Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Brisbane Broncos Limited
  6. News
  7. Summary
    BBL   AU000000BBL6

BRISBANE BRONCOS LIMITED

(BBL)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/03
0.57 AUD   +26.67%
10/11Brisbane Broncos Limited Announces Non-Executive Director Appointments
CI
08/20Broncos Confirms Buying Stake in Supercars Championship
CI
08/10BRISBANE BRONCOS : Turns to Profit in H1
MT
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Brisbane Broncos : 10 August 2021 - BBL - 2021 Half-year financial results

08/10/2021 EST

For personal use only

10 August 2021

To: ASX Company Announcements Platform

BRISBANE BRONCOS LIMITED AND ITS CONTROLLED ENTITIES

2021 HALF-YEAR FINANCIAL RESULTS

Please find attached the following documents in relation to the 30 June 2021 half-year financial results for Brisbane Broncos Limited and its controlled entities:

  • Earnings Release
  • Appendix 4D - Half-Year Report
  • 2021 Half-Year Financial Report
  • Independent Review Report

Yours sincerely

Brisbane Broncos Limited

Louise Lanigan

Company Secretary

For personal use only

Earnings Release: 10 August 2021

BRISBANE BRONCOS LIMITED

and its controlled entities

30 June 2021 Half-Year Results

The Board of Brisbane Broncos Limited today announced the trading results for the half year ended 30 June 2021. The consolidated entity achieved a profit from ordinary activities before income tax of $3.17 million.

The comparison between the 2021 and 2020 half-year results is as follows:

30 June 2021

30 June 2020

$

$

Profit from ordinary activities before tax

3,171,390

21,958

Profit/(loss) from ordinary activities after tax

2,210,667

(10,237)

The net profit before tax for the half-year ended 30 June 2021 is $3.17 million compared to $0.02 million in 2020. Earnings before Interest, Tax and Depreciation is $3.78 million for the half-year ended 30 June 2021 compared to $0.57 million in 2020.

The prior period result reflects the unprecedented negative impact that Covid-19 restrictions had on the Group. As previously reported, the whole of the National Rugby League (NRL) was negatively impacted. The 2020 season was suspended on 24 March 2020 and recommenced on 28 May 2020. This impacted the Group's commercial operations through home game related shortfalls and the inability to deliver all contractual game day benefits. This resulted in a reduction in commercial revenue through sponsorship, ticketing, season membership and merchandise sales.

The period to 30 June 2021 reflects the 2021 NRL Telstra Premiership returning to regular scheduling and crowd attendances, with home and away games played throughout the period. In the first half of 2021, the Brisbane Broncos played six home games. Ticketing, season membership and corporate hospitality revenue and expenses are recorded on a home game basis.

Total revenue for the period to 30 June 2021 increased to $25.34 million (2020: $16.20 million). Items of note include:

  • The grant received from the NRL for the period totalled $7.23m, representing a 0.1% increase on the comparative period, in line with the club funding agreement and recognition of advanced grant funding;
  • Sponsorship revenue increased 25.7% on the comparative period, reflecting the ability to deliver game day and associated benefits throughout the 2021 season. The support from our sponsor family over the 2021 season has again been exceptional;
  • The first half of 2021 included six home games compared with four in the comparative period where the 2020 season was suspended for a period and games were played with no crowds;
  • Game day profits through ticketing and membership and corporate hospitality revenue benefited by the return of crowds for the 2021 season. The average home game crowd for the 2021 reporting period was 22,691;
  • Season memberships sold for the 2020 season were re-allocated to the 2021 season and accordingly minimal season membership revenue was recognised in 2020;

For personal use only

  • In the period to 30 June 2021, season membership revenue and costs were recorded on a home game basis. Accordingly, season membership revenue was recognised for the six home games played during the current period. Season memberships including both ticketed and non-ticketed of 27,213 were achieved as at 30 June 2021. Ticketed memberships of 22,226 and non-ticketed memberships of 4,987 had been sold;
  • The six home games played during the period included three Thursday night matches against the Penrith Panthers, Melbourne Storm and South Sydney Rabbitohs. This negatively impacted attendance rates in 2021 as well as crowd numbers;
  • Merchandise trading revenue increased 35.1% on the comparative period across online, in-store and game day platforms. Merchandise royalty income received from the NRL increased to $0.4m in the period to 30 June 2021; and
  • Government funding (cost recovery revenue) increased 48.8% during the 2021 period, due to the previously announced expansion of the Brisbane Broncos community programs.

Total expenditure increased to $22.17 million (2020: $16.18 million). The increased spend for the current period includes:

  • Increase in NRL player salary costs as a result of the Covid-19 salary cap reductions in the 2020 comparative period. During the 2021 period negotiations were undertaken and agreement reached between players, the NRL and the Rugby League Players' Association (RLPA) for a reduction in the base salary cap for the 2021 and 2022 salary cap years;
  • In the 2020 comparative period, cost saving initiatives were implemented to mitigate the financial impact of Covid- 19. This included reductions in Director, Chief Executive Officer and senior staff remuneration for the comparative period from 1 April 2020;
  • Due to the six home games that were played with crowds in the 2021 period, stadium operations expense, corporate sales and ticketing related expenditure increased as a result; and
  • Additional resourcing and community program costs were incurred for the expanded community programs.

It is anticipated that the evolving situation with respect to the impact of the Covid-19 outbreak on the NRL competition and the Brisbane Broncos will create uncertainty for the remainder of the 2021 season. Together with the NRL, clubs are working through scheduling, funding and game day logistics for future matches to ensure the competition can continue in a modified format. Depending on these factors and possible further impacts that Covid-19 may have on the remainder of the 2021 season, commercial revenue and costs may be affected. Given the constantly developing nature and uncertainty of the situation, it is not possible to accurately forecast the quantum of the full year financial effect on the Group and accordingly, the first half result cannot be taken as an indication of a full year trend.

For personal use only

BRISBANE BRONCOS LIMITED

(ABN 41 009 570 030)

APPENDIX 4D

HALF-YEAR REPORT FOR THE

SIX MONTHS ENDED 30 JUNE 2021

This information should be read in conjunction with the annual financial report for the year

ended 31 December 2020.

RESULTS FOR ANNOUNCEMENT TO THE

MARKET

Revenues from ordinary activities ($000)

Up

56.4%

to

25,340

Profit from ordinary activities before tax attributable to

Up

14,343.3%

to

3,171

members ($000)

Profit/(loss) from ordinary activities after tax attributable to

Up

21,693.8%

to

2,211

members ($000)

Basic earnings per share (cents)

Up

21,693.8%

to

2.25

Diluted earnings per share (cents)

Up

21,693.8%

to

2.25

Net tangible asset backing per ordinary share24.40 cents (2020: 24.02 cents)

DIVIDENDS

Amount per

Franked amount

security

per security

Interim Dividend

Nil

Nil

Total amount per share relating to the half-year ended 30

Nil

Nil

June 2021

Previous corresponding period (2020 Final Dividend)

0.5 cents

0.5 cents

AUDIT INFORMATION

The financial statements have been reviewed and a copy of the independent review report is attached to the financial statements.

Louise Lanigan

Company Secretary

For personal use only

BRISBANE BRONCOS LIMITED

AND ITS CONTROLLED ENTITIES

ACN 009 570 030

HALF-YEAR FINANCIAL REPORT

30 June 2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Brisbane Broncos Limited published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2021 06:13:08 UTC.


© Publicnow 2021
All news about BRISBANE BRONCOS LIMITED
10/11Brisbane Broncos Limited Announces Non-Executive Director Appointments
CI
08/20Broncos Confirms Buying Stake in Supercars Championship
CI
08/10BRISBANE BRONCOS : Turns to Profit in H1
MT
08/10Brisbane Broncos Limited Reports Earnings Results for the Half Year Ended June 30, 2021
CI
08/10BRISBANE BRONCOS : 10 August 2021 - BBL - 2021 Half-year financial results
PU
08/02Brisbane Broncos Limited Announces Earnings Guidance for the Half Year Ended 30 June 20..
CI
05/26BRISBANE BRONCOS : 25 May 2021 – AGM Chairman's Address
PU
05/26BRISBANE BRONCOS : 25 May 2021 – AGM CEO Presentation
PU
05/26BRISBANE BRONCOS : 25 May 2021 – Results of AGM
PU
05/07Phil Murphy Receives Expressions of Interest for His Shares in Brisbane Broncos
CI
More news
Financials
Sales 2020 19,3 M 13,5 M 13,5 M
Net income 2020 -0,38 M -0,26 M -0,26 M
Net cash 2020 16,0 M 11,2 M 11,2 M
P/E ratio 2020 -109x
Yield 2020 1,15%
Capitalization 55,9 M 39,2 M 39,1 M
EV / Sales 2019 0,66x
EV / Sales 2020 1,38x
Nbr of Employees -
Free-Float 4,76%
Chart BRISBANE BRONCOS LIMITED
Duration : Period :
Brisbane Broncos Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
David Donaghy Chief Executive Officer
Matthew L. Friend General Manager-Finance
Karl Douglas Morris Non-Executive Chairman
Tain M. Drinkwater General Manager-HR, Risk, Compliance & Governance
Darren James Lockyer Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
BRISBANE BRONCOS LIMITED31.03%39
BOOKING HOLDINGS INC.-5.07%86 826
ORIENTAL LAND CO., LTD.5.43%52 033
EXPEDIA GROUP, INC.17.51%23 575
LIVE NATION ENTERTAINMENT, INC.37.36%22 231
TRIP.COM GROUP LIMITED-25.11%16 102