Crown Resorts Limited - 2016 Full Year Results Presentation 7

Crown Resorts Limited 2016 Full Year Results Presentation

17 August 2016

Crown Resorts Limited (Crown) performance:

  • Normalised1 NPAT attributable to the parent of $406.2 million, down 22.7%

  • Reported NPAT attributable to the parent of $393.6 million, down 11.8% before significant items

  • Reported NPAT attributable to the parent of $948.8 million, up 146.4% after significant items

  • Net gain from significant items of $555.2 million, the major component of which is the net gain on sale of shares in MCE

  • Final dividend of 39.5 cents per share declared (total full year dividend of 72.5 cents per share)

    Australian resorts performance:

  • Normalised revenue of $3,234.5 million, up 0.8%

  • Main floor gaming revenue of $1,680.6 million, up 5.8%

  • Non-gaming revenue of $674.6 million, up 1.5%

  • VIP program play turnover of $65.1 billion, down 8.0%

  • Normalised EBITDA of $933.2 million, up 1.8%

  • Reported EBITDA of $949.2 million, up 0.2%

    Melco Crown Entertainment Limited (MCE) performance:

  • Weak market conditions in Macau adversely impacted MCE's performance

  • Crown's share of MCE's normalised NPAT of $58.1 million, down $103.2 million or 64.0%

  • Crown's share of MCE's reported NPAT of $42.7 million, down $79.3 million or 65.0%

1. Normalised results have been adjusted to exclude the impact of any variance from theoretical win rate on VIP program play (at Crown Melbourne, Crown Perth, Crown Aspinalls and Melco Crown), pre-opening costs from Melco Crown and significant items.

Crown Resorts Limited - 2016 Full Year Results Presentation 2

F16

Normalised

$m

F15

Normalised

$m

Variance

F/(U)

F16

Actual

$m

F15

Actual

$m

Variance

F/(U)

Australian Resorts EBITDA

933.2

916.5

1.8%

949.2

946.7

0.2%

Crown Aspinalls EBITDA

26.5

31.7

(16.4%)

16.0

(45.3)

135.3%

Wagering and Online Social Gaming Operations EBITDA

(5.4)

(16.0)

66.3%

(5.4)

(16.0)

66.3%

Corporate costs

(98.5)

(107.3)

8.2%

(98.5)

(107.3)

8.2%

EBITDA

855.8

824.9

3.8%

861.3

778.1

10.7%

Depreciation and amortisation

(282.7)

(262.9)

(7.6%)

(282.7)

(262.9)

(7.6%)

EBIT

573.1

562.0

2.0%

578.6

515.2

12.3%

Net interest

(141.6)

(112.3)

(26.1%)

(141.6)

(112.3)

(26.1%)

Income tax

(87.2)

(92.2)

5.4%

(89.9)

(85.3)

(5.4%)

Equity accounted - MCE

58.1

161.3

(64.0%)

42.7

122.0

(65.0%)

- Other

(1.4)

0.0

N/A

(1.4)

0.0

N/A

NPAT (pre non-controlling and significant items)

401.0

518.8

(22.7%)

388.4

439.6

(11.6%)

Non-controlling interest

5.2

6.7

(22.4%)

5.2

6.7

(22.4%)

NPAT (pre significant items)

406.2

525.5

(22.7%)

393.6

446.3

(11.8%)

Significant items (net of tax)

-

-

555.2

(61.3)

N/A

Net Profit - attributable to the parent

406.2

525.5

(22.7%)

948.8

385.0

146.4%

Crown Resorts Limited - 2016 Full Year Results Presentation 3

Normalised F16

Crown Melbourne

$m

Variance

F/(U)

Crown Perth

$m

Variance

F/(U)

Australian Resorts

$m

Variance

F/(U)

Main floor gaming

1,183.3

8.5%

497.3

(0.1%)

1,680.6

5.8%

VIP program play

676.5

(4.3%)

202.8

(18.7%)

879.3

(8.0%)

Non-gaming

452.7

3.7%

221.9

(2.7%)

674.6

1.5%

Total Revenue (Normalised)

2,312.5

3.5%

922.0

(5.5%)

3,234.5

0.8%

Gaming taxes, commissions & other

(754.5)

(2.5%)

(235.2)

21.6%

(989.7)

4.5%

Operating expenses

(884.7)

(5.8%)

(426.9)

(1.4%)

(1,311.6)

(4.3%)

EBITDA

673.3

1.7%

259.9

2.2%

933.2

1.8%

Depreciation & amortisation

(194.1)

(3.2%)

(66.8)

(6.3%)

(260.9)

(4.0%)

EBIT

479.2

1.1%

193.1

0.8%

672.3

1.0%

EBITDA / revenue %

29.1%

(0.5%)

28.2%

2.1%

28.9%

0.3%

Total revenue (actual)

2,297.4

(0.4%)

980.0

(6.6%)

3,277.4

(2.3%)

VIP turnover $ billion

50.1

(4.3%)

15.0

(18.7%)

65.1

(8.0%)

VIP win rate (1.35% theoretical)

1.32%

(0.17%)1

1.74%

(0.01%)1

1.42%

(0.14%)1

1. Represents the difference in win rate compared to the pcp (the win rate at Crown Melbourne in the pcp was 1.49%, the win rate at Crown Perth in the pcp was 1.75% and the combined win rate in the pcp was 1.56%).

Crown Resorts Limited - 2016 Full Year Results Presentation 4

Crown Resorts Limited published this content on 17 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 August 2016 23:50:05 UTC.

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