2018 Annual Shareholder Meeting

Vista Group International Limited
Annual Shareholder Meeting
Wednesday, 23 May 2018


Chairman’s Address
Before moving to the formal business of today’s meeting, I would like to comment on some of the
Group’s activities and achievements of the last 12 months.
I am delighted that the Vista team have delivered another very strong performance across a number of
the key areas and the financial results reflected another year of 20%+ revenue growth - our fourth
consecutive year of doing so. It is great to see our revenue growth past the $100m mark.
As pleasing as the revenue growth has been, a year of record profitability resulted in a 57% increase in
operating profit and a significant 104% improvement in cashflow. This enabled us to declare a fully
imputed dividend 28% up on the prior year. This is at the top of our policy range reflecting our
confidence in the business and the desire to reward shareholders.
Our balance sheet remains extremely strong which positions us well for internal and external growth
opportunities.

Some key things from my perspective:
State of industry – the cinema business is strong with box office records being broken, new screens
being built in underdeveloped markets and existing markets using new data driven technologies to drive
their business
Resources - We have a talented global team dedicated to delivering value and service to our
customers, in nearly 100 countries.
Vista cinema – is a strong global business with significant growth opportunities
Movio – is beginning to deliver on the promise of reshaping the film industry marketing landscape – and
with the potential to overtake Vista Cinema as the biggest group company
China – we have increased our position in a potentially significant growth engine – significant for both
Vista Cinema and the other group companies.
Innovation – we continue to invest in new ventures – ventures where potential rewards are significant,
but difficult to quantify.

I would like to acknowledge our important strategic business partners and investing founders throughout
the world who continue to play a very important role in facilitating global growth. We constantly review

and assess these arrangements in line with our long-term strategy of maintaining controlling positions in
all our businesses. Two such examples of this are:
• Senda – the acquisition of our long-standing business partner in Mexico improves our
influence and profitability in the fast-growing South American region, with substantial
growth forecast from Brazil and other markets.
• China – we increased our equity stake and facilitated the consolidation of the Vista
China results. This will provide transparency and earnings growth on what will be the
largest cinema market in the world going forward.
In January we announced an important executive change with Kimbal Riley taking over the Group CEO
role from our Founder, Murray Holdaway, who will move into a key role of Chief Product Officer.
Kimbal has a long and successful career in the IT and Services industries in New Zealand and
overseas. His four years at Vista Group as the CEO of our largest business, Vista Entertainment
Solutions, have been outstanding, judged both in terms of financial performance as well as his broader
leadership qualities.
Murray co-founded Vista in 1996 and has been the key driver of its success and culture. Murray’s
passion has always been centred on product innovation and customer service and this new role will
enable him to have the freedom of mind to focus on the area where he has traditionally provided the
greatest value. This is core to the Group’s success, the heart and soul of what we do.
This is without doubt a case of 1+1=3 and I look forward with great enthusiasm to working with Kimbal
and Murray in their new roles.

The years ahead look exciting – the cinema industry is growing significantly in many markets and
becoming increasingly sophisticated in others. Both these attributes require superior software solutions,
for which we are recognised as the global leader. Our goal is to maximise those opportunities and in
doing so to build an even stronger company that delivers superior returns to our shareholders. There is
no doubt we have the executive talent (in quality and depth) to achieve this goal particularly given the
tremendous growth prospects we see going forward.

---

VISTA GROUP 2018 AGM : Event Cinema 6, Gold Class
23 May 2018

•Introduction
•Chairman’s Address
•Group CEO Address
•Questions on Annual Report & Financial Statements
•Business Resolutions
•Resolution 1 –Remuneration of Auditors
•Resolution 2 –Re-election of Susan Peterson as a Director
•Resolution 3 –Re-election of Murray Holdaway as a Director
•General Business & Questions
•Afternoon Tea in the Gold Class Lounge

CHAIRMAN'S ADDRESS
KIRK SENIOR

CHAIRMAN’S ADDRESS
State of Industry –Very healthy with box office records being broken and new screens being built
Resource–exceptional talent
Vista Cinema –strong global business with significant growth opportunities
Movio–delivering on the promise –reshaping the film industry marketing landscape
China–huge opportunity
Innovation–at our core
4

GROUP CEO ADDRESS
KIMBAL RILEY

VISTA GROUP FY17 SUMMARY
•Another great year of growth advancing global leadership for Vista Group
o20% increase in Revenue –the 4
th
consecutive year of 20+% growth
o57% increase in Operating Profit
o104%increase in Operating Cash Flow
o20%increase in recurring revenue to $64m –60% of total revenue
o31% CAGR for Revenue and 38% CAGR for EBITDA since IPO
•Maintained very strong balance sheet, low debt and strong cash position
•Advanced our strategy of moving to controlling positions in our investments through
transactions in China and Latin America
•Appointment and transition of new CEO
•Outlook remains very strong.
6

ADDITIONAL GROUP
COMPANIES
CINEMA
MOVIO
ASSOCIATES
EARLY STAGE
INVESTMENTS
OPERATING SEGMENTS

OPERATING SEGMENTS
2017
CinemaMovio
Additional
Group
Companies
Early Stage
InvestmentsCorporateTotal
NZ$M
Revenue67.615.512.31.210.0106.6
EBITDA19.83.60.6(1.7)2.725.0
2016
CinemaMovio
Additional
Group
Companies
Early Stage
InvestmentsCorporateTotal
NZ$M
Revenue62.111.312.10.62.588.6
EBITDA14.81.73.6(1.3)(1.2)17.6
Note: EBITDA is a Non-GAAP measure and is defined as earnings before net finance expense, income tax, depreciation, amortisation, acquisition costs and equity-accounted results from associate companies.
Expenses related to the VCL deferred consideration is also excluded. This is consistent with the measure used in the Prospectus dated 3 July 2014. Depreciation and amortisation in 2017 $3.6m (2016: $3.3m).
•Cinema segment grew 22% on a like for like basis excluding Vista China revenue in 2016 ($6.7m).
•China localisation revenue reported in Corporate but the cost of delivery is embedded within Vista Cinema and Movio.
•Strong growth in core segments. Below par result in Additional Group Companies segment. Significant Opportunity for
uplift in future periods in this segment.
8

CINEMA SEGMENT
9
-
200
400
600
800
1,000
1,200
200920102011201220132014201520162017
NEW SITES ADDED
existing customersnew customers
0
1000
2000
3000
4000
5000
6000
7000
200920102011201220132014201520162017
TOTAL SITE COUNT
Total Sites
14%
growth in total
sites to 6,350
10%
increase in average site
license to $30k
Vista Cinema provides cinema management software to the world’s largest cinema exhibitors
•793 new sites in 2017 bringing total to 6350
•New markets —Brazil and Italy
•93 installed countries -increase of 11
•Acquisition of Latin American business partner in September 2017
•8 out of the 10 largest cinema exhibitors use Vista Cinema within their circuits
•New CEO appointed for Vista Cinema.

CINEMA SEGMENT -continued
Provides cinema management software to the world’s independent cinema exhibitors
•112 sites bring site numbers to 643. 8% increase in revenue per site
•Release of new chargeable additional modules, including Kiosk and Veezi Voucher & Gift Card Manager
•New business partners signed in EMEA
•Your Cinema by Flicks web sites added as additional service, helping drive online sales and revenue.
Over 50 signups in 2017
•Revenue sharing deals signed with payment providers.
10
23%
growth in contracted
sites to 643
8%
increase in site
revenue to $517 p.mth
30%
increase in ARR
to $4.0m
0
100
200
300
400
500
600
700
20132014201520162017
VEEZI -TOTAL SITE COUNT
27
countries with
sites using Veezi

•Cloud version for Vista Cinema on track with first modules
delivered Q1 2018. Expectation of new demand for this
product
•Continued product innovation meeting new market demands
Complex Food & Beverage, Mobile self service
•Competitive wins in USA
•Expansion into new markets –Brazil, Italy, Japan
•Significant demand in Latin America, Eastern Europe and new
market of Saudi Arabia
•New direct presence in South Africa to capture expected
growth in Africa
•China –refer to separate slide.
•Strong expectation of growth in China
•Legislativechanges driving demand in France
•Packaging hardware to address 500+ sites in USA
•RevenueShare deals with partners to drive added
revenue per site
•Virtual Reality rooms.
CINEMA SEGMENT -continued
11
DRIVERS FOR GROWTH

MOVIO SEGMENT
12
37%
growth total revenue to
$15.6m
150%
growth in Movio Media
revenue
15%
growth in Global total
revenue per active
moviegoers to 35 cents
28%
growth in connection
messages sent to 1.8bn
44%
growth in total revenue
per active moviegoers in
the USA to 45 cents
Global leader in data driven marketing to provide products and services to cinema exhibitors,
film studios and their media agencies and other specialists in film advertising
Purpose –to connect moviegoers with their ideal movie
•Major customer growth in Latin America and Europe for Movio Cinema
•Email and connection volumes increased by 28% to 1.8B
•Active moviegoers held by Movioincreases by 21% to 45M
•Long term agreements for Movio Media with Epsilon, Viacom, STX and Twentieth Century Fox
•MovioMedia drives revenue per active movie goer in USA up by 44%.
2017 PERFORMANCE METRICS

MOVIO SEGMENT
13
GROWTH STRATEGY
•Increase active moviegoers held by Movio
oIncrease MovioCinema users including non Vista Cinema
users
oIncrease access to online moviegoers outside direct loyalty
membership
oIncrease channels to access data on active moviegoers to
increase overall potential data set.
•Increase Revenue per active moviegoer
oIncrease USA revenue per active movie goer as media
campaigns usage lifts and number of channels grows
oActivate MovioMedia in additional territories outside the USA
oIncrease Revenue per active movie goer outside the USA as
media campaigns commence using USA successes as a
template.
Active Moviegoers
(millions)
2016 2017
Revenue/Active
Moviegoer (NZD cents)
2016 2017
USA22243145
Rest of World16212823
Global38453035
MOVIEGOERS
• Extend reach through Vista
Cinema user base
• Extend use of generic API for
non Vista Cinema users. In use
with Cinemark Brazil.
AUDIENCE
• Productisationof MovioInsights
module for advanced targeting of
active members
• Employ machine learning to
move beyond simple demographic
targeting
CONNECT
• Increase the channels to reach
moviegoers with targeted
campaigns
• Beyond email & SMS to digital
targeting via the web, social and
mobile applications
• Extend relationships with channel
partners (Epsilon, Viacom etc.)
MEASURE
• Unique benefit of the ability to
track actual transaction activity (via
cinema POS partners) driven by a
campaign
• Enhance post campaign
measurement of campaign
effectiveness

World leading film marketing products
•Strong growth in revenue and EBITDA
•Created 46% more movie destination sites (1,300) in 2017
•87 of the top 100 grossing movies used the Powster Movie platform with total site visits up 290% to 422m
•Opened LA studio and completed successful entry to the USA.
Provides world leading theatrical distribution software
•Tough year for MACCS which impacted on this segments overall result
•Heavily focused on completion of Warner Bros. USA implementation -large and complex
•New CEO to be appointed to lead next phase
•5,500+ cinema sites delivering weekly audited box office results to MACCSBox.
Movie and cinema review and showtime guide
•Site visits up 34% to 6.6m and page visits up 42% to 17.9m in Australia
•Now the largest independent movie site in Australasia.
ADDITIONAL GROUP COMPANIES SEGMENT
14

Software to optimisefilm forecasting and scheduling
•Strong 2nd half performance with high percentage of recurring revenue
•Increased pipeline and closure of 2 significant contracts for 2018 implementation
•Market opportunity large as penetration of Vista Cinema customers still low
•Many opportunities for new products to complement the Vista Cinema product suite
•Targeted to have positive EBITDA in 2018.
A new platform to share film digital assets & enable new cinema
ticketing sales channels to access cinema exhibitors
•MX Film now producing revenue with 10 customers in USA and Australia
•MX Film has very wide potential customer set
•MX Tickets had transaction volumes and revenue ahead of internal targets in FY17
•Currently only deployed in USA but a global opportunity.
Social app to share video reaction to movies and tv shows
•Active user numbers growing well since launch now at 24,000 and on target to reach key milestone of 50,000
•Activity rates (videos posted and reactions) increasing month on month. 20K reaction videos posted in December 2017.
EARLY STAGE INVESTMENTS SEGMENT
15

ASSOCIATE COMPANIES
Box office tracking and reporting product
•Reached $1M NZD ARR by Q4 2017
•Targeting positive EBITDA by end of 2018
•Transitioning Australasian trial users to full commercial terms through 2018
•Customer feedback on product is very positive
•China cinema data being reported with 3 major US studios contracted
•Collection for Korea, South Africa, Malaysia/Singapore services commenced, other key territories being added
through 2018
•USA market a key focus for 2018.
16

CHINA
VISTA CHINA
•Business grows strongly
•JV partner transfers
ticketing business to
another Tencent Affiliate
VISTA CHINA
JV with WePiao
•JV with Tencent Affiliate
•Adjusting to commercial model
VISTA CHINA
Change in structure
•Vista Group acquires more
shares
•Financial consolidation of
Vista China can be achieved
Introduction of
additional products
•Veezi
2015
2017
2016
2018
2006
VISTA CHINA
Established
•Traditional licensing model
17
VISTA CHINA
100% Vista Group
•Strong but small player
•Foreign
•Commercial model
changing
281
sites
580
sites
759
sites

CHINA –A POTENTIAL GROWTH ENGINE
•Revenue of NZ$17m, an increase of 71% over FY16
•Vista Cinema 12% of large competitive market
•Veezi gained first sites in China in 2017
•$21m NZD cash repatriatedto New Zealand to date.
18
GROWTH
•Third Party revenue (Vista share of online ticket sales) –already significant with huge upside
•Mobile and Web opportunities for cinemas
•Site market share –huge opportunity to grow from present market share as China cinema matures
•Movio –huge data opportunity with assistance from JV partner; localisation now complete
•Veezi –almost ‘unlimited’ upside with opportunities to gain sites in large ‘batches’
•Widersales for Numero China data.

•Strong pipeline across the Group supports a 5
th
consecutive year of 20+% revenue
growth
•New CEO and Chief Product Officer brings new focus to each role to benefit the
Group overall
•Penetration of new markets and emerging large markets provides significant
growth opportunities across all businesses
•Exciting new capabilities in the Movio product suite, and increased take-up of
Movio Media with signed deals and increasing digital spend provides strong driver
of revenue per active movie goer
•Vista China is ideally positioned to exploit the growth in that market and this will
now be reflected in Vista Group’s results
•The Global cinema market continues to show strength, admissions and box office
increasing in many territories, driving a continued growth in sites and screens,
which create opportunities for all group companies.
OUTLOOK
19

QUESTIONS

BUSINESS RESOLUTIONS
•Resolution 1 –That the Board is authorised to fix the auditors remuneration.
•Resolution 2 –That Susan Peterson be re-elected as a director of Vista.
•Resolution 3 –That Murray Holdaway be re-elected as a director of Vista.

BUSINESS RESOLUTIONS
Confirmation of Proxies:
•Resolution 1 –That the Board is authorised to fix the auditors remuneration.
•Proxies held by the Chair
•For100,668,484(99.91%)
•Proxy discretion79,456( 0.08%)
•Total For100,747,940(99.99%)
•Against7,500( 0.01%)

BUSINESS RESOLUTIONS
Confirmation of Proxies:
•Resolution 2 –That Susan Peterson be re-elected as a director of Vista.
•Proxies held by the Chair
•For95,030,095(95.03%)
•Proxy discretion77,456( 0.08%)
•Total For95,107,551(96.01%)
•Against4,889,333( 4.89%)

BUSINESS RESOLUTIONS
Confirmation of Proxies:
•Resolution 3 –That Murray Holdaway be re-elected as a director of Vista.
•Proxies held by the Chair
•For100,661,484( 99.91%)
•Proxy discretion92,456( 0.09%)
•Total For100,753,940(100.00%)

GENERAL BUSINESS
FURTHER QUESTIONS
CLOSING

Important notice
This presentation has been prepared by Vista Group International Limited (“Vista Group”).
Information in this presentation:
>is provided for general information purposes only, does not purport to be complete or comprehensive and is not an offer or
invitation for subscription, purchase or recommendation of securities in Vista Group. This presentation does not constitute
investment advice;
>should be read in conjunction with, and is subject to, Vista Group’s financial statements, market releases and information
published on Vista Group’s website (www.vistagroup.co.nz);
>may include projections or forward looking statements about Vista Group and the environment in which Vista Group operations.
Such forward-looking statements are based upon current expectations and involve risks, uncertainties and contingencies outside
of Vista Group’s control. Vista Group’s actual results or performance may differ materially from these statements. Although
management may indicate and believe the assumptions underlying the forward looking statements are reasonable, any
assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the
forward looking statements will be realised;
>may include statements relating to past performance, which should not be regarded as a reliable indicator of future performance.
While all reasonable care has been taken in compiling this presentation, Vista Group accepts no responsibility for any errorsor
omissions.
All information in this presentation is current at the date of this presentation, unless otherwise stated.
All currency amounts are in NZ dollars, unless stated otherwise.

VISTA GROUP 2018 AGM
23 May 2018