JUNE 1999 FULL

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????????????????????????JUNE 1999
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Highlights of the Year

• EBITDA continues to grow despite lower bottom
  line from Exhibition
• Strong contributions from radio and production
• Major push to rationalise non-core businesses
• EPS growth before abnormals 7

3
Group EBITDA
CAGR 28.8
4
Exhibition Underlying EBITDA
CAGR 34.3
75,287
67,707
45,986
31,098
5
Exhibition Highlights

• EBITDA growth despite lack of product
• Acquisition of Warner 50 of German circuit
• Acquisition of control of Golden Harvest
• Opening of Recoletta in Argentina June 1999
• Sale of 50 of Sakalides freehold
• June, July and August 1999 all ahead of budget
• At 31 August 1999 we have 1,306 screens in 18
  Countries
• New Zealand joint venture

6
Theme Parks Highlights

• Wild Wild West ride opened Christmas 1998
• Asian tourism decline appears to have hit bottom
• Sold Laguna Quays in February 1999
• Advanced negotiations for Daydream Island
• Year 2000/01 expected to be a boom year

7
Radio Highlights

• Market grew by 5, Austereo share range is in the
  mid 40 (1998 low 40)
• Record results
• Strong EBITDA contribution
• Today and Triple M hold number 1 and number 2
  position in the key 18-39 demographics in each
  mainland capital city
• MAVIS
• New Licences

8
Production Highlights

• Release of Practical Magic, Analyse This and
  The Matrix
• Fees only booked due to profit cross for slate
• Upcoming films Deep Blue Sea, Three Kings,
  Three to Tango, Gossip all completed
• In production Red Planet, Space Cowboys
• Timing issue for recognition of profits -
  December 1999

9
Other Divisional Highlights

• VEPT sold
• WBSS close to finalising
• Distribution impacted by product but now
  performing to expectations
• VNL acquired Fun and Games controls 75 of
  cinema amusements market in Australia at 83
  locations revamp/restructure older formats
• Village Online
• Repayment/conversion of 50M of PRIDES

10
Sales Revenue
June 1999 617M
June 1998 442M
Increase of 39.8
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Other Revenue

• Partnership Profits
• Commissions / Fees From Production
• Proceeds From Sale of Assets
• Interest Received
• Interest on Deposits 10,616
• Exhibition Partnerships 13,404 24,020

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Tax Expense

• Reduced for
• Rebateable Dividends
• Non-Taxable Income
• Utilisation of Unbooked Tax Losses

13
Operating Profit before abnormals and tax
SPLIT BY DIVISION
14
Abnormals

• Write down of - Laguna Quays- WBSS-
  Daydream Island- VNL
• Closure of old theatrical productions company
• New Zealand joint venture
• Sale of Greece property

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Major Balance Sheet Items

• Current investments- VEPT under contract of sale
  to Challenger (originally in investment in
  associates)
• Consolidation of Germany and Golden Harvest
  affected every line item
• Outside equity interests relate to Golden Harvest

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New/Expanded Sites1 July 1998 - 30 June 1999

• Australia - 7 sites, 51 screens ? New Zealand - 1
  site, 8 screens
• Hong Kong - 1 site, 5 screens ? Malaysia - 1
  site, 10 screens
• Singapore - 2 sites, 16 screens ? Austria - 1
  site, 8 screens
• France - 1 site, 1 screen ? Germany - 2 sites,
  15 screens
• Hungary - 2 sites, 15 screens ? Italy - 1 site,
  18 screens
• United Kingdom - 6 sites, 58 screens ? Argentina
  - 2 sites, 25 screens
• New Zealand JV - 8 sites, 47 screens

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Future Sites
Argentina 1 site, 4 screens Italy 2 sites, 16
screens Australia 9 sites, 53 screens Germany 3
sites, 32 screens New Zealand 1 site, 3
screens France 1 site, 10 screens Switzerland 1
site, 13 screens United Kingdom 4 sites, 46
screens Greece 1 site, 20 screens India 1 site,
1 screen Korea 2 sites, 22 screens Austria 1
site, 10 screens Hungary 1 site, 6 screens 245
Screens at 28 sites
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????????????????????????JUNE 1999
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