in China and South East Asia, India and Russia. This collaborative  development agreement has the potential to create exciting  opportunities in Pan Asia and beyond; in all markets in which they operate. With the key features of  luxury, glamour, indulgence and excitement, Gold Class and  continue to drive improved average overall spend per  person. The noticeable conversion of patrons from our traditional  cinemas to these higher yield offerings continues to have a positive  impact on the bottom line. VRL’s Singapore operation, the jointly owned Golden Village  Cinemas circuit, is number one in the territory with a commanding  43% market share. On the back of record results in the prior year,  strong performance continued in the 2014 year with an impressive  10% increase in NPAT and EBITDA. The hugely anticipated Suntec City complex, comprising eleven  screens including Gold Class and , is scheduled to open in November 2014. The location is second to none and it is  expected to be the ‘jewel in the crown’ of our Singapore operations  and a vitally important addition to what is an extremely lucrative  cinema territory. VRL’s 30% owned Gold Class USA circuit, which trades as iPic  Theaters, continues to improve. Whilst the US circuit is operating  cash positive, it remains in a loss making position after interest  and depreciation charges. This US cinema circuit has substantial expansion plans to  be rolled out throughout the coming year, which debuted  with the successful opening of iPic Wilshire Boulevard,  Los Angeles, in May 2014. This takes the total number  of sites to ten so far, with plans progressing for  a further two sites in Washington and Houston  slated for opening in the 2015 financial year  and further sites under negotiation. These  progressive cities have been chosen for  their growth, vitality and high level of  expenditure on entertainment. With a number of other key strategic  and iconic sites already having  been identified for potential  development by iPic Theaters,  VRL is confident that as a  critical mass of locations  is reached, this circuit  will be a great asset  and addition to  the Company’s  cinema  portfolio. • An MOU with the government of the Gyeongsangnam-do Province  in South Korea to join Twentieth Century Fox in the design and  management of a world class theme park in Korea; • An MOU with Guangxi Longxianggu Investment Co., who are working  with the highly regarded hospitality, sport and leisure pioneers, Mission Hills China, for a planned water park in Guangxi Province,  Southern China, of similar size to Wet’n’Wild Sydney; • A Consultancy Services Project Coordination agreement with China  Studio Theme Parks Investment Ltd for a planned ‘destination’ theme park in Guangdong Province, China; and • An LOI with Symmetry Property Development LLC for a project in  Wuqing, Tianjin, China. The VRL development team is also currently working collaboratively with  Sunway Group Malaysia to assess the potential market in Johor Bahru for a  hybrid Sea World/Ride Park similar in style and content to VRL’s Sea World  on the Gold Coast. Johor Bahru, in southern Malaysia, is connected to  Singapore via a causeway and is a popular shopping and tourist destination  for Singaporeans. Detailed due diligence and market research with  international theme park consultants is being undertaken. VRL’s Cinema Exhibition division operates predominantly in Australia,  Singapore and the United States of America through joint ventures,  including with Amalgamated Holdings in Australia and other cinema  operators internationally. VRL has interests in a total of 704 screens at 74  cinema sites, being 532 screens at 52 cinema locations in Australia, 11 sites  with 87 screens in Singapore, 10 sites with 73 screens in its USA cinema  circuit and one residual UK site with 12 screens. The Cinema Exhibition division had a very strong year to 30 June 2014. VRL’s share of EBITDA for the division was up 6.9% on the prior year to $62.6 million and PBT was up 8.3% to $43.8 million, with Australian PBT  results up 7.6% despite flat admissions, and Singapore up 10%. Village Cinemas has been a leading force in the cinema exhibition industry  for nearly sixty years, bringing audiences together with the movies they  want to see – and our cinemas continue to be at the forefront of industry  developments and always strive to push the boundaries in the experiential  offer. 2014 has seen a number of major upgrades and refurbishments to  our key sites, including Launceston in Tasmania and Geelong, Fountain  Gate, Crown, Jam Factory and Werribee Cinemas in Victoria. These  prudent investments are all about enhancing the consumer experience and  maintaining Village Cinemas ‘drawcard’ quality, where comfort, service and  state of the art technology are always in demand from audiences. During the year VRL acquired an interest in a further cinema site at  Loganholme in Queensland and future expansion is planned into the right  locations for new developments targeting significant population growth  corridors to build and grow VRL’s prominent market position in Australia. Cinema Exhibition’s ‘premium offerings’ were a major focus for the year,  with the highly successful Gold Class and  brands over performing  05 ANNUAL REPORT 2014 IMAGES:  Sea World (top); Warner Bros. Movie World CLOSE FILE X CINEMA EXHIBITION