DALATA HOTEL GROUP PLC committee, including senior management and external privacy specialists, provide leadership in this area, with
regular updates to executive management, Board and Board Committees.
1 See Supplementary Financial Information which contains definitions and reconciliations of Alternative Performance Measures ("APM") and other definitions.
2 IBEC, Covid restrictions disproportionately impacting experience economy, 8 October 2020.
3 CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
4 The main adjusting items are the net property revaluation loss of EUR30.8 million (2019: net revaluation gain of EUR1.6 million) following the valuation of property assets and impairments of EUR11.8 million on other assets (including goodwill and right-of-use assets) which were significantly impacted by Covid-19. Further detail is provided below.
5 Dublin performance statistics exclude the Ballsbridge Hotel as the hotel effectively did not trade for most of 2020.
6 Performance statistics reflect full year performance of all hotels in this portfolio for both years.
7 Performance statistics reflect full year performance of all hotels in this portfolio for both years regardless of when acquired and include Clayton Hotel Cambridge (leasehold interest entered into in November 2019).
8 Other non-current assets comprise investment property, deferred tax assets and other receivables (which primarily relate to professional fees associated with future lease agreements for hotels currently being constructed or in planning).
9 Other liabilities comprise deferred tax liabilities, derivatives, provision for liabilities and current tax liabilities.
Dalata Hotel Group plc
Condensed consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December 2020
2020 2019
Note
EUR'000 EUR'000
Continuing operations
Revenue 2 136,821 429,184
Cost of sales (52,282) (154,584)
Gross profit 84,539 274,600
Administrative expenses 3 (158,542) (155,505)
Other income 495 1,206
Operating (loss)/profit (73,508) 120,301
Finance costs 4 (37,953) (30,613)
(Loss)/profit before tax (111,461) 89,688
Tax credit/(charge) 10,783 (11,476)
(Loss)/profit for the year attributable to owners of the Company (100,678) 78,212
Other comprehensive (loss)/income
Items that will not be reclassified to profit or loss
Revaluation of property 9 (143,631) 120,723
Related deferred tax 21,337 (17,272)
(122,294) 103,451
Items that are or may be reclassified subsequently to profit or loss
Exchange difference on translating foreign operations (23,313) 23,592
Gain/(loss) on net investment hedge 16,804 (16,987)
Fair value movement on cash flow hedges (6,511) (4,238)
Cash flow hedges - reclassified to profit or loss 1,992 1,177
Related deferred tax (565) 382
(11,593) 3,926
Other comprehensive (loss)/ income for the year, net of tax (133,887) 107,377
Total comprehensive (loss)/income for the year attributable to owners of the Company
(234,565) 185,589
Earnings per share
Basic (loss)/earnings per share 14 (50.9) cents 42.4 cents
Diluted (loss)/earnings per share 14 (50.9) cents 42.0 cents Dalata Hotel Group plc
Condensed consolidated statement of financial position
at 31 December 2020
*Restated
2020
Note 2019
EUR'000
EUR'000
Assets
Non-current assets
Intangible assets and goodwill 8 31,733 36,133
Property, plant and equipment 9 1,202,743 1,471,315
Right-of-use assets 10 411,007 386,407
Investment property 2,089 2,149
Deferred tax assets 12,344 3,527
Contract fulfilment costs 11 22,374 13,346
Other receivables 9,059 6,760
Total non-current assets 1,691,349 1,919,637
Current assets
Trade and other receivables 9,231 21,802
Inventories 1,258 1,927
Cash and cash equivalents 50,197 40,586
Total current assets 60,686 64,315
Total assets 1,752,035 1,983,952
Equity
Share capital 2,227 1,851
Share premium 504,735 504,488
Capital contribution 25,724 25,724
Merger reserve 81,264 (10,337)
Share-based payment reserve 3,419 4,900
Hedging reserve (9,042) (3,958)
Revaluation reserve 199,306 351,869
Translation reserve (13,102) (6,593)
Retained earnings 138,249 204,897
Total equity 932,780 1,072,841
Liabilities
Non-current liabilities
Loans and borrowings 12 314,143 411,739
Lease liabilities 10 388,871 352,434
Deferred tax liabilities 39,404 59,358
Derivatives 9,042 4,434
Provision for liabilities 6,747 4,804
Total non-current liabilities 758,207 832,769
Current liabilities
Lease liabilities 10 10,761 9,667
Trade and other payables 48,668 66,163
Derivatives - 89
Current tax liabilities 91 664
Provision for liabilities 1,528 1,759
Total current liabilities 61,048 78,342
Total liabilities 819,255 911,111
Total equity and liabilities 1,752,035 1,983,952 *The split of lease liabilities between current liabilities and non-current liabilities at 31 December 2019 has been reclassified on a basis consistent with the presentation applied at 31 December 2020, which reflects the timing of the future capital repayments of the lease liabilities (note 10).
On behalf of the Board:
John Hennessy Patrick McCann Chair Director
Dalata Hotel Group plc
Condensed consolidated statement of changes in equity
for the year ended 31 December 2020
Attributable to owners of the Company
Share Share Capital Merger Share-based Hedging Revaluation Translation Retained
capital premium contribution reserve payment reserve reserve reserve earnings Total
reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At 1 January 2020 1,851 504,488 25,724 (10,337) 4,900 (3,958) 351,869 (6,593) 204,897 1,072,841
Comprehensive
income:
Loss for the year - - - - - - - - (100,678) (100,678)
Other
comprehensive
income
Exchange
difference on
translating - - - - - - - (23,313) - (23,313)
foreign
operations
Gain on net - - - - - - - 16,804 - 16,804
investment hedge
Revaluation of
properties (note - - - - - - (143,631) - - (143,631)
9)
Transfer of
revaluation gain
to retained - - - - - - (30,269) - 30,269 -
earnings on sale
of property (note
9)
Fair value
movement on cash - - - - - (6,511) - - - (6,511)
flow hedges
Cash flow hedges
- reclassified to - - - - - 1,992 - - - 1,992
profit or loss
Related deferred - - - - - (565) 21,337 - - 20,772
tax
Total
comprehensive - - - - - (5,084) (152,563) (6,509) (70,409) (234,565)
loss for the year
Transactions with
owners of the
Company:
Equity-settled (MORE TO FOLLOW) Dow Jones Newswires
March 02, 2021 02:02 ET (07:02 GMT)
