impacted by the following Specific Items: Lease payments no longer recognised in EBITDA under AASB 16 Leases 25.0 - 0.1 25.1 Restructuring and other non-re
Slide 25: Appendix 1: Specific Items by business unit – 1H21 Restated
Appendix 1: Specific Items by business unit – 1H21 Restated1 Consolidated Main Theme Parks & A$m Event Attractions Corporate Total Segment EBITDA has been impacted by the following Specific Items: Lease payments no longer recognised in EBITDA under AASB 16 Leases 24.4 - 0.1 24.5 Impairment losses on
Slide 26: Appendix 2: 1H22 capital expenditure and pre-opening expenses
Appendix 2: 1H22 capital expenditure and pre-opening expenses Routine Other Special Development Pre-opening A$m Capex Projects Capex Expenses Main Event 1.5 13.7 24.8 1.9 Theme Parks & Attractions 1.9 - 7.7 - Total 3.4 13.7 32.5 1.9 In addition to routine capex and new centre development, Main Eve
Slide 27: Defined Terms
Defined Terms — ARDENT S
Slide 28: Defined terms
Defined terms Defined Terms Description ATO Australian Taxation Office DTA Deferred tax asset EBITDA Earnings before Interest, Tax, Depreciation and Amortisation EBRITDA Earnings before Property Costs, Interest, Tax, Depreciation and Amortisation EBIT Earnings before Interest and Tax F&B Food and be
Slide 29: Disclaimer
Disclaimer This information has been prepared for general information purposes only, is not general financial product advice and has been prepared by Ardent Leisure Group Limited (ABN 51 628 881 603) (ALG), without taking into account any potential investors’ personal objectives, financial situation
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