Performance Summary

PERFORMANCE SUMMARY
Strength,
performance,
value,
benefits.

Tabcorp’s results for the financial year ended 30 June 2017 comprise its three core business units: Wagering and Media, Gaming Services, and Keno. For FY17, total ordinary dividends were up 4.2%, totalling 25 cents per share fully franked. Annual revenue increased by 2.1% to $2,234.1 million. A net loss after income tax of $20.8 million was reported for FY17, which was adversely impacted by significant items after tax of $199.7 million.

The table below is extracted from Tabcorp's Annual Report 2017 and summarises the results for the financial year ended 30 June 2017. The information below should be read in conjunction with Tabcorp's Annual Report 2017.

Five Year Performance Table

Financial performance UNIT FY17 FY16 FY15 FY14 FY13
Total revenue $m 2,234.1 2,188.7 2,155.5 2,039.8 2,133.4
EBITDA(i) $m 284.9 479.6 508.1 459.4 472.3
Profit before interest and tax $m 101.6 301.0 334.6 295.0 313.1
Profit/(loss) after income tax attributable to members of parent entity(ii) $m (20.8) 169.7 334.5 129.9 126.6
Dividend(iii) $m 208.8 199.6 389.2 121.3 140.3
Financial position and cash flow            
Total assets $m 3,740.9 3,302.8 3,384.0 3,105.1 3,144.6
Total liabilities $m 2,257.5 1,614.7 1,693.9 1,623.7 1,731.4
Shareholders' funds/total equity $m 1,483.4 1,688.1 1,690.1 1,481.4 1,413.2
Net cash flows from operating activities $m 222.5 401.1 399.7 387.4 264.9
Capital expenditure - payments $m 197.4 183.1 131.6 198.4 204.2
Cash at end of year $m 114.3 126.0 160.0 126.8 109.7
Shareholder value            
Earnings per share cents (2.5) 20.4 42.4 17.2 17.2
Dividends per share(iii) cents 25.0 24.0 50.0 16.0 19.0
Operating cash flow per share(iv) cents 3.0 26.2 34.0 25.0 8.2
Net assets per share $ 1.78 2.03 2.14 1.96 1.92
Return on shareholders' funds % (1.3) 10.0 21.3 8.9 9.0
Total shareholder return(v) % 0.6 5.5 50.3 15.6 11.9
Share price close $ 4.37 4.57 4.55 3.36 3.05
Market capitalisation $m 3,650.1 3,799.8 3,773.8 2,563.5 2,271.9
Segment revenue(vi)            
Wagering and Media $m 1,873.0 1,873.0 1,856.9 1,737.8 1,711.5
Keno $m 212.7 208.5 199.0 203.9 205.4
Gaming Services $m 143.9 107.2 99.6 98.1 86.3
Gaming(vii) $m - - - - 130.2
Employee            
Safety(viii) LTIFR 1.5 0.9 1.0 1.5 2.7
Engagement(ix) number 4.04 3.94 3.89 3.81 3.65
Females in senior management roles % 39 37 33 35 29
Stakeholder benefits            
Returns to racing industry $m 813.0 786.9 773.2 735.0 728.2
State and territory gambling taxes and GST $m 406.3 428.6 459.6 439.3 521.7
Income tax expense/(benefit)(ii) $m 45.7 61.4 (75.7) 66.7 83.0

(i)FY17 includes impairment of $27.5 million. FY13 includes impairment of $65.8 million.

(ii)FY15 includes $163.2 million as a result of receiving income tax benefits relating to the Victorian wagering and gaming licence payment and the NSW Trackside payment ($160.4 million) and associated interest income.

(iii)Dividends attributable to the year, but which may be payable after the end of the period. FY15 includes a special dividend of 30.0 cents per share.

(iv)Net operating cash flow per the cash flow statement does not include payments for property plant and equipment and intangibles, whereas these items are included in the calculation for the operating cash flow per share ratio. 

(v)Total shareholder return (TSR) is calculated from 1 July to 30 June. The share price used for calculating TSR is the volume weighted average share price used in the Tabcorp Dividend Reinvestment Plan (DRP). Where no DRP was in operation, the closing share price on the dividend payment date is used.

(vi)Revenue includes both external and internal revenue.

(vii)Gaming includes the Victorian Tabaret business which ceased operations on 15 August 2012.

(viii)The lost time injury frequency rate (LTIFR) is the number of lost time injuries per million hours worked.

(ix)Employee engagement is measured by Gallup on a 1 to 5 scale.

Additional information for investors and shareholders