Coast Entertainment Holdings Ltd · ASX:CEH
Coast Entertainment — FY2023 Earnings Presentation
34 slides from Coast Entertainment's earnings presentation, Aug 25, 2023
Slide 1: Ardent Leisure Group Limited FY23 Results Presentation
ARDENT LEISURE GROUP LIMITED FY23 RESULTS PRESENTATION 25 August 2023
Slide 2: Group Overview
& ARDENT LEISURE FY23 GROUP OVERVIEW
Slide 3: Key Messages
Theme Parks & Attractions return to profitability KEY MESSAGES Consolidated NPAT of $664.7 million, a significant improvement compared to a $97.4 million loss in the prior year, driven by a $682.4 million gain on the sale of Main Event Entertainment Improved performance of the Theme Parks & Attr
Slide 4: Consolidated Group Results
Key factors driving FY23 results CONSOLIDATED GROUP RESULTS A$m FY23 FY22 Variance 1 Operating revenue grew $34.4 million (69.6%), driven by increased Operating revenue 83.9 49.5 69.6% ticket sales, visitation and yield, despite international visitation Theme Parks & Attractions EBITDA 2 3.1 (14.5
Slide 5: Specific Items Impacting Results
Specific Items largely relates to discontinued operations SPECIFIC ITEMS 1 IMPACTING RESULTS Specific Items impacting results which are useful in understanding the A$m FY23 FY22 Group’s performance are set out in the table adjacent EBITDA from continuing operations has been impacted by the following
Slide 6: Progress Towards Unlocking Future Value
PROGRESS TOWARDS UNLOCKING FUTURE VALUE As reported A$m 27 June 2023 ALG’s balance sheet strengthened following the Main Event sale: Cash & other financial assets 141.4 $141.4 million cash PP&E and intangibles Debt free with unencumbered freehold real estate Dreamworld 119.0 The Group had ne
Slide 7: Theme Parks & Attractions
FY23 THEME PARKS & ATTRACTIONS 7
Slide 8: FY23 - Successes
Results Overview FY23 - SUCCESSES SAFETY AQUATIC SAFETY PROFITABILITY EVENTS INVESTMENT First theme parks to be 3rd party audits achieved First positive operating Records for existing Major investment issued Major Amusement highest possible ratings EBITDA in over six years events and all new program
Slide 9: Financial Highlights
Results Overview FINANCIAL Ticket Sales1 Attendance Revenue2 HIGHLIGHTS The impact of government grants does not reflect performance of the business on a YOY +18% +39% basis. Underlying performance excluding these +51% +49% +37% +70% impacts is a more accurate reflection of trading activity. FY21 FY
Slide 10: FY23 Financial Results
Significant improvement compared to FY22 FY23 FINANCIAL RESULTS A$m FY23 FY22 Variance Operating revenue of $83.9 million grew $34.4 million on prior year. The year-on-year growth of 69.6% was driven by: Revenue 83.9 49.5 69.6% 38.6% uplift in total attendances, notwithstanding international Gov
Slide 11: FY23 Performance Best Since FY16
Positive momentum continues FY23 PERFORMANCE BEST SINCE FY16 1.5 100.0 1.0 COVID impacted COVID impacted 0.5 80.0 $'m 60.0 - $'m 40.0 (0.5) 20.0 (1.0) - (1.5) (20.0) (2.0) FY16 FY19 FY20 FY21 FY22 FY23 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Jul 2022 Jul 2023 EBITDA excl Specific Items & Govt Subsidies/
Slide 12: Events & Activations
EVENTS & ACTIVATIONS Enriching experience for our guests A critical strategy to acquire and retain both annual pass and shorter-term visitation Recent events saw record NPS scores and in park revenue spending Street Food Festival Winterfest Fun Run Spring County Fair and Happy Halloween pl
Slide 13: Update on Capital Programs
Strategic Initiatives UPDATE ON CAPITAL PROGRAMS Announcement of new major attractions made in November 2022 Kenny & Belinda’s Dreamland Ocean Parade extension Dreamworld Flyer Rivertown; incorporating new Murrusippi Motors and Jungle Rush family coaster Our team has wasted no time in turnin
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Slide 16: More on the Way!
Strategic Initiatives MORE ON THE WAY! Additional product opening before the end of calendar 2023 Ocean Parade extension including new Seabed Splash and Deep Sea Dodgems nearing practical completion Dreamland phases 2 and 3 on track for December opening Dreamworld Flyer vertical construction c
Slide 17: The Best Is Yet to Come
Strategic Initiatives THE BEST IS YET TO COME Rivertown will be the most themed land ever built at Dreamworld All new Murrusippi Motors Jungle Rush, the largest single attraction investment in Dreamworld's history Several other attraction surprises in other parts of the park still to be announce
Slide 18: Strategically Located
Land Development STRATEGICALLY LOCATED Close proximity to significant transportation corridors including the M1, heavy rail and the planned Coomera Connector Ideally situated between both Brisbane and Gold Coast International airports Only 2 min from Australia’s largest marine precinct and 30
Slide 19: Local Area Development
Land Development LOCAL AREA DEVELOPMENT Substantial local development recently completed or underway Westfield Town Centre $75m 14,000sqm Costco Wholesale $1.3bn 404 bed public hospital opening in second half of 2027 250-hectare Coomera Marine precinct expected to double in size by end of
Slide 20: Our Site
Land Development OUR SITE Total site ~55 hectares, currently zoned as Open Space and Major Tourism Precinct A process has been commenced to apply for a Variation Request/Preliminary Development Application which would create a unique planning regime specific to the site allowing: Broader range
Slide 21: Differentiating Our Guest Experience
Strategic Initiatives DIFFERENTIATING OUR GUEST EXPERIENCE Being Brilliant at Basics is key to the Dreamworld Difference Ardent properties were again ranked the Gold Net Promoter Score (NPS) continued Coast's best rated holiday experience as well as improvement, growing for the 3rd year in for e
Slide 22: A Clear Plan for Sustainable Growth
A CLEAR PLAN FOR SUSTAINABLE GROWTH FIRST POSITIVE SAFETY REMAINS TOP PRIORITY OPERATING EBITDA SINCE FY16 REVENUE PIPELINE CAUTIOUSLY OPTIMISTIC WELL ESTABLISHED International market still a significant opportunity Macro-economic, inflationary headwinds on watch ONGOING COST DISCIPLINE CULTURE
Slide 23: Capital Management & Corporate Costs
FY23 CAPITAL MANAGEMENT & CORPORATE COSTS 23
Slide 24: Cash Flow
CASH FLOW A$m FY23 Net debt at 28 June 2022 (152.7) As at 28 June 2022 A$m 2 Operating pre-tax cash flows (6.7) US Debt (197.6) Net interest income 3.4 AU Debt2 (45.7) ATO payment (11.0) Cash available to US 49.9 Capital expenditure1 (17.5) Cash available to AU 40.8 Proceeds from the sale of minorit
Slide 25: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT At 27 June 2023, the Group had $141.4 million cash on hand Most of the announced development pipeline still to be funded, along with FY24 maintenance capex and class action settlement cost On-market share buyback of up to 10% of issued capital over the next 12 months
Slide 26: Corporate Costs
CORPORATE COSTS Total corporate costs of $7.9 million reduced by $0.2 million compared to FY22, despite inflationary headwinds Insurance costs reduced but continued to account for almost 50% of total corporate costs in FY23 Continued focus on carefully managing controllable costs at Group leve
Slide 27: Appendices
APPENDICES 27
Slide 28: Segmented Results – FY23
APPENDIX 1 Segmented Results – FY23 Discontinued Theme Parks Continuing Operation A$m & Attractions Corporate Operations Main Event Consolidated Segment revenue 83.9 - 83.9 - 83.9 Operating EBITDA 3.1 (7.9) (4.8) - (4.8) Gains associated with the sale of Main Event - - - 682.4 682.4 Segment EBITDA 3
Slide 29: Segmented Results – FY22
APPENDIX 1 Segmented Results – FY22 Discontinued Theme Parks & Continuing Operation A$m Attractions Corporate Operations Main Event Consolidated Segment revenue 49.5 - 49.5 588.1 637.6 Operating EBITDA (14.5) (8.1) (22.6) 199.2 176.6 Costs associated with the sale of Main Event - (32.9) (32.9) (98.2
Slide 30: Specific Items by business unit – FY23
APPENDIX 2 Specific Items by business unit – FY23 Discontinued Theme Parks Continuing Operation & Attractions Corporate Operations Main Event Consolidated Segment EBITDA has been impacted by the following Specific Items: Gain on disposal of Main Event business - - - 682.4 682.4 Other unrealised deri
Slide 31: Specific Items by business unit – FY22
APPENDIX 2 Specific Items by business unit – FY22 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 0.1 0.1 0.2 50.2 50.4 AASB
Slide 32: Defined Terms
S S&S ARDENT LEISURE DEFINED TERMS
Slide 33: Defined Terms
DEFINED TERMS Defined Terms Description ATO Australian Taxation Office DTA Deferred tax asset EBITDA Earnings before Interest, Tax, Depreciation and Amortisation EBIT Earnings before Interest and Tax F&B Food and beverage NPAT Net profit after tax pcp Prior corresponding period PP&E Property, plant
Slide 34: 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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