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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Event Hospitality & Entertainment Limited    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
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Event Hospitality & Entertainment : Update on COVID-19 response

03/14/2020 | 04:12am EST

13 March 2020

ASX ANNOUNCEMENT - UPDATE ON COVID-19 RESPONSE

EVENT Hospitality & Entertainment Limited (the "Group") today provided an update regarding the impact of the coronavirus ("COVID-19").

The Group released its results for the half year ended 31 December 2019 on 20 February 2020 and at that time provided commentary on the expected impact of COVID-19 on trading for the second half of the financial year. Since that time, the impact of COVID-19 has increased spreading to countries outside China, further impacting the travel industry, and disruption has occurred in the global cinema exhibition industry with several distributors delaying the release of major titles until later in the 2020 calendar year.

In response to the current impact of COVID-19 the Group's CEO, Jane Hastings, has voluntarily offered to reduce her base pay by $200,000 for up to 12 months from 1 April 2020 to 31 March 2021. In addition, whilst market conditions remain uncertain, the company has initiated several other revenue and cost saving measures. In recognition of the current situation, the Chairman and other non- executive directors have elected to forgo 20% of their director fees for up to 12 months from 1 April 2020 to 31 March 2021.

The CEO, Jane Hastings said: "The Group's balance sheet remains strong and whilst it's hard to predict how long COVID-19 will impact trading, I am confident we will be well positioned to return to growth once the impact has passed. Whilst our primary focus at this time is the health and safety of our employees and customers, these cost reduction measures in addition to our revenue strategies are important to assist the Group's earnings during an extremely challenging trading period. Given the dynamic and uncertain nature of the COVID-19 outbreak, it is not possible to provide meaningful overall guidance for the Group's earnings for the second half of the financial year."

EVENT HOSPITALITY & ENTERTAINMENT LIMITED | ACN 000 005 103

478 GEORGE STREET SYDNEY NSW 2000 | GPO BOX 1609 SYDNEY NSW 2001 | +61 2 9373 6600

CINEMAS | EVENT | BCC | GU FILM HOUSE | CINESTAR | MOONLIGHT

HOTELS & RESORTS | RYDGES | QT | ATURA | THREDBO

STATE THEATRE | EDGE DIGITAL | EDGE SERVICED OFFICES

The Chairman, Alan Rydge said: "I reiterate and support the comments of the CEO and believe that these initiatives are an appropriate demonstration of support for the executive team and the measures they are taking to manage the business to achieve the best possible outcome for the company and its shareholders."

The Group notes that the interim dividend of 21 cents per share previously announced on 20 February 2020, with a record date of 5 March 2020, will be paid on 19 March 2020.

Authorised for release by the Chairman and CEO

Further information

ASX Company Security Code:

EVT

Telephone:

+61 2 9373 6600

Contact:

David Stone (Company Secretary)

Email:

David_Stone@evt.com

EVENT HOSPITALITY & ENTERTAINMENT LIMITED | ACN 000 005 103

478 GEORGE STREET SYDNEY NSW 2000 | GPO BOX 1609 SYDNEY NSW 2001 | +61 2 9373 6600

CINEMAS | EVENT | BCC | GU FILM HOUSE | CINESTAR | MOONLIGHT

HOTELS & RESORTS | RYDGES | QT | ATURA | THREDBO

STATE THEATRE | EDGE DIGITAL | EDGE SERVICED OFFICES

Disclaimer

Event Hospitality and Entertainment Ltd. published this content on 14 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2020 09:11:00 UTC


© Publicnow 2020
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Sales 2021 665 M 491 M 491 M
Net income 2021 86,7 M 64,0 M 64,0 M
Net Debt 2021 400 M 296 M 296 M
P/E ratio 2021 20,4x
Yield 2021 0,39%
Capitalization 1 762 M 1 302 M 1 301 M
EV / Sales 2021 3,25x
EV / Sales 2022 2,23x
Nbr of Employees -
Free-Float 56,4%
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 9,66 AUD
Last Close Price 10,93 AUD
Spread / Highest target 2,47%
Spread / Average Target -11,7%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
Jane M. Hastings CEO, Managing Director & Director
Alan G. Rydge Non-Executive Chairman
Richard Gordon Newton Independent Non-Executive Director
Peter Roland Coates Lead Independent Non-Executive Director
Valerie Anne Davies Independent Non-Executive Director
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