Crown Resorts Limited - 2017 Annual General Meeting Presentation

Crown Resorts Limited Annual General Meeting

26 October 2017

7

Crown Resorts Limited Group Result

F17

Normalised

$m

F16

Normalised

$m

Variance

F/(U)

F17

Actual

$m

F16

Actual

$m

Variance

F/(U)

Australian Resorts EBITDA

833.7

933.2

(10.7%)

828.0

949.2

(12.8%)

Crown Aspinalls EBITDA

26.6

26.5

0.4%

(5.5)

16.0

N/A

Wagering and Online Social Gaming Operations EBITDA

14.8

(5.4)

N/A

14.8

(5.4)

N/A

Corporate costs

(47.1)

(98.5)

52.2%

(47.1)

(98.5)

52.2%

EBITDA

828.0

855.8

(3.3%)

790.3

861.3

(8.3%)

Depreciation & amortisation

(296.8)

(282.7)

(5.0%)

(296.8)

(282.7)

(5.0%)

EBIT

531.2

573.1

(7.3%)

493.5

578.6

(14.7%)

Net interest

(101.6)

(141.6)

28.3%

(101.6)

(141.6)

28.3%

Income tax

(135.1)

(87.2)

(55.0%)

(127.1)

(89.9)

(41.4%)

Equity accounted - MRE

42.4

58.1

(27.0%)

37.9

42.7

(11.3%)

- Other

1.3

(1.4)

N/A

1.3

(1.4)

N/A

NPAT (pre non-controlling and significant items)

338.2

401.0

(15.7%)

304.0

388.4

(21.7%)

Non-controlling interest

4.9

5.2

(6.1%)

4.9

5.2

(6.1%)

NPAT (pre significant items)

343.1

406.2

(15.5%)

308.9

393.6

(21.5%)

Significant items (net of tax)

-

-

1,557.2

555.2

180.5%

Net Profit - attributable to the parent

343.1

406.2

(15.5%)

1,866.1

948.8

96.7%

2

Crown Resorts Limited - 2017 Annual General Meeting Presentation

Crown Melbourne and Crown Perth Results

Normalised F17

Crown Melbourne

$m

Variance

F/(U)

Crown Perth

$m

Variance

F/(U)

Australian Resorts

$m

Variance

F/(U)

Main floor gaming

1,182.7

(0.1%)

474.0

(4.7%)

1,656.7

(1.4%)

VIP program play

340.3

(49.7%)

109.3

(46.1%)

449.7

(48.9%)

Non-gaming

471.8

4.2%

246.7

11.2%

718.5

6.5%

Total Revenue (Normalised)

1,994.8

(13.7%)

830.1

(10.0%)

2,824.9

(12.7%)

Gaming taxes, commissions & other

(522.9)

30.7%

(134.6)

42.7%

(657.5)

33.6%

Operating expenses

(883.1)

0.2%

(450.6)

(5.6%)

(1,333.7)

(1.7%)

EBITDA

588.8

(12.5%)

244.8

(5.8%)

833.7

(10.7%)

Depreciation & amortisation

(188.6)

2.8%

(79.6)

(19.1%)

(268.3)

(2.8%)

EBIT

400.2

(16.5%)

165.2

(14.4%)

565.4

(15.9%)

EBITDA / revenue %

29.5%

0.4%

29.5%

1.3%

29.5%

0.7%

Total revenue (actual)

2,056.2

(10.5%)

869.2

(11.3%)

2,925.4

(10.7%)

VIP turnover $ billion

25.2

(49.7%)

8.1

(46.1%)

33.3

(48.9%)

VIP win rate (1.35% theoretical)

1.59%

0.27%1

1.83%

0.09%1

1.65%

0.23%1

  1. Represents the difference in win rate compared to the pcp (the win rate at Crown Melbourne in the pcp was 1.32%, the win rate at Crown Perth in the pcp was 1.74% and the combined win rate in the pcp was 1.42%).

    3

    Crown Resorts Limited - 2017 Annual General Meeting Presentation

    Recent Trading Update 1 July to 22 October 2017

    • Main floor gaming revenue (Australian resorts combined) was slightly up on the prior

      corresponding period (pcp)

    • Non-gaming revenue (Australian resorts combined) increased by around 6% on the pcp

    • Crown Melbourne's main floor gaming revenue increased on the pcp while non-gaming revenue was flat. Crown Perth's main floor gaming revenue has been softer due to challenging market conditions, while non-gaming is growing in part due to the opening of Crown Towers Perth

    • VIP program play turnover was down around 17% on the pcp, however, Crown Melbourne's VIP

      program play turnover exceeded expectations

    • Crown's wagering and online businesses continue to show good revenue growth

4

Crown Resorts Limited - 2017 Annual General Meeting Presentation

Crown Resorts Limited published this content on 26 October 2017 and is solely responsible for the information contained herein.
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