Slide 1



Crown Resorts Limited 2016 Half Year Results Presentation

25 February 2016


Crown Resorts Limited - 2016 Half Year Results Presentation 1

Crown Resorts Limited (Crown) performance:

  • The 2016 First Half results across Crown's portfolio of businesses were varied

  • Normalised1 NPAT attributable to the parent of $210.3 million, down 34.8%

  • Reported NPAT attributable to the parent of $205.0 million, down 22.1% before significant items

  • Reported NPAT attributable to the parent of $205.0 million, up 1.6% after significant items

  • Interim dividend of 33 cps declared2


    Australian resorts performance:

  • Normalised revenue of $1,695.7 million, up 4.2%

  • Main floor gaming revenue of $861.1 million, up 9.8%

  • Non-gaming revenue of $353.0 million, up 3.2%

  • VIP program play turnover of $35.7 billion, down 3.8%

  • Normalised EBITDA of $482.6 million, up 0.9%

  • Reported EBITDA of $509.5 million, up 11.5%


    Melco Crown Entertainment Limited (MCE) performance:

  • Weak market conditions in Macau adversely impacted on MCE

  • Crown's share of MCE's normalised NPAT of $37.2 million, down $73.2 million or 66.3%

  • Crown's share of MCE's reported NPAT of $9.4 million, down $75.9 million or 89.0%

  • MCE has announced the payment of a special dividend. Crown's share of the special dividend will be US$120.0 million

  • MCE has also announced a review of its current dividend payout ratio of 30% of net income


  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 asset impairments in the prior year.

  2. 15 cents of the 33 cent dividend is subject to Crown receiving payment of the special dividend from MCE on or about 16 March 2016.

Crown Resorts Limited - 2016 Half Year Results Presentation 2


1H F16

Normalised

$m

1H F15

Normalised

$m


Variance

F/(U)

1H F16

Actual

$m

1H F15

Actual

$m


Variance

F/(U)

Australian Resorts EBITDA

482.6

478.2

0.9%

509.5

456.8

11.5%

Crown Aspinalls EBITDA

10.3

20.7

(50.2%)

14.9

(3.5)

525.7%

Wagering and Online Social Gaming Operations EBITDA

(9.8)

(5.2)

(88.5%)

(9.8)

(5.2)

(88.5%)

Corporate costs

(58.7)

(43.5)

(34.9%)

(58.7)

(43.5)

(34.9%)

EBITDA

424.4

450.2

(5.7%)

455.9

404.6

12.7%

Depreciation and amortisation

(140.0)

(128.0)

(9.4%)

(140.0)

(128.0)

(9.4%)

EBIT

284.4

322.2

(11.7%)

315.9

276.6

14.2%

Net interest

(71.0)

(51.8)

(37.1%)

(71.0)

(51.8)

(37.1%)

Income tax

(45.0)

(59.1)

23.9%

(54.0)

(47.7)

(13.2%)

Equity accounted - Melco Crown Entertainment

37.2

110.4

(66.3%)

9.4

85.3

(89.0%)

- Other

0.4

-

N/A

0.4

-

N/A

NPAT (pre non-controlling and significant items)

206.0

321.7

(36.0%)

200.7

262.4

(23.5%)

Non-controlling interest

4.3

0.7

514.3%

4.3

0.7

514.3%

NPAT (pre significant items)

210.3

322.4

(34.8%)

205.0

263.1

(22.1%)

Significant items (net of tax)

-

-

-

-

(61.3)

100.0%

Net Profit - attributable to the parent

210.3

322.4

(34.8%)

205.0

201.8

1.6%


Crown Resorts Limited - 2016 Half Year Results Presentation 3

Normalised 1H F16



Crown Melbourne

$m


Variance

F/(U)

Crown Perth

$m


Variance

F/(U)

Australian Resorts

$m


Variance

F/(U)

Main floor gaming

601.0

12.9%

260.1

3.2%

861.1

9.8%

VIP program play

363.7

(11.0%)

117.9

28.4%

481.6

(3.8%)

Non-gaming

237.3

6.3%

115.7

(2.6%)

353.0

3.2%

Total Revenue (Normalised)

1,202.0

3.2%

493.7

6.7%

1,695.7

4.2%

Gaming taxes, commissions & other

(398.6)

0.4%

(141.8)

(18.2%)

(540.4)

(3.9%)

Operating expenses

(450.9)

(9.2%)

(221.8)

(2.9%)

(672.7)

(7.0%)

EBITDA

352.5

0.4%

130.1

2.4%

482.6

0.9%

Depreciation & amortisation

(96.6)

(4.9%)

(33.4)

(7.9%)

(130.0)

(5.7%)

EBIT

255.9

(1.3%)

96.7

0.7%

352.6

(0.7%)

EBITDA / revenue %

29.3%

(0.9%)

26.3%

(1.2%)

28.5%

(0.9%)

Total revenue (actual)

1,213.7

3.9%

509.8

6.4%

1,723.5

4.6%

VIP turnover $ billion

26.9

(11.0%)

8.8

28.4%

35.7

(3.8%)

VIP win rate (1.35% theoretical)

1.39%

0.03%1

1.54%

(0.06%)1

1.43%

0.02%1


1. Represents the difference in win rate compared to the pcp (the win rate at Crown Melbourne in the pcp was 1.36%, the win rate at Crown Perth in the pcp was 1.60% and the combined win rate in

the pcp was 1.41%).

Crown Resorts Limited - 2016 Half Year Results Presentation 4

Crown Resorts Limited issued this content on 25 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 February 2016 23:06:34 UTC

Original Document: http://www.crownresorts.com.au/Investors-Media/ASX-Media-Releases/2016/25-02-2016-2016-Half-Year-Results-Presentation-Sli