Vista Group International Ltd · NZX:VGL
Vista Group International — FY2020 Earnings Presentation
29 slides from Vista Group International's earnings presentation, Mar 1, 2021
Slide 1: Annual Results 2020
Annual Results 1 March 2021 2020
Slide 2: Important notice
Important notice This presentation has been prepared by Vista Group International Limited ("Vista Group”). Information in this presentat + is provided for general information purposes only, does not purport to be complete or comprehensive, and is not an offer or invitation or subscription or purchas
Slide 3: Agenda
Agenda ©) Vista Group Summary _Kimbal Riley, Group Chief Executive o2 Financial Results Matt Cawte, Chief Financial Officer 03 Operational Highlights —Kimbal Riley, Group Chief Executive O4_ Outlook O5 aa
Slide 4: Enhancing the moviegoer experience
Enhancing the moviegoer experience
Slide 5: Vista Group summary
Vista Group summary In the box seat for the future of movies * Fantastic performance by resilient team positions Vista strongly for the future * Confident in the resurgence of the theatrical experience * Focused on supporting our people and our customers + Vista Cloud project on track to have SaaS o
Slide 6: Financial results
Financial results
Slide 7: Financials
Financials Total Revenue $88m -39% Operating Profit -$29m Recurring Revenue $66m -26% Operating Cashflow $3m -81% EBITDA! -$11m
Slide 8: Trading performance
Trading performance NZ$m (Year Ended - Audited) 31Dec 2020 31 Dec 2019 % Change Revenue 87.5 144.5 -39% Expenses (99.7) (113.5) -12% Foreign exchange gains 08 01 EBITDA! (11.4) 31.1 -137% Depreciation and amortisation (17.7) (9.7) 82% Operating (loss) / profit (29.1) 21.4 -236% Net finance costs (1.
Slide 9: Second half 2020 compared
Second half 2020 compared » H2 Revenue held up well NZ$m (Six Months - Unaudited) H1 H2 % Change Revenue 44.8 42.7 -5% » EBITDA in both halves significantly E 52.7 470 11% impacted by non-cash provision for mpenses i ) ¢ » “ revenue credit risk and expected Foreign exchange gains/(losses) 1.4 (0.6)
Slide 10: COVID-19, revenue and costs
COVID-19, revenue and costs Revenue * Recurring revenue 74% of 2019 * Gross product revenue 82% of 2019 down $7.2m * Gross maintenance revenue 78% of 2019 down $10.3m * Non-recurring revenue 39% of 2019 * On premise license sales significantly reduced * Lower services and development revenue * Full
Slide 11: Operating segments
Operating segments NZ$m (Audited) Cinema Movio AGC_ Corporate Total Revenue 56.8 14.8 14.4 15 87.5 EBITDA! (3.5) (0.1) (0.3) (7.5) (11.4) EBITDA % of revenue -6% -1% -2% -13% NZ$m (Audited) Cinema Movio AGC Corporate Total Revenue 99.2 25.7 17.6 2.0 144.5 EBITDA! 29.6 6.8 3.3 (8.6) 31.1 EBITDA % of
Slide 12: Financial position
Financial position NZ$m (Audited) 31Dec 2020 31Dec 2019 % Change Cash 67.1 19.5 244% Receivables and other current assets 40.0 58.2 -31% Non-current assets 145.9 165.9 -12% Current liabilities 42.8 44.5 -4% Non-current liabilities 461 35.6 29% Net Assets / Total Equity 163.1 163.5 0% Strong balance
Slide 13: COVID-19 and the balance sheet
COVID-19 and the balance sheet Equity Raise * Raised $62.3m in placement and rights issue (net of transaction costs) * Well supported by existing retail and institutional holders Debt * Continued, strong support from major banking partners * $39m undrawn facilities Cash and Debtors * Cash of $67m +
Slide 14: Cashflow
Cashflow NZ$m (Year Ended - Audited) 31Dec 2020 31Dec 2019 % Change Receipts from customers 86.6 143.6 -40% Payments to suppliers & employees (90.9) (118.0) -23% Tax & interest (2.6) (10.1) -74% COVID-19 related wage subsidies 5.9 . (NZ, AU, UK and NL) COVID-19 related tax deferrals 4.0 - Cash flow
Slide 15: COVID-19 and our average run rates in H2
COVID-19 and our average run rates in H2 Revenue and customers * Gross Revenue $7-9m per month * Collecting $4-6m per month * Gross debtors slowly growing Expenses * $7-8m per month cash expenses (ie. excluding share-based payments, credit risk and ECL) Cash burn * Cash burn $3-4m/month * Expecting
Slide 16: Operational highlights
Operational highlights
Slide 17: Key Group metrics
Key Group metrics Recurring Revenue SaaS Revenue $66m $28m Movio Connections Distributors on mica 2.3b!' 6 live Sites on Vista Cloud / Digital 1 % of Cinemas Open US:EU 40% : 20% 7
Slide 18: Vista Cinema
Vista Cinema Vista Cinema provides cinema management software to the world’s largest cinema exhibitors As at mid-February 2021 55% of cinemas open globally, 40% US, 20% EU Successfully protected recurring revenue streams (primarily Maintenance) Cinema re-opening kit distribution continued through ye
Slide 19: Vista Cinema site count and enterprise market share
Vista Cinema site count! 31 Dec New Closures 31 Dec Enterprise Market Share2 Market Channel 2019 Sites / Losses 2020 Direct 5,462 216 -179 5,499 51 % India 1,496 tbe> tbe> 1,496 Enterprise China 1,101 75 -604 572 Total Enterprise 8,059 291 -783 7,567 Enterprise Sites (excl China) Veezi 974 214 153 1
Slide 20: The Vista Cloud journey
The Vista Cloud journey 9 | What we’ve achieved to date Where we are now » Technology platform established * Digital channel priority » First Digital customer live » Operational channel at full steam with internet ticketing » Majority of development resource working on Vista Cloud » On budget, on ti
Slide 21: Movio
Movio Global leader in data-driven marketing, providing products and services to exhibitors, studios and film advertising specialists Strong use of Movio Cinema by exhibitors, volumes down only 23% against box office decrease of 70% Successful launch of Movio Metrics, a redesigned reporting platform
Slide 22: Additional Group Companies
Additional Group Companies Box office reporting and world leading theatrical distribution software Cushioned impact from COVID-19 Numero * Maccs revenue down 12% 6 new customers signed up to mica Numero ends 2020 with 33 country dashboards — up from 24 Sony International engagement drives further ge
Slide 23: Associate companies
Associate companies 2020 revenue down to $7.3m v $19.2m in 2019 Strong cost cutting, loss $5.9m (Vista share $2.8m) 24 half was cash neutral as cinema reopening continued 90+% cinemas open, with good local content availability Operating independently, ongoing funding from 3rd party shareholders Veez
Slide 24: Outlook
Outlook
Slide 25: Industry outlook
Industry outlook * Positive influences beginning to mount up for rebound during 2021 * Vaccine production and distribution in key markets * COVID case numbers declining in key markets * Release schedule remaining stable * Box office in countries where cinemas are open and content is available perfor
Slide 26: Vista Group outlook - positive
Vista Group outlook - positive + Vista Group is stronger and more competitive in a post-COVID world given lower cost base and stronger customer engagement * Exciting pipeline of innovation, highlighted by Vista Cloud — which we anticipate will be the basis of our platform into the future - Weare exp
Slide 27: Questions
Questions
Slide 28: Thank you
Thank you
Slide 29: Slide 29
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