LIFESTYLE entertainmentmajor.listedcompany.com/misc/quarterly/20141203-major...2014/12/03 ·...
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MAJOR CINEPLEX GROUP PLC. LIFESTYLE entertainment Analyst Meeting 3Q14 Paragon Cineplex, Siam Paragon: November 7 th , 2014 Quarterly Briefing 3Q14
Transcript of LIFESTYLE entertainmentmajor.listedcompany.com/misc/quarterly/20141203-major...2014/12/03 ·...
MAJOR CINEPLEX GROUP PLC.
LIFESTYLE entertainment
Analyst Meeting 3Q14 Paragon Cineplex, Siam Paragon: November 7th, 2014
Quarterly Briefing
3Q14
Amt. %
Revenue 1,756 100% 2,153 100% 397 23%
Gross margin 606 35% 803 37% 197 32%
EBITDA 463 26% 620 29% 157 34%
EBIT 279 16% 412 19% 133 48%
Net Profit 201 11% 293 14% 92 46%
201 11% 230 11% 29 15%
Bt.Million 3Q13 3Q14growth
Net Profit (excl.divest. in SF&PVRL)
• Revenue growth from highlight movies, new branches and up price. • Gross margin and EBIT improved from efficient cost management. • Divestment from SF and PVRL in 3Q14, net amount 63MB.
Financial Highlights 3Q14 QUARTERLY BRIEFING LIFESTYLE
entertainment
46% Net profit growth from •Expansion 9 branches in cinema BU. •Strong Advertising revenue •Investment in Cambodia
1,75
6
2,15
33Q13 3Q14
3Q13 3Q14
Net profit
3Q13 3Q14
3Q13 3Q14
3Q13 3Q14
+15% Excl.gain on divest. in SF &PVRL 63MB.
293
606
803
35%37%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
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400
600
800
1,000
1,200
1,400
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1,800
3Q13 3Q14
606
803
35%37%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
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800
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1,200
1,400
1,600
1,800
3Q13 3Q143Q13 3Q14
35% 37%
Revenue & %Gross margin
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Bt.million
Net Profit
+46%YoY
Revenue Break down
287
34
9
3Q13 3Q14
1,7
56
2,1
53
3Q13 3Q14
10
4 12
73Q13 3Q14
25
6
32
4
3Q13 3Q14
11
8
12
7
3Q13 3Q14
12
6 15
6
3Q13 3Q14
Bt.million
Revenue
+23%YoY
Admissions
+24%
Concession
+26%
Advertising
+21%
Bowling
group
+22% Retails
+8%
Movie
Content
+24%
86
5
1,0
70
3Q13 3Q143Q13 3Q14
Revenue growth in all business units
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Revenue : Admissions 8
65
1,0
70
3Q13 3Q14
86
5
1,0
70
3Q13 3Q14
“Top 3 Movies”
(Bt.million)
3Q13 3Q14 Bt.million
Admissions sale
+24%YoY
3Q13 3Q14
112
81 79
“Guest Count & ATP”
-
Q Q Q Q Q Q Q
Guest Count(million) ATP
+21%yoy
+1bt.
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Revenue : Concession
237
415
256 267 238
429
324
29.0% 28.8%30.4% 29.8% 29.6% 30.6% 29.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
100
200
300
400
500
600
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Concessions sales %Concessions-to-Gross Box Office
25
6
32
4
3Q13 3Q14
25
6
32
4
3Q13 3Q14
Bt.million
Concession
+26%YoY
3Q13 3Q14
Most of revenue growth from New branch (+20%)
237
415
256 267 238
429
324
29.0% 28.8%30.4% 29.8% 29.6% 30.6% 29.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
100
200
300
400
500
600
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Concessions sales %Concessions-to-Gross Box Office
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Revenue : Advertising 28
7
34
9
3Q13 3Q14
287
34
9
3Q13 3Q14
Bt.million
Advertising
+21%YoY
Advertising rev. (Bt.million) & %Gross margin 3Q13 3Q14
•Strong growth mainly from Movie package and more screens. •Slightly decrease gross margin from invest in Digital screens.
0
50
100
150
200
250
300
350
400
450
500
3Q13 4Q13 1Q14 2Q14 3Q14
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
89 95 105 107 88 100 107
30%33%
40%43%
35% 35% 37%
-20%
-10%
0%
10%
20%
30%
40%
(50)
-
50
100
150
200
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
SS NB %GM
Revenue : Bowling Group
AGF จากเป็นช่วงปิดเทอม มีแจก จาก แถม
10
4 12
7
3Q13 3Q14
10
4 12
7
3Q13 3Q14
10
4 12
7
3Q13 3Q14
10
4 12
7
3Q13 3Q14
Bt.million
Bowling
+22%YoY
68 70 75
80 80 75
80
1Q
13
2Q
13
3Q13
4Q
13
1Q
14
2Q
14
3Q14
Revenue (Bt.million)
Avg. Game Fee (Bt.)
30%33%
40%43%
35% 35%
-20%
-10%
0%
10%
20%
30%
40%
(50)
-
50
100
150
200
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
SS NB %GM
Revenue growth from new branches and increasing
game fee
3Q13 3Q14
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
%Occupancy increase from WE Fitness at Sukhumvit location and Center point at Ratchayothin location.
11
8
12
7
3Q13 3Q14
11
8
12
7
3Q13 3Q14
Revenue : Retails 1
18
12
7
3Q13 3Q14
11
8
12
7
3Q13 3Q14
Bt.million
Retails
+8%YoY
85% 83% 84% 86%90% 90% 90%
1Q
13
2Q
13
3Q13
4Q13
1Q14
2Q
14
3Q
14
3Q13 3Q14
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Revenue : Movie Content 1
26 1
56
3Q13 3Q14
12
6 15
6
3Q13 3Q14
Bt.million
Movie Content
+24%YoY
• 20mb from “The secret of sassy women” •Revenue increased from distribution home entertainment (DVD) •Highlight movie such as “Begin Again, Expendable 3, November man”
3Q13 3Q14
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Revenue Breakdown by segment
Y12 Y13 Y12 Y13
Financial Review LIFESTYLE
entertainment
Cinema Business
65%
Advertising Business
16%
Bowling&karaoke
Business
6%
Rental&Service Business
6%
Movie Content
7% Major Group’s Revenue Breakdown; 65% Cinema Business (Admission sales + Concession sales)
16% Advertising Business 6% Rental & Service Business 6% Bowling & Karaoke Business 7% Movie Content (Content Provider & Local Production house)
Data as of 3Q14
Major Group’s Revenue Breakdown 3Q14 3Q13 Cinema Business
(Admission sales + Concession sales) 65% 64%
Advertising Business 16% 16%
Rental & Service Business 6% 7%
Bowling & Karaoke Business 6% 6% Movie Content
(Content Provider & Local Production 7% 7%
Total Revenue 100% 100%
3Q14 QUARTERLY BRIEFING
LIFESTYLE entertainment
Core Business margin
Admissions
Concession Advertising Bowling group Retails
Gross Margins 3Q13 3Q14 D
Admissions 14% 17% 3%
Concessions 67% 72% 5%
Advertising services 87% 86% -1%
Bowling group 40% 37% -3%
Rentals & services 16% 19% 3%
Consolidate 35% 37% 3%
865 92
4
840
1,44
0
1,07
0
14%15%
18%
25%
17%
-10%
-5%
0%
5%
10%
15%
20%
25%
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200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
3Q13 4Q13 1Q14 2Q14 3Q14
256
267
238
429
324
67% 67% 66%70% 72%
0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%
-
100
200
300
400
500
600
3Q13 4Q13 1Q14 2Q14 3Q14
287
276
212
292 34
9 87% 87% 87% 87% 86%
50%
55%
60%
65%
70%
75%
80%
85%
90%
-
100
200
300
400
500
600
3Q13 4Q13 1Q14 2Q14 3Q14
104 13
0
111
113 12
7
40%43%
35% 35% 37%
0%
10%
20%
30%
40%
50%
60%
-
50
100
150
200
250
300
3Q13 4Q13 1Q14 2Q14 3Q14
118
120
128
129
127
16% 16%
22%
18% 19%
-20%
-10%
0%
10%
20%
30%
-
50
100
150
200
250
300
3Q13 4Q13 1Q14 2Q14 3Q14
118
120 128
129
127
16% 16%
22%
18% 19%
-20%
-10%
0%
10%
20%
30%
-
50
100
150
200
250
300
3Q13 4Q13 1Q14 2Q14 3Q14
Revenue
Margin
B/S Snapshot
Bt.million Dec 31,13 Sep 30,14 %chg
Assets 13,630 13,616 0%
Liabilities 7,530 7,413 -2%
Equity 6,099 6,203 2%
6,099 6,203
7,530 7,41313,630 13,616
Dec 31,13 Dec 31,13 Sep 30,14 Sep 30,14
Dec 31,13 Sep 30,14
AS
SET
S
AS
SET
S
EQU
ITY
EQU
ITY
LIA
BIL
ITIE
S
LIA
BIL
ITIE
S 0.37
0.45
0.71 0.700.67
0.590.68
-0.50
-0.30
-0.10
0.10
0.30
0.50
0.70
0.90
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Equity Net interest-bearing debts Net D/E
0.60
0.51
0.420.34
-0.50
-0.30
-0.10
0.10
0.30
0.50
0.70
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
YE09 YE10 YE11 End of 1Q12
Net interest-bearing debts Equity Net D/E
Strong D/E though rapid expansion
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
Investments Portfolio vs. Interest-bearing debts
• Investment portfolio as of October 2014: • 92.49% in M Pictures Entertainment Plc. (MPIC) • 23.01% in Siam Future Development Plc. (SF) • 33.00% in Major Cineplex Lifestyle
Leasehold Property Fund (MJLF) • 40.00% in ThaiTicketMajor Co., Ltd. • 5.82% in PVR Limited (PVRL) • 49.00% in PVR blu-O Entertainment Limited • 50.00% in K-ARENA • 70.00% in Major Platinum Cineplex Co.,ltd.(Cambodia)
Bt.million
Investments %ShareCost per
Share
Market
value*
Major's
CostGain(Loss)
Siam Future 23.01% 2.83 2,283 964 1,319
MJLF 33.00% 10.00 1,339 1,089 250
MPIC 92.49% 1.67 2,236 2,003 233
PVRL 5.82% 120.45 818 289 529
Total 6,676 4,345 2,331
*% Share as of Oct14 & Closing price on Nov 5,2014
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Bt.million
Interest-bearing debts 3Q14
Bank OD & ST loans 2,220
CP of LT borrowings 115
LT borrowings 417
Debentures 1,800
Total 4,552
6,099 6,203
7,530 7,41313,630 13,616
Dec 31,13 Dec 31,13 Sep 30,14 Sep 30,14
Sep 30,14
AS
SET
S
EQU
ITY
LI
AB
ILIT
IES
3Q14 QUARTERLY BRIEFING LIFESTYLE entertainment
LIFESTYLE entertainment
GROWTH POTENTIALS
GROWTH POTENTIALS
*Please note that release dates are subject to change.
LIFESTYLE entertainment
2015 Blockbuster Highlight Mega Blockbuster in Year 2015 are still attractive.
Superhero-related, sequels and animated films are
continuous released.
Year 2015The Avengers: Age of UltronFast & Furious 7Man of Steel 2: Superman / BatmanFantastic Four RebootTerminator: GenisysJames Bond 24Mission Impossible 5Jurassic WorldThe Hunger Games: Mocking Jay Part IISeventh SonTaken 3Into the WoodsJupiter AscendingKingsman: The Secret ServiceAnt - ManFinding DoryAssassin's CreedKung Fu Panda 3Star War VIITed 2Inside OutInfernoCinderellaWorld of Warcraft
GROWTH POTENTIALS
17
“We are the only movie theaters in the world which collected customer database. Also adding value by using social media such as Online E -ticketing, Facebook, Twitter, Line, Mobile application, etc.”
LIFESTYLE entertainment
Total 2,516,848 members (As of October 2014)
Ratio M Gen Card : Regular & Student
M Generation: Member Card
Mgen Freedom (60Yrs Old) Mgen First (Invitation Only)
Mgen Regular Mgen Student
Mgen Kids Mgen IMAX 41.1%58.9%
RegularStudent
GROWTH POTENTIALS
18
Major Friends: 10,495,000 Members
Major Group: 2,278,000 Members
Twitter Major Group: 761,000 Followers
Major is expert in online entertainment and interesting in online media.
LIFESTYLE entertainment
Instagram: 71,000 Members
GROWTH POTENTIALS
19
•Customers can book the ticket through many channels like E-Ticketing Machines, Mobile Application (iOS, Android), Major Cineplex’s website, also customers can pick up the tickets by using barcode at kiosks or receive the tickets at 7-11 (Convenience store)
•60% - 70% of admission revenue comes from non box office (Data as of 3Q14)
•Those technology will come to replace manpower in box office areas.
LIFESTYLE entertainment
Online Booking: E-Ticketing, Mobile Application and Online ticketing
Major Movie plus Application 3,300,000 Members E-Ticketing Machine
401 Units in 72 Branches
MAJOR CINEPLEX GROUP LIFESTYLE entertainment
Expansion Plan Year 2014 (Data as of October 2014)
2Q12 2Q13
1 Lotus: Songkhla 52 Lotus: Suphanburi 43 Big C: Nakorn Pa Nom 24 Big C: Prachinburi 2 2Q14
5 Lotus Bangyai 8 3Q14
6 Robinson Roi Et 4
7 Robinson Samutprakarn 5
8 Pang Nga (Local Developer) 3
9 Robinson Mukdahan 437
Remark* Emquatier 8 Postpone to 1Q15
International Project: Cambodia
10Aeon Mall Phnom Penh
Bowling 13 lanes7 2Q14
4Q14
(16 Screens)
Item Location Screens Opening Date
1Q14
(11 Screens)
LIFESTYLE entertainment
INTERNATIONAL PROJECT
International Project India: PVR Cinemas
LIFESTYLE entertainment
Currently, PVR cinemas has got 454 screens in 43 cities and will be reach by 500 screens by year 2015.
Major hold 5.82% of PVR Cinemas (PVRL)
PVR Cinemas is now India's Largest Multiplex Chain.
International Project India: PVR BluO
LIFESTYLE entertainment
Currently, PVR BluO has got 110 Bowling lanes in 5 Locations and 78 Bowling lanes will be added in year 2013-2014.
International Project Cambodia & Other Countries
LIFESTYLE entertainment
Cambodia: Major is partnering Japan's Aeon Mall to operate a cinema complex in Cambodia's capital with 7 screens and 14 bowling lanes.
The investment of 150 million baht will be made through a holding company of Major's international joint venture with a local firm. Major hold 70% of JV.
This project opened since 30th June 2014
Other Opportunities in South East Asia: - CLMV is further regional expansion. - JV with strong local partner. - Conditions must be reasonable
MAJOR CINEPLEX GROUP PLC.
LIFESTYLE entertainment
Thank You
LIFESTYLE entertainment
