TO OUR SHAREHOLDERS CO-EXECUTIVE CHAIRMEN AND CO-CHIEF EXECUTIVE OFFICERS ROBERT G. KIRBY GRAHAM W. BURKE REFLECTING ON 2014 “People will always want to go out and be entertained”... IMAGES:  Clockwise from top - Wet’n’Wild Sydney; The LEGO Movie; Sea World: Storm Coaster; Village Cinemas In a competitive marketplace vying for everyone’s attention, we believe the Company delivers immense value in the array  of entertainments we offer. We strive to make what we offer so  good, so memorable, so positive, that our customers come back  for more - again and again. One of the abiding foundations on  which our Company is built, is the power of ‘word of mouth’. We honour nothing more than hearing, for example, the glowing  feedback from children to our rides at Warner Bros. Movie World  or Wet’n’Wild or the heart-felt remembrances from someone  who was lucky enough to swim with the dolphins at Sea World. Providing these experiences to our customers is, and will always  be, one of the cornerstones of the Company. The Board is pleased to continue  the Company’s ongoing dividend  and distribution program, having  distributed $106.9 million in  payments to shareholders in  or in relation to the 2014  financial year. A fully- franked interim dividend  of 13 cents per share  was paid in March  2014, and additional  payments to  shareholders  Diluted earnings per share before material items and  discontinued operations of 34.9 cents per share  decreased by 3.6% compared to the prior year  result of 36.2 cents per share, due mainly to an  increase in the relevant number of shares on  issue in the year ended 30 June 2014. Our customers expect the best in entertainment options and  each of our business ventures offer their customers good value  experiences that exceed their expectations. That it is why VRL embraces new technologies, creates new  experiences and seeks out new modes of entertainment. With our well known brands in Theme Parks, Cinema  Exhibition, Film Distribution and Film Production, VRL’s true  expertise in delivering superlative entertainment, coupled with  our benchmark marketing expertise, has never been stronger  or more important. Earnings Before Interest, Tax, Depreciation and Amortisation excluding  material items and discontinued operations (“EBITDA”) for the year  ended 30 June 2014 was $170.9 million, up 4.2% on the prior year  result of $164.0 million. Attributable net profit before material  items and discontinued operations (“NPAT”) for the year ended  30 June 2014 was $56.5 million, slightly down on the prior year  result of $57.2 million. Further details are provided in the  Reconciliation of Results, forming part of the Directors’  Report, on page 16. These achievements are due in no small part to VRL’s over- arching, perennial vision of providing our customers with an  escape from the everyday. No greater example of this exists than in the opening season  of the much anticipated Wet’n’Wild Sydney which has show- cased VRL’s ability to create one of the best water parks in the  world. Opening well ahead of schedule, the inaugural season  enjoyed capacity crowds and heralds the much anticipated  second season from 20 September 2014. Standing alongside  this achievement are the solid trading from the Gold Coast  Theme Parks, the exceptional results from Cinema Exhibition,  major film output contract renewals for Film Distribution and  advancing the Company’s Asian Theme Park expansion plans  through the continued building of critical relationships in China  and South East Asia. The Board of Directors of Village Roadshow Limited (“VRL”) are  pleased to report that the hallmarks of the 2014 financial year  were robust performances in VRL’s core businesses, the continued  development of international strategic partnerships, and innovative  expansion both in our home markets and overseas. VRL has delivered a solid set of earnings results in the 2014 financial year  and is committed to delivering significant value to its shareholders through  consistent operating results and dividends combined with an exciting,  sustainable, long term growth strategy. The Company achieved an attributable net profit of $45.8 million for the year  ended 30 June 2014, compared to the prior corresponding period result of  $50.9 million. The 2014 financial year result includes attributable net losses  from material items of $10.7 million, and a further $11.9 million (before tax)  in one-off costs mainly associated with the opening of Wet’n’Wild Sydney and  the Gold Coast joint marketing campaign. Net losses from material items  were $6.3 million in the prior year. 01 ANNUAL REPORT 20 14 CLOSE FILE X