Log in
E-mail
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

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

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Event Hospitality & Entertainment : Update on Coronavirus Response

03/22/2020 | 08:57pm EST

23 March 2020

ASX ANNOUNCEMENT - UPDATE ON CORONAVIRUS RESPONSE

EVENT Hospitality & Entertainment Limited (the "Group") today provided a further update regarding the impact of the global coronavirus pandemic ("Coronavirus"). The Group previously provided an update regarding its response to Coronavirus on 13 March 2020.

On 22 March 2020, the Australian Government announced the closure of cinemas and licensed premises. As a result, the Group's cinemas in Australia will close with effect from today, 23 March 2020 until the end of May 2020 and the Group will assess the situation again at that point in time. Due to the escalating public health risks associated with Coronavirus, the Group has decided to also close its New Zealand cinemas. The Group is in the process of assessing the impact of the Government announcement relating to food and beverage areas on its Hotel and Thredbo businesses.

In Australia, as a result of the closure and in order to preserve as many jobs as possible for the future, the Group will stand down the majority of cinema employees during this time. During the temporary stand down period, employees will be able to draw down on annual and long service leave, and negative annual leave balances of up to five days will be offered. Unfortunately, periods of leave without pay for some employees are inevitable. Casual employee hours have already been substantially reduced and no further hours will be available until the cinemas reopen. The Group has been in contact with other businesses who are experiencing increased demand relating to Coronavirus to seek opportunities for casual staff. In addition, discussions with landlords to seek support during this period have commenced.

In New Zealand, we will close the cinemas and ensure compliance with local employment law.

The Group's German cinema circuit, CineStar, is also closed as a result of the German Government directive to close cinemas and other indoor leisure venues in response to Coronavirus.

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

For the past month significant action has been taken across the Group to reduce its operating cost base in response to Coronavirus and this focus continues. Some of the cost management initiatives include:

  • Voluntary wage reductions by the CEO, senior staff and a reduction in board fees;
  • Offer of flexible work weeks of 1 - 4 days for a three-month period and encouragement of annual leave to be taken including an Easter week shutdown;
  • Ban on all discretionary expenditure;
  • Hold on all non-essential projects; and
  • Deferral of capital expenditure.

The CEO, Jane Hastings said: "The impact of Coronavirus is unprecedented and significantly affecting a large part of the economy, including our businesses. We are deploying all measures to reduce the impact and ensure the safety of our people and customers. In the short term, this has significant consequences for cinema staff that unfortunately cannot be avoided and is a very disappointing outcome. We have also commenced discussions with landlords and suppliers to further mitigate the Coronavirus impact. We are confident that when the immediate Coronavirus impact has passed, with such a strong film line up, customers will return to cinemas actively seeking escapism and entertainment and we will return to employing staff in local communities."

The Group notes that its secured bank debt facilities mature on 15 August 2020. The facilities are comprised of $545 million revolving multi-currency loan facilities and $15 million credit support facilities. The total available cash to the Group is currently $122 million, and there is a further $50 million undrawn on the multi-currency loan facility. The refinancing process is underway. The Group has a strong balance sheet underpinned by property assets which as at 30 June 2019, had a fair value of $2.023 billion (Book value: $1.150 billion). Property interests include operating hotels, commercial properties, certain legacy cinema locations, and the Group's long-term leasehold interest in Thredbo. The portfolio includes a contiguous footprint in Sydney's central business district on the south-eastern corner of George and Market Streets totalling approximately 4,700m2.

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: "This is a global issue and the first of its kind impacting most industries including those we operate in. The Group's long history, agile cost focussed culture and strong balance sheet equip it well to deal with the impact of Coronavirus. The Board is supportive of the extensive and decisive action taken by management to ensure the Group is able to both manage through this challenging period and be in the best possible position to prosper once normality returns."

Authorised for release by the Board

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 23 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2020 01:56:08 UTC


© Publicnow 2020
All news about EVENT HOSPITALITY & ENTERTAINMENT LIMITED
11/29EVENT HOSPITALITY & ENTERTAINMENT : Change of Director's Interest Notice
PU
11/18EVENT HOSPITALITY & ENTERTAINMENT : Change in substantial holding from PPT
PU
11/10EVENT HOSPITALITY & ENTERTAINMENT : Sale of Cinestar - Transaction Update
PU
10/27EVENT HOSPITALITY & ENTERTAINMENT : Results of Meeting
PU
10/27EVENT HOSPITALITY & ENTERTAINMENT : Chairman's Address to Shareholders
PU
10/12EVENT HOSPITALITY & ENTERTAINMENT : Sale of Cinestar - Transaction Update
PU
09/18EVENT HOSPITALITY & ENTERTAINMENT : 2020 Annual Report
PU
09/18EVENT HOSPITALITY & ENTERTAINMENT : Notice of Annual General Meeting/Proxy Form
PU
08/31EVENT HOSPITALITY & ENTERTAINMENT : Year End Results Presentation
PU
08/31EVENT HOSPITALITY & ENTERTAINMENT : Year End Results Announcement
PU
More news
Financials
Sales 2021 665 M 490 M 490 M
Net income 2021 86,7 M 63,9 M 63,9 M
Net Debt 2021 400 M 295 M 295 M
P/E ratio 2021 20,0x
Yield 2021 0,40%
Capitalization 1 725 M 1 275 M 1 272 M
EV / Sales 2021 3,20x
EV / Sales 2022 2,19x
Nbr of Employees -
Free-Float 56,4%
Chart EVENT HOSPITALITY & ENTERTAINMENT LIMITED
Duration : Period :
Event Hospitality & Entertainment Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EVENT HOSPITALITY & ENTERTAINMENT LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 9,66 AUD
Last Close Price 10,70 AUD
Spread / Highest target 4,67%
Spread / Average Target -9,77%
Spread / Lowest Target -18,4%
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
Sector and Competitors