Coast Entertainment Holdings Ltd · ASX:CEH
Coast Entertainment — H1 2021 Earnings Presentation
33 slides from Coast Entertainment's earnings presentation, Feb 25, 2021
Slide 1: Ardent Leisure Group Limited 1H21 Results Presentation
Ardent Leisure Group Limited 1H21 Results Presentation 25 February 2021
Slide 2: 1H21 Group Overview
1H21 Group Overview iS ARDENT
Slide 3: 1H21 – Key messages
1H21 – Key messages 1H21 statutory results were significantly impacted by COVID-19, with trading and travel restrictions resulting in reduced visitation in our venues and attractions. Group revenue and EBITDA1 excluding Specific Items1 were down $109.4 million and $38.8 million on prior period on
Slide 4: Current vs prior corresponding period
Current vs prior corresponding period Reported Pro forma2 1H21 1H20 Variance Key factors driving half year results: A$m (26 weeks) (26 weeks) Revenue declined 44.3% driven by COVID-19 adversely Revenue 137.6 247.0 (44.3%) impacting visitation to both Main Event and Theme Parks venues Business unit
Slide 5: Specific Items impacting results
Specific Items impacting results Consolidated Specific Items1 impacting results: A$m 1H21 1H20 Specific Items impacting segment EBITDA: Specific Items, being significant non-cash and non- recurring items, which are useful in understanding the Net (impairment)/valuation gain on assets (4.1) 0.2 sta
Slide 6: Main Event Entertainment
Main Event Entertainment
Slide 7: Main Event
Main Event EBITDA decline reflects sales performance due to COVID-19; operating efficiency leading to EBITDA benefit Reported Pro forma2 Main Event performance: US$m 1H21 1H20 Variance Revenue declined US$54.4 million (37.7%) reflecting a Revenue 90.2 144.6 (37.7%) reduction in constant centre sal
Slide 8: Revenue performance
Revenue performance Consumer demand exceeded expectations prior to second wave of COVID-19 1H21 constant centre revenue2 trend for reopened centres Constant centre performance: Constant centre revenue performance sequentially improved for the first three months of the period (14.4%) A second sur
Slide 9: Perspectives on financial performance
Perspectives on financial performance Despite headwinds, revenue and profitability exceeding expectations Overall revenue performance has been remarkably resilient, recovering at a pace quicker than anticipated Performance reflects the benefit from the size of our facilities, allowing for greate
Slide 10: Key accomplishments during 1H21
Key accomplishments during 1H21 Continued progress on strategic initiatives including new centre development Continuing to ensure safe environment for our guests and team members Optimisation of our revenue capabilities through a number of measures including COVID capacity management and third-p
Slide 11: One new centre opening in 1H21 in Wesley Chapel, FL
One new centre opening in 1H21 in Wesley Chapel, FL Pipeline kept active allowing for four new centres to be opened in FY22 National Footprint 44 operating centres / 16 states Wesley Chapel, FL opened in mid July 2020 Projecting four new centres to open in FY22 28 16 39 38 37 27 40 24 active
Slide 12: Theme Parks
Theme Parks ARDENT S
Slide 13: Key results overview
Key results overview Well positioned to participate in the post pandemic recovery Reported Pro forma2 Theme Parks performance: A$m 1H21 1H20 Variance Due to the pandemic, Dreamworld and WhiteWater World Revenue 13.1 36.1 (63.6%) remained closed until 16 September 2020. This, along with ongoing bor
Slide 14: COVID-19 update
COVID-19 update Providing the safest environment possible for our guests and team members Effective implementation of our approved COVID Safe plan continues to be the highest priority Although the operational changes have been well received by our guests, they do adversely impact service levels
Slide 15: Dreamworld and WhiteWater World
Dreamworld and WhiteWater World Strong support from the drive market and expected pent up demand from interstate markets augurs well for a post pandemic recovery Border restrictions have resulted in all international and key interstate markets being largely unavailable Attendance from 16 Septemb
Slide 16: SkyPoint
SkyPoint Strong growth trajectory and sound fundamentals prior to the pandemic Border restrictions have had a significant adverse impact on this business Attendance from 10 July (reopening date) – 26 January was approximately 27% of the pcp The lower attendance has, to some extent, been offset
Slide 17: Steel Taipan
Steel Taipan Construction has commenced on $32 million world class multi-launch roller coaster The launch of the Steel Taipan name and logo has been well received by guests and enthusiasts alike We are working closely with all stakeholders to achieve the targeted completion date of Q4 CY21 Fea
Slide 18: Summary
Summary Focus on the local drive market, preservation of cash and operating from a lower cost base Management will continue to focus on: Continuing to provide a safe environment for our guests and team members Providing enjoyable experiences that encourage repeat visitation and increased spend
Slide 19: Corporate Costs & Capital Management
Corporate Costs & Capital Management
Slide 20: Net debt and cash flow
Net debt and cash flow Reported A$m 1H21 As at 30 June 2020 A$m Net debt at 30 June 2020 (78.4) Debt1 (240.0) Operating cash outflows (5.8) Cash available to AU2 32.6 Capital expenditure (cash outflow) (11.9) Cash available to US2 129.0 Borrowing costs (6.9) Total cash for the Group 161.6 Repayment
Slide 21: Capital structure and funding
Capital structure and funding As at 29 December 2020, the Group has the following debt facilities: Available Limit Drawn Margin on drawn Undrawn Amortisation of (US$m) (US$m) Maturity amount commitment fees term loan Funded term debt 124.8 124.8 4 April 2025 6.50% 3.25% 1% per annum Delayed draw t
Slide 22: Corporate costs
Corporate costs Corporate costs and non-recurring significant items have continued to reduce, as a result of significant prior restructuring and tight cost management, however this has been offset by increased insurance costs in the current period Corporate Costs 20.0 19.2 2.7 15.5 15.1 15.0 3.5 5
Slide 23: Appendices
Appendices GW ARDENT ~
Slide 24: Appendix 1: Reported vs Pro forma 1H20 – Consolidated Group
Appendix 1: Reported vs Pro forma 1H20 – Consolidated Group Consolidated Reported Impact of Pro Forma 1H20 week 27 1H20 A$m (27 weeks) results (26 weeks) Revenue 263.0 (16.0) 247.0 Business unit EBITDA1 48.1 (5.9) 42.2 Corporate (3.9) 0.1 (3.8) EBITDA1 44.2 (5.8) 38.4 Depreciation and amortisation (
Slide 25: Appendix 1: Reported vs Pro forma 1H20 – Main Event
Appendix 1: Reported vs Pro forma 1H20 – Main Event Consolidated Reported Impact of Pro Forma 1H20 week 27 1H20 US$m (27 weeks) results (26 weeks) Revenue 154.0 (9.4) 144.6 EBRITDA 43.1 (3.3) 39.8 Property costs (7.0) - (7.0) EBITDA1 36.1 (3.3) 32.8 Depreciation and amortisation (18.2) 0.7 (17.5) Am
Slide 26: Appendix 1: Reported vs Pro forma 1H20 – Theme Parks
Appendix 1: Reported vs Pro forma 1H20 – Theme Parks Consolidated Reported Impact of Pro Forma 1H20 week 27 1H20 A$m (27 weeks) results (26 weeks) Revenue 38.7 (2.6) 36.1 Expenses (42.9) 1.4 (41.5) EBITDA1 (4.2) (1.2) (5.4) Depreciation and amortisation (4.9) - (4.9) Amortisation of lease assets (0.
Slide 27: Appendix 2: Specific Items by business unit – 1H21
Appendix 2: Specific Items by business unit – 1H21 Consolidated Theme A$m Main Event Parks Corporate Total Specific Items impacting segment EBITDA: Impairment of assets (4.1) - - (4.1) Pre-opening expenses (0.4) - - (0.4) Dreamworld incident costs, net of insurance recoveries - 0.1 - 0.1 Restructuri
Slide 28: Appendix 2: Specific Items by business unit – 1H20
Appendix 2: Specific Items by business unit – 1H20 Consolidated Theme A$m Main Event Parks Corporate Total Specific Items impacting segment EBITDA: Net (impairment)/valuation gain on assets 1.7 (1.9) 0.4 0.2 Pre-opening expenses (1.7) - - (1.7) Dreamworld incident costs, net of insurance recoveries
Slide 29: Appendix 3: 1H21 capital expenditure and pre-opening expenses
Appendix 3: 1H21 capital expenditure and pre-opening expenses Routine Other Special Development Pre-opening A$m Capex Projects Capex Expenses Main Event 0.5 5.3 0.5 0.4 Theme Parks 3.5 - 3.0 - Total 4.0 5.3 3.5 0.4 28
Slide 30: Defined Terms
Defined Terms ARDENT ia
Slide 31: Defined terms
Defined terms Defined Terms Description bps Basis points CY Calendar year DTA Deferred tax asset EBITDA Earnings before Interest, Tax, Depreciation and Amortisation EBITDAR Earnings before Interest, Tax, Depreciation, Amortisation and Rent Expense EBRITDA Earnings before Property Costs, Interest, Ta
Slide 32: Defined terms
Defined terms Defined Terms Description pcp Prior corresponding period PP&E Property, plant and equipment Pre-opening costs Costs that are expensed as incurred prior to a new centre opening for business for the first time Significant non-trading income or expense items which are non-cash or non-recu
Slide 33: 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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