Gtn Ltd. · ASX:GTN
Gtn — Investor Presentation (February 2021)
25 slides from Gtn's investor presentation, Feb 25, 2021
Slide 1: GTN Limited 1H21 Results Presentation
GTN Limited 1H21 Results Presentation 25 February 2021
Slide 2: Today's presenters
Today’s presenters Bill Yde (CEO and founder) Scott Cody (CFO and COO) 1
Slide 3: Contents
Contents 01 Overview 3 02 Group financial performance 6 03 Financial performance by operating segment 9 04 Updated outlook for 2H FY2021 18 A Additional financial information 22
Slide 4: Overview
Section 01 Overview
Slide 5: Overview
Overview GTN’s 1H FY21 results showed 26% revenue decrease due to the continued impact of the COVID-19 pandemic Sequential improvement as 2Q FY21 revenue decline (-20%) lower than 1Q FY21 (-33%) and 4Q FY20 (-57%) Key Highlights 1H21 revenue negatively impacted by ongoing COVID-19 pandemic A$m(2)
Slide 6: GTN's global advertising platform
GTN’s global advertising platform GTN’s global advertising platform is a combination of established, market leading businesses and large new market opportunities ATN CTN UKTN BTN 1H FY2021 Revenue A$m 30.6 14.2 22.5 3.6 16.7 1H FY2020 Revenue A$m 46.8 23.3 8.8 1HFY21 vs 1HFY20 % (34.6)% (15.4)% (3.8
Slide 7: Group financial performance
Section 02 Group financial performance
Slide 8: Key drivers of financial performance
Key drivers of financial performance Despite significant savings from expense reductions, GTN profitability declined due to a 26% drop in revenue from the ongoing impact of COVID-19 pandemic Commentary GTN Group revenue Revenue decrease of 26% across all markets: 120 — Revenue performance continue
Slide 9: Strong liquidity position
Strong liquidity position Net debt (debt less cash balances) of $15.3 million. Historical balance sheet (31 December 2020 & 30 June 2020) Summary cash flow 31 December 2020 30 June 2020 1H FY21 1H FY20 Current Assets $’000 $’000 $Am Cash and cash equivalents 48,527 57,040 Trade and other receivables
Slide 10: Financial performance by operating segment
Section 03 Financial performance by operating segment
Slide 11: ATN
ATN COVID-19 related lockdown of Melbourne market for the majority of the half-year period negatively impacted revenue ATN revenue performance Commentary ATN revenue declined by 35% due to weak performance during Melbourne lockdown — Significant improvement over 4Q20 (down 51% compared to 4Q19) 46
Slide 12: ATN (continued)
ATN (continued) ATN revenue rebounded sharply in December 2020 despite continued challenging market ATN revenue performance 20.8 26.0 19.0 11.6 1Q20 1Q21 2Q20 2Q21 11
Slide 13: CTN
CTN CTN posted a steady revenue recovery in both 1Q21 and 2Q21 resulting in a revenue decrease of only 11% in local currency during 1H21 compared to a 77% decrease in 4Q20 CTN revenue performance (AUD) CTN revenue performance (CAD) 15.1 16.7 13.5 14.2 1H20 1H21 1H20 1H21 Commentary CTN revenue reb
Slide 14: CTN (continued)
CTN (continued) Canada revenue for the half-year period consistent across the quarters despite impact of retail closures 11 December and stay at home order being enacted 26 December 2020 CTN revenue performance (AUD) CTN revenue performance (CAD) 7.4 6.7 6.3 6.0 1Q20 1Q21 1Q20 1Q21 9.3 8.4 7.5 7.9 2
Slide 15: UKTN
UKTN UKTN top producing segment by revenue for period with revenue decreasing only 2% in GBP (4% in AUD) UKTN revenue performance (AUD) UKTN revenue performance (GBP) 23.3 12.7 22.5 12.4 1H20 1H21 1H20 1H21 UKTN KPIs Commentary UKTN revenue performance a significant improvement over 4Q20 1H21 1H20
Slide 16: UKTN (continued)
UKTN (continued) Continued sequential revenue improvement with 2Q FY21 revenue higher than 2Q FY20 UKTN revenue performance (AUD) UKTN revenue performance (GBP) 11.4 6.3 10.3 5.7 1Q20 1Q21 1Q20 1Q21 12.2 6.8 12.0 6.4 2Q20 2Q21 2Q20 2Q21 15
Slide 17: BTN
BTN BTN revenue improved significantly over half-year period when compared to 4Q20 decrease of 72% in local currency BTN revenue performance (AUD) BTN revenue performance (BRL) 8.8 24.4 13.9 3.6 1H20 1H21 1H20 1H21 Commentary BTN KPIs Although revenue was significantly down for the period there wa
Slide 18: BTN (continued)
BTN (continued) Revenue performance improved sequentially from 4Q FY20 through 2Q FY21 BTN revenue performance (AUD) BTN revenue performance (BRL) 4.2 11.4 4.9 1.3 1Q20 1Q21 1Q20 1Q21 4.7 13.1 9.0 2.3 2Q20 2Q21 2Q20 2Q21 17
Slide 19: Updated Outlook for 2H FY21
Section 04 Updated Outlook for 2H FY21
Slide 20: Capital Management
Capital Management Company conserving cash due to uncertainty surrounding COVID-19 pandemic Completed amendment to debt facility in December 2020 —Financial covenants revised to reflect impact of pandemic on Group’s operations —Anticipate that the Group will continue to remain in compliance with a
Slide 21: Outlook
Outlook Revenue continues to be negatively impacted by COVID-19 pandemic Australia revenue anticipated to be lower in January/February 2021 than previous year period due to the continued impact of the COVID-19 pandemic — Despite slowdown, revenue decline still expected to be less than the 2Q21 rev
Slide 22: COVID restrictions by market
COVID restrictions by market Extraordinary actions taken by governments in our international markets continue to have additional negative impact on the Group’s revenue Canada — Stay at home order effective 26 December 2020 until 16 February (Ontario) and 23 February (Quebec) —Toronto area extended
Slide 23: Appendix A: Additional financial information
Appendix A Additional financial information
Slide 24: Reconciliation of non-IFRS measurements back to IFRS
Reconciliation of non-IFRS measurements back to IFRS EBITDA, Adjusted EBITDA & NPATA Reconciliation of EBITDA and Adjusted EBITDA to Profit before income tax ($m) 1 1H FY2021 1H FY2020 Profit before income tax 0.9 10.7 Depreciation and amortization 5.5 5.9 Finance costs 0.9 1.6 Interest on bank depo
Slide 25: Disclaimer and important information
Disclaimer and important information The information contained in this document is general background information about GTN Limited (ACN 606 841 801) (the “Company”) and its activities as at the date of this document. It is in summary form and does not purport to be complete. It should be read in co