Coast Entertainment Holdings Ltd · ASX:CEH

Coast Entertainment — H1 2023 Earnings Presentation

25 slides from Coast Entertainment's earnings presentation, Feb 24, 2023

  1. Slide 1: 1H23 Results Presentation

    ARDENT LEISURE GROUP LIMITED 1H23 RESULTS PRESENTATION 24 February 2023

  2. Slide 2: Group Overview

    S ARDENT LEISURE GROUP OVERVIEW

  3. Slide 3: Key Messages

    Return to profitability as business recovery gains momentum KEY MESSAGES  1H23 statutory results improved significantly compared to the prior period due to the gain on sale of Main Event and improved performance of the Theme Parks & Attractions business  Consolidated NPAT was $669.5 million compar

  4. Slide 4: Key factors driving 1H23 results

    Key factors driving 1H23 results CURRENT VS PRIOR CORRESPONDING PERIOD A$m 1H23 1H22 Variance 1  Solid revenue growth of $25.2 million due to increased ticket sales, Operating revenue 43.7 18.5 136.5% visitation and yield. Prior period was impacted by the closure of Theme Parks & Attractions EBITDA

  5. Slide 5: Specific Items impacting results

    1H23 Specific Items largely relate to Main Event sale SPECIFIC ITEMS 1 IMPACTING RESULTS A$m 1H23 1H22 Specific Items impacting current and prior period results which are EBITDA from continuing operations has been useful in understanding the Group’s performance are set out in the impacted by the fol

  6. Slide 6: Ardent on track to unlock future value

    ARDENT ON TRACK TO UNLOCK FUTURE VALUE  Following the Main Event sale, Ardent is well capitalised to fund recovery and growth of its Theme Parks & Attractions business:  $147.7 million cash  Debt free  Unencumbered freehold real estate  The Group holds net assets at 27 December 2022 of $259.1 m

  7. Slide 7: Theme Parks & Attractions

    1H23 THEME PARKS & ATTRACTIONS 7

  8. Slide 8: 1H23 Financial Results

    Positive start to FY23 as performance recovery continues 1H23 FINANCIAL RESULTS A$m 1H23 1H22 Variance  1H23 has seen a continuation of the recovery momentum which commenced in 2H22, with the business recording its first positive Revenue 43.7 18.5 136.5% EBITDA since 1H17 Government subsidies and g

  9. Slide 9: 1H Performance Best Since 1H17

    Ongoing recovery momentum continuing to build 1H PERFORMANCE BEST SINCE 1H17 1H Performance Trends January YTD Performance Trends 10.0 10.0 5.0 5.0 $'m - $'m - (5.0) (5.0) (10.0) (10.0) (15.0) (15.0) (20.0) (20.0) Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 1H18 1H19 1H20 1H21 1H22 1H23 YTD YTD

  10. Slide 10: The Future of Dreamworld

    Strategic Initiatives THE FUTURE OF DREAMWORLD Investment in over $50 million of new and upgraded rides and attractions announced in November 2022:  A new Wave Swinger attraction coming mid-2023. This ride will also offer pay-per-play at night markets  Kenny & Belinda’s Dreamland – a new $15 milli

  11. Slide 11: Enhancing the Future Dreamworld Experience

    Strategic Initiatives ENHANCING THE FUTURE DREAMWORLD EXPERIENCE  A new ‘Rivertown’ precinct offering an unique, immersive and heavily themed experience including a redesigned Vintage Cars attraction  A new ‘Jungle Rush’ family coaster. This $35 million ride is Dreamworld’s largest ride investment

  12. Slide 12: Events & Activations

    EVENTS & ACTIVATIONS Enhancing the experience 27 December 2022 – 15 January 2023 • New summer holiday activation, now a typical element of event calendar each year • Included big top shows, globe riders, aerial acts, comedy acts, hydro stunts in the Dreamworld Pond, themed food and entertainment thr

  13. Slide 13: Differentiating Our Guest Experience

    Strategic Initiatives DIFFERENTIATING OUR GUEST EXPERIENCE Being Brilliant at Basics is key to the Dreamworld Difference  Net Promoter Score (NPS) improvement up another 10 points on FY22 and up 65 points on FY21  According to the Global Review Index (GRI)1, Ardent properties were again ranked the

  14. Slide 14: Recovery Momentum Continuing

    RECOVERY MOMENTUM SOLID BALANCE SHEET CONTINUING  New attractions pipeline announced in November 2022  January results continuing strong recovery trends  Growing contribution from ancillary businesses e.g. online Lego store and Night Markets OWNED LAND  Recovery of international visitation provi

  15. Slide 15: Capital Management & Corporate Costs

    1H23 CAPITAL MANAGEMENT & CORPORATE COSTS 15

  16. Slide 16: Cash Flow

    CASH FLOW A$m 1H23 Net debt at 28 June 2022 (152.7) As at 28 June 2022 A$m 2 Operating cash flows (7.8) US Debt (197.6) Capital expenditure1 (8.2) AU Debt2 (45.7) ATO payment (11.0) Cash available to US 49.9 Proceeds from the sale of minority investment 0.5 Cash available to AU 40.8 Net interest inc

  17. Slide 17: Corporate Costs

    CORPORATE COSTS  Corporate costs of $4.0 million marginally declined compared to the prior period  Inflationary headwinds created cost pressures in some areas, however offsetting savings are being realised following the sale of Main Event, e.g. insurance  Management continues to focus on carefull

  18. Slide 18: Appendices

    ~ od b Z W fal 4 q APPENDICES 18

  19. Slide 19: Segmented Results – 1H23

    APPENDIX 1 Segmented Results – 1H23 Discontinued Theme Parks & Continuing Operation A$m Attractions Corporate Operations Main Event Consolidated Segment revenue 43.7 - 43.7 - 43.7 Operating EBITDA 3.3 (4.0) (0.7) - (0.7) Unrealised derivative gain on hedging of Main Event - 32.9 32.9 - 32.9 sale pro

  20. Slide 20: Segmented Results – 1H22

    APPENDIX 1 Segmented Results – 1H22 Discontinued Theme Parks & Continuing Operation A$m Attractions Corporate Operations Main Event Consolidated Segment revenue 18.5 - 18.5 257.0 275.5 Segment EBITDA (11.8) (4.1) (15.9) 59.4 43.5 Depreciation and amortisation (3.6) - (3.6) (27.3) (30.9) Amortisation

  21. Slide 21: Specific Items by business unit – 1H23

    APPENDIX 2 Specific Items by business unit – 1H23 Discontinued Theme Parks & Continuing Operation Attractions Corporate Operations Main Event Consolidated Segment EBITDA has been impacted by the following Specific Items: Gain on sale of Main Event - - - 649.5 649.5 Unrealised derivative gain on hedg

  22. Slide 22: Specific Items by business unit – 1H22

    APPENDIX 2 Specific Items by business unit – 1H22 Discontinued Theme Parks & Continuing Operation Attractions Corporate Operations Main Event Consolidated Segment EBITDA has been impacted by the following Specific Items: Lease payments no longer recognised in EBITDA under AASB 16 Leases - 0.1 0.1 25

  23. Slide 23: Defined Terms

    S ARDENT DEFINED TERMS

  24. Slide 24: 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

  25. Slide 25: 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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