Tabcorp Holdings Limited · ASX:TAH
Tabcorp — FY2001 Earnings Presentation
16 slides from Tabcorp's earnings presentation, Aug 16, 2001
Slide 1: Tabcorp Holdings Limited Annual Results
TABCORP HOLDINGS LIMITED Annual Results For the 12 months to 30 June 2001
Slide 2: Key Features
Key Features • Profit after tax up 7.4% to $187.7 million • Profit after tax pre goodwill $205.8 million - up 9.8% • International rebate program suspended during the year • Profit after tax from ongoing businesses up 16.3% • Earnings per share on increased capital 50.4 cents - up 0.7% • Earnings pe
Slide 3: Financial Performance
Financial Performance 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Operating revenue 1,595.8 1,811.6 13.5 Gambling taxes 500.4 559.9 11.9 Operator commissions 255.0 273.0 7.1 Net operating expenditure 306.9 383.6 25.0 EBITDA 421.3 478.5 13.6 Depreciation & Amortisation (82.4) (
Slide 4: Financial Position
Financial Position As at As at % 30 June 2000 30 June 2001 change $m $m Current assets 121.4 153.4 26.4 Licences/management agreement 1,043.3 1,038.5 (0.5) Goodwill 346.1 329.8 (4.7) Property, plant & equipment 898.3 850.3 (5.3) Other non current assets 162.1 129.9 (19.8) Total assets 2,571.2 2,502.
Slide 5: Performance Ratios
Performance Ratios 12 months to 12 months to % 30 June 2000 30 June 2001 change Earnings per share – pre goodwill (cents) 53.7 55.3 2.9 Earnings per share – post goodwill (cents) 50.1 50.4 0.7 Dividends per share (cents) 47.0 51.0 8.5 Return on average equity pre goodwill (%) 17.7 16.6 EBITDA/Operat
Slide 6: Impact of International Rebate Play
Impact of International Rebate Play TABCORP 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Profit after tax 174.8 187.7 7.4 Less: International rebate play* 9.8 (4.3) (142.4) Profit after tax excluding international rebate play 165.0 192.0 16.3 Earnings per share (cents) 50.1 50.
Slide 7: Wagering Financial Data
Wagering Financial Data 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Revenue Racing Thoroughbred 253.2 262.3 3.5 Harness 55.2 55.7 1.0 Greyhound 46.7 50.3 7.7 Total racing 355.1 368.3 3.7 Sportsbet 5.4 5.9 10.9 Other 2.6 6.1 134.3 Total revenue 363.1 380.3 4.7 PBIT 47.5 52.5 10
Slide 8: Gaming Financial Data
Gaming Financial Data 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Revenue Hotels 531.8 557.7 4.9 Clubs 260.5 286.8 10.1 Other 2.1 1.9 (6.4) Total revenue 794.4 846.4 6.5 PBIT 202.0 218.4 8.1 Increase/(Decrease) EGMs (period end) 13,665 13,497 (168) Venues 272 268 (4) $NMR/EGM
Slide 9: Star City Financial Data
Star City Financial Data 811/22 Months Contribution in 2000 81/2 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Revenue 438.4 584.9 33.4 EBITDA 126.9 171.1 34.9 PBIT 83.1 112.3 35.3
Slide 10: Star City Financial Data
Star City Financial Data Full 12 Months Comparison 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m Revenue (net of rebates) Table games International play 42.6 6.8 (84.1) PGR 111.3 85.2 (23.4) MGF 211.3 228.0 7.9 Total tables 365.2 320.0 (12.4) EGMs & other 160.1 183.4 14.6 Total
Slide 11: Impact of International Play
Impact of International Play Star City 12 months to 12 months to % 30 June 2000 30 June 2001 change $m $m PBIT 114.1 112.3 (1.6) Less: International play 24.0 (6.5) (127.0) PBIT excluding international play 90.1 118.8 31.8
Slide 12: Volatility of International Rebate Play
Volatility of International Rebate Play 2000/01 T h e o re tic a l A c tu a l T urno ve r $ 4 .2 b n T urno ve r $ 4 .2 b n W in rate 1 .2 5 % W in rate 0 .8 0 % 6 0 .0 36% below R e v e nue 5 2 .4 theoretical 5 0 .0 R e v e nue 3 3 .7 4 0 .0 R e ba te 2 6 .9 3 0 .0 R e ba te 2 6 .9 $m 2 0 .0 C o s
Slide 13: Victorian Gambling Market
Victorian Gambling Market 5.00 4.58 4.50 4.34 4.14 0.41 3.88 0.40 4.00 0.39 0.63 3.52 0.39 0.61 3.50 3.23 0.61 0.38 0.54 0.57 3.00 0.37 0.52 0.48 0.50 $billion 0.54 0.48 2.50 0.47 7.1% 0.44 6.6% 2.00 8.4% 10.9% 16.3% 1.50 2.80 3.01 2.63 2.43 2.19 1.00 1.88 0.50 0.00 1997/98 1998/99 1999/00 2000/01 2
Slide 14: Australian Gambling Market
Australian Gambling Market 18.00 16.0 16.00 15.2 14.5 1.95 14.00 13.7 1.89 12.6 1.83 1.54 1.77 1.48 12.00 11.4 1.46 1.72 2.01 1.54 1.95 1.63 1.35 1.89 10.00 $billion 1.83 1.51 1.81 8.00 6.1% 1.70 8.9% 6.3% 11.3% 6.00 17.4% 9.89 10.50 9.31 4.00 8.55 7.68 6.54 2.00 0.00 1997/98 1998/99 1999/00 2000/01
Slide 15: Going Forward
Going Forward • Continue to promote responsible gambling • Wagering - focus on efficiency improvement, distribution and new products • Gaming - enhance and promote venues, particularly clubs - improve customer service - enhance product • Star City - focus on PGR performance - maintain and enhance cu
Slide 16: Slide 16