Aristocrat Acquisition of VGT Presentation
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES.
Strong pay down and appropriate approach to dividends
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Pro-forma net debt/Bank EBITDA at March 2014 ~3.6x, pre Ainsworth Offer and SPP
Pro-forma net debt/Bank EBITDA expected to be closer to 3x at completion and targeting below 3x within 12 months post completion
A$ million
Cash and cash equivalents
Aristocrat
31-Mar-2014
VGT(1)
31-Dec-2013
Adjustments
Aristocrat
pro forma
Pro forma debt profile (31 March 2014)
4.0x
20
10
31
3.5x
Borrowings
Net debt
254
1,129
1,383
3.0x
234
1,118
1,352
< 3.0x
2.5x
2.0x
EBITDA (2)
204
169
Net interest income / (expense)
374
3.6x
1.5x
(72)
1.0x
0.5x
1.1x
Net debt / EBITDA(2) (x)
EBITDA net interest (x)
1.1x
3.6x
> 5.0x
Aristocrat
Aristocrat pro forma(3)
12 months post
completion
DPS to be maintained around current levels while gearing is reduced, growing over time, consistent with the Board's established approach
Notes: Numbers may not add due to rounding
VGT values converted to AUD at a 0.94 AUD/USD exchange rate
EBITDA adjusted for quality of earnings adjustments and machine placement fee amortisation for VGT and share based compensation expenses for Aristocrat
Pre Ainsworth Offer and SPP
(1)
(2)
22
22 (3)
ARISTOCRATView entire presentation