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SAFE HARBOUR DISCL SAFE HARBOUR DISCLOSURE OSURE FORWARD-L FORWARD-LOOKING ST OOKING STATEMENTS TEMENTS To the extent any statements made in this presentation contain information that is not historical; these statements are forward-looking


  1. SAFE HARBOUR DISCL SAFE HARBOUR DISCLOSURE OSURE FORWARD-L FORWARD-LOOKING ST OOKING STATEMENTS TEMENTS To the extent any statements made in this presentation contain information that is not historical; these statements are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements related to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook can generally be identified by the use of the words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs; the availability of tax credits and the existence of co-production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

  2. Tom Peddie Executive Vice President and Chief Financial Officer Corus Entertainment Investor Day 2014 Wednesday, January 29, 2014

  3. Creating Value for Shareholders 1. Strong balance sheet ü Completed refinancing Feb/Mar 2013 • Issued Cdn $550M 4.25% Senior Unsecured Guaranteed Notes due 2020 • Annual interest costs reduced by almost $15M Focus on returning cash to shareholders with a strong dividend yield of 4% + 2. ü Dividend increased 6.9% to $1.09 per Class B Share in fiscal 2014 3. Excellent Free Cash Flow ü Delivered $154M in Free Cash Flow in fiscal 2013 4. Disciplined use of leverage for acquisitions

  4. Returning Cash to Shareholders With a Strong Dividend Yield of 4%+ Annual Dividend Payout History 1.06 ¡ For the fiscal years ended August 31 1.00 ¡ ($CDN per Class B Share, Split Adjusted ) 0.92 ¡ 0.74 ¡ 0.60 ¡ 5 ¡Year ¡CAGR ¡12.1% ¡ 0.60 ¡ 0.56 ¡ 0.53 ¡ 0.13 ¡ 0.03 ¡ 0.04 ¡ 2004 ¡ 2005 ¡ 2006 ¡ 2007 ¡ 2008 ¡ 2009 ¡ 2010 ¡ 2011 ¡ 2012 ¡ 2013 ¡ 2014E ¡ Dividend ¡as ¡% ¡of ¡ ¡Free ¡Cash ¡Flow ¡ ¡

  5. Corus Delivers Strong Free Cash Flow • Consistently positive Free Cash Flow driven by strong underlying performance • Free Cash Flow totaled $154M in fiscal 2013 • Annual capital expenditures of $15M - $20M per year, with no significant capital investment on the horizon Opera1ng ¡and ¡Free ¡Cash ¡Flow ¡ Millions ($CDN) Per ¡Share ¡($CDN) ¡ Free ¡Cash ¡Flow ¡ ¡ 2015E 2015E ( Guidance ) ) Fiscal ¡Year ¡ * Free Cash Flow normalized for business combinations, fiscals 2010 – 2011 adjusted for continuing operations

  6. Strong Balance Sheet and Credit Rating Net Debt and Leverage Interest ¡on ¡Long-­‑Term ¡ $33 ¡ $29 ¡ $37 ¡ $45 ¡ $39 ¡ $33 ¡ $38 ¡ Debt ¡($M) ¡ • Including pending amendment, unused lines of credit = $250M - $500M • Largely fixed rate financing to 2020 at 4.25% • DBRS Issuer Credit rating: BBB(low) • S&P Corporate Credit rating: BB+

  7. Acquisition Impact on Corus: TELETOON, Historia and Séries+ Standalone Acquisitions (2) Synergies Proforma % Change ($M) ($M) ($M) ($M) Fiscal 2013 Revenue (1) 803.5 104.0 - 907.5 13% Fiscal 2013 EBITDA (1) 270.0 48.0 12.0 – 15.0 330.0 22% Adjusted Earnings per Share 1.65 2.04 24% 2015E Se 2015E Segment Pr gment Profit – CA ofit – CAGR Scenarios GR Scenarios $360M $350M $340M $330M Proforma 2015E @ ~2% CAGR 2015E @ ~3% CAGR 2015E @ ~4% CAGR A great transaction for Corus shareholders (1) Results not restated for IFRS 11 – Joint Arrangements (2) Net acquisition multiple of 8x

  8. Corus Delivered Exceptional 3 Year Performance Corus: 3 Year Total Shareholder Return = 13% CAGR (1) S&P/TSX Composite Index S&P/TSX Consumer Discretionary Index Corus (CJR.B) 160 Return on $100 invested August 31, 2010 140 $ $ 120 100 80 (1) Assumes reinvestment of dividends

  9. Potential Share Value • Free Cash Flow = Increased Shareholder Value • Free Cash Flow of $170M using Free Cash Flow multiples of 14x to 18x would equate to a CJR.B share price of $28 to $36 Share Price $36 $32 $28 14x 16x 18x Free Cash F ee Cash Flo low Multiple w Multiple

  10. Financial Guidance: Fiscal 2015 Consolidated EBITDA $340 million to $360 million Free Cash Flow $170 million +

  11. Doug Murphy Executive Vice President and Chief Operating Officer Corus Entertainment Investor Day 2014 Wednesday, January 29, 2014

  12. All Corus Brands Reel

  13. Corus TV Owns the Podium WOMEN FAMILIES (CO-VIEW) 2 of the top 3 networks 2 of the top 3 networks KIDS 2 of the top 3 networks MILLENNIALS 2 of the top 6 networks Source: ¡ ¡BBM ¡Canada ¡TV ¡Meter, ¡August ¡26, ¡2013 ¡to ¡January ¡5, ¡2014 ¡(19 ¡wks), ¡Kids ¡= ¡K2-­‑11, ¡Women ¡= ¡W25-­‑54, ¡Families ¡= ¡A18+ ¡with ¡children ¡under ¡12, ¡ 16 ¡ Millennials ¡= ¡A18-­‑34. ¡Ranking ¡based ¡on ¡Commercial ¡Canadian ¡English ¡Specialty ¡and ¡Digital ¡Networks

  14. Compelling and Exclusive Content 17 ¡

  15. Canada’s Brand Steward 18 ¡

  16. Aligned and Focused on Growth ü Best-in-class margins and strong Free Cash Flow ü Experienced management team Canada’ Canada’s onl s only pur y pure play media and enter e play media and entertainment company tainment company Photo: Richard Johnson 19 ¡

  17. How Will Corus Grow? 20 ¡

  18. Our Building Blocks for Growth 21 ¡

  19. YTV Merry 6mas Reel

  20. The Corus Advantage Works ¡ ¡ 23 ¡

  21. Canada’s Mini Baby Boom Population Highest increase (11%) in the number of children aged 4 and under in 50 years! Source(s): Statistics Canada, CANSIM table 102-4502, Births, Catalogue no. 84F0210X and Selected Historical Statistics, Canada, 1921-2009, Catalogue 24 ¡ no. 82-553X Occasional.

  22. All Roads Lead to Corus Kids 25 ¡

  23. Growing Kids Advertising The entertainment and toy categories return to solid growth on Corus networks! • Our category-specific research and insights create advertiser value 26 ¡

  24. Co-View Works! 24% 24% Solo View Recall Co-View Recall 22% 21% 20% 19% 19% 19% 18% 21% 16% 16% 13% 12% 13% 15% 13% 12% 10% 10% 10% 10% 10% 9% 8% 8% 10% 11% 11% 6% 6% 9% 8% 6% 6% 5% 3% 3% 2% 2% 3% 3% 4% 5% 5% 1% 1% 1% 27 ¡ Source: DECODE Research, Oct 2011, English Canada Moms with Kids 2-12

  25. Co-View Keeps Growing! Ad Revenue ¡ R G A C ¡ % 3 1 F09 F10 F11 F12 F13 28 ¡

  26. Integration of TELETOON is Complete People/Facility Integration: January 16, 2014 Systems Headcount Business/Broadcast Systems: January 27, 2014 ü Revenue and Expense Synergies Complete Programming 29 ¡

  27. Complementary Scheduling Maximizes Audiences 30 ¡

  28. 31 ¡

  29. Leveraging our Strategic Partnerships 32 ¡

  30. Content Pipeline Focused on Boys Action and Preschool 33 ¡

  31. Mysticons Promo

  32. We’re Excited About MYSTICONS • Boys Action Property • Production 2014 • Broadcast 2015 • Retail 2016 35 ¡

  33. Little Charmers Promo

  34. We’re Excited About LITTLE CHARMERS • Girls Preschool Property • Production 2014 • Broadcast 2015 • Retail 2016 37 ¡

  35. Trucktown Promo

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