Transcription
AnnualReportVista GroupInternationalLimited2020
Enhancing themoviegoer experienceThis report is dated 26 February 2021 and signedon behalf of Vista Group International Limited bySusan Peterson and Murray Holdaway.Susan PetersonMurray HoldawayChairDirectorContents02Letter from the Chair and CEO06Our Board07Key themes for 202108Group overview10Customer focused innovation16The Vista Cloud journey18Our climate, people and community24Group trading overview33Corporate governance54Financial statements109Independent auditor’s report116Corporate information
Dear Shareholder,Welcome to the Annual Reportfor Vista Group InternationalLimited (Vista Group) forthe financial year ended31 December 2020.in the Northern Hemisphere it is wearingvery thin) and the team maintainedtheir usual productivity. We found newways to care for our people, includinga particular focus on those who areenduring extended lockdowns. We alsointroduced an all employee share schemeThere is no doubt that 2020 has beento give our team the opportunity to sharean unprecedented year as the COVID-19in the future success of Vista Group.pandemic impacted the lives of us all.We extend our best wishes to you andOur customerstrust that those you care about are safeWe have sustained our unrelentingand well.focus on supporting our customersby continuing to deliver the innovationFor Vista Group, the 2020 year startedthat has helped them most throughoutstrongly. However, by March it hadthe year. For 2020, this meant that webecome apparent that the globalhave been most focused on supportingenvironment was rapidly changing asour customers to be resilient.the impact of the pandemic escalatedaround the world. While many thingsThe work on Vista Cloud, in raising thebecame very different, we continuedpriorities of the digital product suite,to focus on the same things we haveand in Movio with Cinema Essentialsalways prioritised.(making it easier for cinemas to reachthe next moviegoer) and Research 2.0For us, it has always been about(to create efficiency for Vista Groupfocusing on the wellbeing of our people,and our customers) has been impressive.relentlessly supporting our customersThis work not only maintains our lead into be successful, and finding new ways toproduct development but also establishesincrease our relevance to more customers.a new platform for expanding ourOur team2customer relevance moving forward.Our people have been terrific — they haveWe wish to thank all of our customers —remained resilient and engaged despitestudios, distributors, and the communityall that 2020 threw at us. As we prioritisedof exhibitors both large and small aroundeveryone’s health, the transition tothe world — who, despite the challengesworking from home was seamlessthey have been facing, have supported(though undoubtedly for our teamsus throughout.Letter from the Chair and CEO 3
We can’t think of a tougheryear than what was thrownat us in 2020, nor can wethink of a better group ofpeople with whom to facesuch a year — to rise to thechallenge and collectivelysee our way through.Sales and business developmentDespite the support we have provided ourcustomers to help them remain resilient,their challenges have still had a significantimpact on the financial performanceof our businesses. The actions we havetaken during 2020 to maintain our strongbalance sheet have served us well.We were delighted with the support thatwe received for our successful capitalraise in April and, while the organisationalWe have continued to see a consistentrestructure that we implemented acrosstrend of sales and business developmentVista Group was tough on our team,activity — in particular with our studiothe new structure was an importantand distributor customers. Naturally theenabler for the successful delivery oflevel of activity was subdued comparedour integrated customer strategy. Theseto previous years, but new customerschanges have also enabled us to maintainwere won in all territories, with a solidpositive cashflow from operating activitieslevel of follow-on business anticipated.for the full year, maintain our cash drawThe major implementation at Odeonwithin our forecast range, and end theCinemas in the UK and Ireland concludedyear with a 67m cash balance — morethe roll-out (with all cinema softwarecinemas were open. However the onsetsuccessfully around the world. Claudia’sof the second wave in autumn and winteraddition also means that we now havesaw the year end with only just overa majority of Independent Directors on50% of rest of world cinemas open —the Board, including all chair roles.propped up by a strong performancein Asia Pacific.We can't think of a tougher year thanwhat was thrown at us in 2020, nor canThe rebound in China (and in Australia,we think of a better group of peopleNew Zealand, and Japan) supportswith whom to face such a year — to riseour positive view of the future — whento the challenge and collectively see ourcinemas open and content flows — peopleway through. We can be rightly proudflock back to the cinema experience.of where we stand today. It comes downLeadership changesto having a terrific team and enjoyingtremendous support from our customers,We would like to take this opportunity toshareholders and the communities thatrecognise the contribution that Kirk Seniorwe serve.has made to our team. As Executive Chairfrom the time of our IPO in 2014, Kirk’sThank you all again for your continuedstewardship through all circumstancessupport. We look forward to a full slatehas earned him the admiration of allof blockbusters, warm popcorn andwith whom he has worked. We’re verythe experience of laughing, crying andpleased to retain Kirk’s contributionmaybe being a little frightened by greatthan enough to see us through 2021.as a Non-Independent Director.movies in 2021.the first phase of the project is plannedThe futureIn early 2021, we will farewellLights, camera, action!to finish during the first quarter of 2021.We are confident that the cinemaThis was achieved despite the challengesexperience will rebound at some pointof lockdown protocols in that regionduring the year, and we are in goodthroughout most of the year.shape to help lead that rebound.With the SaaS portion of our businessThe trajectory in China has demonstratedcontinuing to grow, we are moving tothe rebound — cinemas in China werereporting our operating financials andable to reopen in late July and haveperformance metrics on a SaaS basisbeen well patronised. Since that timegoing forward. This is an important part90% of cinemas in China have remainedof our transformation as it provides aopen — heavily reliant on local content tomore integrated customer proposition,drive box office. In the rest of the world,and also enables our team to prioritisewe saw reopening increase as thethose activities that deliver us theNorthern Hemisphere summer progressedgreatest value.to the point where by October 75% ofimplemented) in late November 2020, and4Strong balance sheetBrian Cadzow, one of the founders ofVista Group. Brian’s vision, leadership andhumanity have been imprinted into VistaGroup’s DNA. We remain deeply gratefulto Brian for all that he has contributedto making Vista Group so successful, andSusan PetersonKimbal Rileywe wish him well for his retirement.ChairCEOEffective on 1 January 2021, wewelcomed Claudia Batten to the Boardas an Independent Director. Claudiais an acknowledged “World ClassNew Zealander” who is based in LA.Claudia brings deep experience ingrowing global technology companiesLetter from the Chair and CEO 5
Key themes2021Our BoardOur Board as of 1 January 2021 includes:Susan PetersonClaudia BattenIndependent ChairIndependent Director NRC memberBrian CazdowExecutive DirectorMurray HoldawayExecutive DirectorCris NicolliJames OgdenKirk SeniorIndependent DirectorIndependent DirectorNon-Independent DirectorNRC Chair ARC memberARC Chair NRC memberARC member6 Our board0102BringBuild beautiful andmoviegoerspowerful softwareback0304Create valueAdmiredthrough insightscompanyKey themes for 2021 7
Group overviewVista Group’s mission isto ‘enhance the moviegoerexperience’. We know thatif we keep the moviegoer’sexperience at the centre ofwhat we do, our customerswill continue to benefitfrom the value we deliverto their customers.Vista Group businesses span the full valuechain of the film industry, from productionand distribution to cinema exhibitionand the moviegoer. The graphic on theright illustrates how Vista Group views itsvertical market and the fit of its products.Our products follow the film from itscreation through to screenings by themoviegoer — the tracking of all the data,interrelationships and information that isneeded by each party for the duration ofthat journey. We report on the box officeperformance of the movie — back throughthe cinema exhibition channels — to theentity that made and invested in the filmat the start.8The data aggregation and analysisthat is required by the film industry isOur businessessignificant. This provides many additionalopportunities for Vista Group productssuch as Movio, Numero and Powster.It has also created the opportunity toenable more efficient access to data ry participants leading to VistaGroup’s investment in movieXchange,Movio Media and additional modulesVista Cinemawithin the Vista Cinema product set.MovioDespite the impact of the COVID-19pandemic in 2020, we anticipate theglobal cinema market will continue toNumero Maccsexpand over time with the number ofcinema screens increasing and box officerevenue rebounding. Industry trendsPowsterof consolidation, premiumisation,Flicksdata-driven decisions and marketing,drive the product functionality ofVista Group to support industryparticipants across the spectrum toimprove their service offerings.Vista Group continues to lead the globalCore BusinessesAdditional Group Companiesindustry in creating innovation-focusedproducts and services that meet, andaim to exceed, the needs and wants ofour customers and their moviegoers.Group overview 9
Customer focusedinnovationDespite the disruption anduncertainty that 2020 brought,we continued our endeavors todeliver innovative new featuresand technology with one thingin mind — our customers. Witha deep understanding of ourindustry and the challengesour customers were facing, weadapted to deliver new productsand features that would makea difference. We share somehighlights from across our Groupbusinesses, showcasing the varietyof innovation and technologydelivered throughout the year.10Customer focused innovation 11
The Ultimate CinemaRe-opening KitContact TracingAs cinemas started to reopen for the first time aroundthe world, there was a strongemphasis on adapting. VistaCinema had been preparingfor this moment, determiningthe technology we couldpackage together to helpcinemas restart operationsor what missing pieces oftechnology could be built.After six weeks of development, theCinema Re-opening Kit was launchedin May, providing a series of products,features and suggestions that exhibitorscould utilise as they resumed business.The kit takes into consideration thetechnology needed to support everystep of the moviegoer journey — frombooking tickets and seats at home toordering and picking up concessions,and ensuring a safe experience once atthe cinema. Some highlights of the kitinclude the following:A concept relatively unknown at thestart of 2020, contact tracing is nowbaked into Vista Cinema’s software.Cinema operators can collectmoviegoers’ details from any saleschannel, even third parties. If contacttracers ask an exhibitor for a listof attendees at a specific showtimeand location, the cinema will haveit on hand through Vista’s system.Social DistanceSeatingFull Self-ServiceFood & BeverageThe most difficult code to include in theA strong emphasis for the technologyVista Cinema system, was a revolutionarywas on a contactless experience,seating solution which automaticallyensuring the safety of staff andrestricts seat reservations duringmoviegoers. Self-service technologybooking to ensure safe distances areenables moviegoers to purchase foodmaintained between moviegoers.and beverages via exhibitors' websites,The technology forces a two-seatmobile app or kiosk, removing the needspacing between groups within a row,for direct interaction in the cinema. Withas well as alternating rows to createa combination of digital signage and appsix feet of social distancing space tonotifications, customers can be notifiedthe front and rear of a customer.when their order is ready to restrictqueues and ensure minimal contact.12Customer focused innovation 13
MadexMadexAI-driven tool to optimisemedia investmentMadex (the Moviegoer Audience DataThe omni channel digital and socialExchange) launched in Australia in 2020,solution supports Google, Facebook,with the first campaign run through theTwitter, Snapchat and will be usedtool for the release of Tenet. The goal is tofor future digital options, such asallow exhibitors and distributors to easilyThe Trade Desk or Connected TV.understand and connect with their idealMadex uses optimised versionsaudiences via digital and social mediaof Movio’s Propensity andchannels, using advanced AI tools toSimilarity Algorithm to createoptimise their media investment.and target audiences.Spotify ARmicaSupporting independentdistribution needsSpotify ARAttracting moreengaged audiencesIn September 2020, Maccs launchedUsing volumetric capture and WebAR,mica, a new system for independentPowster created the first ever AR artworkdistributors. Purpose-built from theon Spotify in 2020. Fans could play Samground up, mica meets the needs of theSmith’s Diamonds and scan the cover artunder-served independent distributorto interact with a hologram of Sam Smithmarket at a crucial time in the globaldancing right on their mobile device.cinema environment. The new productSince launch, the activation has attractedtakes the complexity out of operationsand engaged fans from around the globe.and allows distributors to focus onAs the first of its kind, the experience hassales and the running of the businessgarnered attention from online publishersthrough the automation of key tasksincluding Rolling Stone and Musically,that previously were executed viaas well as earning an FWA award.micaspreadsheets and emails. Built usingthe latest in cloud technology, meansno on-site installation, seamless updatesand an interface optimised for PC,mobile and tablet.14Customer focused innovation 15
The Vista Cloud journeyWhat we’ve achieved to dateWhere we are nowWhat’s coming in 2021Digital channelsOn target to deliver SaaSDigital channels Rove - new mobile app for concession salesoffer into market in 2021 Full SaaS web sales platform SaaS web ticketing platform SaaS digital sales APICustomer benefits Central identity management60% of engineering resourcefocused on Vista CloudEarly adopter customerframework defined All-browser cinema management suite Initial version of SaaS moviegoer appCustomer benefits Servers out of cinema Head Office servers in cloudOverall on track andCloud engineering Initial version of SaaS Kiosk Automated upgradeswithin budget Continuous delivery pipelineCloud engineering Container support for digital sales API Licensing platform Customer onboarding support Rapid scalability for core services Secure Cloud connectivity Localisation support for fiscalfor POS, Kiosk devicescompliance, custom integrations etc. Monitoring andmanagement improvements Cost-efficiency improvements16The Vista Cloud journey 17
Our climate, peopleand communityWhile 2020 provided unanticipated challenges,we have remained focused on our goalof nga mea pai me nga taangata pai —doing good things with good people.Our New Zealand offices:Our New Zealand offices combined in October 2020when we moved to a new city-centre location. This meansour team have access to more local transport options andcycle lanes, significantly reducing our commute carbonfootprint. Our new building provided the opportunityOur climateto move to a more efficient air conditioning systemand all our organics now go into a wormfarm on site.The COVID-19 global pandemicof climate risk, along with all other risks.fundamentally altered how we allVista Group has a dedicated Headworked in 2020 and has raised questionsof Risk and Sustainability, who leadsaround how we will all work movingthe assessment of climate risk andforward. Early in 2020, we cancelledco-ordinates our response as part ofall international business travel andVista Group’s wider ESG programme.our teams successfully transitioned toworking from home. Our teams, outsideA management committee has beenNew Zealand, have continued to workestablished to monitor sustainabilityremotely throughout the rest of themarket trends and regulatory changeyear. The environmental benefits ofand makes recommendations to thethis reduction in travel has reducedBoard on our responses to climateour carbon footprint for 2020.related risks. These committee33%92%of staff working44%of staff’s work-weekflexibly from home †reduction incar emissions *is at home †meetings are attended by the ChiefVista Group understands that we needExecutive Officer and the Head ofto proactively manage the risks andRisk and Sustainability. The committeeopportunities that arise from climateis overseeing the programme ofchange. Under the Risk Managementwork to prepare Vista Group for theFramework, the Chief Executive Officerrecommendations and guidance fromand the Head of Risk and Sustainabilitythe Task Force on Climate-relatedare responsible for the managementFinancial Disclosures (TCFD).* Source: Reduction of commuting staff, based on car parking† Not including COVID-19 pandemic lockdown periods18Our climate, people and community 19
Our peopleThroughout the challengesof the past year, we remainedfocused on doing everythingwe can to support our people.Wellness Challenge, which was heldremotely and on a global scale withteams joining from around the world.Female representation2020Age distribution2019We built our challenge around a modelcalled Te Whare Tapa Whā, designedAll Staff31%by a leading Māori health advocate,30%Our team has been instrumental in ourSir Mason Durie. The notion of Te Wharehistoric success and are key to our futureTapa Whā underpins New Zealand’srecovery. At the end of 2020 all thoseMental Health Awareness Week, whicheligible were invited to take part in a newcoincided with our Wellness Challenge17%employee share scheme, established toand was more important than ever for17%reward, retain and motivate staff. Thanksmany of our staff.to the scheme we are now even moreOur BoardExecutive Teaminvested in the future of our customers,Finally, in December people fromour industry and our company.across Vista Group in New Zealand18 – 248%25 – 3445%35 – 4432%45 – 549%55 – 645%10%0%came together for our group-wideHalf our team are based outsideInnovation Cup to focus on workingNew Zealand and Australia, including‘Better Together’, developing incredible44%COVID-19 pandemic hotspots. Many ofideas and solutions in 24 hours or less.40%Senior Leadership Teamthese people have had over nine monthsin home lockdown and constant fearWe are pleased to see somefor their health. Supporting this remoteimprovements in the representationteam has been a key priority for theof women at senior levels of business.company in 2020 through online socialAs of 1 January 2021, our board nowevents, weekly yoga and wellnesscomprises two women and five men.classes and the creation of a newWe have one female now part of‘Wellness Advocate’ programme.the Executive Team and our SeniorLeadership Team is 44% female.Our planned calendar of events wasadapted this year, but celebrationsThis year we also maintained ourwere still held to recognise Pride,New Zealand Rainbow Tick accreditationChinese New Year, Pink Shirt Day andand put in place some supportingInternational Women’s Day. This yearinitiatives; changes to our IT systemswe also joined together for a four-weekmean our team can now identifyas non-binary and use pronouns.20Regional distributionNZ1732countriesour peopleare spreadacrosslanguagesspokenUSAUKEuropeLATAMSth AfricaAustraliaMalaysia308868263531263Our climate, people and community 21
Our communityWe are determined to makea positive difference inpeople’s lives and to fosterand develop communityinitiatives in New Zealandand across the world.Some examples fromthe past year include:Vista Foundation We put on our best headgearin support of Canteen NZBandanna Day, which signifiesthe importance of friendship,staying connected and embracingwhanaungatanga — supportingyoung people with cancer. Some brave team members tookpart in Shave for a Cure — shavingto raise funds for the Leukemia& Blood Foundation. Our global team took part inPink Shirt Day, a day when peoplewear mainly a pink shirt to symbolisea stand against bullying. Our CEO took part in the AucklandCity Mission CEO Cook-Off. He cookedalongside some of Auckland's topchefs to prepare a three-course mealfor up to 200 Mission guests, as well asfundraising to help provide emergencyfood parcels for Aucklanders whowould otherwise go hungry. Our LATAM team bought carepackage supplies for an organisationthat donates all earnings to localindigenous communities. We donated LEGO from a MovioHackathon to our friends atStanhope Road School, we receivedsome amazing thank you lettersfrom the students.Vista Group is passionateabout the New Zealand filmindustry and its continuingassistance to the VistaFoundation is helping tofoster a viable, successful,and inclusive local filmindustry in New Zealand.The Foundation has continued to supportWith financial support from Vista Group,well received through the variousthe original Vista founders and externalparties, the Foundation has been ableto grow its support of programmesto educate aspiring filmmakers.The Foundation also works to enableindividuals and groups who have a loveof film to participate and constructivelygrow the industry.During 2020 the Foundation hasstrengthened its governance with theaddition of Cliff Curtis as co-patronalongside Roger Donaldson, and theappointment of John Barnett as thenew chair and Roseanne Liang asa new trustee.programmes during 2020 and throughthe COVID-19 pandemic lockdown itused its partnership with organisationsto provide a special edition of the 48Hour Film Festival — filmed at home ofcourse — and, to assist industry workersaffected by the lack of work, it fundeda counselling service with the Home& Family Counselling Group to providesupport and guidance. This was especiallyindustry guilds.The Foundation has also committedto support the full 48 Hour Film Festivalin 2021 and has established a relationshipwith Compton School in Australia torun a Film Marketing Program in 2021.This will provide guidance to groups andindividuals selected on the process toget a film project through to a successfultheatrical release.With established funding from thefounding shareholders of Vista Group,the intent is to raise additional funds fromother successful industry participants.The Vista Foundation is positioning itselfto meet its principal aims for many yearsto come. We donated food and Christmasgifts to Auckland City MissionAuckland's Angel Appeal. We donated a collection ofclothes for Dress for Success.22Our climate, people and community 23
Group tradingoverviewVista Group continuesto be the global leader indelivering software and dataanalytics solutions to the filmindustry with core businessesVista Cinema and Movio bothnumber one globally in theirrespective market segments.2020 was a year in which theperformance of Vista Groupwas significantly impactedby the COVID-19 pandemic.Total Revenue 87.5m39%This impact is best illustrated by reviewingThis result underlines the key financialthe proportion of cinemas closed acrossand operating strengths of Vista Group:the months of 2020. At the beginning Consistent strongof January 100% of cinemas worldwidewere open — but by late March 98% hadshuttered their doors. In July 40% werecustomer relationships Strong annuity revenue Sustained underlying profitabilityRecurring Revenueopen (mainly in China); 70% were open 65.5min August but only 50% in December, Positive operating cash generationwith the key markets of North America Leading global position in the26%and EMEA 40% open and 20% openfilm industryrespectively. Cinema customers whoare closed have endured significantDespite the COVID-19 pandemic,Operating Profitoperational and financial stress, thoughVista Group continues to accelerate- 29.1min 2020 there were relatively fewits investment in innovation, inreceiverships and business closures.particular in respect of Vista Cloudand the Movio Madex solution.Though total revenue was down 39%,recurring revenue was only down 26%to 66m — a sign of the strength of theEBITDAmaintenance and SaaS revenue streams- 11.4mand Vista Group’s partnership status withboth theatrical and studio customers.RevenueNZD millionsNon-recurring revenue, primarily newon-premise licence sales in Vista Cinema,2020Operating Cashflowwas down 61%. 3.0mVista Group has had positive operating2018cash flow of 3m and maintained a strong201781%balance sheet throughout the year, withsupport from banks and shareholders.Vista Group completed a successful 87.5 144.5201920162015 130.7 106.6 88.6 65.4capital raise in April 2020 and maintaineda healthy year end cash position.24Group trading overview 25
CinemaEnterprise: sites added800600The Cinema segment is the largest within Vista Group andrepresents two thirds of total revenue. Cinema has worked hardto retain and support its customer base through the COVID-19pandemic and has protected the majority of it’s recurringrevenue streams well over the second half of the year.Vista Cinema’s purpose is ‘empowering a world of cinema’.4002000-2002020 has been a very difficult year for theCinema maintained a balancefilm industry globally and the theatricalbetween supporting customers withsegment in particular. With various statesour on-premise offering and sustainingof closure throughout the year acrossthe pace of development of our newthe world as noted above, Cinema’sSaaS platform. The Cinema Re-openingcustomers have operated under extremelyKit was distributed widely and thetrying circumstances inspite of which theassociated functionality (dynamicindustry remains largely intact. Wheresocial distance seating, contactlesssizeable portions of the theatrical marketpurchasing, contact tracing, etc)are open, particularly in Asia Pacific, theenabled our customers to open underabsence of blockbuster content has beenthe various restrictions imposed onfilled with local content which audiencesthem globally. Development of the SaaShave widely supported. With the releaseplatform — Vista Cloud — continues apaceschedule pushed back because of theand now represents approximatelysecond wave or awaiting critical mass ofhalf of all development. We arethe vaccine, little content has moved awayconvinced that the future, includingfrom the theatrical experience in favour ofthe successful recovery of the industry,other options.will demand new functionality thatcan best be delivered through theThough the results have been significantlySaaS environment — seamlessly andimpacted, especially new on-premiseimmediately — without customers havinglicences, Cinema has completed severalto wait to upgrade their systems to get it.new and existing projects and had a netRevenue was down 43% on 020Enterprise: total site count8,0006,0004,0002,00002014201520162017gain of sites during the year includingthe completion of the Odeon UK/Irelandroll out in Q4.26DirectIndiaChinaGroup trading overview 27
Cinema market shareVista Cinema percentage of the world market forCinema Exhibition Companies with 20 screens.38%51%worldwideexcl. China40% Europe8,557 / 21,362 screens86% Canada2,044 / 2,390 screens6% China2,343 / 41,486 screens50% USA17,041 / 34,164 screens33% Asia98% Central America(ex China)7,870 / 23,842 screens7,532 / 7,707 screens64% Middle East40% South America2,053 / 3,219 screens2,646 / 6,584 screens98% Australasia1,913 / 1,950 screens88% Africa835 / 953 screens28Group trading overview 29
MovioAdditional Group CompaniesThe Movio segment is the second largest segment withinVista Group, a pure play SaaS business, it representsaround one fifth of total revenue. Movio’s purposeis to ‘connect everyone with their ideal movie’.The Additional Group Companies segment comprisesthe businesses of two studio and distributor focusedbusinesses, Numero and MACCS — and two moviegoerfocused businesses, Powster and Flicks.Clearly a challenging year for Movio, withMovio Cinema Essentials is not justNumero MaccsPowsterlimited releases to drive revenue or filla refreshed, easier to use UI, but athe data models that allow studios andrethinking of how theatrical customersVista Group completed one of the majorRevenue for Powster was down 39% ondistributors to plan and execute theiruse the power of Movio to bring in theiraspects of the ‘simplification’ theme withthe previous year, with the showtimesmarketing plans. Suffice to say that theaudience — to find the next moviegoerthe acquisition of the remaining externalplatform heavily impacted by the lackMovio AI was underused in 2020.for that movie. It automates much of theshareholding in our Maccs business.of cinema showtimes as cinemas closed,The integration of this business withthough this was somewhat lessened bythe Numero business is well under wayan uptick in creative project work.search and selection process based onRevenue was down 42% for the year,years of learnings. Essentials will replaceending slightly better than expected,Movio Cinema over time.and there was no decline in the numberof cinema clients. M
for Vista Group International Limited (Vista Group) for the financial year ended 31 December 2020. There is no doubt that 2020 has been an unprecedented year as the COVID-19 pandemic impacted the lives of us all. We extend our best wishes to you and trust that those you care about are safe and well. For Vista Group, the 2020 year started strongly.
