Performance Summary

PERFORMANCE SUMMARY
Strength,
performance,
value,
benefits.

Tabcorp’s results for the financial year ended 30 June 2018 comprised its four businesses of Wagering and Media, Lotteries and Keno, Gaming Services, and Sun Bets.

For FY18, Tabcorp’s results include contributions from the Tatts Group from 14 December 2017. FY18 revenue increased by 71.4% to $3,828.7 million. Net profit after tax was $28.7 million, which was impacted by significant items after tax of $217.5 million which comprised Tatts Group combination costs, Sun Bets exit costs and Luxbet closure costs.

The table below is extracted from Tabcorp's Annual Report 2018 and summarises the results for the financial year ended 30 June 2018. The information below should be read in conjunction with Tabcorp's Annual Report 2018.

Five Year Performance Table

Financial performance UNIT FY18 FY17 FY16 FY15 FY14
Total revenue $m 3,828.7 2,234.1 2,188.7 2,155.5 2,039.8
EBITDA(i) $m 490.0 284.9 479.6 508.1 459.4
Profit before interest and tax $m 241.4 101.6 301.0 334.6 295.0
Profit/(loss) after income tax attributable to members of parent entity(ii) $m 28.7 (20.8) 169.7 334.5 129.9
Dividend(iii) $m 422.5 208.8 199.6 389.2 121.3
Financial position and cash flow            
Total assets $m 12,940.8 3,740.9 3,302.8 3,384.0 3,105.1
Total liabilities $m 5,702.2 2,257.5 1,614.7 1,693.9 1,623.7
Shareholders' funds/total equity $m 7,238.6 1,483.4 1,688.1 1,690.1 1,481.4
Net cash flows from operating activities $m 447.5 222.5 401.1 399.7 387.4
Capital expenditure - payments $m 291.7 197.4 183.1 131.6 198.4
Cash at end of year $m 352.7 114.3 126.0 160.0 126.8
Shareholder value            
Earnings per share cents 1.9 (2.5) 20.4 42.4 17.2
Dividends per share(iii) cents 21.0 25.0 24.0 50.0 16.0
Operating cash flow per share(iv) cents 10.5 3.0 26.2 34.0 25.0
Net assets per share $ 4.89 1.78 2.03 2.14 1.96
Return on shareholders' funds % 0.6 (1.3) 10.0 21.3 8.9
Total shareholder return(v) % 7.5 0.6 5.5 50.3 15.6
Share price close $ 4.46 4.37 4.57 4.55 3.36
Market capitalisation $m 8,977.9 3,650.1 3,799.8 3,773.8 2,563.5
Segment revenue(vi)            
Wagering and Media $m 2,186.1 1,873.0 1,873.0 1,856.9 1,737.8
Lotteries and Keno(vii) $m 1,390.7 212.7 208.5 199.0 203.9
Gaming Services $m 249.7 143.9 107.2 99.6 98.1
Sun Bets(viii) $m 7.4 - - - -
Employee            
Safety(ix) LTIFR 2.3 1.5 0.9 1.0 1.5
Females in senior management roles % 36 39 37 33 35
Stakeholder benefits            
Returns to racing industry $m 916.8 813.0 786.9 773.2 735.0
State and territory gambling taxes and GST $m 1,166.4 406.3 428.6 459.6 439.3
Income tax expense/(benefit)(ii) $m 84.8 45.7 61.4 (75.7) 66.7

(i)FY18 includes impairment of $39.4 million. FY17 includes impairment of $27.5 million.

(ii)FY15 includes $163.2 million as a result of receiving income tax benefits relating to the Victorian Wagering and Gaming Licences 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)Prior to FY18, this was the Keno segment.

(viii)Sun Bets was identified as an operating segment during FY18 as it was no longer in an establishment phase.

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

Additional information for investors and shareholders