Vista Cloud launch expands horizon for Vista Group

Interim
Report
2021
Vista Group
International
Limited

Management commentary
The following consolidated interim financial
statements for Vista Group International Limited
(‘Company’) and its subsidiaries (collectively ‘Vista
Group’), are for the six months ended 30 June
2021 and represent the half year results for Vista
Group. Comparisons are to the first six months of
2020 (‘1H20’).
Financial highlights
• Total revenue $44.9m, in line with 1H20,
recurring revenue up 13%
• Positive operating cashflow of $1.0m and
reduced cash burn, an average of $1.6m per
month for the last six months
• EBITDA
1
profit of $6.4m, an improvement of
$12.9m compared to 1H20
• Loss before tax of $2.1m, an improvement of
$47.9m compared to 1H20
Operating highlights
• Launch of Vista Cloud
• Active moviegoers and connections in Movio
Cinema trending up strongly
• Good uptake of Vista Digital, now 142 sites
• Maintains 51% market share of the 20+ screens
segment excluding China
Industry overview
Box Office
With extensive reopening of cinemas in key
markets, around 80% at the end of June 2021, and
Hollywood blockbusters in wide release, the global
box office recovery has been strong. Cinemas
have commented that Godzilla vs. Kong, F9, Black
Widow and Free Guy all exceeded expectations on
audience numbers. In the context of the recovery
from the pandemic, and while many geographies
are still under various operating restrictions,
strong consumer support for the moviegoing
experience has been encouraging in terms of
industry health. With good demand and a backlog
of blockbusters, 2021 looks likely to continue to
outperform expectations.
Segment overview
Cinema
Vista Cinema revenue was up 6% to $31.5m
against the first half of 2020. Recurring revenue
was up 25% with strong billing for maintenance
revenue and Veezi performing in line with cinema
reopening. Site count for Vista Digital, delivering
an omni-channel experience for moviegoers across
mobile, web and kiosk, grew to 142. The EBITDA
1

profit of $10.9m includes favourable movements to
the expected credit loss provision of $3.4m and a
credit of $2.6m for the US wage support scheme.
Market share data remains difficult to confirm, but
Vista estimates it has retained its 51% share of the
global enterprise market (20+ screens) excluding
China. A high degree of uncertainty will remain
around these estimates until each market is fully
open.
Vista Cloud has been launched to select customers
in the second half of 2021, increasing the
addressable market within the cinema segment
and lowering the risk/return hurdles for customers.
Cloud focused developments now make up the
majority of Vista Group’s spend on innovation.
Movio
Movio revenue was $6.5m, down 19% against the
first half of last year, impacted by the reduced
release schedule of movies. Movio Research and
Media trended up with cinema reopenings and the
free flow of content late in the half. Movio Cinema
remained in high usage with 2.3b connections in
the trailing twelve months, the same number as at
31 December 2020.
With the launch of Madex in the media space and
improvements in Movio Cinema later in the year,
Movio will have completed the transformation
of its core technology, enabling customers
‘faster, simpler, smarter’ access to deliver
improved insights across its moviegoer data set.
These granular insights are now supported by
stronger deployment tools allowing customers
to dynamically target a more diverse range of
moviegoers in real time across more channels.
Early indications of strong studio/distributor
interest as industry activity increases.
Additional Group Companies
This segment comprises Numero, Maccs, Powster
and Flicks.
The Numero and Maccs business had a good first
half of 2021, revenue was up 12% and 5 new mica
customers went live, bringing the total to 11. The
geographic expansion of flash and electronic box
office reporting continues to support strong and
stable revenue growth.
Powster’s revenue was down 26% against the
continued headwind of industry closures. Billings
for showtimes were down in line with cinema
closure and reduced content, and creative
revenues were modest whilst the industry
restarted in the key US and UK markets.
Flicks revenue was up 25% with good advertising
growth and continued expansion into Australia.
Site traffic continues to grow as Flicks cements its
role as a movie destination site, regardless of how
it is consumed (theatrical, streaming or free to air).
What to watch and where to watch it.
Corporate
Cost management across Vista Group remains
strong, with the reduced run rate of costs at
$45m for the half reflecting the successful cost
saving initiatives carried over from 2020. Group
corporate costs were up on 1H20 primarily due
to the reintroduction of short and long-term
incentive costs which were not achieved in the
first half 2020. In the medium-term, corporate
costs will grow back higher than pre-pandemic
levels, reflecting the centralisation of all finance,
legal, people and culture, and executive costs,
including those that were previously incurred
within the operating segments.
Financial overview
Trading performance for the first half of 2021
contains only six weeks of reopened cinemas and
the reintroduction of Hollywood blockbusters to
the release schedule. Group reported revenue was
flat with the first half of 2020, though recurring
revenue was up strongly as customers continued
to use Vista Group products even with partial
opening and limited content flow. Vista Group’s
EBITDA
1
profit of $6.4m was a $12.9m turnaround
from 1H20 and includes favourable non-cash
expected credit loss write backs of $3.7m.
Vista Group’s balance sheet remains strong with
cash burn well below targets, as well as good cost
and collections management. At 30 June 2021,
Vista Group had $58.1m of cash and had drawn
only $15.9m of the available $54.0m of its bank
facilities. Total trade receivables were up slightly
on the year end balances due to increased billing,
good collections and a reduction in expected
credit loss provisions.
Vista Group reviewed the carrying value of its
assets and has not taken any impairment charges
in the period. The Stardust business was closed
during the half, having been fully written down

in 2020.
Vista Group generated positive cashflow from
operating activities, $1.0m, with good cost
management and improving customer collections.
Investing cashflow decreased compared to the
first half of 2020 with new product development
targeting post-pandemic growth, in particular
Vista Cloud, Madex and mica.
Assuming the current level of cinema opening
is sustained at around 80% in key markets, and
the film release schedule remains on track, Vista
Group expects revenue for the full year to 31
December 2021 to be in the range of $95m -
$100m, and to be EBITDA
1
and cash flow positive
for the second half of 2021.
1 EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation and amortisation, “other gains and
losses” (see section 4 of the interim report) and share of equity accounted results from associates and joint ventures.
Management commentary • 32

The above statement should be read in conjunction with the accompanying notes.The above statement should be read in conjunction with the accompanying notes.
Income statement
For the six months ended 30 June 2021
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
CONTINUING OPERATIONSSECTIONUNAUDITEDUNAUDITED
Total revenue2, 344.9 44.8
Cost to serve
1
4(16.8)(19.0)
Gross profit28.1 25.8
Sales and marketing costs4(4.2)(5.1)
Research and development costs4(10.3)(9.6)
General and administration costs4(7.3)(19.0)
Foreign currency gains0.1 1.4
Total operating expenses
1
(21.7)(32.3)
EBITDA
2
6.4 (6.5)
Amortisation
9(4.0)(3.7)
Depreciation(3.4)(4.5)
Finance costs(1.1)(1.2)
Finance income0.3 0.1
Share of equity accounted loss from associates and JVs7(0.3)(1.9)
Other gains and losses4- (30.2)
Loss before tax (2.1)(47.9)
Taxation(0.5)4.7
Loss for the period (2.6)(43.2)
Loss for the period is attributable to:
Owners of the parent(2.8)(42.4)
Non-controlling interests0.2 (0.8)
Loss for the period(2.6)(43.2)
Basic and diluted earnings per share (cents)10($0.01)($0.21)
1 See section 1 for information on the reclassification of cost to serve and total operating expenses.
2 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains and losses”
(see section 4) and share of equity accounted results from associates and joint ventures.
Statement of other comprehensive income
For the six months ended 30 June 2021
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
UNAUDITEDUNAUDITED
Items that may be reclassified subsequently to the income statement
Translation of foreign operations1.3 1.9
Items that will not be reclassified to the income statement
Excess income tax benefit on share-based payments0.4 -
Total other comprehensive income
1
1.7 1.9
Loss for the period(2.6)(43.2)
Total comprehensive loss for the period(0.9)(41.3)
Total comprehensive loss for the period is attributable to:
Owners of the parent(1.2)(40.7)
Non-controlling interests0.3 (0.6)
Total comprehensive loss for the period(0.9)(41.3)
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
Interim financial statements • 54

The above statement should be read in conjunction with the accompanying notes.The above statement should be read in conjunction with the accompanying notes.
Statement of changes in equity
For the six months ended 30 June 2021
ATTRIBUTABLE TO THE OWNERS OF THE PARENT
Six months ended 30 June 2021 
CONTRIBUTED
EQUITY
NZ$M
RETAINED
EARNINGS
NZ$M
FOREIGN
CURRENCY
RESERVE
NZ$M
SHARE-
BASED
PAYMENT
RESERVE
NZ$M
TOTAL
NZ$M
NON-
CONTROLLING
INTERESTS
NZ$M
TOTAL
EQUITY
NZ$M
UNAUDITED
Balance at 1 January 2021126.0 34.4 (0.5)1.3 161.2 1.9 163.1
Loss for the period-(2.8)--(2.8)0.2 (2.6)
Other comprehensive income
1
0.4 -1.2 -1.6 0.1 1.7
Total comprehensive income / (loss)0.4 (2.8)1.2 -(1.2)0.3 (0.9)
Transactions with owners:       
Share-based payments0.6 --2.4 3.0 -3.0
Balance at 30 June 2021127.0 31.6 0.7 3.7 163.0 2.2 165.2
Six months ended 30 June 2020
UNAUDITED
Balance at 1 January 202061.8 85.8 2.6 2.1 152.3 11.2 163.5
Loss for the period-(42.4)--(42.4)(0.8)(43.2)
Other comprehensive income
1
--1.7 -1.7 0.2 1.9
Total comprehensive (loss) / income -(42.4)1.7 -(40.7)(0.6)(41.3)
Transactions with owners:  
Issue of equity62.4 ---62.4 -62.4
Share-based payments0.8 --(1.1)(0.3)-(0.3)
Dividends paid-----(1.5)(1.5)
Balance at 30 June 2020125.0 43.4 4.3 1.0 173.7 9.1 182.8
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
Statement of financial position
As at 30 June 2021
30 JUNE 202131 DECEMBER 2020
NZ$mNZ$m
 SECTIONUNAUDITEDAUDITED
CURRENT ASSETS 
Cash58.167.1
Trade and other receivables642.338.6
Income tax receivable 0.80.4
Total current assets101.2106.1
NON-CURRENT ASSETS 
Trade and other receivables60.4-
Property, plant and equipment4.14.8
Lease assets20.620.8
Investment in associates and JVs713.313.6
Goodwill855.554.7
Other intangible assets937.035.1
Deferred tax asset18.816.9
Total non-current assets 149.7145.9
Total assets 250.9252.0
CURRENT LIABILITIES 
Borrowings - related parties50.6-
Trade and other payables14.517.9
Lease liabilities3.73.3
Deferred revenue20.119.0
Contingent consideration-0.4
Provisions1.21.8
Income tax payable 0.90.4
Total current liabilities41.042.8
NON-CURRENT LIABILITIES 
Borrowings - external515.918.1
Lease liabilities19.819.7
Deferred revenue0.70.5
Provisions0.50.1
Deferred tax liability 7. 87.7
Total non-current liabilities 44.746.1
Total liabilities85.788.9
Net assets 165.2163.1
EQUITY 
Contributed equity1 27.0126.0
Retained earnings31.634.4
Foreign currency reserve0.7(0.5)
Share-based payment reserve
 3.71.3
Total equity attributable to owners of the parent163.0161.2
Non-controlling interests2.21.9
Total equity 165.2163.1
For and on behalf of the Board who approved these financial statements for issue on 26 August 2021.
Susan Peterson
Chair
James Ogden
Chair Audit and Risk Committee
Interim financial statements • 76

The above statement should be read in conjunction with the accompanying notes.
Statement of cashflows
For the six months ended 30 June 2021
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
CASHFLOWS FROM OPERATING ACTIVITIES 
Receipts from customers45.657. 6
Payments to suppliers and employees(43.1)(49.3)
COVID-19 related wage subsidies43.13.8
COVID-19 related tax deferrals5(2.2)3.8
Taxes (paid) / received(1.6)1.6
Interest paid(0.8)(0.8)
Net cash inflow from operating activities51.016.7
CASHFLOWS FROM INVESTING ACTIVITIES 
Purchase of property, plant and equipment(0.3)(0.6)
Purchase of internally generated software and other intangibles9(5.8)(7.5)
Interest received0.20.1
Payment of contingent consideration(0.4)-
Net cash applied to investing activities (6.3)(8.0)
CASHFLOWS FROM FINANCING ACTIVITIES 
Issue of ordinary shares-62.4
Lease payments - principal elements(1.6)(2.1)
Loan drawdown - ASB5-31.3
Loan repayment - ASB5-(24.1)
Loan drawdown - HSBC PPP5-3.1
Loan forgiveness - HSBC PPP5(2.8)-
Loan drawdown - related parties50.6-
Dividends paid to non-controlling interests -(1.5)
Net cash (outflow) / inflow from financing activities (3.8)69.1
Net (decrease) / increase in cash (9.1)77.8
Cash at beginning of period67.119.5
Foreign exchange differences0.1(1.3)
Cash at period end 58.196.0
Notes to the financial statements
1. Basis of preparation
The consolidated interim financial statements of Vista Group have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand (NZ GAAP). Vista Group is a for-profit entity for the purposes of
complying with NZ GAAP. They comply with NZ IAS 34 Interim Financial Reporting. The consolidated interim financial
statements do not include all the notes of the type normally included in the Annual Report. Accordingly, this report is
to be read in conjunction with the 2020 Annual Report.
Except as set out below, the accounting policies and methods of computation and presentation adopted in the
consolidated interim financial statements are consistent with those described and applied in the 2020 Annual Report.
Taxes on income in the interim periods are accrued using the tax rate that would have been applicable to expected
total annual profit or loss.
Reclassifications from the presentation in the 2020 Annual Report have been made for total revenue within section 2,
total operating expenses within the income statement and section 4, and the segmental analysis in section 3. These
reclassifications have been made to better represent the nature of the revenue and costs of a SaaS business; how
key performance indicators are measured; and to allow for improved comparability. There is no change in the total
revenue or total operating expenses recognised for the 2020 period.
Segment disclosures for the prior comparative period for the Cinema and Corporate segments has been reclassified
to include the $1.1m (30 June 2020: $1.1m) maintenance revenues from Vista China (an associate company) within the
Cinema segment. This represents a change in the definition of these segments.
2. Revenue
Vista Group recognises revenue when performance obligations have been satisfied. A performance obligation is
satisfied when the customer has received all the benefits associated with the performance obligation.
Revenue by category
30 JUNE 202130 JUNE 2020
NZ$m%NZ$m%
 UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
SaaS revenue12.1  11.5
Non-SaaS revenue25.2  21.4
Recurring revenue37. 3 83%32.9 73%
Perpetual software2.3  2.3
Hardware0.6  2.5
Services & development - one off4.5  6.6
Other revenue0.2  0.5
Non-recurring revenue7. 6 17%11.9 27%
Total revenue
1
44.9 100%44.8 100%
1 See section 1 for information on the reclassification of total revenue. No individual customer exceeded 10% of revenue in either the current or prior comparative
period.
Recurring and non-recurring revenues are non-GAAP financial measures that the Chief Operating Decision Maker
(CODM) uses to help evaluate the financial performance of Vista Group and its operating segments. Recurring
revenue is the portion of revenues that are expected to give rise to recurring cash receipts that will continue until the
service is cancelled. Unlike non-recurring revenues, these revenues are predictable, stable and can be expected to
occur at regular intervals going forward with a relatively high degree of certainty.
SaaS revenues are those derived from subscription-based cloud-hosted software, with the software located on
externally provided servers.
Non-SaaS revenues are those derived from recurring revenue streams that are not cloud-hosted software.
8Notes to the interim financial statements • 9

Revenue process and policy
The following details Vista Group’s new approach to categorising revenue:
REVENUE CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
SaaS revenue
Recurring revenue
Vista recurring
subscriptions
– annual fee
Vista CinemaA subscription for the
right to access the Vista
Cinema cloud-hosted
software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over
the contract term.
Vista recurring
subscriptions

– variable fee
Vista CinemaVariable revenue based
on the number of tickets
sold.
Point in time
Variable fees recognised
at the end of each month
once usage-based
quantities are known.
Movio Cinema

– annual fee
MovioMovio Cinema
cloud-hosted data,
marketing and analytics
platform. Customers
are charged an annual
access fee to the
platform plus a variable
component (see below).
Over time
Platform access is
recognised over time as
benefits are simultaneously
received and consumed.
Movio Cinema

– variable fee
MovioVariable revenue based
on the number of active
members managed
and the number of
promotional messages
sent during a given
period.
Point in time
Variable license revenue
is recognised at the end
of each month once
usage-based quantities are
known.
Movio Research

– platform fee
MovioMovio Research
cloud-hosted data,
marketing and analytics
platform.
Over time
Platform access is
recognised over time as
benefits are simultaneously
received and consumed.
Maccs platforms

– annual fee
AGC (Maccs)A subscription for
the right to access
the Maccs platforms,
including Maccs Box,
DCHub and Theatrical
Distribution Services.
Over time
Platform access is
recognised over time as
benefits are simultaneously
received and consumed.
Maccs platforms

– variable fee
AGC (Maccs)Variable revenue based
on the use of Maccs
platforms, including
Maccs Box, DCHub and
Theatrical Distribution
Services.
Point in time
Variable license revenue
is recognised at the end
of each month once
usage-based quantities are
known.
Numero platformAGC (Numero)A subscription for the
right to access cloud-
hosted regular box
office reporting.
Over time
Platform access is
recognised over time as
benefits are simultaneously
received and consumed.
REVENUE CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
Non-SaaS revenue
Recurring revenue
On-premise
subscription fees
Vista Cinema A subscription for
the right to access
on-premise software
(i.e. not hosted on the
Cloud). This service
includes the right to
basic support and
any enhancements
or upgrades in the
software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over
the subscription term.
MaintenanceVista Cinema /
AGC (Maccs &
Numero)
Basic support and
any enhancements
or upgrade to the
software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over
the maintenance term.
Services &
development

- recurring
Vista Cinema
/ Movio / AGC
(Maccs)
Annually committed
bespoke development
of software.
Over time
Recognised when the
service or development is
complete or on a stage of
completion basis.
Showtimes
platform
AGC (Powster)Website and marketing
platform for feature
films, incorporating
Showtimes data.
Point in time
Recognised when the
platform is made available
to the customer.
Non-recurring
revenue
Perpetual
software
Vista Cinema /
AGC (Maccs)
Perpetual ERP software
license targeted at
larger cinema circuits.
Point in time
Recognised at the point
in time when the software
goes live, which is when the
customer can benefit from
using the software.
Movio Media

– targeted
campaigns
Movio Targeted marketing
campaigns, digital
advertising and reports.
Point in time
Revenue is recognised when
the campaigns and reports
are completed.
Website
development
AGC (Powster)Creation of websites for
new films about to be
released.
Point in time
Recognised when the
website has been delivered
to the customer.
Services &
development

– one off
Vista Cinema
/ Movio / AGC
(Maccs)
Fees charged for one
off value-add services,
implementation
services and bespoke
development of
software.
Over time
Recognised when the
service or development is
complete or on a stage of
completion basis.
HardwareVista CinemaRevenue from the one-
off sale of hardware.
Point in time
Recognised at a point in
time when delivery has
been made.
Notes to the interim financial statements • 1110

Revenue provisioning (significant judgement / estimate)
As a result of the COVID-19 pandemic, there is a risk that Vista Group is not able to recover all amounts billed due
to the financial distress of its customers. In accordance with NZ IFRS 15 Revenue from Contracts with Customers,
revenue can only be recognised when it is probable that the entity will collect the consideration. Accordingly, all
revenue recognised after 1 March 2020 (the month when the COVID-19 pandemic forced worldwide cinema closures)
has been treated as variable consideration as on average, the amount of consideration to which Vista Group
ultimately collects is expected to be less than the price stated in the contract.
At 30 June 2021, Vista Group applied judgement in determining the amount of consideration expected to be received
from its customers. Such revenue provisioning is highly subjective due to it not being clear when cinemas will operate
at normal capacity levels, nor is the financial position of customers necessarily known. Judgements made in the
revenue provisioning include:
• Concession discounts: Many of Vista Group’s core customers are located in regions which have been affected
by the COVID-19 pandemic (such as North America, Europe and Asia), where the majority of cinemas have been
closed. To ensure timely payment, or to facilitate support to customers, Vista Group have granted concessions to
payment terms or discounts to recurring fees. Vista Group has worked closely with its customer base to provide
appropriate relief, whilst seeking to reserve its position in respect of amounts contractually owed.

At 30 June 2021, concession discounts are only recognised when they have been agreed, or where the customer
has a reasonable expectation of being entitled to a discount. Vista Group have applied judgement when
determining the customers who have a reasonable expectation to receive a concession discount.

For agreed concession discounts, a reduction in revenue and trade receivables were recognised throughout
the period. For expected concession discounts, a reduction in revenue was recognised with a corresponding
recognition of a concession discount provision, as presented in section 6.
• Credit risk provision (core businesses): For revenue recognised after 1 March 2020, Vista Group applied judgement
in assessing each of its customers for any known risk that may impact the ability to collect the associated
consideration and their ability to pay the amounts invoiced. Where these facts are known, judgement has been
applied to assess the probable amount of collections.

Vista Group also applied judgement in determining a general provision for collectability to account for customers
not currently known to be experiencing financial distress. Accordingly, Vista Group determined that approximately
5% of trade receivables and accrued revenues in the Cinema and Movio segments, where customers are
predominantly cinemas, may not be collectible. This percentage has been reduced from the 15% rate applied at 31
December 2020, as the outlook for Vista Group’s customers has improved with circa 80% of global cinemas now
open and Hollywood movie content now being released. Vista Group has also noted the number of customers
being forced into chapter 11 bankruptcy, or liquidation, is likely to be lower than previously anticipated.
• Credit risk provision (Additional Group Companies): Customers in this segment are predominantly studios, each of
whom have more diversified revenues (i.e. video on demand, television etc.). These customers have predominantly
continued settling their invoices during the COVID-19 pandemic and are not anticipated to have the same level of
collectability issues. Accordingly, only minimal provisioning has been required on a customer-by-customer basis.
See section 6 for further details of the revenue provisions at 30 June 2021, including how these provisions add to
the expected credit loss (ECL) provisions to show the proportion of total provisions against trade receivables and
accrued revenues. A sensitivity analysis of credit risk is also available in section 6.
3. Operating segments
Vista Group operates in the vertical cinema/film market via three reportable segments and a corporate segment.
The Chief Executive and Board of Vista Group are collectively considered to be the CODM in terms of NZ IFRS 8
Operating Segments. These segments have been defined based on the reports regularly reviewed by the CODM to
make strategic decisions.
Cinema segment
Software associated with cinema management via the Vista software suite of products, plus the cloud based Veezi
product for smaller scale cinemas. This segment also includes movieXchange and Share Dimension.
This segment now includes maintenance revenues from Vista China (an associate company), and the prior
comparative period has been reclassified accordingly.
Movio segment
Includes the Movio Cinema and Media products, both of which provide data analytics and campaign management.
Additional Group Companies segment (AGC)
An aggregation of Maccs, Powster, Flicks and Numero. None of these businesses individually exceed the 10%
threshold for segment revenue or profitability that would require separate disclosure under NZ IFRS 8.
Corporate segment
Includes the shared services functions associated with Vista Group, being legal, finance, people and culture, and
senior management.
The prior comparative period has been reclassified as the maintenance revenues from Vista China (an associate
company) is now recognised in the Cinema segment.
Notes to the interim financial statements • 1312

Operating segment performance
SIX MONTHS ENDED 30 JUNE 2021 (UNAUDITED)
CINEMA
1
MOVIOAGCCORPORATE
1
TOTAL% OF
REVENUE 
NZ$mNZ$mNZ$mNZ$mNZ$m
SaaS revenue3.6 6.2 2.3 -12.1
Non-SaaS revenue21.4 0.1 3.7 -25.2
Recurring revenue25.0 6.3 6.0 -37. 3
Non-recurring revenue6.5 0.2 0.9 -7. 6
Total revenue31.5 6.5 6.9 -44.9
Cost to serve(11.9)(2.3)(2.6)-(16.8)
37%
Gross profit19.6 4.2 4.3 -28.1
Gross profit %
2
62%65%62%63%
Sales and marketing costs
1
(2.3)(1.2)(0.7)-(4.2)
9%
Research and development costs
1
(6.9)(1.7)(1.7)-(10.3)
23%
General and administration costs
1
(2.8)(0.9)(2.0)(5.3)(11.0)
24%
ECL expense3.4 0.2 0.1 -3.7
Foreign currency (losses) / gains(0.1)0.2 --0.1
EBITDA
2
10.9 0.8 -(5.3)6.4
 
EBITDA margin
2
35%12%0% 14% 
     
 
SIX MONTHS ENDED 30 JUNE 2020 (UNAUDITED)
     
 
SaaS revenue2.7 7.1 1.7 -11.5
 
Non-SaaS revenue17.3 -4.1 -21.4
 
Recurring revenue20.0 7.1 5.8 -32.9
 
Non-recurring revenue9.7 0.9 1.3 -11.9
 
Total revenue29.7 8.0 7.1 -44.8
 
Cost to serve(13.2)(3.1)(2.7)-(19.0)
42%
Gross profit16.5 4.9 4.4 -25.8
 
Gross profit %
2
56%61%62% 58% 
Sales and marketing costs
1
(3.4)(1.3)(0.4)-(5.1)
11%
Research and development costs
1
(6.1)(1.7)(1.8)-(9.6)
21%
General and administration costs
1
(5.5)(1.7)(2.5)(3.5)(13.2)
29%
ECL expense(5.0)(0.7)(0.1)-(5.8)
 
Foreign currency gains / (losses)1.10.30.3(0.3)1.4
 
EBITDA
2
(2.4)(0.2)(0.1)(3.8)(6.5)
 
EBITDA margin
2
-8%-3%-1% -15% 
1 See section 1 for information on the reclassification of the various operating expenditure lines and the segmental reclassification of Vista China maintenance
revenue.
2 EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains and losses” (see section
4) and share of equity accounted results from associates and joint ventures. Gross profit % and EBITDA margin are non-GAAP measures which the CODM
regularly reviews. They are calculated as gross margin over total revenue and EBITDA over total revenue, respectively.
Revenue by domicile of entity
Vista Group recognises revenue within entities across several jurisdictions. Revenue is allocated to geographical
regions based on where the sale is recorded by each operating entity within Vista Group. Independent resellers are
used to promote Vista Group’s products in multiple jurisdictions. The revenues recognised via these independent
resellers are not allocated geographically, rather they are shown within the New Zealand and United Kingdom
jurisdictions based on the location of the transacting Vista Group entity.
  30 JUNE 202130 JUNE 2020
  NZ$mNZ$m
  UNAUDITEDUNAUDITED
New Zealand 8.9 8.7
United States 13.2 17.6
United Kingdom 13.2 10.2
Mexico 4.9 3.4
Other
1
 4.7 4.9
Total revenue 44.9 44.8
1 The other category includes entities in Australia, Brazil, Germany, Malaysia, Netherlands, Romania and South Africa.
Non-current assets by domicile of entity
Non-current operating assets by location of the reporting entity are presented in the following table.
  
30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
  UNAUDITEDAUDITED
New Zealand 60.0 59.6
United States 20.4 21.4
United Kingdom 12.2 10.0
Mexico
 
11.1 10.8
Other
1
 13.9 13.6
Non-current assets (excluding DTA and associates)117.6 115.4
1 The other category includes entities in Australia, Brazil, Germany, Malaysia, Netherlands, Romania and South Africa.
As required by NZ IFRS 8, the table above excludes deferred tax assets and investments in associates and joint ventures.
Notes to the interim financial statements • 1514

4. Expenses and other income
Reclassification of expenses on the income statement
Costs to serve are the direct costs incurred in deriving Vista Group’s revenue. Examples of such costs include hosting,
technical staff, transaction fees and the cost of hardware purchased for customers.
Sales and marketing costs are those costs incurred by Vista Group in directly selling or marketing products, including
associated personnel costs, sales commissions, trade shows and customer conferences. This measure is calculated
differently to prior reported periods, where a significant portion of personnel costs were classified as part of the
‘administration expense’ designation.
Research and development costs include staff and supplier costs directly associated with the researching, developing
and maintaining Vista Group’s software platforms. These costs are net of development costs which meet the criteria
of being capitalised as an intangible asset.
General and administration costs are the overhead costs incurred by Vista Group that are not directly associated with
costs to serve, sales and marketing costs, or research and development costs. Amortisation and depreciation are
separated from this category to improve a reader’s understanding of the financial statements.
See section 1 for information on the reclassification of the various operating expenditure lines.
Total cost to serve and operating expenses
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
 SECTIONUNAUDITEDUNAUDITED
Direct cost of sales (excl. hardware and personnel)5.0 5.7
Hardware cost of sales
1
0.5 2.1
Personnel costs32.5 36.9
Share based payment expense3.0 (0.3)
Defined contribution plans and employee insurances3.0 3.9
Capitalised development9(5.8)(7.5)
Government grants and wage subsidies(4.1)(7.6)
Computer equipment and software1.5 1.7
Marketing costs0.2 1.6
Travel related costs0.2 1.0
ECL (credit) / expense6(3.7)5.8
Bad debt expense60.7 0.7
Foreign currency gains(0.1)(1.4)
Auditor’s remuneration0.3 0.2
Other operating expenses5.3 8.5
Total cost to serve and operating expenses 38.5 51.3
1 Hardware cost of sales solely relate to the Cinema segment.
Government grants (significant judgement / estimate)
Government grants are recognised when there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. Government grants are recognised in the income statement within operating
expenses on a systematic basis over the periods in which Vista Group recognises the related costs that the grants are
intended to compensate. Grants relating to capitalised development are included within the cost of the developed
intangible asset recognised.
Total government grants recognised in the income statement during the period were $4.1m (30 June 2020: $7.6m).
The cash amount of grants received during the period was $3.1m. Details of these grants are as follows:
• HSBC PPP loan: In the prior period, Vista Group entered into a US$2.0m loan arrangement with HSBC as part of the
US Government paycheck protection program (PPP). This loan is a US Government designed incentive to keep staff
employed for businesses impacted by the COVID-19 pandemic. Vista Group was entitled to apply for this loan to be
forgiven if all employees were kept on the payroll for at least eight weeks and the money was used for payroll, rent,
mortgage interest, or utilities.

At 30 June 2020, NZ$2.3m was recognised in the income statement as a government grant because Vista Group
had reasonable assurance that forgiveness of the loan would be achieved. However, at 31 December 2020 this
amount was fully reversed due to H2 2020 changes in the scheme meaning Vista Group had less confidence that
the loan would be forgiven.

Forgiveness of this loan was obtained in the current period. Accordingly, the NZ$2.8m loan has been de-recognised
with the associated credit being classified as a government grant in June 2021 (the date Vista Group had sufficient
certainty the loan was eligible to be forgiven).
• Wage subsidies: In the current period, Vista Group received $0.3m of wage subsidies from various governments
(30 June 2020: $3.8m) which has been fully recognised in the income statement in the period they were received.
The purpose of these subsidies was to help incentivise businesses to retain as many employees as possible.
• Research & development grants: In the current period, Vista Group enrolled to receive the New Zealand Research
& Development Tax Incentive (RDTI). Vista Group has recognised any funds expected to be received under this
scheme as a government grant. At 30 June 2021, Vista Group has accrued $1.3m that it has reasonable assurance
to receive. Of this amount, judgement has been applied in estimating $1.0m should be recognised as a government
grant in the income statement, and $0.3m has been recognised as an offset to capitalised development on the
financial position.

In the prior period, Vista Group recognised $1.5m of grants from Callaghan Innovation in New Zealand (Callaghan)
and Ministry of Economic Affairs (WBSO) in Netherlands to assist with research and development.
Other gains and losses
Other gains and losses are excluded from operating expenses and EBITDA because they result from non-cash
activities or are not derived in the ordinary course of business. They have been disclosed separately to improve a
reader’s understanding of the financial statements.
30 JUNE 202130 JUNE 2020
NZ$m
NZ$m
  UNAUDITEDUNAUDITED
Acquisition expenses-(0.1)
Impairment charges-(28.5)
Restructuring costs-(1.6)
Total other gains and losses -(30.2)
Included within impairment charges in the prior period is a reduction of $11.6m to goodwill, $1.7m to intangible assets,
$0.2m to lease assets, $1.3m investment in Stardust and $13.7m investment in Vista China.
All impairment charges relating to goodwill and investments in associates are attributable to the corporate operating
segment. The investment in Vista China is attributable to the Cinema operating segment. Of the impairment charges
relating to intangible and leased assets, $1.3m relates to Cinema, $0.4m relates to Movio and $0.2m relates to the AGC
operating segments.
On 4 June 2020, Vista Group commenced consultation with its New Zealand and United Kingdom based staff around
a proposed new structure for its core businesses (Vista Group, Vista Cinema and Movio). This consultation period
concluded in July 2020 with a total cost of $1.6m being provided at 30 June 2020.
Notes to the interim financial statements • 1716

5. Cash flows and borrowings
Reconciliation of net profit to operating cash flows
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
 SECTIONUNAUDITEDUNAUDITED
Loss for the period(2.6)(43.2)
Non-cash items: 
Amortisation 94.0 3.7
Depreciation3.4 4.5
Impairment charges4-28.5
Share-based payment expense43.0 (0.3)
Deferred tax benefit(1.4)-
Non-cash finance charges0.3 0.4
Acquisition expenses4-0.1
Share of equity accounted loss from associates and JVs70.3 1.9
Unrealised foreign currency losses / (gains)0.9 (1.4)
ECL (credit) / expense4, 6(3.7)5.8
Movement in revenue provision - concession discounts6(3.7)2.4
Movement in revenue provision - credit risk62.8 3.6
Movement in restructuring provision-1.6
Movement in other provisions(0.2)0.2
Net non-cash items 5.7 51.0
Movements in working capital: 
(Decrease) / increase in related party trade and other payables(0.5)0.2
Increase in related party trade and other receivables, net of deferred revenue(0.5)(2.1)
(Decrease) / increase in trade and other payables(3.5)5.5
Decrease in trade and other receivables, net of deferred revenue2.5 6.8
Increase in net taxation receivable(0.1)(1.5)
Net change in working capital  (2.1)8.9
Net cash inflow from operating activities  1.0 16.7
COVID-19 pandemic related tax deferrals
To enable the reader to better understand the composition of the net cash inflow from operating activities on the
statement of cash flows, the following items have been disaggregated from cash payments to suppliers and cash
taxes paid.
30 JUNE 202130 JUNE 2020
NZ$mNZ$m
  UNAUDITEDUNAUDITED
Government assistance - NZ payroll tax deferral(2.2)2.0
Government assistance - NZ loss carry back scheme-1.8
COVID-19 related tax deferrals(2.2)3.8
In the current period, Vista Group repaid all PAYE tax deferrals that were provided by the NZ Government.
Borrowings
Borrowings are initially recognised at fair value less directly attributable transaction costs and subsequently measured
at amortised cost using the effective interest method. Borrowing costs are expensed as incurred.
The table below details the movement in borrowings during the period:
30 JUNE 202131 DECEMBER 2020
NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January18.1 10.9
Repayments during the period-(24.1)
Drawdowns during the period0.6 34.4
PPP loan forgiveness during the period(2.8)-
Movement in foreign exchange0.6 (3.1)
Total borrowings at period end16.5 18.1
Represented by: 
Borrowings - external15.9 18.1
Borrowings - related parties0.6 -
Total borrowings at period end16.5 18.1
The related party loan has been provided by the co-shareholder of Powster which is unsecured, incurs interest at 4%
per annum and is repayable on demand.
A schedule of all debt facilities is shown below:
EXPIRY DATE
CURRENT
LIMIT
(NZ$m)
INTEREST RATEDEBT DRAWN (NZ$m)
FACILITY PROVIDERREASON FOR LOAN30-Jun-2131-Dec-2030-Jun-2131-Dec-20
ASB - revolving
credit
General commercial/
Future acquisitions/

SaaS project
Jan 202352.01.57%1.40%15.9 15.4
ASB - overdraftWorking capitalOn demand2.04.34%4.59%--
HSBC - PPP loanWorking capitalRepaid--1.00%-2.7
Related partiesWorking capitalOn demand0.6 4.00%-0.6 -
Total borrowings at period end 54.6   16.5 18.1
A line fee of 1.0% is also paid on the credit limit of the ASB revolving credit facility.
ASB facilities are secured by an interest in Vista Group’s tangible assets. Agreed covenants include:
• Gearing ratio of not greater than 2.5 times.
• Interest cover of equal or greater than 3.0 times.
• A rolling 12 month normalised EBITDA of the charging group not being less than 50% of Vista Group at 31
December 2020; 60% at 30 June 2021; 70% at 31 December 2021; and 80% from 31 March 2022.
Vista Group has been compliant with all ASB covenants for both the current and prior reporting periods. Vista Group
is also projecting that it will be compliant with these covenants for at least the next 12 months.
Notes to the interim financial statements • 1918

6. Trade and other receivables
Trade and other receivables at the end of the period were as follows:
  30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
 SECTIONUNAUDITEDAUDITED
Trade receivables 46.3 47. 5
Accrued revenues 6.2 5.9
Revenue provision - concession discount2(1.8)(5.5)
Revenue provision - credit risk2(9.0)(6.2)
ECL provision (4.1)(7.7)
Sundry receivables 3.1 1.7
Prepayments 1.6 2.5
Vista China acquisition deposit 0.4 0.4
Total trade and other receivables 42.7 38.6
 
Represented by:  
Current portion 42.3 38.6
Non-current portion 0.4 -
Total trade and other receivables 42.7 38.6
Trade receivables
Included within trade receivables is a receivable from Vista China of $2.3m (31 December 2020: $1.8m), see section 12
for further details of Vista China related party transactions.
Accrued revenues
Accrued revenues are contract assets related to revenue that are recognised on customer contracts where Vista
Group’s performance obligations have been fully satisfied, but billing is not contractually due until a subsequent date.
The movement in accrued revenues during the period was as follows:
  30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
  UNAUDITEDAUDITED
Balance at 1 January 5.9 13.2
Amounts included in opening balance released in the current period(3.7)(10.3)
Additional accrued revenues recognised during the period 3.9 3.0
Exchange movements 0.1 -
Accrued revenues at period end 6.2 5.9
ECL provisioning (significant judgement / estimate)
For trade receivables and accrued revenues, Vista Group applies the simplified approach permitted by NZ IFRS
9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the
receivables.
Trade receivables and accrued revenues are written off when there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to
engage in a repayment plan with Vista Group and a failure to make contractual payments for a period of greater than
180 days past due.
To measure ECL, trade receivables and accrued revenues have been grouped and reviewed based on the number of
days past due. The ECL has been calculated by considering the impact of the following characteristics:
• The baseline characteristic considers the age of each invoice and applying an increasing ECL estimate as the trade
receivable ages.
• The aging and write off characteristics consider the history of write off related to the specific customer and the
relative size of aged debt to current debt. If the trade receivable aged over 180 days makes up more than 45% of
the total trade receivable for a specific customer, a further provision for ECL is added.
• The country, customer and market characteristics consider the relative risk related to the country and/or region
within which the customer resides and assesses the financial strength of the customer and the market position that
Vista Group has achieved within that market.
In addition to the above, the COVID-19 pandemic has resulted in a significant level of risk that Vista Group is not able
to recover all trade receivables and accrued revenues due to its customers’ financial distress, including where those
customers suffer insolvency. Accordingly, Vista Group applied additional judgement in determining the ECL provision
at 30 June 2021.
• Specific provision: All customer invoices and accrued revenues have been reviewed with a specific provision made
for customers that are known to have liquidity/solvency issues, or where the debt is older than 180 days.

At 30 June 2021, Vista Group applied judgement by including a 5% insolvency risk for all Cinema or Movio segment
customers. This percentage has been reduced from the 15% rate applied at 31 December 2020, as the outlook for
Vista Group’s customers has improved with circa 80% of global cinemas now open and Hollywood movie content
now being released. Vista Group has also noted the number of customers being forced into chapter 11 bankruptcy,
or liquidation, is likely to be lower than previously anticipated.
• General provision: Vista Group applies an ECL matrix to its trade receivables and accrued revenues to determine its
general ECL provision. This matrix was prepared using historical loss rates, updated to also include both the current
and future economic environment (both of which are largely unknown).
To avoid double counting, the specific and general ECL provisions are calculated after deducting the associated
amount recognised as a revenue provision (see section 2 for more details).
The movement in the ECL provision during the period was as follows:
 30 JUNE 202131 DECEMBER 2020
 NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January7.7 1.2
Bad debts written off(0.7)(1.0)
Change in provision(2.9)7. 5
ECL provision at period end4.1 7.7
Notes to the interim financial statements • 2120

The table below illustrates how the carrying value of the ECL has been derived:
30 JUNE 2021 (UNAUDITED)
0-90 days
NZ$m
91-180 days
NZ$m
181-270 days
NZ$m
271-360 days
NZ$m
361+ days
NZ$m
TOTAL
NZ$m
Net trade receivables and accrued revenues
1
25.2 6.2 4.7 3.0 2.6 41.7
Baseline0.6 0.1 0.1 0.2 0.1 1.1
Aging, write offs and collection--0.2 0.1 0.1 0.4
Country, customer and market0.2 -0.1 --0.3
ECL - general provision0.8 0.1 0.4 0.3 0.2 1.8
ECL - specific provision----2.3 2.3
Total ECL provision0.8 0.1 0.4 0.3 2.5 4.1
General provision effective rate3.2%1.6%8.5%10.0%7.7 %4.3%
31 DECEMBER 2020 (AUDITED)
      
Net trade receivables and accrued revenues
1
25.86.84.32.91.941.7
Baseline0.20.10.10.1-0.5
Aging, write offs and collection2.30.40.20.3-3.2
Country, customer and market0.1----0.1
ECL - general provision2.60.50.30.4-3.8
ECL - specific provision0.1-0.21.71.93.9
Total ECL provision2.70.50.52.11.97.7
General provision effective rate10.1%7.4 %7.0 %13.8%-9.1%
1 Net trade receivables and accrued revenue excludes the impact of concession discounts and credit risk provisioning.
Total revenue and ECL provisioning
The below table highlights the proportion of total provisioning made against trade receivables and accrued revenues.
Vista Group considers the cumulative ECL and revenue provisions of 28.4% were a reasonable level to provide against
trade receivables and accrued revenues in such an uncertain time.
 30 JUNE 202131 DECEMBER 2020
 NZ$mNZ$m
 
UNAUDITEDAUDITED
Trade receivables and accrued revenues52.5 53.4
Revenue provision - concession discount1.8 5.5
Revenue provision - credit risk9.0 6.2
ECL provision4.1 7.7
Total provisioning14.9 19.4
Total provisioning effective rate28.4%36.3%
One of the key judgements was that 5% of core business receivables may not be collectible. The following illustrates
the sensitivity of this judgement.
30 JUNE 2021 (UNAUDITED)
0% JUDGEMENT
NZ$m
5% JUDGEMENT
NZ$m
10% JUDGEMENT
NZ$m
Revenue provision - concession discount1.8 1.8 1.8
Revenue provision - credit risk7. 8 9.0 9.8
ECL provision4.1 4.1 4.1
Total provisioning of trade receivables and accrued revenues13.7 14.9 15.7
Total provisioning effective rate26.1%28.4%29.9%
7. Investment in associates and joint ventures
Holdings in associates and joint ventures
The principal associates and joint ventures all have share capital consisting solely of ordinary shares. None of these
entities are considered strategic to Vista Group’s core operations.
NAME OF ENTITY
INVESTMENT
TYPE
COUNTRY OF
REGISTRATION
COUNTRY OF
BUSINESS
HOLDING PERCENTAGE
30 JUNE 202130 JUNE 2020
Vista Entertainment Solutions (Shanghai) LimitedAssociateChinaChina47.5%47.5%
Stardust Solutions Limited JVNZUSA40.0%43.8%
During the current period, the Board of Stardust resolved to discontinue Stardust’s operations. The carrying value of
Stardust in these financial statements was already nil. Exit costs are anticipated to be less than $0.1m.
The following disclosures relate to Vista China only as Stardust is not considered to be a material joint venture.
Carrying value of associates and joint ventures
  
VISTA CHINA
  30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
  UNAUDITEDAUDITED
Opening net assets 14.9 20.8
Loss for the period (0.6)(5.9)
Closing net assets 14.3 14.9
Vista Group weighted average interest for the period 47.5%47.5%
Vista Group’s share of closing net assets 6.8 7.1
Goodwill 20.2 20.2
Accumulated impairment charges (13.7)(13.7)
Carrying value of associates and JVs at period end 13.3 13.6
Vista China summarised financial position
A summarised statement of financial position of Vista China is presented below:
  
VISTA CHINA
  30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
  UNAUDITEDAUDITED
Cash 7. 2 8.8
Trade and other receivables10.0 11.9
Total current assets 17.2 20.7
Total non-current assets3.1 2.8
Total assets20.3 23.5
Total current liabilities (2.8)(6.5)
Total non-current liabilities(1.0)(0.5)
Total liabilities(3.8)(7.0)
Effect of translation(2.2)(1.6)
Net assets14.3 14.9
Notes to the interim financial statements • 2322

Vista China summarised trading results
A summarised income statement of Vista China is presented below. Included in this table is a reconciliation to the
equity accounted losses recognised in Vista Group. All losses are derived from continuing operations and there were
no movements to report in other comprehensive income. Adjustments have been applied to align the accounting
policies of Vista China to those of Vista Group.
  
VISTA CHINA
  30 JUNE 202130 JUNE 2020
  NZ$mNZ$m
  UNAUDITEDUNAUDITED
Revenue 7.1 3.3
Total expenses(7.7)(7.0)
Loss for the period (0.6)(3.7)
Vista Group equity accounted interest47.5%47.5%
Vista Group share of equity accounted loss for the period(0.3)(1.8)
For the period ended 30 June 2021, the total equity accounted loss from associates and joint ventures was $0.3m and
includes $nil from Stardust (30 June 2020: $1.9m includes $0.1m from Stardust).
Impairment of Vista China and Stardust (significant judgement / estimate)
Vista Group reviewed its net investment in Vista China and Stardust for objective evidence of impairment at 30 June
2021 and concluded that this definition was not met. In accordance with NZ IAS 28 Investments in Associates and
Joint Ventures, no impairment review was performed at 30 June 2021.
Details of the prior period impairment charges recognised on the carrying value of both Vista China and Stardust are
included in the 2020 Annual Report.
8. Goodwill
Vista Group reviewed the carrying value of its goodwill for indicators of impairment at 30 June 2021. No such
indicators were noted. In accordance with NZ IAS 36 Impairment of Assets, no impairment review was performed at
30 June 2021.
Details of the prior period impairment charges recognised on the carrying value of goodwill are included in the 2020
Annual Report.
Carrying value of goodwill
  30 JUNE 202131 DECEMBER 2020
  NZ$mNZ$m
  UNAUDITEDAUDITED
Gross carrying amount   
Balance at 1 January 69.9 73.5
Numero acquisition -(2.7)
Exchange differences 0.8 (0.9)
Gross carrying amount at period end 70.7 69.9
Accumulated impairment   
Balance at 1 January (15.2)(3.6)
Impairment charges recognised during the period -(11.6)
Accumulated impairment at period end (15.2)(15.2)
Goodwill at period end 55.5 54.7
9. Other intangible assets
Impairment testing of internally generated software (significant judgement / estimate)
Vista Group reviewed the carrying value of its internally generated software assets for indicators of impairment at 30
June 2021. No such indicators were noted. In accordance with NZ IAS 36 Impairment of Assets, no impairment review
was performed at 30 June 2021.
Details of the prior period impairment charges recognised on the carrying value of internally generated software are
included in the 2020 Annual Report.
Carrying amount of intangible assets
30 JUNE 2021 (UNAUDITED)
INTERNALLY
GENERATED
SOFTWARE
NZ$M
SOFTWARE
LICENSES
NZ$m
INTELLECTUAL
PROPERTY
NZ$m
CUSTOMER
RELATIONSHIPS
NZ$m
TOTAL
NZ$m
Gross carrying amount     
Balance at 1 January 38.1 4.9 2.7 6.8 52.5
Additions 5.8 ---5.8
Exchange differences 0.1 (0.1)(0.1)0.1 -
Balance at period end44.0 4.8 2.5 6.9 58.2
Accumulated amortisation     
Balance at 1 January (9.4)(2.1)(1.7)(4.2)(17.4)
Current period amortisation(3.1)(0.3)(0.1)(0.5)(4.0)
Exchange differences --0.1 -0.1
Balance at period end(12.5)(2.4)(1.6)(4.7)(21.2)
Intangible assets at 30 June 202131.5 2.4 0.9 2.2 37.0
       
31 DECEMBER 2020 (AUDITED)      
Gross carrying amount     
Balance at 1 January 27. 5 2.5 2.4 5.5 37. 9
Additions 12.8 ---12.8
Numero acquisition -2.4 0.3 1.3 4.0
Impairment charges (2.2)---(2.2)
Balance at period end 38.1 4.9 2.7 6.8 52.5
Accumulated amortisation     
Balance at 1 January (4.6)(1.3)(1.4)(3.2)(10.5)
Current period amortisation(5.2)(0.8)(0.3)(1.0)(7.3)
Impairment charges 0.4 ---0.4
Balance at period end(9.4)(2.1)(1.7)(4.2)(17.4)
Intangible assets at 31 December 202028.7 2.8 1.0 2.6 35.1
Notes to the interim financial statements • 2524

10. Earnings per share
Vista Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to owners of the parent by the weighted average
number of ordinary shares in issue during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to owners of the parent and the weighted
average number of ordinary shares in issue during the period for the effects of all dilutive potential ordinary shares,
which for Vista Group comprise share-based payments and performance rights. Potential ordinary shares are treated
as dilutive when their conversion to ordinary shares would decrease EPS or increase the loss per share.
NUMBER OF SHARES (MILLIONS)
30 JUNE 202130 JUNE 2020
 UNAUDITEDUNAUDITED
Weighted average ordinary shares for basic EPS (millions)228.7 198.7
Effect of dilution:
 
Share options and awards (millions)5.0 1.1
Weighted average ordinary shares adjusted for the effect of dilution233.7 199.8
 
Loss for the period attributable to owners of the parent (NZ$m)(2.8)(42.4)
Basic and diluted EPS (cents)
1
($0.01)($0.21)
1 Shares are only treated as dilutive when their conversion would decrease basic earnings per share.
On 16 April 2020, Vista Group issued 61,946,951 new ordinary shares of $1.05 each through a placement and rights
issue. Accordingly, the prior comparative period weighted average ordinary shares (basic and diluted) has been
adjusted by a bonus factor of 1.0870, based on the ratio of:
• an adjusted closing share price of $1.4900 per share on 20 April 2020, the business day before the shares started
trading ex-rights; and
• the theoretical ex-rights price at that date of $1.3708 per share.
11. Financial instruments
Financial instruments by category
30 JUNE 2021 (UNAUDITED) 
FINANCIAL ASSETS
AMORTISED AT COST
NZ$m
FINANCIAL
INSTRUMENTS AT
FAIR VALUE THROUGH
PROFIT OR LOSS
NZ$m
FINANCIAL
LIABILITIES AT
AMORTISED COST
NZ$m
TOTAL
NZ$m
Cash 58.1 - -58.1
Trade receivables 31.4 - -31.4
Sundry receivables 3.1 - -3.1
Total financial assets 92.6 - -92.6
      
Borrowings - external  - -15.9 15.9
Borrowings - related parties - -0.6 0.6
Trade payables  - -1.0 1.0
Sundry payables  - -4.0 4.0
Lease liabilities  - -23.5 23.5
Total financial liabilities - -45.0 45.0
      
31 DECEMBER 2020 (AUDITED)    
Cash 67.1 - -67.1
Trade receivables 28.1 - -28.1
Sundry receivables 1.7 - -1.7
Total financial assets 96.9 - -96.9
      
Borrowings - external  - -18.1 18.1
Trade payables  - -5.0 5.0
Sundry payables  - -3.3 3.3
Lease liabilities  - -23.0 23.0
Contingent consideration  -0.4 -0.4
Total financial liabilities -0.4 49.4 49.8
Vista Group’s financial instruments that are measured after initial recognition at fair value are grouped into levels
based on the degree to which the fair value is observable:
Level 1 Fair value measurements derived from quoted prices in active markets for identical assets.
Level 2 Fair value measurements derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3 Fair value measurements derived from valuation techniques that include inputs for the asset or liability
which are not based on observable market data.
During the current period, there have been no transfers between fair value measurement levels or changes in the
valuation methods used to determine the fair value of Vista Group’s financial instruments.
Notes to the interim financial statements • 2726

12. Other disclosures
Related parties
Related parties are materially consistent with those disclosed in the 2020 Annual Report. The following table
represents transactions with related parties excluding key management personnel.
AMOUNTS OWED BY RELATED PARTIESAMOUNTS OWED TO RELATED PARTIES
30 JUNE 202131 DECEMBER 202030 JUNE 202131 DECEMBER 2020
NZ$mNZ$mNZ$mNZ$m
UNAUDITEDAUDITEDUNAUDITEDAUDITED
Associates and joint ventures2.3 1.8 (0.2)(0.7)

Vista Group’s associate and joint venture related party transactions were as follows:
  ASSOCIATES AND JOINT VENTURES
   30 JUNE 202130 JUNE 2020
   NZ$mNZ$m
   UNAUDITEDUNAUDITED
Receiving of services(0.2)(0.5)
Rendering of services2.3 3.0
Total related party transactions
  
2.1 2.5
Details of significant related party transactions of Vista Group:
• During the period, Vista Group recognised $1.1m of maintenance revenue from Vista China (30 June 2020: $1.1m),
which is recognised in the Cinema segment. The prior comparative period has been represented to also include this
revenue within the Cinema segment.
• During the period, the co-shareholder of Powster provided a $0.6m loan to Vista Group. The loan is unsecured,
incurs interest at 4% per annum and is repayable on demand.
Details of significant related party transactions of Vista China:
• On 30 January 2019, Vista China provided a retention accommodation loan of $4.4m (CNY20.0m) to the CEO of
Vista China. This loan is interest free, partially secured against equity in Vista China and matures on 30 January
2022.
• On 23 December 2019, Vista China provided a shareholder loan of $3.2m (CNY14.3m) to Beijing Weying Technology
Co. Ltd (“Weying”). This loan has matured and is now repayable on demand by the Vista China Board. Vista China
and Weying are currently assessing options for the settlement of this loan.
Capital commitments
There were no capital commitments for Vista Group at 30 June 2021 (31 December 2020: $nil).
Going concern
The interim financial statements of Vista Group have been prepared on a going concern basis that requires the Board
to have reasonable grounds to believe that Vista Group will be able to pay their debts as and when they become due.
Vista Group has prepared cash flow projections factoring in a continued impact of the COVID-19 pandemic covering
a period of at least 12 months after these consolidated interim financial statements have been authorised for issue.
This takes into account forecast revenue, operating cash flows, forecast capital expenditure and Vista Group’s liquidity
position.
At 30 June 2021, Vista Group had $96.2m in liquidity, with $58.1m in cash and $38.1m of undrawn ASB debt facilities.
In addition, Vista Group’s EBITDA for the first half has returned to being positive and the average first half cash burn
was well below the previously guided $3m to $4m per month range.
The success of global vaccine rollouts and the release of new movie content during the half has enabled more than
80% of global cinemas to open by 30 June 2021. Based on the assumption that the current trajectory of cinema
openings is sustained in key markets, Vista Group expects its cash flow position to track positive for the second half
of 2021. Vista Group also projects it will continue to comply with its ASB facility covenant requirements.
As a result of how unpredictable the COVID-19 pandemic has been on Vista Group and its customers, the Board
continues to take a cautious approach in provisioning against its accounts receivables and accrued revenues. The
28.4% cumulative provisions for discounts, credit risk and ECL (as detailed in section 6) is Vista Group’s best estimate
of the balances that are unlikely to be recovered.
Vista Group considered the impacts of the COVID-19 pandemic to its subsidiary businesses and assessed its goodwill
and other assets for indicators of impairment. Vista Group also reviewed Vista China (an associate company) for
loss events that might result in an impairment loss. No such indicators or loss events were identified that might be
significant enough to result in an impairment charge at the 30 June 2021.
Due to the above, the Board determined the going concern basis of accounting is appropriate in the preparation of
these consolidated interim financial statements.
Contingent liabilities
One of the primary markets for Vista Group’s products is the United States. Sales tax obligations in the United States
can arise in individual states where Vista Group is deemed to have a sales tax nexus. Vista Group is currently working
with external US sales tax experts to complete an economic nexus study where sales in each state are reviewed from
the end of 2018 to determine if an economic sales tax nexus was triggered. A trigger would result in an obligation for
Vista Group to register and collect sales tax in these states.
Should the outcome of this study show that the sales tax obligation was material, it would be classified as an error
which is restated in the prior period income statement and statement of financial position. Conversely, if the amount
is not material, the provision would be included in the current period with no prior periods being restated.
At the date the Board approved these interim financial statements, the external US sales tax experts were still
completing this study. To help facilitate the scale of a potential liability, internal estimates project this liability could be
up to $3.6m. However, in arriving at this number, significant judgements were applied by management who are not US
sales tax experts. Moreover, numerous judgements applied in this calculation themselves have the potential to result
in a materially different estimate.
For these interim financial statements, Vista Group applied judgement in determining the potential obligation could
not be measured with sufficient reliability. This resulted in this obligation being classified as a contingent liability at 30
June 2021.
Once the external US sales tax experts have concluded their economic nexus study, Vista Group will look to enter
into voluntary disclosure agreements with the relevant state authorities and proceed to register for sales taxes going
forward. The timing for this is expected to occur in the second half of 2021.
Events after balance date
On 11 August 2021, Vista Group agreed to sublease a portion of its Los Angeles premises for the remainder of its
leased term (30 June 2026). Should this agreement have been signed and available for use at balance date, it would
have been recognised as a finance lease. The impact on these interim financial statements would be a reduction in

the lease asset of $3.3m, a new ‘investment of sublease’ asset of $2.7m being recognised (current portion $0.6m,
non-current portion $2.1m), and an immediate increase to the depreciation expense of $0.7m.
There were no other significant events between balance date and the date these financial statements were approved
for issue.
Notes to the interim financial statements • 2928

Vista Group International Limited
Shed 12, City Works Depot
90 Wellesley St West
Auckland 1010
New Zealand
+64 9 984 4570
info@vistagroup.co.nz
vistagroup.co

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____________________________________________________________________________________________
Vista Group International Ltd, Shed 12, City Works Depot, 90 Wellesley St West, Auckland 1010, NZ
Media Release
27 August 2021, Vista Group International Ltd, Auckland, New Zealand

Vista Cloud launch expands horizon for Vista Group
Vista Group (VGL) reported its interim results for the period ending 30 June 2021 today, with a strong
financial performance amidst a wider industry recovery and a free flow of movies into cinemas globally.

Kimbal Riley, Vista’s Group Chief Executive, commented “we are delighted to present a strong and
balanced set of results to the market. The growth in higher quality recurring revenue is pleasing given
market conditions and our good collections performance demonstrates the importance of the Vista
Group products to our customers.”

“To be able to deliver the first iteration of Vista Cloud to market, on schedule and on budget, is an
outstanding achievement. Customers on Vista Cloud will be able to access the latest product innovation
immediately and benefit from the efficiencies created by a simpler operating environment. With Vista
managing the performance and risk of their core transaction technology, cinemas can focus on what
they do best – delivering the ultimate moviegoing experience.”

Highlights
• Promising box office recovery with an exciting film slate of Hollywood blockbusters out to end 2022
• Strong first half result with good underlying recurring revenue growth
• Vista Cloud launched on time and on budget, expanding the opportunity within cinema
• Movio core technology transformation delivers improved insights across the industry
• Establishment of a development hub in Mexico

Key Financial Metrics
• Total revenue $44.9m, in line with the first half of 2020 (‘1H20’), recurring revenue up 13%
• Positive operating cashflow of $1.0m and reduced cash burn, an average of $1.6m per month for the
last six months
•
EBITDA
(1)
profit of $6.4m, an improvement of $12.9m compared to 1H20

• Loss before tax of $2.1m, an improvement of $47.9m compared to 1H20

Key Operational Metrics
• Launch of Vista Cloud
• Active moviegoers and connections in Movio Cinema trending up strongly
• Good uptake of Vista Digital, now 142 sites
• Maintained 51% market share of the 20+ screens segment (excluding China)

The trading performance for the first half of 2021 was pleasing given wider market conditions, with
blockbusters only returning to cinemas in the last months of the financial half. The film slate has been
stable since April with blockbuster releases scheduled well into 2022 and beyond.

___________________________________________________________________________________________
Vista Group International Ltd, Shed 12, City Works Depot, 90 Wellesley St West, Auckland 1010, NZ
Reported revenue was flat at $44.9m, though up 7% when accounting for unfavourable foreign
exchange compared to the first half of 2020. Recurring revenue was up 13%, helped by improved
content flow later in the half.

Market share data remains difficult to confirm, but Vista estimates it has retained its 51% share of the
global enterprise market (20+ screens) excluding China. A high degree of uncertainty will remain
around these estimates until each market is fully open.

Vista Cinema, the largest part of the Vista Group, reported revenue up 6% to $31.5m, with particularly
strong recovery in recurring revenue, up 25%. Site count for Vista Digital, delivering an omni-channel
experience for moviegoers across mobile, web and kiosk, grew to 142. Vista Cloud has been launched
to select initial customers in the second half of 2021, increasing the addressable market within the
cinema segment by expanding the relevance of the product to more customers. Cloud focused product
development now makes up the majority of Vista Group’s spend on innovation.

Movio, the leading campaign management and data analytics solution for the film industry, reported a
credible revenue result of $6.5m, down 19% against the first half of last year. This was impacted by the
reduced release schedule of movies. The Movio team kicked off campaigns with initial customers for its
Madex product and is on track to launch its updated Movio Cinema offering in the second half of 2021.

Numero and Maccs revenue was up 12% on the first half of 2020 making further gains in the
studio/distributor space. Flicks was up 25%, albeit off a smaller base. Powster, like the content driven
parts of Movio, was down 26%, though showtimes activity in particular was trending up towards the end
of the half year.

Vista China revenues recovered to $7.1m for the financial half and continues to operate within its own
cash resources.

Vista Group’s balance sheet remains strong with $58.1m of cash and $38.1m of undrawn debt facilities
available. Collections improved in the half and Vista Group generated a positive cashflow from
operating activities of $1.0m.

Assuming the current level of cinema opening is sustained at around 80% in key markets and the film
release schedule remains on track, Vista Group expects revenue for the full year to 31 December 2021
to be in the range of $95m - $100m, and to be EBITDA
(1)
and cash flow positive for the second half of
2021.

For further information please contact:

Matt Cawte
Chief Financial Officer
Vista Group International Limited
Contact: +64 9 984 4570

(1)
EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation and
amortisation, “other gains and losses” (see section 4 of the interim report) and share of equity accounted results from associates
and joint ventures.

---

Vista Group International Limited
Results Announcement


Results for announcement to the market
Name of issuer Vista Group International Limited (NZX & ASX: VGL)
Reporting Period 6 months to 30 June 2021
Previous Reporting Period 6 months to 30 June 2020
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$44,900 0.2%
Total Revenue $44,900 0.2%
Net profit/(loss) from
continuing operations
($ 2,600) 94.0%
Total net profit/(loss) ($ 2,600) 94.0%
Interim Dividend
Amount per Quoted Equity
Security
No interim dividend will be paid in 2021
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.26965038 $0.38142760
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement should be read in conjunction with the
interim financial statements for the six months ended 30 June
2021 that accompany this announcement.
Authority for this announcement
Name of person authorised
to make this announcement
Matt Cawte – Chief Financial Officer
Contact person for this
announcement
Matt Cawte – Chief Financial Officer
Contact phone number
09 984 4570
Contact email address
matt.cawte@vista.co
Date of release through MAP
27 August 2021

Unaudited financial statements accompany this announcement.